Eurizon Fund

A Fonds Commun de Placement (Umbrella Fund) governed by the Laws of Luxembourg

PROSPECTUS 13 JULY 2018

Contents

Notice ...... 4 Organisation ...... 6 1. The FCP ...... 8 1.1. Description of the FCP ...... 8 1.1.1. General ...... 8 1.1.2. Sub-Funds and Classes of Units ...... 8 1.2. Investment Objective and Risk Factors ...... 9 1.2.1. General ...... 9 1.2.2. Specific Risks ...... 9 1.2.3. Specific Risks of investing in the People’s Republic of China (“PRC”) ...... 16 1.3. Pooling ...... 19 2. Investments and Investment Restrictions ...... 21 2.1. Determination of and Restrictions on Investment Policy ...... 21 2.2. Techniques and Instruments ...... 23 2.2.1. Transactions dealing with futures and option contracts on transferable securities and money market instruments ...... 24 2.2.2. Transactions dealing with futures and option contracts relating to financial instruments ...... 24 2.2.3. Swap, Credit Default Swap (CDS) and Variance Swap operations ...... 24 2.2.4. Total Return Swaps ...... 25 2.2.5. Contracts For Difference (CFD) ...... 25 2.2.6. Currency derivatives ...... 25 2.2.7. Efficient Portfolio Management Techniques ...... 26 2.2.8. Collateral Management ...... 27 3. Net Asset Value ...... 29 3.1. General ...... 29 3.1.1. Determination of the Net Asset Value ...... 29 3.1.2. Valuation of the Net Assets ...... 29 3.2. Suspension of the Net Asset Value Calculation and Suspension of the Issue, Conversion and Redemption of Units ...... 31 4. FCP Units ...... 32 4.1. Description, Form and Unitholders’ Rights ...... 32 4.1.1. Dividend Policy ...... 33 4.2. Issue of Units, Subscription and Payment Procedures ...... 34 4.3. Redemption of Units ...... 35 4.4. Conversion of Units ...... 36 4.5. Preventing Money Laundering and the Financing of Terrorism ...... 37 5. Operation of the FCP ...... 38 5.1. Management Regulations and Legal Framework ...... 38 5.2. Income Distribution Policy ...... 38 5.3. Financial Year and Management Report ...... 38 5.4. Costs and Expenses ...... 38 5.5. Information for Unitholders ...... 39 5.6. Liquidation of the FCP, its Sub-Funds, and the Classes of Units ...... 39 5.7. Closing of Sub-Funds or Units Classes via Merger with another Sub-Fund or Unit Class of the FCP or via Merger with another Luxembourg or Foreign UCI ...... 39 5.8. Sub-Funds or Unit Classes Splits ...... 40 5.9. Taxation ...... 40 5.10. Conflicts of Interest ...... 41 6. The Management Company ...... 42 7. Depositary Bank and Paying Agent ...... 44 8. Administrative Agent, Registrar and Transfer Agent ...... 46 9. Investment Managers and Advisors ...... 47 10. Distributors and Nominees ...... 48 11. Available Information and Documents ...... 49 12. List of Sub-Funds ...... 50 Appendix A ...... 136 Appendix B ...... 139

3 Notice

The Fonds Commun de Placement Eurizon Fund (umbrella (all of the foregoing constituting a “US person”). Moreover fund, hereinafter referred to as “FCP”) is an investment vehicle the FCP Units may not be offered or sold to US persons. Any registered pursuant to Part I of the Law of 17 December 2010 violation of these restrictions may constitute a violation of on collective investment undertakings. The filing of this American securities laws. The Management Company shall be document may not be construed as a positive judgement on entitled to demand immediate redemption of the Units the part of the supervisory authority responsible for controlling purchased or held by US persons, including investors who the content of this Prospectus or the quality of the securities become US persons after acquiring Units. offered and/or held by the FCP. Any statement to the contrary Subscribers to and potential purchasers of the FCP’s would be deemed unauthorized and illegal. Units are advised to inform themselves of the tax A Key Investor Information Document (“KIID”) is available for consequences, the legal requirements and any all the sub-funds of the FCP and replaced the current restrictions or exchange controls resulting from the laws simplified prospectus of the FCP. The KIID is a pre-contractual of their country of origin, residence or domicile that may document which in addition to summarizing important have an effect on the subscription to, or the holding or information applicable to one or several unit class(es) foreseen selling of Units. in this Prospectus also includes, but not limited to, information The Management Company draws the investors’ on risk guidance and warnings, a synthetic risk and reward attention to the fact that any investor will only be able indicator in the form of a numerical scale from one to seven to fully exercise his investor rights directly against the and historical performance. The KIID shall be available on the FCP, if the investor is registered himself and in his own Management Company’s website www.eurizoncapital.lu and name in the unitholders’ register of the FCP. In cases can also be obtained from the registered office of the where an investor invests in the FCP through an Management Company. intermediary investing into the FCP in his own name but Subscriptions are accepted on the basis of the current on behalf of the investor, it may not always be possible prospectus of the FCP (the “Prospectus”), the relevant KIID for the investor to exercise certain unitholder rights and the latest audited annual or unaudited semi-annual directly against the FCP. Investors are advised to take accounts of the FCP. These documents may be obtained free advice on their rights. of charge at the registered office of the Management Company. Data Protection No reference may be made to information other than the The Management Company, its services providers and information appearing in this Prospectus and in those delegates can hold, store and process, by electronic or other documents mentioned herein which may be consulted by the means, any information received in connection with an public. investment in the FCP in accordance with the Luxembourg Law of 2 August 2002 on the Protection of Persons with The Management Company is responsible for the accuracy of regard to the Processing of Personal Data, as amended (the the information contained in this Prospectus. “Data Protection Law”). Such Personal Data may include, but not be limited to, the name, contact details (including postal Any information from or assertion made by a broker, seller or or e-mail address), banking details, invested amount and any natural person whatsoever that is not contained in this holdings in the FCP of each investor (“Personal Data”). The Prospectus or in the reports forming an integral part thereof investors have the right to access their Personal Data and the must be considered as unauthorized and hence as unreliable. right to make changes thereto, provided that they prove their Neither delivery of this Prospectus nor offer, issue or sale of identity, in accordance with the Data Protection Law. Original FCP Units constitute an assertion that the information documents may only be refuted by a document with the same appearing in this Prospectus will be accurate at all times legal value. following the date the Prospectus is published. This Prospectus The Management Company, its services providers and will be updated following any significant modification. delegates may share the acquired Personal Data with third The information provided herein does not constitute an parties for the purposes of eliciting a necessary service from offer to purchase securities or a public call for financial these third party organisations and not for commercial gain. saving in any jurisdiction in which such offers or All Personal Data collected in the course of the business solicitation are unauthorized. relationship with the FCP and/or the Management Company may be, subject to applicable local laws and regulations, In particular, the information provided is not intended for collected, recorded, stored, disclosed, transferred or otherwise distribution in the United States and does not constitute an processed by the Management Company, other companies of offer to sell or a solicitation to purchase any securities the Intesa Sanpaolo Group, the Depositary Bank, whatsoever in the United States or for the benefit of persons Administrative Agent, Registrar and Transfer Agent, residing there (residents of the United States or associations or governmental or regulatory bodies including tax authorities, corporations organized under the laws of the United States of auditors and accountants and any other third parties which America or of any state, territory or possession thereof). provide services to the FCP and/or the Management Company US investors: (the “Processors”). No steps have been taken to have the FCP or its Units The Management Company, its service providers and third registered with the US Securities and Exchange Commission, as parties (including, but not limited to, the Depositary Bank, provided for under the Law of 1940 on American investment Administrative Agent, Registrar and Transfer Agent) may also companies (Investment Company Act), and its amendments, or share Personal Data to Processors that may be located in any other rules and regulations relative to securities. Hence this jurisdictions outside of Luxembourg and may or may not Prospectus may not be introduced into, transmitted to or afford an adequate level of data protection and/or statutory distributed in the United States of America or its territories or confidentiality (“Third Countries”). Such countries may include, possessions, and may not be delivered to American citizens or but not limited to, India, United States of America or Hong residents or to companies, associations or other entities Kong. created under or governed by the Laws of the United States 4 The Personal Data may be processed, inter alia, for the purposes of account administration, development of business relationships, transfer agency, paying agency or any ancillary or related services requested by the FCP and/or the Management Company. Personal Data may be processed also for fight against money laundering and terrorist financing purposes, for Foreign Account Tax and Compliance Act (“FATCA”) purposes (in accordance with the Luxembourg law of 24 July 2015 implementing the Foreign Account Tax Compliance Act), for Common Reporting Standard (“CRS”) purposes (in accordance with the Luxembourg law of 18 December 2015 implementing the Directive of Administrative Cooperation) as well as for compliance with regulatory requirements, including foreign laws, any orders issued by a court, regulatory or governmental authority in any jurisdiction where the Personal Data may be stored or processed, or internal and Group policies. To this end, Personal Data may be transferred to third parties appointed by the FCP, the Management Company and/or Depositary Bank, Administrative Agent, Registrar and Transfer Agent and/or to third parties such as governmental or regulatory bodies including tax authorities, auditors and accountants in Luxembourg as well as in other jurisdictions. The Management Company, its service providers and delegated are allowed to make recordings of telephone conversations. The purpose of making such recordings is to provide proof, in the event of a dispute, of a transaction or any commercial communication. Such recordings shall be retained in compliance with the applicable legislation. The Personal Data included in money transfers is processed by service providers and other specialised companies, such as SWIFT (Society for Worldwide Interbank Financial Telecommunication). Such processing may be operated through centers located in other European countries or in Third Countries including, but not limited to the United States of America, in accordance with their local legislation. As a result, the US authorities can request access to personal data held in such operation centers for the purposes of fighting terrorism. Investors in the FCP, by instructing a payment order or any other operation, are giving implicit consent that all data elements necessary for the correct completion of the transaction may be processed outside of Luxembourg. In the interests of efficient management, Personal Data relating to investors shall be recorded on a machine readable medium. By subscribing and/or holding Units of the FCP, investors are deemed to be providing their consent to the processing of their Personal Data and in particular, the disclosure of such Personal Data to, and the processing thereof, by the parties referred to above, including parties situated in countries outside of the European Union (such as but not limited to India, United States of America or Hong Kong) which may not offer a similar level of protection as the one deriving from Data Protection Law.

5 Organisation

Eurizon Fund State Street Bank International GmbH, (acting through its Italian Branch) A Fonds Commun de Placement (umbrella fund) governed by 10, via Ferrante Aporti the Laws of Luxembourg 8, avenue de la Liberté – L- 1930 I-20125, Milan Luxembourg ALLFUNDS Bank S.A., (acting through its Italian Branch) Management Company and Promoter 7, via Santa Margherita Eurizon Capital S.A. I-20121, Milan 8, avenue de la Liberté Société Générale Securities Services S.p.A. L-1930 Luxembourg Via Benigno Crespi 19A I-20159, Milan Management Company’s Board of Directors Chairman of the Board of Directors: BNP PARIBAS Securities Services, (acting through its Italian Branch) Mr Tommaso CORCOS Piazza Lina Bo Bardi, 3 Managing Director of Eurizon Capital SGR S.p.A., Milan I-20124, Milan Resident in Milan, Italy CACEIS Bank S.A. – Italian Branch Vice Chairman of the Board of Directors: 2, Piazza Cavour I-20121, Milan Mr Daniel GROS Independent Director Banca Sella Holding S.p.A. Resident in Brussels, Belgium 1, Piazza Gaudenzio Sella I-13900 BIELLA Managing Director: France: Mr Marco BUS General Manager of Eurizon Capital S.A., Luxembourg State Street Banque S.A. Resident in Luxembourg Défense Plaza, 23-25 rue Delarivière-Lefoullon F-92064 Paris La Défense Cedex Director: Slovak Republic: Mr Massimo MAZZINI Head of Marketing and Business Development of Eurizon Všeobecná úverová banka, a.s. Capital SGR S.p.A., Milan 1, Mlynské nivy Resident in Milan, Italy SK-829 90 Bratislava Director: Slovenia: Mr Claudio SOZZINI Banka Koper, d.d. Independent Director, Pristaniška ulica 14, Resident in Milan, Italy 6000 Koper Director: Sweden: Mr Paul HELMINGER Skandinaviska Enskilda Banken AB (publ) Independent Director, Kungsträdgårdsgatan 8, Resident in Luxembourg 106 40 Stockholm

Management Company’s Conducting Officers Administrative Agent, Registrar and Transfer Mr Marco BUS Agent General Manager State Street Bank Luxembourg S.C.A. Resident in Luxembourg 49, Avenue J.F. Kennedy Mr Jérôme DEBERTOLIS L-1855 Luxembourg Resident in Luxembourg Investment Managers Depositary Bank and Paying Agent Eurizon Capital S.A. State Street Bank Luxembourg S.C.A. 8, avenue de le Liberté 49, Avenue J.F. Kennedy L-1930 Luxembourg L-1855 Luxembourg Eurizon Capital SGR S.p.A. Piazzetta Giordano dell’Amore, 3 Local Paying Agents and Correspondent Banks I-20121 Milan Austria: Epsilon Associati SGR S.p.A. (short name: Epsilon SGR Erste Bank der oesterreichischen Sparkassen AG S.p.A.) Am Belvedere 1 Piazzetta Giordano dell’Amore, 3 1100 Vienna I-20121 Milan Belgium: Eurizon SLJ Capital LTD 100 Brompton Road, 5th Floor CACEIS Belgium S.A. London, SW3 1ER, United Kingdom 86, Avenue du Port B - 1000 Brussels Eurizon Capital (HK) LTD Unit 7507A2, Level 75, International Commerce Centre, Italy: 6 No.1 Austin Road West, Kowloon, Hong Kong Daiwa Asset Management (Singapore) LTD 3 Phillip Street, 16-04 Royal Group Building Singapore 048693

Investment Advisors Daiwa Asset Management Co. LTD GranTokyo North Tower 9-1, Marunouchi 1-chome, Chiyoda-ku, Tokyo 100-6753

FCP and Management Company Auditor KPMG Luxembourg, Société coopérative 39, Avenue J.F. Kennedy L-1855 Luxembourg

7 1. The FCP

1.1. Description of the FCP these amendments are published on the official electronic platform Recueil Electronique des Sociétés et Associations and, 1.1.1. General in principle, become effective as of the time of their signature. The Management Regulations do not provide for the Eurizon Fund, (formerly Sanpaolo ECU Fund, Sanpaolo Unitholders’ meetings to take the form of Unitholders’ general International Fund and then Eurizon EasyFund), (hereinafter meetings, except in the event of the Management Company’s referred to as the “FCP”), was created in the Grand Duchy of proposal to merge the assets of the FCP or of one or several Luxembourg on 27 July 1988 in the form of a mutual of the FCP’s Sub-Funds with another UCI governed by non- investment fund in transferable securities governed by the Luxembourg laws. Laws of Luxembourg, and is currently subject to by Part I of the Law of 17 December 2010 on collective investment 1.1.2. Sub-Funds and Classes of Units undertakings (“UCI”). The management regulations (the “Management Regulations”), after having been approved by The FCP is structured in the form of an umbrella fund, the Board of Directors of the management company Eurizon including separate amounts of assets and liabilities (each Capital S.A. (formerly Sanpaolo Gestion Internationale S.A., referred to as a “Sub-Fund”), and each characterized by a then Sanpaolo IMI Wealth Management Luxembourg S.A, then particular investment objective. The assets of each Sub-Fund Sanpaolo IMI Asset Management Luxembourg S.A.) (the are separated in the FCP’s accounts from the FCP’s other “Management Company”) on 27 July 1988, were filed with assets. the Clerk’s office of the Luxembourg Court of First Instance, and were published in the Mémorial, Recueil Spécial des Within each Sub-Fund, the Management Company may issue Sociétés et Associations on 28 September 1988. Amendments one or several Classes of Units (the “Classes of Units”, or were made to the Management Regulations and were “Unit Classes”), each Unit Class having one or several published in the Mémorial, Recueil Spécial des Sociétés et characteristics distinct from the characteristic(s) of the others, Associations on 20 January 1991, on 13 November 1992, on such as, for instance, a particular structure for sale and 10 September 1998, on 10 June 2000, on 20 September redemption expenses, a particular structure for advisory or 2002, on 17 October 2003, on 9 September 2005 and on 3 management expenses, a policy related to the hedging or lack July 2006. The notices informing of the deposit with the of hedging with respect to exchange risks, or a particular Registre du Commerce et des Sociétés in Luxembourg of an distribution policy. amended version of the Management Regulations were The characteristics and the investment policy of the Sub-Funds published in the Mémorial, Recueil Spécial des Sociétés et that are created and/or opened to subscription are described Associations until 31 May 2016 and on the official electronic on their respective sheets attached to this Prospectus and platform Recueil Electronique des Sociétés et Associations as constituting an integral part thereof (hereinafter, depending on from 1 June 2016. The Management Regulations in force have the context, the “Sub-Fund Sheet” or “Sub-Fund Sheets”). been filed with the Luxembourg Commercial Register, where they may be consulted, and copies can be obtained. The FCP’s The Management Company reserves the right to create new name was modified by the Management Company’s Board of Sub-Funds or new Classes of Units, as the case may be, at any Directors’ decision on 24 August 1998, from “Sanpaolo ECU time, on the basis of a simple decision. Any creation of a new Fund” to “Sanpaolo International Fund”. Sub-Fund will result in a Prospectus update. The Management Company has decided to modify the FCP’s The FCP and its Sub-Funds constitute a single legal entity. name from “Sanpaolo International Fund” to “Eurizon However in the relationships between the Unitholders each EasyFund” with effective date 26 February 2008 and then Sub-Fund is treated as a separate entity having its own assets, from “Eurizon EasyFund” to “Eurizon Fund” with effective capital gains, capital losses etc. Vis-à-vis third parties, in date 17 February 2017. particular creditors, the assets of a given Sub-Fund only stand surety for the debts, commitments and obligations linked to The FCP is registered with the Registre du Commerce et des that Sub-Fund. Sociétés in Luxembourg under number K350. In the absence of indications to the contrary in this Prospectus, The FCP has been established for an indefinite period. the Units of the various Sub-Funds may normally be issued, The FCP has no legal personality. It is a joint ownership of redeemed and converted on each valuation day at a price securities and other assets as authorized by law, managed by calculated on the basis of the Net Asset Value per Unit of the the Management Company on the basis of the risk spreading Unit Class in question in the Sub-Fund in question, adding all principle, on behalf of and in the sole interest of the co- applicable expenses and charges as provided for in this owners (hereinafter referred to as the “Unitholders”), who are Prospectus. committed only to the extent of their investment. The FCP’s consolidated financial report is denominated in Its assets are owned jointly and indivisibly by the Unitholders Euros. The Net Asset Value per Unit of each Sub-Fund/Class of and constitute a holding separate from the Management Unit is denominated in the Currency of Reference of the Company’s holdings. All of the jointly owned Units have equal corresponding Sub-Fund, as indicated in this Prospectus. rights. The FCP’s net assets are at least equal to 1,250,000 Subject to the provisions set forth below, investors may Euros. There is no limitation on the amount of holdings or on convert all or part of their Units in a given Sub-Fund into Units the number of jointly owned Units representing the FCP’s of another Sub-Fund or, if there are several Classes of Units, assets. from one Class of Units to another Class of Units except for The respective rights and obligations of the Unitholders, the some of those Unit Classes, accessible only to certain types of Management Company and the Depositary Bank are defined investors as defined in this Prospectus. in the Management Regulations. By agreement with the Depositary Bank and pursuant to the Laws of Luxembourg, the Management Company may make any amendments in the Management Regulations it considers useful in the interest of Unitholders. Notices informing of 8 1.2. Investment Objective and Risk with respect to Classes of Units of the same Sub-Fund. Therefore, in case the liability of one Class of Units would Factors exceed its assets, creditors of such Class of Units could seek to The sections below are intended to describe various risk have recourse to the assets attributable to the other Classes of factors and uncertainties associated with an investment in the Units of the same Sub-Fund. Transactions relating to one Units to which the attention of the Unitholders is drawn. particular Class of Units could therefore affect the other However, these are not intended to be exhaustive and there Classes of Units of that same Sub-Fund. may be other considerations that should be taken into account before considering an investment in the Units. Risks associated with currency hedged Classes of Units 1.2.1. General While the Management Company may attempt to reduce the The FCP offers the public the possibility of investing in a effect of exchange rate fluctuations between the Sub-Fund’s selection of securities and financial instruments as authorized Reference Currency and denominative currency of the currency by the law, with a view to obtaining capital gain on the hedged Class of Units there can be no guarantee that it will invested capital combined with high investment liquidity. be successful in doing so. Also, while the hedging strategy may protect investors in the relevant currency hedged Classes To this end, broad risk spreading is ensured both of Units against a decrease in the value of the currency geographically and monetarily, and with respect to the types exposure of the underlying portfolio holdings relative to the of financial instruments used, as defined in the investment denominative currency of the currency hedged Class of Units, policy of each of the FCP’s Sub-Funds and appearing in the it may as well preclude investors from benefiting from an Sub-Fund Sheets. increase in the currency value of the underlying portfolio In any event, the FCP’s assets are subject to market holdings. Investors in the currency hedged Classes of Units fluctuations as well as to the risks inherent in any investment may have exposure to currencies other than the denominative in securities, and this means that the FCP cannot guarantee currency of their currency hedged Class of Units. When a Sub- that it will meet its objectives. Fund holds assets that are denominated in multiple currencies, there is a greater risk that currency fluctuations will in practice The Unitholder has the option of choosing, in light of its needs not be fully hedged. In general, the Sub-Fund enters into or its own anticipations of market trends, the investments it derivative contracts in order to hedge the currency risk which wishes to make in one or another of the FCP’s Sub-Funds. may generate payment/delivery obligations at the level of the The Management Company carries out its activities with the Sub-Fund that it should be able to meet (e.g. in case of cash objective of giving equal importance both to the protection settlement of currency forward contracts, collateral and to the increase of the capital. However it does not arrangements). Due to the lack of asset segregation between guarantee that this objective can be reached, taking into Classes of Units, the derivatives used in the hedging of a given account positive or negative market evolution. Class of Unit become part of the common pool of assets. The application of a derivative overlay in a currency hedged Class Hence Unitholders should be aware that the Net Asset of Units therefore introduces potential counterparty and Value per Unit can vary upward as well as downward operational risk for all investors in the Sub-Fund. This could and that past performance is not necessarily a guide to lead to a risk of contagion (also known as spill-over) to other future performance. Classes of Units, some of which might not have any hedging in place. Spill-over risk could disadvantage investors in those 1.2.2. Specific Risks Classes of Units with no hedging, as well as those participating in the Class of Units that benefits from the Regulatory Risk hedging. All gains/losses or expenses arising from the currency hedge transactions will be borne by the Unitholders in the The Fund is domiciled in Luxembourg and investors should currency hedged Class of Units. Given that there is no note that all the regulatory protections provided by local segregation of liabilities between Classes of Units, there is a regulatory authorities may not apply. Investors should consult risk that, under certain circumstances, currency hedging their financial advisors for further information in this area. transactions in relation to one Class of Units could result in Investment Objective liabilities which might affect the Net Asset Value of the other Classes of Units of the same Sub-Fund. Although this Each Sub-Fund’s investment objectives and policies, as contagion risk may be mitigated, it cannot be fully eliminated, determined by the Management Company pursuant to the as the possibility of an adverse tail event materialising will Management Regulations and to the law, comply with the persist, e.g. through the default of a derivative counterparty or provisions defined in a general way in the section entitled through the losses relating to Class of Unit specific assets “Investments and Investment Restrictions” and, whenever exceeding the value of the respective Class of Units. Investors applicable, in more detail in the Sub-Fund Sheets. However, should refer to the Management Company’s website there is no guarantee that the investment objectives of any of (www.eurizoncapital.lu) for current details of which currency the Sub-Funds will be achieved. hedged Class of Units are in issue.

Market and Currency Risk Dividend distribution risk Each of the Sub-Funds’ investment in securities is generally Distribution of dividends, if any, is not guaranteed. Only subject to fluctuations on the equities, bonds and monetary Unitholders whose names are entered on the relevant record markets. Certain Sub-Funds are invested in securities date shall be entitled to the distribution declared in respect of denominated in currencies other than the currency in which the corresponding interim or annual accounting period, as the the Sub-Fund’s Net Asset Value is denominated. Changes in case may be. A Sub-Fund’s dividend policy may allow for the exchange rates between the Sub-Fund’s reference currency payment of dividends out of capital. Where this is done, it and the currencies of securities in which the Sub-Fund invests amounts to a return or withdrawal of part of an investor’s will affect the value of the Units held in such Sub-Funds. original investment or from any capital gains attributable to that original investment. The Net Asset Value of the relevant Risks associated with all Classes of Units Sub-Fund and the Net Asset Value of the relevant Unit Class will be reduced by the amount of dividend paid. Unitholders Although there is an accounting attribution of assets and shall refer to the Sub-Fund’s dividend policy specified in the liabilities to each Class of Units, there is no legal segregation 9 section entitled “FCP Units - Description, Form and positions and/or an important portion of the Sub-Funds’ Unitholders’ Rights” to check whether payment of dividends portfolios, financial instruments are deemed “Investment out of capital is allowed. Grade” when such credit rating is granted by at least one of the above-mentioned credit rating agencies. Credit Risk Among Investment Grade financial instruments, “High Grade” Unitholders should be aware that investments in the Sub- financial instruments are those that report, at issue or issuer Funds may involve credit risks. Bonds or other debt level, the highest creditworthiness levels according to the instruments involve credit risk. In the event that any issuer of credit rating agencies used by the Management Company or bonds or other debt instruments experiences financial or to the Management Company’s own assessment process, as economic difficulties, this may affect the value of the relevant the case may be. Non-Investment Grade financial instruments securities, which may be zero, and any amounts paid on such are considered “Speculative”, “Highly Speculative” or securities, which may be zero. “Extremely Speculative” according the credit ratings awarded by the credit rating agencies used by the Management When assessing the creditworthiness of an issuer, the Company or by the Management Company, as the case may Management Company does not solely or mechanically rely on be. the credit ratings granted by credit rating agencies as the Management Company uses its own process aimed at As regards the Money Market funds as defined and regulated monitoring and managing the credit ratings of issuers that by the European Securities and Markets Authority (ESMA) from contribute significantly to the credit risk of the Sub-Funds. time to time, the Management Company performs its own documented assessment of the credit quality of the money In particular, in relation to the issuers which represent market instruments included in the Sub-Funds’ portfolios. significant positions and/or an important portion of the Sub- Where one or more credit rating agencies have provided a Funds’ portfolios, financial instruments are deemed rating of those instruments, the Management Company’s “Investment Grade” provided they received an adequate credit internal assessment will have regard to, inter alia, those credit quality based on the Management Company’s assessment ratings. In particular, a downgrade below the two highest process. This process may take into consideration, among short-term credit ratings, or below investment grade, by any quantitative and qualitative criteria, the credit ratings granted credit rating agency that has rated the instrument will lead the by credit rating agencies established in the European Union Management Company to undertake a new assessment of the and registered in accordance with the Regulation N° 462/2013 credit quality of the instrument to ensure it continues to be of of the European Parliament and of the Council of 21 May appropriate quality. 2013 amending Regulation N° 1060/2009 on credit rating agencies. For those issuers that do not represent significant Equivalency table for the long-term credit ratings provided by the main credit agencies:

Moody’s Standard & Fitch Creditworthiness Poor’s Investment High Grade From Aaa to A2 From AAA to A From AAA to A Strong/very strong capacity for an Grade issuer to meet its financial commitments (high quality debt instruments) Medium Grade From A3 to Baa3 From From Adequate/strong capacity for an issuer A- to BBB- A- to BBB- to meet its financial commitment (medium quality debt instruments) Non-Investment Speculative From Ba1 to Ba3 From BB+ to BB- From BB+ to BB- Some adverse circumstances (like Grade Grade business, financial or economic conditions) could lead to an inadequate capacity for the issuer to meet its financial commitment (lower quality debt instruments) Highly From B1 to B3 From B+ to B- From B+ to B- Some adverse circumstances (like Speculative business, financial or economic conditions) will likely lead to an inadequate capacity for the issuer to meet its financial commitment (lower quality debt instruments) Extremely < B3 < B- < B- The issuer is either vulnerable and Speculative dependent upon favourable business, financial or economic conditions to meet its financial commitment or has failed to meet one or more of its financial commitments

Interest Rate Risk consequence. The securities’ lack of liquidity should not affect the liquidity of the Units issued by the Management Company; however investors are reminded that difficulties in assessing The value of fixed income securities held by the Sub-funds the value of these securities could potentially result in over or generally will vary inversely with changes in interest rates and under-valuation of the NAV. such variation may affect Units’ prices accordingly. Some of the markets on which a Sub-Fund may invest may Investment in illiquid securities prove at times to be illiquid, insufficiently liquid or highly volatile, particularly during adverse market conditions. This Within the limits set forth in the chapter entitled “Investments may affect the price at which a Sub-Fund may liquidate and Investment Restrictions”, the FCP may invest a part of its net assets in unlisted securities which may lack liquidity as a 10 positions to meet redemption requests or other funding Benchmark Administrator Administrator registered in requirements. the ESMA register referred to in article 36 of the Political and economic Risks Benchmarks Regulation* Investment in markets of emerging countries involves risks Bloomberg Bloomberg No such as expropriation of assets, a confiscation tax, political or Barclays Euro Index Services social instability or of diplomatic developments that could Treasury Bills Limited affect the investments made in such countries. Information Index® concerning certain financial instruments may be less accessible Bloomberg Bloomberg No to the public and the public authorities in such countries may Barclays U.S. Index Services not be subject to requirements related to auditing, accounting Treasury Bills Limited or registration comparable with the ones to which certain Index® investors are accustomed. Certain financial markets, even Bloomberg Bloomberg No though generally increasing in volume terms, have for the Barclays Euro Index Services most part substantially less volume than the majority of Aggregate Limited developed markets, and the securities of many companies are Corporate less liquid and their prices more volatile than securities of Index® comparable companies on larger markets. In many such Bloomberg Bloomberg No countries there are also very different levels of supervision and Barclays Index Services regulation of the markets, of financial institutions and of Euro_Aggre- Limited issuers. Furthermore the requirements and limitations imposed gate: on investments made by foreigners in certain countries may Corporate 1-3 affect some Sub-Funds’ transactions. Changes to legislation or Year Index® exchange control measures occurring after an investment is Bloomberg Bloomberg No made may create problems with respect to the repatriation of Barclays Euro- Index Services the funds. There may also be risks of loss due to the absence Aggregate Limited of adequate systems for linked to transfer, price calculation, 500MM accounting and securities custody. The risks of fraud linked to Corporate corruption and organized crime are non-negligible. Index® Use of a benchmark Bloomberg Bloomberg No Barclays Euro Index Services Where the applicable Sub-Fund sheet indicates that the Sub- Aggregate Limited Fund’s investment objective is to outperform the benchmark Bond Index® (as defined in the applicable Sub-Fund Sheet), no assurances Bloomberg Bloomberg No are given as to the performance of the Sub-Fund relative to Barclays China Index Services the benchmark. The performance may result in the Sub-Fund: Aggregate Limited Bond Index® – underperforming relative to the benchmark; or Bloomberg Bloomberg No – having a strong correlation to the performance of the Barclays Index Services benchmark even during periods of outperformance or Global Limited underperformance of the benchmark. Treasury Universal GDP The past performance of a benchmark is not a guide to future Weighted by performance. Country Index® When calculating the performance commission payable to the Management Company or for the purpose of defining their EURIBOR 3 Global Rate Set No asset allocation, certain Sub-Funds are using benchmarks month LTD within the meaning of the Regulation (EU) 2016/1011 of the European Global Rate Set No European Parliament and of the Council of 8 June 2016 on Over Night LTD indices used as benchmarks in financial instruments and Index Average financial contracts or to measure the performance of (EONIA) investment funds, as may be amended or supplemented from FTSE Italia All- London Stock No time to time (“Benchmarks Regulation”). Share Capped Exchange – The Management Company is working with the applicable Index® FTSE Limited benchmark administrators for the benchmark indices of such FTSE Italia Mid London Stock No Sub-Funds to confirm that the benchmark administrators are, Cap® Exchange – or intend to get themselves, included in the register FTSE Limited maintained by ESMA under the Benchmarks Regulation. A FTSE MTS Ex- London Stock No benchmark calculation and publication could be discontinued Bank of Italy Exchange – (e.g. in case of withdrawal or suspension of the administrator's BOT Index FTSE Limited authorisation or registration) or its calculation methodology could be materially amended. The Management Company will FTSE MTS Italy London Stock No CCT – ex- Exchange – make available, once finalised, a written plan setting out the Bank of Italy FTSE Limited actions that will be taken in the event of the benchmark Index® materially changing or ceasing to be provided, on request and free of charges at the registered office of the Management Company in Luxembourg. Benchmarks used by the FCP within the meaning of the Benchmarks Regulation

11 Benchmark Administrator Administrator registered in Benchmark Administrator Administrator registered in the ESMA register referred the ESMA register referred to in article 36 of the to in article 36 of the Benchmarks Regulation* Benchmarks Regulation* ICE BofAML ICE Data No MSCI Europe MSCI Limited Yes Global High Indices LLC Mid Cap Yield Index® European MSCI EFM MSCI Limited Yes Issuers, rating CEEC ex- BB-B, 3% Russia 10/40 constrained Index® Index® MSCI USA MSCI Limited Yes ICE BofAML ICE Data No Index® Euro Inflation- Indices LLC Linked MSCI China A MSCI Limited Yes Government Index® Index® MSCI Frontier MSCI Limited Yes JPM Emu Gov. JP Morgan LLC No Markets Bond 1-3 y Index® Index® MSCI World MSCI Limited Yes JPM Emu Gov. JP Morgan LLC No 100% Bond 3-5 y Hedged to Index® EUR Index® JPM EMU JP Morgan LLC No S&P 500 Standard & No Gov. Bond > Poor’s 5 y Index® TOPIX Index® Tokyo Stock No JPM UK Gov JP Morgan LLC No Exchange, Inc. Bonds Index® JPM Japan JP Morgan LLC No * As at the date of this Prospectus, not all of the benchmark administrators Gov Bonds are featured in the ESMA register referred to in article 36 of the Index® Benchmarks Regulation. Once featured, this Prospectus will be updated accordingly at the next available opportunity. JPM USA Gov JP Morgan LLC No Bonds Index® Investment in Less Developed Markets JP Morgan JP Morgan LLC No The systems for settlement of transactions on Less Developed Global Markets, in particular in Emerging Countries and in Russia, Government may be less well organized than in developed countries. Hence Bond Index® there is a risk that settlement of transactions could be delayed JPMorgan JP Morgan LLC No and that the liquidity or the securities of the Sub-Funds could EMBI Global be threatened due to such systems breaking down or failing. Diversified In particular, market practice may require payment to be made ® Index before receipt of the purchased securities or a security might JPM GBI EM JP Morgan LLC No have to be delivered before the price is received. In such cases, Global failure on part of a broker or a bank through which the Diversified transaction was to be made would result in a loss for the Sub- Index® Funds investing in the emerging countries’ securities. MSCI EMU MSCI Limited Yes Whenever possible, the FCP will try to use counterparties (European whose financial status is such as to limit the aforementioned Economic and risk. However, there can be no certainty that the FCP will Monetary successfully eliminate this risk for the Sub-Funds, particularly Union) Index® because the counterparties operating on the emerging markets MSCI Europe MSCI Limited Yes frequently lack a financial base comparable to the Index® counterparties’ operating on the developed markets. MSCI North MSCI Limited Yes Investments in specific sectors America Index® Certain Sub-Funds may concentrate their investments in MSCI Japan MSCI Limited Yes companies of certain sectors of the economy and therefore Index® will be subject to the risks associated with concentrating investment in such sectors. Investments in specific sectors of MSCI Pacific MSCI Limited Yes the economy such as energy and materials, consumer staples, ex Japan 10/ high technology, financial services or telecommunications may 40 Index® lead to adverse consequences when such sectors become less MSCI MSCI Limited Yes valued. Emerging Markets Investment in smaller companies Index® Sub-Funds which invest in smaller companies may fluctuate in MSCI China MSCI Limited Yes value more than other Sub-Funds. Securities of smaller 10/40 Index® companies may, especially during period where markets are MSCI World MSCI Limited Yes falling, become less liquid and experience short-term price Index® volatility. Consequently investment in smaller companies may involve more risk than investment in larger companies. 12 Investment in lower rated, higher yielding debt the approval of the competent authority. It cannot be instruments assumed that the perpetual CoCos will be called on call date. Sub-Funds which invest in lower rated, higher yielding debt instruments are subject to greater market and credit risk than – Unknown risk: in a stressed environment, when the higher rated securities. The lower ratings of such instruments underlying features of these instruments will be put to the reflect the greater possibility that adverse changes in the test, it is uncertain how they will perform. In the event a financial conditions of the issuer or rising interest rates, may single issuer activates a trigger or suspends coupons, the impair the ability of the issuer to make payments to holders of market may view the issue as a systemic event. In that the instruments. Consequently investment in such Sub-Funds case, potential price contagion and volatility to the entire may involve more risk than Sub-Fund investing in higher rated, asset class is possible. This risk may in turn be reinforced lower yielding debt instruments. depending on the level of underlying instrument arbitrage. Furthermore in an illiquid market, price Investment in Distressed Debt Securities formation may be increasingly stressed. Investment in Distressed Debt Securities involves purchases of – Yield/Valuation risk: Yield has been a primary reason this obligations of companies that are experiencing significant asset class has attracted strong demand, yet it remains financial or business distress, including companies involved in unclear whether investors have fully considered the bankruptcy or other reorganisation and liquidation underlying risks. Relative to more highly rated debt issues proceedings. In some cases, the recovery of investments in of the same issuer or similarly rated debt issues of other Distressed Debt Securities is subject to uncertainty related to issuers, CoCos tend to compare favourably from a yield court orderings and corporate reorganisations among other standpoint. The concern is whether investors have fully things. Investment in this kind of securities may lead to considered the risk of conversion or, for Additional Tier 1 unrealised capital losses and/or losses that can adversely CoCos (AT1 Cocos), coupon cancellation. impact the net asset value of the related Sub-Fund. Consequently investment in Sub-Funds which invest in Investment in securitized or structured debt Distressed Debt Securities involve more risk than Sub-Fund instruments investing in higher quality debt instruments. Sub-Funds which invest in securitized or structured debt instruments are subject to higher risks than Sub-Funds which Investment in Convertible Bonds invest in government and corporate bonds. Such instruments Sub-Funds which invest in convertible bonds are subject to the include asset-backed securities (ABS), mortgage-backed same interest rate and credit risks as Sub-Funds investing in securities (MBS) and collateralized debt instruments and ordinary corporate bonds. However, as convertibles bonds provide exposure to underlying assets such as but not limited allow investors to benefit directly from a company’s success to residential or commercial mortgages, consumer or corporate should its share price rise, this exposure to equity movements loans, credit card receivables or manufactured housing loans. can lead to more volatility than could be expected from a Securitized or structured debt instruments are generally more comparable ordinary corporate bond investment. sensitive to interest rate changes and thus may face higher level of volatility when interest rates rise. In addition, when Investment in contingent convertible bonds interest rates fall, borrowers tend to pay off their fixed rate or adjustable mortgages sooner than expected: the return of Sub- Contingent Convertible Bonds (CoCos) are debt securities Funds which invest in such securities may thus decrease as where the principal amount may be cancelled, reduced or they will have to reinvest these proceeds at lower rates. converted into equity in certain circumstances relating, for Besides, investments in securitized or structured debt example, to the level of own funds of the issuing institution, instruments entail significant liquidity risk: in the absence of a and/or the coupon payable modified in a discretionary way by liquid market for such securities, their current market price the issuer. Among others, the main potential risks connected does not necessarily reflect the underlying assets value and to the investment in CoCos are the following: consequently they may only be traded at a discount from face – Trigger level risk: trigger levels (which are disclosed in the value and not at the fair value. This may affect the price at prospectus of each issuance) differ and determine which a Sub-Fund may liquidate positions to meet redemption exposure to conversion risk depending on the own funds requests or other funding requirements. of the issuing institution distance to the trigger level. The In general, ABS and MBS are debt securities with interest and amount of own funds varies depending on the issuer capital payments backed or collateralized by the income while trigger levels differ depending on the specific terms stream of an underlying pool of assets (pool of receivables in of issuance. The trigger could be activated either through the case of ABS and pool of mortgages as regards MBS) issued a material loss in capital as represented in the numerator by a special propose vehicle (SPV) that solely serves the or an increase in risk weighted assets as measured in the purpose of the ABS / MBS transaction. ABS and MBS are denominator. usually issued in a number of different classes with varying – Coupon cancellation: Coupon payments are entirely characteristics depending on the riskiness of the underlying discretionary and may be cancelled by the issuer at any assets assessed by reference to their credit quality and term point, for any reason, and for any length of time, for a and can be issued at a fixed or a floating rate. The higher the certain type of CoCos. Cancelled payments do not risk contained in the class, the more the ABS / MBS pays by accumulate and are instead written off. This significantly way of income. Compared to other fixed income securities, increases uncertainty in the valuation of this type of the obligations associated with these securities may be subject, CoCos and may lead to mispricing of risk. in particular, to greater liquidity, counterparty and interest rate risks as well as to other types of risks, as they are also subject – Capital structure inversion risk: in certain scenarios, to early prepayment, credit or default risk affecting the holders of CoCos will suffer losses ahead of equity underlying securities. holders, e.g., when a high trigger principal write down CoCo is activated. This cuts against the normal order of In particular, specific risks related to investment in ABS include capital structure hierarchy where equity holders are the following: expected to suffer the first loss. – Interest rates risk: while the value of ABS typically – Call extension risk: certain CoCos are issued as perpetual increases when interest rates fall and decreases when instruments, callable at pre-determined levels only with interest rates rise, and are expected to move in the same 13 direction of the underlying related asset, there may not be Sukuk holders that receives fees as the issuer of the Sukuk, a perfect correlation between these events. while the Sukuk holders are the legal part-owners of the underlying asset that receive a return on investment based on – Extension risk: in a period of rising interest rates, the performance of the underlying asset. In other words, for prepayments may occur at a slower rate than expected. the payment, the Sukuk holders rely solely on the underlying As a consequence, the average duration of the Sub-Fund’s asset since the asset is already separated from the originator's portfolio may increase. book and there will be no recourse to the originator. Asset- – Liquidity risk: liquidity in ABS may be affected by the backed sukuk are, thus, closer to equity than debt. performance or perceived performance of the underlying On the other hand, through an asset-based Sukuk transaction assets. In some market circumstances investments in ABS the originator only passes beneficial ownership of the asset to may become less liquid, making it difficult to dispose of Sukuk holders, while still keeps its legal ownership. In other them. The market price for an ABS may be volatile and words, from legal perspective there is no true sale in asset may not be readily ascertainable. As a result, the Sub- based structure since Sukuk holders do not have concern in Fund may not be able to sell them when it desires to do the underlying asset. In this structure, the Sukuk holders can so, or to realize what it perceives to be their fair value in only require the originator to purchase the underlying assets. the event of a sale. As such, the Sukuk holders have an unsecured debt claim Similarly, specific risks related to investment in MBS include the against the originator embodied in the payment of the following: purchase price following an execution of the binding purchase promise. This implies that Sukuk holders don't have full – Prepayment risk: in a period of falling interest rates, recourse to the underlying assets and the underlying assets are borrowers may refinance or otherwise repay principal on not used as collateral. Asset-based Sukuk grant only beneficial their mortgages earlier than scheduled. When this ownership to the Sukuk holders, so that in case of default, the happens, certain types of MBS will be paid off more investor would be left without any claim on these assets. quickly than originally anticipated and the Sub-Fund will have to invest the proceeds in less attractive securities. Investments in UCITS – Extension risk: in a period of rising interest rates, certain Investment by each Sub-Fund in units of undertakings for types of MBS will be paid off more slowly than originally collective investment in transferable securities (“UCITS”) and/or anticipated and the value of these securities will fall. As a other UCI may entail that fees borne by an investor would be consequence, the average duration of the Sub Fund’s increased by various fees such as subscription commissions, portfolio may increase. redemption commissions, Depositary bank commissions, and – Liquidity risk: in some market circumstances investments administration and management commissions. in MBS may become less liquid, making it difficult to dispose of them. The market price for MBS may be Investments in Derivative Financial Instruments volatile and may not be readily ascertainable. As a result, Investments in derivatives may involve additional risks for the Sub-Fund may not be able to sell them when it Unitholders. These additional risks may arise as a result of desires to do so, or to realize what it perceives to be their leverage factors associated with the transactions, the fair value in the event of a sale. creditworthiness of the counterparties or the potential – Real estate risks: investing in commercial and residential illiquidity of the markets for derivative instruments. When MBS includes the risk of investing in the real estate financial derivatives instruments are used for investment securing the underlying loans, local and other economic purposes, the overall risk of loss may be increased. When conditions, the ability of tenants to make payments and financial derivatives instruments are used for hedging the ability of the property to attract and retains tenants. purposes, the risk of loss may be increased where the value of the financial derivative instruments and the value the positions Investments in Sukuk which they are hedging are insufficiently correlated. Finally, despite the strict selection made by the Management Sukuk are certificates of equal value representing undivided Company in the choice of broker for over-the-counter (“OTC”) shares in the ownership of tangible assets, usufructs and transactions, the risk of default by the counterparty in services or (in the ownership of) the assets of particular derivative financial instruments contracts cannot be totally projects or special investment activity. Sukuk are instruments ruled out. that comply with Sharia (Islamic law). Price changes in Sukuk are influenced predominantly in the same way as conventional The FCP must use a risk management mechanism that allows fixed income securities by interest rate developments in the it to monitor and measure, at any time, the risk of positions capital markets, which in turn are influenced by macro- and their contribution to the overall risk profile of the economic factors. Sukuk could suffer when capital market portfolio. interest rates rise, while they could increase in value when capital market interest rates fall. The price changes also Investments in Futures, Options and Warrants depend on the term or residual time to maturity of the Sukuk. In general, the effect created by investments in financial Furthermore, the Sukuk market remains a nascent market instruments as well as the volatility of long-term contracts which can create low levels of liquidity and increased (“futures” and “forward” contracts) are factors that transaction costs. Sukuk may be backed by sovereign or substantially increase the risk related to the purchase of the corporate issuers. In general, corporate issuers represent an FCP’s Units. In particular, transactions dealing with forward increased credit risk to investors and may display greater price contracts may generate a leverage effect: The minimum level volatility. Sovereign Sukuk issued by governments or of guarantee deposits generally required for such transactions government related entities from countries referred as can indeed increase the FCP’s actual exposure to the emerging or frontier markets bear additional risks linked to the underlying security of the forward contract. As a consequence, specifics of such countries (e.g. currency fluctuations, political even a very weak unfavourable fluctuation in the price of the and economic uncertainties, repatriation restrictions, etc). underlying security of a forward contract may give rise to Sukuk can be categorized as asset-backed Sukuk or asset- significant losses. based Sukuk. An asset-backed Sukuk transaction involves true The sale of buy options (“call options”) and of sell options sale and the transfer of legal ownership of the asset from the (“put options”) is a specialized business generating substantial originator to a third party, which is normally a Special Purpose investment risks. Vehicle (SPV). The SPV is in turn an explicit trustee of the 14 Thus the sale of unhedged call options not covered by the forth in the Law of 17 December 2010 on undertakings for existence within the Sub-Fund of the underlying asset or of collective investments and CSSF Circular 11/512; as a financial instruments correlated to the underlying asset consequence, an unfavorable fluctuation may give rise to generates a risk of potentially unlimited losses equal to the significant losses; positive difference between the price of the underlying security – When buying a CFD, the risk is limited to the loss, in a and the exercise price of the option. The sale of put options worst-case scenario, of the capital invested, as the risk is may give rise to a risk of loss if the price of the underlying equivalent to that of the underlying instrument. security falls below the option strike price, reduced by the Depending on movements in the price of the underlying amount of the premium received. instrument, the value of a CFD may fall to zero; Warrants on securities or on any other financial instrument – When selling a CFD, the loss is theoretically unlimited, as offer a significant leverage effect, but are characterized by a the current price of the underlying instrument can high risk of depreciation. significantly exceed the original cost at the time of the Transactions on futures and options contracts concluded on sale of the CFD. the OTC market may be very illiquid. It is not always possible to execute a buy or sell order at the strike price or to close out Counterparty risk in OTC derivatives an open position in the short term. transactions Investments in Credit Default Swap Counterparty risk in OTC derivatives transactions is the risk that the counterparty to a derivative contract will default on its When selling out of a Credit Default Swap (CDS) that has obligation and fail to fulfill the contractual agreement. The been used to provide protection against the eventual risk of Unitholders must be aware that the counterparty to the OTC default of the underlying issuer, the Sub-Fund takes on a risk derivative transactions is expected to be Banca Imi S.p.A. (the comparable to that taken upon purchasing a bond issued by “Counterparty”) for structured Sub-Funds, if any. Efficient the same issuer for a nominal value identical to that of the measures, such as netting and exchange of collateral under CDS. In both cases, if the issuer defaults, losses will be industry accepted protocols, will be put in place in order to represented by the difference between the nominal value and significantly mitigate the counterparty risk. Financial the recoverable amount of the issuer’s bonds. For CDS, as in institutions involved in OTC transactions including the the case of all derivative financial instruments traded OTC, the Counterparty will be carefully selected and the resulting counterparty risk must also be taken into account, i.e. the risk counterparty risk will be subject to appropriate monitoring and that the counterparty is unable to make one of the payments control in the context of the FCP’s risk management process. it is committed to, a risk that is particularly significant in cases Notwithstanding the above, each Sub-Fund may be to some where protection is acquired by means of a CDS. The extent exposed to credit risk on the counterparties with which Management Company shall ensure that counterparties it trades in relation to OTC derivatives and the default of any involved in this type of transaction are carefully selected and of such counterparties may result in losses proportional to the that the risk linked to the counterparty is limited and market value of the derivative contracts between the Sub-Fund thoroughly controlled. and the defaulting counterparty.

Total Return Swaps Efficient Portfolio Management Techniques Total Return Swaps are agreements in which one party (total Efficient Portfolio Management Techniques refer to certain return payer) transfers the total economic performance of a techniques and instruments relating to transferable securities reference obligation to the other party (total return receiver). and money market instruments that may be employed for the Because it does not involve physically holding the securities, purpose of efficient portfolio management. As specified synthetic replication through total return (or unfunded swaps) hereinafter in this Prospectus, these techniques include and fully-funded swaps can provide a means to obtain securities lending and repurchase agreements transactions. exposure to difficult-to-implement strategies that would otherwise be very costly and difficult to have access to with Securities lending involves counterparty or credit risk, namely physical replication. Synthetic replication therefore involves the risk that counterparty to a lending contract will not return, lower costs than physical replication. Synthetic replication typically as a consequence of its insolvency, the securities lent however involves counterparty risk. If the Sub-Fund engages in by a sub-fund. Moreover, the collateral received to mitigate OTC derivatives, there is the risk – beyond the general the counterparty risk may be realized at a lower value than the counterparty risk – that the counterparty may default or not securities lent, whether due to adverse market movements, be able to meet its obligations in full. Where the FCP and any decrease in the credit rating of the issuer of the collateral or of its Sub-Funds enters into Total Return Swaps on a net basis, the illiquidity of the market for the collateral at the time of the the two payment streams are netted out, with the FCP or each counterparty’s default. Sub-Fund receiving or paying, as the case may be, only the net Repurchase agreement transactions may be subject to amount of the two payments. Total Return Swaps entered into counterparty risk and/or credit risk. If the counterparty defaults on a net basis do not involve the physical delivery of on its obligations, the FCP may incur costs or lose money in investments, other underlying assets or principal. Accordingly, exercising its rights under the agreement. The counterparty’s it is intended that the risk of loss with respect to Total Return credit risk is reduced by the delivery of collateral. The liquidity Swaps is limited to the net amount of the difference between risk relates to securities used as collateral. The liquidity risk is the total rate of return of a reference investment, index or low with the government bonds traded on the stock exchange basket of investments and the fixed or floating payments. If or on the inter-bank market; on the contrary, with the low the other party to a Total Return Swaps defaults, in normal rating shares and bonds the liquidity risk is higher. circumstances the relevant Sub-Fund's risk of loss consists of the net amount of total return payments that the Sub-Fund is The risks arising from these techniques will be adequately contractually entitled to receive. captured by the risk management process of the FCP and will not add significant risks to the original investment policy of Investments in Contract for Differences the Sub-Funds. Such risks will be mitigated by the collateral management policy implemented by the Management Investing in a Contract for Differences (CFD) carries the same Company an outline of which is set forth under the section profit or loss opportunities as when investing in stocks or stock “Collateral Management” of this Prospectus. indexes in a traditional manner; however, CFD enable the Sub- Funds to generate a leverage effect up to the limitations set 15 1.2.3. Specific Risks of investing in the People’s financial instruments permitted by the CSRC Republic of China (“PRC”) regulations via the QFII license of the Management Company within a certain investment quota (the “QFII Qualified Foreign Institutional Investor program Quota”) granted by the SAFE to the Management risks Company as a QFII. The FCP has currently the exclusive use of the QFII Quota granted by the SAFE to the Under the prevailing regulations in the People’s Republic of Management Company as a QFII. Violations of the QFII China (the “PRC”), investments in the PRC’s domestic regulations could result in penalty measures adopted securities market can be made by or through holders of a by the SAFE against the Management Company such Qualified Foreign Institutional Investor (the “QFII”) license. QFII as a partial or entire revocation of the QFII Quota means any overseas institutional investors that has been granted. Such penalty measures adopted by the SAFE approved by the China Securities Regulatory Commission (the “CSRC”) to invest in PRC’s securities market pursuant to the against the Management Company as a QFII might not “Measures for the Administration of Investment in Domestic necessarily result from a breach due to investments Securities by Qualified Foreign Institutional Investors” made by a Sub-Fund itself but possibly from a breach promulgated by CSRC, People’s Bank of China (the “PBOC”) of the QFII regulations by the Management Company. and State Administration of Foreign Exchange (the “SAFE”) on Investors should note that in case of partial revocation 24 August, 2006 as amended from time to time. of its QFII Quota the Management Company may not be able to make available to the Sub-Funds a sufficient According to the CSRC rules, a QFII may invest in the portion of its QFII Quota, and as a result, the Sub- following Renminbi financial instruments: Funds could not be able to fully implement or pursue – stocks (including A-shares), bonds and warrants traded in their investment strategies. or transferred in stock exchanges; A-shares are shares traded in Chinese Renminbi issued by companies C) Repatriation risks incorporated in the PRC and listed on the Shanghai and According to the SAFE rules, the maximum amount of Shenzhen stock exchanges; money which can be repatriated without SAFE’s prior – securities investment funds; approval is restricted to 20% per month of the total investment through the QFII scheme. As a result of – stock index futures; and these repatriation restrictions, in the event of an – other financial instruments permitted by the CSRC. important redemption request received, the Sub-Funds may need to realize other assets instead of their assets A QFII may participate in the issuance of new shares, issuance invested in PRC through the QFII for the purposes of of convertible bonds, additional issuance of shares and the purchase of allotted shares. meeting such redemption request and/or to suspend the Net Asset Value calculation or the issue, conversion The Management Company, Eurizon Capital S.A., has obtained or redemption of the Units of the Sub-Funds as from the CSRC a QFII license. The FCP itself is not a QFII but provided in section 3.2 of this Prospectus. its Sub-Funds may invest directly in A-Shares and other financial instruments permitted by the CSRC regulations via Hong Kong Stock Connect programs risks the QFII license of the Management Company, in accordance with their investment policies. According to their current Under Hong Kong Stock Connect (the “Hong Kong Stock investment policies, these Sub-Funds will qualify as Open- Connect”), the Stock Exchange of Hong Kong (the “SEHK”) Ended China Fund as defined by the SAFE rules. and the Shanghai Stock Exchange (the “SSE”) / Shenzhen Stock Exchange (the “SZSE”) have established a mutual A) Qualified Foreign Institutional Investor regulatory risks trading program to enable investors of their respective market to trade and settle designated securities listed in the other’s The QFII license granted is valid until this is terminated market. Through the Hong Kong Stock Connect, international by the CSRC. Violations of the QFII regulations could investors can trade and settle designated securities listed on result in penalty measures adopted by the CSRC the SSE / SZSE through the SEHK and clearing house in Hong against the Management Company as a QFII and in Kong (Northbound trading) and PRC’s domestic investors can the revocation of its QFII license. Such penalty trade and settle designated securities listed on the SEHK measures adopted by the CSRC against the through the SSE / SZSE and clearing house in Shanghai / Management Company as a QFII might not necessarily Shenzhen (Southbound trading). result from a breach due to investments made by a Sub-Fund itself but possibly from a breach of the QFII Trading of SSE / SZSE securities through the Hong Kong Stock Connect is open to all Hong Kong and overseas investors like regulations by the Management Company. In case of the FCP, including institutional and individual investors. loss by the Management Company of its QFII license, the Sub-Funds will no longer be able to invest through A) Northbound eligible securities the QFII license of the Management Company in A- Shares and other financial instruments permitted by Through the Shanghai-Hong Kong Stock Connect the QFII regulations and may be required to dispose program, Hong Kong and overseas investors like the their holding in Renminbi financial instruments which FCP are currently able to trade all the constituent could adversely affect the Sub-Funds. stocks of the SSE 180 Index and SSE 380 Index, and all the SSE-listed A-shares (A-shares are shares traded in In addition, the Sub-Funds may also be adversely Chinese Renminbi issued by companies incorporated in impacted by rules and regulations issued by the PRC the PRC and listed on the Shanghai and Shenzhen government imposing investment quotas, investment stock exchanges) that are not included as constituent restrictions, minimum investment holding periods and stocks of the relevant indices but which have repatriation of principal and profits restrictions. corresponding H-shares listed on SEHK (except SSE- listed shares which are not traded in RMB or under risk B) Qualified Foreign Institutional Investor quota risks alert). Through the Shenzhen-Hong Kong Stock In accordance with their investment policies, the Sub- Connect program, Hong Kong and overseas investors Funds may invest directly in A-Shares and other like the FCP are currently able to trade selective stocks 16 listed on the SZSE market. These include all the auction. When that happens, SEHK will again accept constituent stocks of the SZSE Component Index and Northbound buy orders. Once the Northbound Daily the SZSE Small/Mid Cap Innovation Index which have a Quota Balance drops to zero or the Daily Quota is market capitalization of not less than RMB 6 billion, exceeded during a continuous auction session (or and all the SZSE-listed A shares which have closing call auction session for SZSE), no further buy corresponding H shares listed on SEHK (except SZSE- orders will be accepted for the remainder of the day. listed shares which are not traded in RMB or under risk SEHK will resume the Northbound buying service on alert). Other product types such as B-shares, Exchange the following trading day. Therefore, Northbound Daily Traded Funds (ETFs), bonds, and other securities are quota may adversely affect the Sub-Funds’ ability to currently not included in the scope of the Hong Kong meet their investment objective. Stock Connect program. D) Trading day and severe weather conditions Investors will only be allowed to sell but will be Through the Hong Kong Stock Connect programs, SSE restricted from buying such SSE / SZSE securities if: (a) / SZSE securities can only be traded on Hong Kong such securities subsequently cease to be a constituent business days, provided that both markets (Hong Kong stock of the relevant indices; and/or (b) they are and Mainland China) are open for trading and banking subsequently placed under risk alert; and/or (c) the services are available on the correspondent settlement corresponding H shares of such securities are days. Due to differences in public holydays between subsequently delisted from SEHK, and/or (d) such both markets or to severe weather conditions (severe securities, based on any subsequent periodic review, typhoons or black rainstorms) the Sub-Funds’ ability to have a market capitalisation of less than RMB 6 billion meet their investment objective may be adversely (only for SZSE securities), as the case may be. . affected. Therefore, the ability of the Sub-Funds to meet their investment objective may be affected by a change in E) Risk of ChinaClear default the scope of Hong Kong Stock Connect program. As the national central counterparty of the PRC B) Beneficial ownership Mainland’s securities market, ChinaClear operates a comprehensive network of clearing, settlement and Through the Hong Kong Stock Connect programs, stock holding infrastructure. ChinaClear has Hong Kong and overseas investors like the FCP may established a risk management framework and purchase eligible securities listed on the SSE / SZSE. measures that are approved and supervised by the Following settlement, these securities will be held by CSRC. In case of ChinaClear default, HKSCC will in the Hong Kong Securities and Clearing Company (the good faith seek recovery of the outstanding stocks and “HKSCC”) as “nominee holder” in an account at the monies from ChinaClear through available legal China Securities Depositary and Clearing Corporation channels and through ChinaClear’s liquidation process (the “ChinaClear”), Shanghai or Shenzhen branch, as if applicable. HKSCC will in turn distribute the stocks the case may be. Foreign investors holding eligible or monies recovered to clearing participants (such as securities through the HKSCC are the beneficial HKSCC) on a pro-rata basis. Although ChinaClear owners of these securities and therefore can exercise default is considered to be remote, the Sub-Funds may their rights through the nominee only. Accordingly, be adversely affected by this potential exposure. foreign investors are to exercise shareholders rights in relation to the SSE / SZSE securities through HKSCC F) Risk of Hong Kong Securities and Clearing Company (including legal action or court proceeding against the default issuers of such securities). HKSCC as nominee has no As a clearing participant of ChinaClear, the HKSCC obligation to take any legal action or court proceeding provides clearing and settlement services for all trades to enforce any rights on behalf of the investors in executed through Northbound trading. A failure or respect of the SSE securities. delay by the HKSCC to perform its obligations may C) Hong Kong Stock Connect quotas result in losses to the Sub-Funds.

Northbound trading and Southbound trading are China Interbank Bond Market risks respectively subject to a set of daily and aggregate quotas monitored by SEHK and SSE / SZSE respectively. The China Interbank Bond Market (the “CIBM”) is an over-the- The Daily Quota is applied on a “net buy” basis. Under counter market (that is, a market outside the two main stock that principle, investors are always allowed to sell their exchanges in the PRC, i.e. the Shanghai and Shenzhen stock cross-boundary securities or input order cancellation exchanges) established in 1997 which currently represents more than 95% of the Chinese domestic bond activity. The requests regardless of the quota balance. The Daily main debt instruments traded in the CIBM include government Quota limits the maximum net buy value of cross- bonds, bond repo, bond lending, PBOC bills, and other boundary trades under Shanghai Connect and financial debt instruments. Foreign investors like the FCP and Shenzhen Connect Hong Kong Stock Connect its Sub-Funds - through the Management Company - can program each day. SEHK monitors the usage of the access the CIBM. The Management Company has made an Northbound Daily Quota on a real-time basis, and the application to register under the CIBM program at PBOC. The Northbound Daily Quota Balance is updated on HKEX’s Management Company participates directly in the CIBM website every minute. The Daily Quota is reset every through an appointed onshore settlement agent (“Bond day. Unused Daily Quota is not carried over to the Settlement Agent”). following day’s Daily Quota. If the Northbound Daily A) CIBM liquidity and volatility risks Quota Balance drops to zero or the Daily Quota is exceeded during the opening call auction session, new The CIBM has not yet reach maturity and the market buy orders will be rejected. However, as order capitalisation and trading volume may be inferior to cancellation is common during opening call auction, those of more developed markets. By investing in such the Northbound Daily Quota Balance may resume to a market the Sub-Funds may be subject to liquidity and positive level before the end of the opening call 17 volatility risks and may suffer losses due to the market Company for any Sub-Fund directly, the securities and volatility and potential lack of liquidity of the CIBM. cash accounts for a Sub-Fund in the PRC are Indeed, the low trading volume in such market may maintained in the name of “the Management result in prices of debt instruments traded in the CIBM Company – the name of the Sub-Fund”. Subject to the fluctuating significantly. applicable laws and regulations in the PRC, the Depositary Bank will make arrangements to ensure B) CIBM trading and realisation costs that Sub-Funds’ assets are properly kept safe. In the By investing in the CIBM, the Sub-Funds may also incur event of any default of the Bond Settlement Agent or additional trading and realisation costs and suffer other agents (for example, brokers and other losses due to significant bid and offer spreads of prices counterparties) in the execution or settlement of any that may be observed on such market for some transaction or in the transfer of any funds or securities Chinese domestic bonds. in the PRC, a Sub-Fund may encounter delays in recovering its assets which may in turn adversely C) CIBM counterparties and settlements risks impact the net asset value of a Sub-Fund. By transacting in the CIBM, the Sub-Funds may also be exposed to counterparties risks as a counterparty Hong Kong Bond Connect program risks which has entered into a transaction with a Sub-Fund The Hong Kong Bond Connect program is a mutual market may default in its obligation to settle the transaction access scheme that allows investors from Mainland China and by delivery of the relevant instruments or by payment overseas to trade in each other's bond markets through a for value. There are various settlement methods in the connection of the Mainland Chinese and Hong Kong bond CIBM (such as the delivery of security by the markets. Bonds eligible for investment by overseas investors counterparty after receipt of payment by the Sub- through the Northbound Link include all bonds tradable in the Fund, payment by the Sub-Fund after delivery of the CIBM. relevant security by the counterparty or simultaneous Hong Kong Bond Connect Northbound Trading allows delivery), but even if terms favourable for the Sub- international investors like the FCP to trade bonds on the Funds may be negotiated, there is no assurance that China Foreign Exchange trading System (the “CFETS”) directly settlement risks can be eliminated. with onshore participating dealers via overseas electronic platforms approved by People’s Bank of China (so called D) CIBM remittance and repatriation rules “Trading Link”). CFETS provides trading services to To invest in the CIBM funds may be remitted into Northbound Trading. CFETS, supported by the Bond Connect China in a foreign currency or in CNY. The CIBM Company Limited, conducts filing and opens the trading program requires that the currencies in outward and account on behalf of an eligible overseas investor like the FCP inward remittances shall be the same, i.e., the for access to CIBM. Upon opening of the trading account, an proportion of domestic and foreign currencies in an overseas investor becomes a member of CFETS. CFETS will organize Northbound Trading participating dealers to provide outward remittance by an investor shall be consistent continuous price quotations to overseas investors. Participating with that of an inward remittance, with the difference dealers should be market dealers with comparatively strong no higher than 10%. Considering the remitted capabilities in terms of price quotation and price currency will not be CNY, repatriations in respect of determination. They should have sound international funds such as the Sub-Funds conducted in a foreign reputation, should be equipped with staff, systems and currency are permitted daily and are not subject to any apparatus that can support the continuous and stable lock-up periods or prior approval. There is no operation of Northbound Trading, and should possess other assurance, however, that PRC rules and regulations will capabilities which are necessary for providing liquidity to bond not change or that repatriation restrictions will not be markets. The basic process for trading under Northbound imposed in the future. Any restrictions on repatriation Trading is as follows: offshore investors may give trading of the invested capital and net profits may impact on a instructions through an electronic trading platform; and such Sub-fund’s ability to meet redemption requests. trading instructions will then be transmitted to the CFETS system, where the trade with the relevant counterparty will be E) CIBM unknown risks concluded. The CFETS trading system will generate a trade confirmation upon the acceptance of a quotation by an Due to the fact that CIBM regulations are relatively overseas investor. The participating dealer, overseas investor new, their application and interpretation are therefore and bond registration and depository institution shall settle the relatively untested and there is no certainty as to how trade in accordance with the information from the conclusion they will be applied by the PRC’s local authorities. In of the trade. addition, there is no assurance that future local regulatory actions will not affect the Sub-Funds In order to settle the trade an overseas investor like the FCP is invested in the CIBM. required to open segregated account in its name with the Central Moneymarkets Unit (“CMU”) through a CMU F) Bond Settlement Agent risks participant. The CMU, as a nominee, in turn, opens an omnibus nominee account with the China Central Depositary The Management Company appointed the Bond and Clearing Co Ltd (onshore entity) (the “CCDC”) and Settlement Agent to execute transactions for the Sub- Shanghai Clearing House (“SHCH”) which provide bond Funds in the CIBM. Should, for any reason, a Sub- registration and depository service for CMU (so called Fund’s ability to use the relevant Bond Settlement “Settlement link”). The bonds purchased by the overseas Agent be affected, this could disrupt the operations of international investors through the "Northbound Connect" that Sub-Fund and affect the ability of a Sub-Fund to shall be registered in the bond accounts of CMU, and the implement the desired investment strategy. A Sub- international overseas investors will have the beneficial Fund may also incur losses due to the acts or ownership of the securities held under the name of the omissions of the Bond Settlement Agent in the nominee holder (CMU). The settlement of “Northbound execution or settlement of any transaction or in the Connect” business is conducted with CMU on the one side transfer of any funds or securities. For investments while the participating dealer to CIBM that has opened its under the CIBM, applied by the Management bond account at CCDC or SHCH on the other side. The 18 transfer of bonds is processed through CCDC or SHCH bonds shareholding has reached the 30% threshold. Therefore, the business system, and the payment of funds through the Cross- ability of the Sub-Funds to meet their investment objective border Interbank Payment System (CIPS). may be affected by such shareholding restrictions. A) Risk of CCDC and SHCH default Under the current PRC rules, when an investor holds or controls up to 5% of the issued shares of a PRC mainland CCDC and SHCH are the registration, depository and listed company, the investor is required to disclose his interest onshore settlement institution of CIBM designated by within three working days, during which he is not allowed to the People's Bank of China, serving as a central trade the shares of that listed company. Such investor is also securities depository (CSD) in CIBM. CCDC and SHCH required to make disclosure within three working days when a provide bond registrations and depository service for change in his shareholding reaches 5%. From the day the the overseas investors that have opened accounts at disclosure obligation arises to two working days after the CMU. The bonds purchased by the overseas investors disclosure is made, the investor is not allowed to trade the through the "Northbound Connect" shall be registered shares of the relevant PRC mainland company. in the bond accounts of CMU with CCDC and SHCH. Although CCDC and SHCH default is considered to be Chinese Renminbi currency and exchange rate remote, the Sub-Funds may be adversely affected by risks this potential exposure. In accordance with their investment policies, the Sub-Funds B) Settlement risk may invest directly in A-Shares and other financial instruments denominated in onshore Chinese Renminbi (the “CNY”). In Settlement through SHCH operates on a delivery- general the daily exchange rates of the CNY against other versus-payment basis. In contrast, settlement through currencies are allowed to float within a range above or below CCDC operates on a gross basis. On each settlement the central parity rates daily published by the People’s Bank of date, CCDC will lock up the relevant CIBM bonds in China. Any changes to the PRC government’s policies on the seller’s account whilst the buyer will have to exchange control could adversely affect the Sub-Funds. transfer the settlement proceeds to the seller first. After receiving the payment completion confirmation Tax risks from both the buyer and the seller, CCDC will effect By investing in A-Shares or other financial instruments, the the settlement on a gross basis by transferring the Sub-Funds may be subject to withholding and other taxes relevant CIBM bonds to the buyer’s account. This may imposed under China tax law or regulations. In November expose the Sub-Funds to counterparties risks as a 2014, PRC tax authorities granted a temporary tax waiver of counterparty which has entered into a transaction with capital gains for an unspecified period to QFII investors as well a Sub-Fund may default in its obligation to settle the as investors buying mainland shares via the Hong Kong Stock transaction. Even if terms for settlement may become Connect program. The current PRC tax law, regulations and more favourable for the Sub-Funds in the future, there practice may be submitted to change in the future with is no assurance that settlement risks can be eliminated. retroactive effect. Investors should note that the regulations around the tax treatment on QFII / Hong Kong Stock Connect C) Risk of CMU default program investments are not entirely clear and there is no certainty as to how they will be interpreted and applied by the CMU is an offshore central securities depository PRC tax authorities. operated directly by the Hong Kong Monetary Authority, providing bond registration, depository and settlement services for the overseas investors like the 1.3. Pooling FCP. Although CMU default is considered to be In the interest of efficient management, and where the remote, the Sub-Funds may be adversely affected by investment policy of Sub-Funds allows it, the Management this potential exposure. Company may elect to manage the net assets of the Sub- Funds in question jointly. D) CIBM specific risks In such cases, the assets of the various Sub-Funds shall be As the Hong Kong Bond Connect Northbound Trading managed jointly. Reference will be made to joint management refers to the investment in CIBM by overseas investors of assets as a “Pool”, despite the fact that such pools are used via the mutual access and connection arrangements in solely for internal management purposes. Pools do not respect of trading, depository and settlement between constitute separate entities and are not directly accessible by Hong Kong and Mainland financial infrastructure investors. Each of the jointly managed Sub-Funds shall be institutions, the Sub-Funds investing in CIBM may be allocated its own specific assets. subject to the specific risks linked to the CIBM, in When assets of more than one Sub-Fund are pooled, the particular the CIBM liquidity and volatility risks as assets attributable to each participating Sub-Fund shall initially above mentioned. be determined by reference to the initial allocation of assets to Foreign shareholding restrictions and disclosure such pool, and shall change when additional allocations or withdrawals of assets are made. obligations The rights of each Sub-Fund participating in jointly managed Under the current PRC rules, a foreign investor’s shareholding assets shall apply to each investment line within that pool. in a listed company is not allowed to exceed 10% of the company’s total issued shares, while all foreign investors’ Additional investment made on behalf of the jointly managed shareholding in the A-shares of a listed company is not Sub-Funds shall be allocated to those Sub-Funds on the basis allowed to exceed 30% of its total issued shares. If aggregate of their respective rights, whereas assets sold shall be foreign shareholding exceeds the 30% threshold, the foreign withdrawn in a similar manner from the assets attributable to investors concerned will be requested to sell the shares on a each participating Sub-Fund. last-in-first-out basis within five business days. Once the Dividends, interest and any other distributions received in aggregate foreign shareholding is near the 30% threshold, respect of jointly managed assets are paid to the participating further buy orders in that security will not be allowed. Foreign Sub-Funds proportionate to their participation in joint investors can continue to sell A-share which aggregate foreign management at the time such distributions are received. If the 19 FCP has been liquidated, jointly managed assets shall be allocated to the participating Sub-Funds proportionally to the participation of each.

20 2. Investments and Investment Restrictions

2.1. Determination of and Restrictions Community law; prudential rules of Member States of OECD and FATF are considered as equivalent to those set on Investment Policy forth in Community law; The FCP’s investment policy must respect the following rules. E) Liquid money market instruments other than those usually The FCP may invest in: dealt in on a regulated market that have a value that can be accurately determined at any time, if the issue or the A) Transferable securities and money market instruments issuer of such instruments be regulated themselves for the admitted to official listing on a securities stock exchange purpose of protecting investors and savings, and provided or dealt in on another regulated market which operates that such instruments are: regularly and is recognized and open to the public, of a Member State of the European Union, a non-Member b issued or guaranteed by a central, regional or local State of the European Union or a State in North or South authority or by a central bank of a Member State, America, Africa, Asia or Oceania; the European Central Bank, the European Union or the European Investment Bank, a non-Member State B) Recently issued transferable securities and money market or, in case of a Federal State, by one of the members instruments, as long as the issue conditions include an making up the federation, or by a public international undertaking that the application for admittance to official body to which one or more Member States belong, listing on a securities stock exchange or to another or regulated market which operates regularly and is recognized and open to the public, to a Member State of b issued by an undertaking any securities of which are the European Union, a non-Member State of the dealt in on regulated markets referred to in European Union or a State in North or South America, subparagraph A) above, or Africa, Asia or Oceania has been made, and that b issued or guaranteed by an establishment subject to admission is obtained, at the latest, before the end of a prudential supervision, in accordance with criteria one year period following the issue; defined by Community law, or by an establishment C) Units of UCITS authorized according to Directive 2009/65/ which is subject to and complies with prudential rules EC and/or other UCIs within the meaning of the first and considered by the CSSF to be at least as stringent as second indent of Article 1, paragraph (2), points a) and b) those set forth by Community law, or of Directive 2009/65/EC, whether or not established in a b issued by other bodies belonging to the classes Member State of the European Union, up to a maximum approved by the CSSF, provided that investments in of 10% of the net assets of each Sub-Fund, and provided such instruments are subject to investor protection that: equivalent to that set forth in the first, the second or b such other UCIs are authorized by legislation that the third indent above, and provided that the issuer is provides for these vehicles to be subject to a company whose capital and reserves amount to at supervision considered by the CSSF to be equivalent least ten million euro (10,000,000 Euros) and that to that set forth in Community law, and that presents and publishes its annual accounts in cooperation between authorities is sufficiently accordance with the fourth Directive 78/660/EEC, and ensured; in particular, UCIs authorized under the laws is an entity that, within a group of companies that of a Member State of the European Union, of United includes one or more listed companies, is dedicated States of America, of Canada, of Japan, of to the financing of the group or is an entity Switzerland, of Hong-Kong or Norway comply with dedicated to the financing of securitisation vehicles this condition; benefiting from a banking liquidity line. b the level of protection guaranteed to Unitholders in F) Financial derivative instruments, including equivalent cash- other such UCIs is equivalent to that provided to settled instruments, listed on a regulated market referred Unitholders in a UCITS, and in particular that the to in subparagraph A) above, and/or financial derivative rules on assets segregation, borrowing, lending, and instruments negotiated OTC, provided that: uncovered sales of transferable securities and money b the underlying instrument consists of instruments of market instruments are equivalent to the the type referred to in paragraphs A), to E) above, requirements of Directive 2009/65/EC; financial indices, interest rates, foreign exchange b the business of other such UCIs is reported in semi- rates or currencies, in which the FCP may invest annual and annual reports in order to allow for an according to its investment objectives; assessment of the assets and liabilities, income and b the counterparties to OTC derivative transactions are transactions over the reporting period; institutions subject to prudential supervision, and b no more than 10% of the assets of the UCITS or of belonging to the classes approved by the CSSF (first- the other UCIs whose acquisition is contemplated, Class financial institutions specialized in this type of can, according to their constitutional documents, be transactions); invested in aggregate in Units of other UCITS or b the OTC derivatives are subject to reliable and other UCIs; verifiable valuation on a daily basis and can be sold, D) Deposits with credit institutions which are repayable on liquidated or closed by an offsetting transaction at demand or have the right to be withdrawn, and that any time at their fair value at the FCP’s initiative; mature in no more than 12 months, provided that the b the exposure to the underlying assets does not credit institution has its registered office in a Member exceed in aggregate the investment limits set forth in State of the European Union or, if the registered office of paragraphs a), to f) below. the credit institution is located in a non-Member State, provided that it is subject to prudential rules considered The FCP must employ a process for accurate and by the CSSF as equivalent to those set forth in independent assessment of the value of OTC derivative 21 instruments. It must communicate to the CSSF However, the FCP is authorized to invest up regularly and in accordance with the detailed rules the to 100% of its net assets in each Sub-Fund in latter shall define, the types of derivative instruments, different transferable securities and money the underlying risks, the quantitative limits and the market instruments issued or guaranteed by methods which are chosen in order to estimate the any Member State of the European Union, its risks associated with transactions in derivative local authorities, any Member State of the instruments. OECD or of the G20, Singapore or by public international bodies of which one or more G) Transferable securities and money market instruments Member States of the European Union are other than those referred in points A) B) C) D) E) F), up to an extent of 10% of each Sub-Fund’s net assets. members. In this case, each Sub-Fund must hold securities belonging to at least six The FCP may not acquire either precious metals or different issues, without the securities certificates representing them. belonging to one and the same issue being able to exceed 30% of the total amount; The FCP may hold ancillary liquid assets as demand or short-term deposits and temporarily hold a significant f) invest more than 25% of each Sub-Fund’s net assets proportion of such liquid assets in case of particularly in bonds issued by a credit institution having its turbulent market conditions. registered office in a Member State of the European Union and also subject to special public supervision The FCP may not: aimed at protecting the holders of the mentioned bonds. In particular, the amounts coming from the a) Invest more than 10% of each Sub-Fund’s net assets issue of such bonds must be invested in assets which in transferable securities or money market sufficiently cover, for the entire duration of the instruments issued by the same body; however the validity of the bonds, the claims attaching to the total value of the transferable securities and money bonds and which would be used on a priority basis market instruments held by the issuers in which a for the repayment of principal and payment of the Sub-Fund invests more than 5% of its net assets may accrued interest in case of bankruptcy of the issuer. not exceed 40% of the value of the mentioned Sub- Fund’s net assets without taking the values If the FCP invests more than 5% of each Sub- mentioned in paragraphs e) and f) below into Fund’s net assets in such bonds issued by one and account; the same issuer, the total value of the mentioned b) Invest more than 20% of the net assets of each Sub- investments may not exceed 80% of the net Fund in deposits made with the same body; assets of each of the FCP’s Sub-Funds. c) Incur a risk exposure to a counterparty in an OTC The limits set out in paragraphs a), to f) above derivative transaction exceeding 10% of the net may not be combined. Hence the investments in assets of each Sub-Fund when the counterparty is a transferable securities or money market credit institution which has its registered office in a instruments of the same body, in deposits or Member State of the European Union or, if the derivative instruments carried out with this body, registered office of the credit institution is situated in may not, in any event, exceed a total of 35% of a non-Member State, provided that it is subject to the net assets of each of the FCP’s Sub-Funds, prudential rules considered by the CSSF as equivalent save for the exception provided in paragraph e) to those set forth in Community law, or 5% of the for the issues of a Member State of the European net assets of each Sub-Fund in other cases; Union, its local authorities, a Member State of the d) combine investments in transferable securities or OECD, or public international bodies of which one money market instruments issued by a single body, or more Member States of the European Union deposits made with a single body, and/or exposures are members. arising from OTC derivative transactions undertaken with a single body, in excess of 20% of the net Companies which are included in the same group assets of each Sub-Fund; for the purposes of consolidated accounts, as defined in accordance with Directive 83/349/EEC e) invest more than 35% of each Sub-Fund’s net assets or in accordance with recognized international in transferable securities or money market accounting rules, are regarded as a single body for instruments issued or guaranteed by a Member State of the European Union, its territorial governmental the purpose of calculating the limits set forth in units (local authorities), a non-Member State of the the preceding paragraph. European Union, or public international bodies of A UCI may cumulatively invest up to 20% of its which one or more Member States of the European assets in transferable securities and money market Union are members; instruments within the same group. g) Invest more than 20% of the assets of each Sub- Fund in the Units of a single UCITS or other UCI referred to in the above subparagraph C), each Sub- Fund of a UCI with multiple Sub-Funds being considered as a separate issuer provided that the principle of segregation of the obligations of the various Sub-Funds vis-à-vis third parties is ensured. Investments made in Units of UCIs other than UCITS may not in aggregate exceed 30% of the assets of each Sub-Fund of the FCP. The FCP may also invest within the above- mentioned limits, in Units of other UCITS and/or 22 other UCIs managed by the Management investment entity, must not be respected in case of exercise of Company or by any other company with which subscription rights attached to transferable securities or money the Management Company is connected within market instruments that are part of the FCP’s assets. the framework of a community of management or If the above mentioned limits are exceeded for reasons beyond control, or by a substantial direct or indirect the control of the FCP or as a result of the exercise of holding, as long as for such transactions, no subscription rights, the Management Company, pursuant to subscription or redemption fees will be charged on the legislative provisions, in its sale transactions must have the account of the FCP; priority objective of regularising the hereby situation taking the Unitholders’ interest into account. h) Borrow, only on a temporary basis, provided that such borrowing does not exceed 10% of the net The limitations set forth in paragraphs a) to g) do not apply assets of each of the FCP’s Sub-Fund. However, one is during the first period of six months following the date of not to consider as borrowings the obtaining of approval of opening a Sub-Fund, as long as the principle of foreign currencies by way of a type of face to face risk spreading is complied with. loan (“back-to-back loan”); The Management Company may adopt additional restrictions i) Grant loans or act as guarantor on behalf of third on the investment policy at any time, in order to comply with parties, without preventing the FCP from acquiring the laws, rules and regulations of the Countries in which the transferable securities, money market instruments or Units are sold. other financial instruments mentioned in paragraphs C), E) and F) above, which are not fully paid; A Sub-Fund of the FCP may subscribe, acquire and/or hold securities to be issued or issued by one or more other Sub- j) Carry out uncovered sales of securities. Funds of the Fund under the conditions that: The Management Company, acting in connection b the target Sub-Fund does not, in turn, invest in the Sub- with all the mutual investment funds under its Fund invested in this target Sub-Fund; management and which fall within the scope of b no more than 10% of the assets of the target Sub-Funds Part I of the Law of 17 December 2010 on whose acquisition is contemplated may, pursuant to the collective investment undertakings, may not: Management Regulations, be invested in aggregate in 1) Acquire any share carrying voting rights enabling units of other target Sub-Funds of the FCP; and it to exercise significant influence over the b voting rights attached to the relevant securities are management of a issuing body; suspended for as long as they are held by the Sub-Fund concerned and without prejudice to the appropriate Moreover the FCP may not do any of the processing in the accounts and the periodic reports; and following: b in any event, for as long as these securities are held by 2) Acquire more than 10% of shares without the Sub-Fund, their value will not be taken into voting rights of one and the same issuer; consideration for the calculation of the net assets of the 3) Acquire more than 10% of the bonds of one FCP for the purposes of verifying the minimum threshold and the same issuer; of the net assets imposed by the Law of 17 December 2010; and 4) Acquire more than 25% of the Units of the same UCITS and/or other UCI. b there is no duplication of management/subscription or redemption fees between those at the level of the Sub- 5) Acquire more than 10% of the money market Fund of the FCP having invested in the target Sub-Fund, instruments of any single issuer. and this target Sub-Fund. The limits indicated in points 3), 4) and 5) do not have to be respected at the time of the acquisition if, at that time, the 2.2. Techniques and Instruments gross amount of the bonds, or of the money market instruments, or the net amount of the securities in issue With reference to the financial derivative instruments as cannot be calculated. described under paragraph F. of the preceding section, the FCP may use techniques and instruments as described hereafter, as The limits indicated in points 1), 2), 3), 4) and 5) are not long as the use of these techniques and instruments is made applicable to transferable securities and money market in an effort to hedge, including hedging against foreign instruments that are issued or guaranteed by a Member State exchange risks, in order to efficiently manage the portfolio or of the European Union or its local authorities or a non- to achieve another goal if specified in the Sub-Fund Sheets. Member State of the European Union, or issued by public Under no circumstances may these transactions lead to the international bodies of which one or more Member States of FCP straying from the investment objectives set forth in each the European Union are members. respective Sub-Fund Sheet. In addition, the above-mentioned limits do not apply to Units Transactions with financial derivative instruments as described held by the FCP in the capital of a company incorporated in a hereafter must be the object of the relevant hedging rules non-Member State of the European Union which invests its under the following conditions: assets mainly in the securities of issuing bodies having their registered office in that State, when, by virtue of its legislation, – When the financial derivative instrument provides, either such a holding represents the only way in which the UCITS can automatically or at the counterparty’s choice, for physical invest in the securities of issuing bodies of that State, and as delivery of the underlying financial instrument on maturity long as the company of the non-Member State of the or exercise, and provided that physical delivery is a European Union, in its investment policy, complies with the common practice on the concerned instrument, the FCP limits set forth in paragraph a) to g) and in points 1) to 5) must hold this underlying financial instrument for hedging above. purposes in its investment portfolio; The limits set forth with respect to the composition of the – In cases where the underlying financial instrument of a FCP’s net assets and the investment of the mentioned net financial derivative instrument is highly liquid, the FCP is assets in transferable securities or in money market allowed to hold exceptionally other liquid assets as cover instruments of the same issuer, or in Units of another collective provided that they can be used at any time to purchase 23 the underlying financial instrument to be delivered and In addition, in order to mitigate the effect of adverse market that the additional market risk which is associated with movements on the likelihood of reaching the investment that type of transaction is adequately measured; objectives stated in the Investment Policy Section of the Sub- Fund Sheets, the Sub-Funds may agree to take over – Where the financial derivative instrument is cash-settled prehedging arrangements for a notional amount limited to the either automatically or at the FCP’s discretion, the FCP is subscriptions received within the Initial Subscription Period, if allowed not to hold the specific underlying instrument as any, as indicated in this Prospectus. The Sub-Funds will bear cover. In this case, the following Classes of instruments the costs and expenses, if any, relating to such pre-hedging constitute an acceptable cover: arrangements. – Cash; 2.2.1. Transactions dealing with futures and – Liquid debt instruments (e.g. transferable securities option contracts on transferable issued or guaranteed by a Member State of the European Union or by public international bodies of securities and money market instruments which one or more EU Member States are members) The FCP may deal with futures and options contracts on with appropriate safeguards (in particular, haircuts); transferable securities and money market instruments under – Other highly liquid assets, recognized in consideration the following conditions and within the following limits: of their correlation with the underlying of the The FCP may conclude futures contracts, purchase and sell call financial derivative instrument, subject to appropriate options and put options on transferable securities and money safeguards (e.g. haircuts where relevant). market instruments that are traded on a regulated market The use of techniques and instruments referring to securities which operates regularly and is recognized and open to the lending transactions, sale with right of repurchase transactions public, or traded on “over the counter” markets with broker- and reverse repurchase and repurchase agreements must dealers specializing in that type of transaction which make the comply with the conditions stated in the CSSF circular 08/356. market in such instruments and which are leading financial institutions with a high rating. These transactions may be Techniques and instruments as described hereafter shall be handled for hedging purposes, towards the goal of efficiently concluded on an arm length basis in the exclusive interest of managing the portfolio, or for some other purpose if set forth investors. in the Sub-Fund Sheets. The OTC financial derivatives and efficient portfolio The risk exposure arising from transactions dealing with management techniques will be arranged with counterparties futures and options on transferable securities and money approved by the Management Company after completion of market instruments, to the exclusion of transactions handled appropriate credit reviews in order to assess their credit quality for hedging purposes, together with the overall risk exposure with a conduction of a proper credit analysis. The in connection with other derivative instruments, may not counterparties to any OTC financial derivative transactions and exceed at any time the value of the net assets of each Sub- efficient portfolio management techniques, such as total Fund of the FCP. return swaps or other financial derivative instruments with similar characteristics, entered into by a Sub-Fund, are selected The risk exposure is calculated taking into account the current from a list of authorised counterparties established by the value of the underlying assets, the counterparty risk, the Management Company. Authorised counterparties to OTC foreseeable market movements and the time available to financial derivatives and efficient portfolio management liquidate the positions. techniques must be specialised in the relevant types of transactions and are either credit institutions with a registered 2.2.2. Transactions dealing with futures and office in a Member State or an investment firm, authorised option contracts relating to financial under Directive 2004/39/EC or an equivalent set of rules, and instruments subject to prudential supervision, with an Investment Grade credit rating. There are no further restrictions with regard to These transactions may concern only on contracts that are legal status or country of origin of the counterparties. traded on a regulated market which operates regularly and is recognized and open to the public, or are handled on “over In order to comply with Regulation (EU) 2015/2365 of 25 the counter” markets with broker-dealers specializing in that November 2015 on transparency of securities financing type of transaction which make the market in such transactions and of reuse and amending Regulation (EU) 648/ instruments and which are leading financial institutions with a 2012, data regarding the maximum and expected proportions high rating. Subject to the conditions specified below, these of assets under management that efficient portfolio transactions may be handled for hedging purposes, towards management techniques and total return swaps represent for the goal of efficiently managing the portfolio, or for some a Sub-Fund is reported in Appendix B, when relevant. A Sub- other purpose if set forth in the Sub-Fund Sheets. Fund that does not use efficient portfolio management techniques and total return swaps as of the date of this The risk exposure arising from transactions not dealing with Prospectus (i.e. its expected proportion of assets under futures and options on transferable securities and money management subject to each efficient portfolio management market instruments, together with the overall risk exposure in techniques and total return swaps being 0%) may however connection to other derivative financial instruments, may not use efficient portfolio management techniques and total return exceed at any time the value of the net assets of each Sub- swaps provided that the maximum proportion of assets under Fund of the FCP. management of that Sub-Fund subject to this financial Risks are calculated by taking into account the current value of techniques does not exceed the maximum proportion underlying assets, the counterparty risk, the foreseeable indicated. In such case, the Appendix B is updated accordingly evolution of markets and the amount of time available for the at the next available opportunity. liquidation of the positions. The Unitholders must be aware that some of the derivative instruments used for hedging, efficient portfolio management 2.2.3. Swap, Credit Default Swap (CDS) and or to meet specific investment purposes can be highly Variance Swap operations specialized and therefore there may be only a limited number Swaps are, in general, contracts by which two parties commit of counterparties willing to provide them. themselves to exchange two flows, one in exchange for the other, that may be linked to the interest rates of money or 24 bond markets, or to returns of shares, bonds, baskets of underlying reference asset is paid on the date of entry into the shares or bonds or financial indexes or to exchange flows TRS or not. linked to two different interest rates. These transactions are Securities eligible for TRS are limited to: carried out on an accessory basis or for the purpose of obtaining a greater economic profit than the one that would b debt and debt related instruments; have resulted from holding securities over the same period, or of offering downward protection over the same period. b equity and equity related instruments; When these swap transactions are carried out with an aim b Financial indexes that fulfill the criteria set by art. 9 of the different to that of covering risks the risk exposure arising Grand-Ducal Regulation of 8 February 2008. from these transactions, together with the overall risk linked to The counterparty to a TRS does not assume any discretion over other derivative instruments, can at no time exceed the value the composition or management of the Sub-Fund or over the of the net assets of each Sub-Fund of the FCP. In particular, underlying of the financial derivative instruments. swaps on shares, baskets of shares or bonds or financial indexes will be used in strict accordance with the investment The FCP may enter into these transactions only if the policy followed for each of the Sub-Funds. counterparties to these transactions are subject to prudential supervision rules considered as equivalent to those prescribed Transactions concerned here can only be dealt in on a by Community law. securities stock exchange or dealt in on another regulated market which operates regularly and is recognized and open Any intent to enter into TRS on behalf of a Sub-Fund will be to the public or traded on over the counter markets. In case of disclosed in Appendix B. the latter as well as for Credit Default Swaps (CDS) and No direct and indirect operational costs and/or fees arising Variance Swaps, the FCP will only be entitled to deal with first- from TRS are deducted from the revenue delivered to the FCP. rate financial institutions that participate in OTC markets and All returns from TRS will accrue to the Sub-Fund and are not specialize in these types of transactions. These transactions can subject to any returns sharing arrangements with the be carried out with the aim of hedging the related financial Investment Manager or any other third parties. exposure or for any other purpose, subject to conditions as specified hereunder. 2.2.5. Contracts For Difference (CFD) Acquisition of a protection by means of a CDS contract means Contract for Difference (CFD) is an agreement between two that the FCP is hedged against risks of failure of the reference parties to exchange the difference between the opening price issuer in return for payment of a premium. For example, when and the closing price of the contract, at the close of the the physical delivery of the underlying is planned, a CDS contract, multiplied by the number of units of the underlying entitles the FCP with the right to sell to the counterparty a asset specified within the contract. Differences in settlement bond security that belongs to a specific issuing basket of the are thus made through cash payments, rather than physical defaulting issuer for a predefined price (which typically delivery of the underlying assets. corresponds to 100% of the nominal value). When these CFD transactions are carried out with an aim Moreover, the following rules must be complied with where different to that of covering risks, the risk exposure arising CDS contracts are executed with a purpose other than from these transactions, together with the overall risk linked to hedging: other derivative instruments, can at no time exceed the value – The CDS must be used in the exclusive interest of of the net assets of each Sub-Fund of the FCP. In particular, investors by allowing a satisfactory return compared to CFD on transferable securities, financial indexes or swap the risks incurred by the FCP; contracts will be used in strict accordance with the investment policy followed for each of the Sub-Funds. – The risk exposure arising from the CDS and the risk exposure arising from the other techniques and 2.2.6. Currency derivatives instruments shall not, at any moment, exceed the total value of the FCP’s net assets; Sub-Funds may be authorised, as part of their investment strategies or investment policy as described in their relevant – The general investment restrictions must apply to the CDS specifications, to use currency derivatives for: issuer and to the CDS’ final debtor risk (“underlying”); (1) either hedging purposes; – The use of CDS must fit the investment and the risk profiles of the Sub-Funds concerned; In such case, the Sub-Fund may enter into transactions intended to hedge these risks, such as forward foreign – The FCP must ensure that they guarantee adequate exchange contracts, currency options or futures on currencies permanent hedging of risk exposure linked to the CDS provided however that the transactions made in one currency and must always be in a position to carry out the in respect of one Sub-Fund may in principle not exceed the investors’ redemption requests; valuation of the aggregate assets of such Sub-Fund The CDS selected by the FCP must be sufficiently liquid so as denominated in that currency (or currencies which are likely to to allow the FCP to sell/settle the contracts in question at the fluctuate in the same manner) nor exceed the period during defined theoretical prices. which such assets are held. A Sub-Fund may engage in direct hedging (taking a position in 2.2.4. Total Return Swaps a given currency that is in the opposite direction from the The FCP can also enter into one or several total return swap to position created by other portfolio investments) and in cross- gain exposure to reference assets, which may be invested hedging (reducing the effective exposure to one currency while according to the investment policy of the relevant Sub-Fund. A increasing the effective exposure to another). total return swap (“TRS”) is an agreement in which one party Currency hedging can be done at the Sub-Fund level and at (total return payer) transfers the total economic performance the Class of Units level (for Classes of Units that are hedged to of a reference obligation to the other party (total return a different currency than the Sub-Fund’s Reference Currency). receiver). Total economic performance includes income from interest and fees, gains or losses from market movements, and (2) or investment purposes (as a separate asset class for credit losses. TRS can be funded or unfunded depending speculative purposes): whether the full value or notional value of the agreed 25 In such case, currency derivatives may conduct a Sub-Fund to remuneration to be paid in respect of each Sub-Fund to the be long or short in one or more currencies. securities lending agents for the services provided under the securities lending arrangements. The securities lending agent, 2.2.7. Efficient Portfolio Management receives remuneration in relation to its activities. Such Techniques remuneration shall not exceed 30% of the net revenue from the activities, with all operational costs borne out of the Efficient portfolio management techniques are used for the securities lending agent’s share. purpose of efficient portfolio management, which supposes that they must fulfil the following criteria featured in art. 11 of The annual and semi-annual reports of the FCP will specify the the Grand-Ducal Regulation of 8 February 2008: Sub-Funds that are parties to securities lending transactions and contain details of the revenues arising from securities A) they are economically appropriate in that they are realized lending for the entire reporting period together with the direct in a cost-effective way; and indirect operational costs and fees incurred. It will also B) they are entered into for one or more of the following disclose the identity of the entities to which the direct and specific aims: indirect operational costs and fees are paid and indicate if these are related parties of the Management Company or the a) reduction of risk; Depositary. b) reduction of cost; The FCP will ensure that the volume of the securities lending c) generation of additional capital or income for the transactions is kept at an appropriate level or that it is entitled FCP with a level of risk which is consistent with the to request the return of the securities lent in a manner that risk profile of the FCP and the risk diversification rules enables it, at all times, to meet its redemption obligations and applicable to it. that these transactions do not result in a change of the declared investment objective of the Sub-Funds or add C) their risks are adequately captured by the risk substantial supplementary risks in comparison to the original management process of the FCP. risk policy as described in this Prospectus.

Securities Lending Transactions Any intent to enter into securities lending transactions on behalf of a Sub-Fund will be disclosed in Appendix B. The Management Company may enter on behalf of the FCP, for the purpose of efficient portfolio management, into Repurchase Agreements securities lending transactions either directly or through a standardized lending system organized by a recognized The FCP may also enter into sale with right of repurchase clearing institution or by a financial institution subject to transactions (“opérations à réméré”), consisting in the prudential supervision rules considered equivalent to those purchase and sale of securities whereby the terms of the prescribed by Community law and specialized in these type of agreement entitle the seller to repurchase, from the purchaser, transactions, including entities which belong to the same the securities at a price and at a time agreed amongst the two group of the Depositary Bank. parties at the conclusion of the agreement. The FCP may act either as purchaser or seller. In such circumstances, these entities may have, directly or indirectly, an interest that is material to the investment or The FCP may enter into these transactions only if the transaction, which may involve a potential or actual conflict of counterparties to these transactions are subject to prudential interest with these entities’ duties and/or the Depositary Bank’s supervision rules considered as equivalent to those prescribed duty to the Sub-Funds, when they conclude transactions or by Community law. exercise their powers and discretions in relation to such During the duration of a purchase with a repurchase option securities lending transactions. The Management Company agreement, the FCP may not sell the securities which are the shall then make sure these entities have undertaken to use subject of the contract, before the counterparty has exercised their reasonable endeavours to resolve any such conflicts of its option or until the deadline for the repurchase has expired, interest fairly and to ensure that the interests of the Sub-Funds unless the FCP has other means of coverage. are not unfairly prejudiced. The FCP must ensure to maintain the value of the purchase State Street Bank International GmbH, London Branch, which with repurchase option transactions at a level such that it is belongs to the same group of the Depositary Bank, may be able, at all times, to meet its redemption obligations towards appointed as securities lending agent to enter into securities Unitholders. lending transactions on behalf of the Sub-Funds. The FCP must ensure that, at maturity of the repurchase The securities lending arrangements will be concluded with option, it holds sufficient assets to be able to settle, if counterparties approved by the Management Company after applicable, the amount agreed for the restitution of the completion of appropriate credit reviews in order to assess securities to the FCP. their credit quality with a conduction of a proper credit analysis. The FCP may also enter into reverse repurchase and repurchase agreement transactions only if the counterparties Securities eligible for securities lending transactions are limited to these transactions are subject to prudential supervision rules to: considered as equivalent to those prescribed by Community b equity and equity-related instruments of any kind listed or law (“opérations de prise/mise en pension”), which consist of dealt on a regulated market that fulfills the eligibility a forward transaction at the maturity of which the seller criteria set out by Article 41(1) of the Law of 17 (counterparty) has the obligation to repurchase the asset sold December 2010 on UCIs according to Management and the FCP the obligation to return the asset received under Company’s assessment. the transaction. b debt and debt-related instruments of any kind. During the duration of the reverse repurchase agreement, the FCP may not sell or pledge/give as security the securities All the revenues arising from the securities lending activity will purchased through this contract, except if the FCP has other be credited to the Sub-Funds on a monthly basis after means of coverage. deduction of (i) any interest or rebate fee with respect to cash collateral owed, in respect of each Sub-Fund, to the The FCP must take care to ensure that the value of the reverse counterparties pursuant to the lending transactions and (ii) the repurchase agreement transactions is kept at a level such that 26 it is able, at all times, to meet its redemption obligations D) Correlation – the collateral received by the FCP shall be towards Unitholders. issued by an entity that is independent from the counterparty and is expected not to display a high The FCP must ensure that, at maturity of the repurchase correlation with the performance of the counterparty; agreement, it has sufficient assets to be able to settle the amount agreed with the counterparty for the restitution to the E) Collateral diversification (asset concentration) – collateral FCP. shall be sufficiently diversified in terms of country, markets and issuers; The criterion of sufficient diversification with The FCP must take care to ensure that the volume of the respect to issuer concentration is considered to be repurchase agreement transactions is kept at a level such that respected if a Sub-Fund receives from a counterparty of it is able, at all times, to meet its redemption obligations efficient portfolio management and OTC financial towards Unitholders. derivative transactions a basket of collateral with a In particular, according to the requirements of Circular CSSF maximum exposure to a given issuer of 20% of the Sub- 08/380, the risk exposure arising from repurchase agreements, Fund’s net asset value. When a Sub-Fund is exposed to together with the overall risk exposure relating to derivative different counterparties, the different baskets of collateral financial instruments, may not exceed at any time the value of should be aggregated to calculate the 20% limit of the net assets of each Sub-Fund of the FCP. exposure to a single issuer. Securities eligible for reverse repurchase or repurchase By way of derogation to the above collateral agreement transactions are limited to: diversification rules, a Sub-Fund may be fully b short-term bank certificates; collateralised in different transferable securities and money market instruments issued or guaranteed by a b Money Market Instruments; Member State of the European Union, one or more of b bonds issued or guaranteed by an OECD member state or its local authorities, any Member State of the OECD, or by their local public authorities or by supranational a public international body to which one or more institutions and undertakings with EU, regional or Member States of the European Union belong. In this worldwide scope; case the Sub-Fund should receive securities from at least six different issues, but securities from any single b shares or units issued by money market UCIs (having daily issue should not account for more than 30% of its net NAV and AAA rating or equivalent); asset value. b bonds issued by non-governmental issuers offering an adequate liquidity; The annual and semi-annual reports of the FCP will contain details of the following in the context of OTC b shares quoted or negotiated on a regulated market of a financial derivative transactions and efficient portfolio European Union Member State or on a stock exchange of management techniques: a Member State of the OECD, on the condition that these shares are included within a main index. – the amount of securities on loan as a proportion of total lendable assets defined as excluding cash and The FCP may purchase or sell securities in the context of cash equivalents; reverse repurchase or repurchase agreement transactions only if the counterparties are highly rated financial institutions – the amount of assets engaged in each type of OTC specialized in this type of transactions. Any intent to enter into financial derivative transactions and efficient portfolio reverse repurchase or repurchase agreement transactions on management techniques expressed as an absolute behalf of a Sub-Fund will be disclosed in Appendix B. amount (in the Sub-Fund’s Reference Currency) and as a proportion of the Sub-Fund’s assets under Generally, the use of techniques and instruments referring to management (AUM); sale with right of repurchase transactions, reverse repurchase and repurchase agreements must comply with the conditions – Ten largest collateral issuers across all OTC financial stated in the CSSF circular 08/356. No direct and indirect derivative transactions and efficient portfolio operational costs and/or fees arising from repurchase management techniques (break down of volumes of agreements are deducted from the revenue delivered to the the collateral securities and commodities received per FCP. All returns from repurchase agreements will accrue to the issuer’s name); Sub-Fund and are not subject to any returns sharing – Top 10 counterparties of each type of OTC financial arrangements with the Investment Manager or any other third derivative transactions and efficient portfolio parties. management techniques separately (Name of 2.2.8. Collateral Management counterparty and gross volume of outstanding transactions); Where the FCP enters into OTC financial derivative – Aggregate transaction data for each type of OTC transactions and efficient portfolio management techniques, all financial derivative transactions and efficient portfolio collateral used to reduce counterparty risk exposure shall management techniques separately; comply with the following criteria at all times: – Data on reuse of collateral; A) Liquidity – any collateral received other than cash shall be highly liquid and traded on a regulated market or – Data on safekeeping of collateral received and multilateral trading facility with transparent pricing in granted by the FCP as part of OTC financial derivative order that it can be sold quickly at a price that is close to transactions and efficient portfolio management pre-sale valuation. Collateral received should also comply techniques; with the provisions of Directive 2009/65/EC; F) Data on return and cost for each type of OTC financial B) Valuation – collateral received shall be valued on at least a derivative transactions and efficient portfolio management daily basis and assets that exhibit high price volatility shall techniques. Risks linked to the management of collateral, not be accepted as collateral unless suitably conservative such as operational and legal risks, shall be identified, haircuts are in place; managed and mitigated by the risk management process; C) Issuer credit quality – collateral received shall be of high G) Where there is a title transfer, the collateral received shall quality; be held by the depositary of the FCP. For other types of 27 collateral arrangement, the collateral can be held by a third party Depositary which is subject to prudential Collateral Instrument Type Haircut supervision, and which is unrelated to the provider of the collateral. Details on entities eventually entrusted with the Cash* 0%-8%** deposit of collateral received by the FCP will be disclosed in the annual and semi-annual reports; OECD Government Bonds*** 3%-20% H) Collateral received shall be capable of being fully enforced Non-Government Bonds 25% by the FCP at any time without reference to or approval from the counterparty; * The haircut may vary depending on the currency. I) Non-cash collateral received shall not be sold, re-invested ** 0% only if the cash collateral received is in the same currency as the related Sub-Fund Reference Currency. or pledged; *** The haircut may vary depending on the residual maturity of the security. J) Cash collateral received shall only be: – placed on deposit with entities prescribed in Article 50(f) of the Directive 2009/65/EC; – invested in high-quality government bonds; – used for the purpose of reverse repo transactions provided the transactions are with credit institutions subject to prudential supervision and the FCP is able to recall at any time the full amount of cash on accrued basis; – invested in short-term money market funds as defined in the ESMA Guidelines on a Common Definition of European Money Market Funds (Ref. CESR/10-049). The FCP accepts as collateral cash in different currencies, negotiable debt obligations issued by governments or, if agreed with counterparties on a case by case basis, corporate issuers to cover the exposure towards various counterparties. A collateral arrangement can set (i) a minimum transfer amount, i.e. a minimum level below which the relevant collateral is not required to be posted to the FCP, this avoids the need to transfer (or return) a small amount of collateral to reduce operational procedures or (ii) a threshold, so that the collateral is only required to be posted if the FCP counterparty’s exposure exceeds an agreed level. Collateral posted to the FCP is usually subject to a haircut, i.e. the collateral is valuated less than its market value, this is achieved by applying a valuation percentage to each type of collateral. In this case, the collateral provider will have to provide a greater amount of collateral than would otherwise have been the case. The purpose of this extra posting requirement is to set off the possible decline in the value of the collateral. The collateral may be subject to daily variation margin requirements. The valuation percentage is linked to the liquidity, less liquid securities are usually assigned lower valuation percentages, it also varies with the residual maturity of the instrument, its currency and rating, or with the rating of the issuer. The percentage values set forth below represent the range of haircuts defined in the collateral policy set forth by the Management Company on behalf of the FCP and are aligned with the ones defined in the different collateral arrangements entered into on behalf of the FCP. The Management Company reserves the right to vary the haircuts to reflect future variations of the collateral policy.

28 3. Net Asset Value

3.1. General to fluctuation in the market value of the securities caused by transfer of ex-dividends, ex-rights or by 3.1.1. Determination of the Net Asset Value similar practices); d) All dividends and cash pay-outs that may be received The FCP’s consolidated financial statements are expressed in by the FCP insofar as the information concerning euros. Each Sub-Fund’s financial statements are expressed in them is reasonably available to the FCP; their respective currency (“Reference Currency”). e) Any accrued interest relative to fixed-income The Net Asset Value will be determined on each calendar day, securities held on an ownership basis by the FCP, except as otherwise provided in the Sub-Funds sheets except insofar as this interest is included or reflected (“Valuation Day”) (in any case, the Net Asset Value will be in the principal amount of the security in question; determined at least twice a month). If this day is not a Luxembourg Bank Business Day, the Net Asset Value will be f) The cash-in value of futures contracts and buy or sell determined on the next Luxembourg Bank Business Day, using options contracts in which the FCP has an open same market price references as if the Net Asset Value had interest; been determined the prior calendar day. In case of consecutive non Luxembourg Bank Business Days, market price references g) The FCP’s expenditures, including the cost of issue should be used as if the Net Asset Value had been determined and of distribution of FCP Units, insofar as they must on the first non Luxembourg Bank Business Day. be reversed; Apart from Saturdays and Sundays, the days that are not h) All other assets of all types and all kinds, including Luxembourg Bank Business Days are: New Year’s Day (1 prepaid expenses. January), Good Friday (movable), Easter Monday (movable), The value of these assets shall be determined as Labour Day (1 May), Ascension Day (movable), Whit Monday follows: (movable), National Holiday (23 June), Assumption (15 August), All Saints Day (1 November), Christmas Eve (24 1) The value of cash on hand or on deposit, bills of December), Christmas (25 December) and Boxing Day (26 exchange and bills payable at sight and accounts December). receivable, of prepaid expenditures, dividends in cash and interest accrued but not yet received The Net Asset Value for each Sub-Fund and FCP Unit Class will shall consist of the amount thereof, unless it is be calculated as follows: unlikely that such amount can be collected. In For a Sub-Fund that has issued only a single Class of Unit, the this case, the value shall be determined by Net Asset Value per Unit is determined by dividing the Sub- deducting a certain amount, as seems Fund’s net assets, which are equal to (i) the value of the assets appropriate in the view of the Management attributable to the Sub-Fund and the revenue produced Company, so as to reflect the real value of these thereby, less (ii) the liabilities attributable to this Sub-Fund and assets. any provision considered as prudent or necessary, by the total 2) The valuation of each security listed or traded on number of outstanding Units of the Sub-Fund in question on a stock exchange is based on the last known the Valuation Day in question. price, and if the security is traded on several If a Sub-Fund has issued two or more Classes of Units, the Net markets, on the basis of the last known price of Asset Value per Unit for each Unit Class shall be computed by the security on its principal market. If the last dividing the net assets, as defined above, included this Class known price is not representative, valuation shall by the total number of outstanding Units of the same Unit be based on its likely market value, estimated Class in circulation in the Sub-Fund on the Valuation Day in prudently and in good faith. question. 3) The value of each security traded on a regulated Each Sub-Fund’s assets and liabilities are valued in its Reference market shall be based on the last known price Currency. on the Valuation Day. Insofar as it is possible income from the investments, the 4) The value of each participation in another UCITS interest due, expenses and other fees (including administrative and/or open-ended UCI shall be based on the costs and management expenses due to the Management last Net Asset Value known on the Valuation Company) are valued on each Valuation Day, and the FCP’s Day. commitments, if any, are taken into account on the basis of 5) In the event that the securities held in the Sub- the valuation made thereof. Fund’s portfolio on the day in question are not 3.1.2. Valuation of the Net Assets listed or traded on a stock exchange or regulated market or if, with respect to the A) The net assets of each of the FCP’s Sub-Funds shall securities listed and traded on a stock exchange consist of the following: or regulated market, the price as determined pursuant to the procedures set forth in a) Cash on hand or on deposit, including interest; Subsections 2 or 3 is not representative of the b) All bills and promises to pay on first demand as well securities, the value of these securities shall be as receivables (including proceeds from securities sold fixed in a reasonable way on the basis of the but not delivered); sale prices anticipated cautiously and in good faith. c) All shares, bonds, subscription rights, guarantees, options and other securities, units or shares of other 6) The cash-in value of futures contracts or options UCITS and/or UCI, financial instruments and similar not traded on stock exchanges or other assets held or contracted for and by the FCP (it being organised markets shall be their net cash-in understood that the FCP may make adjustments value, determined in accordance with the without departing from section 1) below with respect policies set forth by the Management Company, 29 on a basis that is constantly applied for each management costs, including, as the case may be, type of contract. Procedures used by the performance and deposit fees); Management Company provide for the use of d) all known commitments, present and future, internal models based on such settings as the including liquid and certain contractual obligations to value of the underlying security, interest rates, be paid in cash or in kind, including the amount of dividend yields and estimated volatility. unpaid dividends declared by the FCP; The cash-in value of futures contracts or e) the appropriate provisions for future taxes based on options traded on stock exchanges or income or capital on Valuation Day, as determined organised markets shall be based on the last from time to time by the FCP, and other reserves, if settlement price of these contracts appearing any, authorized and approved by the Management on the stock exchanges or organised markets Company, as well as any amount, if any, the where the aforementioned contracts are Management Company may consider as being an traded in the FCP’s name, provided that, if a appropriate allocation in light of the FCP’s debts; contract on futures, forwards or options f) any other FCP commitment of any kind or nature contracts cannot be settled on the day during whatsoever in accordance with generally accepted which the Net Asset Value is determined, the accounting principles. In determining the amount of basis used to determine the cash-in value of these commitments the FCP shall take into account such contract shall be the value the all expenditures due from the FCP by virtue of the Management Company considers fair and section entitled “Costs and Expenses”. The FCP may reasonable. make an advance calculation of administrative and 7) Swap contracts and all other securities and other expenses of a regular or recurrent nature on assets shall be valued at their market value as the basis of an amount estimated for annual periods determined in good faith, pursuant to or for other periods, and it may cover these amounts procedures established by the Management by provisions in equal amounts for the entire period. Company. The market value of swap contracts The value of all assets and liabilities not expressed will in particular be calculated according to the in the Sub-Fund’s Reference Currency shall be usual methods in practice, i.e. using the converted into the Sub-Fund’s Reference Currency difference between the updated values of at the exchange rate applied in Luxembourg on forecasted flows the counterparty is to pay to the Valuation Day in question, i.e. the official the Sub-Fund and those owed by the Sub-Fund to its counterparties. exchange rate available on NAV calculation day. If these rates are unavailable, the exchange rate shall 8) The CDS will be valued at their market value as be determined in good faith pursuant to determined in good faith, pursuant to procedures set forth by the Management procedures established by the Management Company’s Board of Directors. Company. The market value of CDS contracts will in particular be calculated according to the The Management Company’s Board of Directors usual methods in practice, i.e. based on the may at its discretion allow the use of other market premium curve of reference CDS, with valuation methods if it considers that such a the aim of extracting default probabilities of method produces a value more representative of underlying issuers, and the average rate of debt the FCP’s assets. collection. This value is usually provided by an independent specialized vendor. If valuation in accordance with the procedures set forth above becomes impossible or inadequate 9) Liquid asset, money market instruments or any other short-term debt or debt-related owing to extraordinary circumstances, the instruments may be valued at nominal value plus Management Company may, in appropriate cases, any accrued interest or on an amortized cost use other criteria cautiously and in good faith for basis, provided a regular review of the portfolio the purpose of obtaining what it believes to be a holdings is performed to detect any material fair valuation under such circumstances. deviation between the net assets calculated C) Allocation of the FCP’s Assets using these methods and those calculated using market quotations. If a deviation exists which The Management Company’s Board of Directors shall may result in a material dilution or unfair result create one Unit Class per Sub-Fund, and shall be to Unitholders, appropriate corrective actions will entitled to create two or more Classes of Units under be taken including, if necessary, the calculation each Sub-Fund as follows: of the net assets value by using available market quotations. a) If two or more Classes of Units are created under one Sub-Fund, the assets attributable to these Unit In any case the adopted calculation criteria, Classes shall be invested jointly in accordance with applied on a regular basis, are to be such as to the particular investment policy of the Sub-Fund in allow for auditing by the auditor of the FCP. question; B) The liabilities of each of the FCP’s Sub-Funds shall b) The income receivable from the issue of Units of a consist of the following: Unit Class shall be allocated, on the FCP’s books, to the Sub-Fund under which this Unit Class, was a) all borrowings, bills and debts payable; created. If several Classes of Units are created under b) all capitalized interest on the FCP’s borrowings one Sub-Fund, the net assets attributed to each Unit (including cumulative expenses for commitments in Class will be in proportion to the income received these borrowings); from the issue of Units in that Unit Class; c) all expenditures incurred or payable (including but c) The assets, liabilities, income and expenditures not limited to administrative expenditures and applied to a Sub-Fund shall be attributed to the Class 30 or the Classes of Units to which such assets, During the period of suspension or of delay, any request for liabilities, income and expenditures relate; redemption, subscription, or conversion not carried out may be withdrawn via a written notification. Otherwise the request d) When the FCP has a debt related to an asset of a will be handled on the first Valuation Day following the end of particular Sub-Fund or to all actions carried out in the suspension or delay of calculation of the Net Asset Value. relation to an asset of a particular Sub-Fund, such a debt must be allocated to the Sub-Fund in question; Such a suspension, relative to any Unit Class in any Sub-Fund, shall have no consequences with respect to the calculation of e) If any asset or debt of the FCP cannot be considered the Net Asset Value per Unit, or to the issue, redemption or as attributable to a particular Sub-Fund, such assets conversion of Units in any other Sub-Fund of the FCP. or debts shall be allocated to all Sub-Funds in proportion to the Net Asset Value of the Classes of The Management Company must indicate without delay its Units in question, or in any other way determined by decision to suspend calculation of the Net Asset Value, or the the Management Company acting in good faith; issue, conversion and redemption of the Units, to the supervisory authority in Luxembourg and to the authorities of f) After payment of dividends to the Holders of any other States in which the Units are traded or marketed. Unit Class, the Net Asset Value of any Unit Class shall be reduced by the amount of these distributions. The suspension shall be published pursuant to the provisions indicated below in the section entitled “Information for D) Swing pricing procedures Unitholders”. To the extent that the Management Company considers that it is in the best interest of the Fund, given the prevailing market conditions and that the net number of Units to be issued or redeemed in any Sub- Fund on any Valuation Day exceeds 2% of Units in issue of that Sub-Fund, it reserves the right to value the underlying assets on an offer or bid price basis respectively.

3.2. Suspension of the Net Asset Value Calculation and Suspension of the Issue, Conversion and Redemption of Units By agreement with the Depositary Bank, the Management Company is authorized to temporarily suspend, the calculation of the Net Asset Value or the issue, conversion or redemption of Units of one or of several Sub-Funds, in the following cases: – When one or several stock markets providing the basis for valuation of a substantial part of the assets of one or several of the FCP’s Sub-Funds, or one or several foreign exchange markets in the currencies in which a substantial part of the assets or one or several of the FCP’s Sub-Funds is expressed are closed for periods other than regular holidays, or when transactions are suspended there, are subject to restrictions or are subject in the short term to substantial fluctuations; – During the existence of any situation constituting a state of emergency, such as a political, economic, military, monetary or social situation or strike, or any event of force majeure (significant national crisis) for which the Management Company is not responsible or which is beyond its control, and that makes it impossible to use the assets of one or of several Sub-Funds of the FCP by way of reasonable and normal procedures, without causing serious prejudice to the Unitholders; – When, for any reason whatsoever and beyond the control and responsibility of the Management Company, the value of an asset cannot be known fast enough or accurately enough; – When exchange restrictions or capital movements prevent carrying out transactions on behalf of one or several of the FCP’s Sub-Funds, or when the purchase or sale of the assets of one or several Sub-Funds of the FCP cannot be carried out on the basis of normal exchange rate; – In all other cases of force majeure or beyond the control of the Management Company which the latter, by agreement with the Depositary Bank, considers necessary and in the best interest of Unitholders.

31 4. FCP Units

4.1. Description, Form and Unitholders’ management, a policy for hedging exchange risks or not, or a particular distribution policy. Rights Each Class of Units is identified by its “Base” (described in the The FCP’s holdings are subdivided into various Sub-Funds’ below table) and then by any applicable suffixes (described Units representing all the rights of Unitholders. following the table). For example, a RH2 Class of Units is hedged against foreign exchange risk (“H” suffix), is an Within each Sub-Fund the Management Company may issue accumulating Class of Units (no “D” suffix) and is expressed in one or several Classes of Units, each Class having one or USD (“2” suffix). Performance commission applies to some several characteristics distinct from each other, such as, for Sub-Funds and Classes of Units, except to Base Class X. instance, a particular structure for selling fees and redemption, a structure for special expenses for advisory services or

Base Classes of Units:

Base Available to Minimum initial Minimum holding Maximum commission on transactions** Unit subscription amount* amount at umbrella Issue Redemption Class fund level* R and All Investors EUR 500 none 4.00% none RL EUR 50,000 as regards the Line “Limited Tracking Error” E All Investors EUR 250,000 none none none S All Investors EUR 500 none 3.00% none D All Investors EUR 2,000 none 4.00% none A All legal EUR 50,000 none 4.00% none entities X Institutional EUR 3,000,000 EUR 3,000,000 none none Investors Z Institutional EUR 3,000,000 EUR 3,000,000 none none Investors

* Minimums apply in EUR or equivalent amount in any other currency. The Management Company may decide, at its sole discretion and at any time, to waive the minimum initial subscription and holding amounts. ** Investors might be eligible to pay less than the maximum amounts shown. Investors may find out the actual commissions from their financial adviser or distributor.

Classes of Units suffixes “Investments and Investment Restrictions”. Investors are Where appropriate, one or more suffixes may be added to the advised to consider the additional risks associated with Base Classes of Units to indicate certain characteristics. currency hedging, as described in the section “Specific risks” of the Prospectus. The attention of Unitholders is drawn to the (D) This suffix indicates that the Class of Units allow for fact that costs connected with this hedging activity will be distribution of the income accrued by investments made in allocated to this class and reflected in the Net Asset Value. each of the FCP’s Sub-Funds, in accordance with criteria specified in the section entitled “Dividend Policy”. If no “D” is Currency suffixes: indicated, the Class of Units allows for the accumulation of 2: Dollar of The United States of America (USD) income, in other words full capitalization of the income accrued by investments made in each of the FCP’s Sub-Funds. 3: Offshore Renminbi (CNH) (U) This indicates that the Class of Units protects investors 4: Australian Dollar (AUD) against exchange rate fluctuations between the Class of Units 5: Japanese Yen (JPY) currency and the Sub-Fund’s Reference Currency (sell EUR in exchange of the Class of Units currency). 6: Pounds Sterling (GBP) For more on currency hedging, see the section “Investments 7: Swiss Franc (CHF) and Investment Restrictions”. Investors are advised to 8: Swedish Krona (SEK) consider the additional risks associated with currency hedging, as described in the section “Specific risks” of the Prospectus. 9: Norwegian Krone (NOK) The attention of Unitholders is drawn to the fact that costs connected with such protection will be allocated to this class If no currency suffix is indicated, the Class of Units currency is and reflected in the Net Asset Value. the same as the Sub-Fund’s Reference Currency. (H) This suffix indicates that the Class of Units are currency General hedged. Currency hedging seeks to fully eliminate the effect of The Classes of Units within the various Sub-Funds may be of foreign exchange rate fluctuations between the Class of Units unequal value. currency and the currency exposure(s) of the relevant Sub-Fund portfolio. However, in practice it is unlikely that the hedging All of the Classes of Units in each Sub-Fund have the same will eliminate 100% of the difference, because Sub-Fund cash rights with respect to redemption and information and in all flows, foreign exchange rates, and market prices are all in other respects. The rights attached to fractions of Units are constant flux. For more on currency hedging, see the section exercised in proportion to the fraction of Units held, with the 32 exception of voting rights, if any, which can only be exercised their FCP’s bearer Units issued before 18 February 2015 by whole Units. with the FCP’s bearer Units Depositary. FCP’s bearer Units which were not deposited with the FCP’s bearer Units Base Classes Z and X Units can only be acquired by Depositary by 18 February 2015 had their voting rights, institutional investors (“Institutional Investors”). Such if any, suspended and payment of distributions, if any, Institutional Investors include: insurance companies; asset deferred until their deposit with the FCP’s bearer Units management companies; credit institutions, banking Depositary, in accordance with the Law of 28 July 2014. foundations or other professionals in the financial sector acting FCP’s bearer Units which were not deposited with the on their own behalf or within the framework of a discretionary FCP’s bearer Units Depositary by 18 February 2016 have management mission on behalf of their clients, even private been automatically redeemed in accordance with the clients (in this case, however, the clients on whose behalf the Law of 28 July 2014. Following such automatic credit institutions or other professionals in the financial sector redemption, the cash equivalent of such redeemed FCP’s are acting must not have a right of property claim against the bearer Units, less redemption fee, if any, has been fund but only against the credit institutions or other deposited with the Luxembourg Caisse de consignation. professionals in the financial sector); undertakings for collective investment; territorial governmental units; holding companies, FCP’s bearer Units issued after 18 February 2015 will be provided that they can justify their actual substance and have deposited with the FCP’s bearer Units Depositary a structure and business activities of their own, separate from immediately upon their issuance. those of their shareholders, and that they have significant Unitholders of FCP’s bearer Units may require the FCP’s financial interests; and finally, holding companies known as bearer Units Depositary to issue a certificate evidencing “family companies”, provided these are holding companies the deposit of their FCP’s bearer Units. where a family or branch of a family has significant financial interests. 4.1.1. Dividend Policy Base Class A Units can only be acquired by any firm, under Investors should refer to the Management Company’s website any legal structure (e.g. sole shareholder company, partnership, (www.eurizoncapital.lu) for current details of which Classes unlimited partnership, limited partnership, joint-stock company, of Units are in issue in each Sub-Fund. private limited liability company, mutual company) and also by any religious congregation or non-religious institution, For Classes of Units available to all Investors foundations or associations. with a “D” suffix (except Base Classes S and D): Not all Classes of Units will be issued in each of the existing Sub-Funds. However, investors should refer to the After the end of each calendar semester, the Management Management Company’s website (www.eurizoncapital.lu) for Company intends to distribute to the Unitholders a dividend current details of which Classes of Units are in issue. corresponding to all or part of the net investment income generated during the reference period. The net investment The Unit Classes are bearer Units or registered Units, at the income is equal to the net income from investments, interests Unitholder’s discretion, in the absence of any indication to the on bank accounts and other income less management and contrary in this Prospectus. State Street Bank Luxembourg administrative fees, interests paid, taxes and other charges. S.C.A. has been appointed by the Management Company as the professional depositary of the FCP’s bearer Units (the After cautious assessment, the Management Company may “FCP’s bearer Units Depositary”) according to the Law of 28 also distribute to the Unitholders all or part of the net realised July 2014 on the compulsory deposit and immobilisation of profit on sales of investments, currencies and other financial shares and units in bearer form (the “Law of 28 July 2014”). instruments during the reference period and the net realised profits deriving from preceding periods. In the absence of any provision to the contrary the investors will not receive any certificate representing their Units. Instead The dividend distributed does not necessarily represent the of this, a simple written confirmation will be issued concerning effective result of management activity of the Sub-Fund over subscription to Units or fractions of Units, down to a the period (variation of the value of the Unit), given that the thousandth of a Unit. However if a Unitholder so desires, he unrealised appreciation or depreciation on investments or or she may request and obtain issue of certificates financial derivative instruments is not taken into account. So representing bearer Units or registered Units. The Unitholder the distribution may, if such should be the case, have a higher will pay a set price of 100 EUR for the issuance of any such or lower value than the effective result of management certificate. activity. The Management Company may divide or regroup the Unit After cautious assessment, the Management Company may Classes in the interest of Unitholders. also distribute to the Unitholders all or part of the change in unrealized appreciation on investments and other financial No Unitholders’ meetings are held, except in case the instruments during the period or deriving from preceding Management Company proposes to merge the FCP’s assets or periods. the assets of one or several of the FCP’s Sub-Funds with another foreign UCI. In this case, the Unitholders’ unanimous A right to the distribution of dividend is held by the approval must be obtained in order to enable the merging of Unitholders of existing Units on the day defined by the all assets. In the absence of unanimity, only the proportion of Management Company’s Board of Directors (“ex-date”). the assets held by the Unitholders who have voted in favour of the proposal may be merged with the foreign UCI. For Units in Base Class D: The investors are to be informed that both registered Unit At monthly frequency, the Management Company intends to certificates and those in bearer form representing whole distribute to the Unitholders a dividend corresponding to all or numbers of Units, in certificates of 1 and of 100 Units, may be part of the net investment income generated during the listed for trading on the Bourse de Luxembourg (Luxembourg reference period. The net investment income is equal to the Stock Exchange). The Management Company may decide to net income from investments, interests on bank accounts and make an application to list other Units on any recognized other income less management and administrative fees, stock exchange. interests paid, taxes and other charges. The attention of the Unitholders of FCP’s bearer Units is After cautious assessment, the Management Company may drawn to the fact that, in accordance with the Law of 28 also distribute to the Unitholders all or part of the net realised July 2014, they had until 18 February 2016 to deposit profit on sales of investments, currencies and other financial 33 instruments during the reference period and the net realised (or fractions of Units), but will always be in the form of profits deriving from preceding periods. a reduction in the unit value of each Unit. The dividend distributed does not necessarily represent the Payments will take place within ten Luxembourg Bank effective result of the management activity of the Sub-Fund Business Days following the ex-dates. over the period (variation of the value of the Unit), given that The dividends to be distributed in respect of each Class the unrealised appreciation or depreciation on investments or of Units will be published by the Management Company financial derivative instruments is not taken into account. So in accordance with the provisions indicated in the the distribution may, if such should be the case, have a higher section “Information for Unitholders”. or lower value than the effective result of management activity. The Management Company reserves the right, taking into account the interests of the Unitholders, not to After cautious assessment, the Management Company may distribute any dividend. also distribute to the Unitholders all or part of the unrealised capital gains or capital deriving from preceding periods. The attention of the Unitholders is drawn to the fact that the present dividend policy may allow for payment A right to the distribution of dividend is held by the of dividend out of capital. Where this is done, it Unitholders of existing Units on the ex-date, as defined amounts to a return or withdrawal of part of an hereafter. The Management Company will determine, on investor’s original investment or from any capital gains January, April, July and October of each year and for the attributable to that original investment. Payment of following quarter, the amounts to be distributed monthly as dividend out of capital is achieved by forgoing the well as the date of payment thereof. For a newly activated potential for future capital growth. The Net Asset Value Unit Class, the Management Company will expressly determine of the Unit Class will be reduced by the amount of the amounts to be distributed monthly and the date of dividend paid. payment thereof until the forthcoming January, April, July or October decisions regarding the distribution modalities to be applied over for the following quarter, as described here 4.2. Issue of Units, Subscription and above. The monthly distributions will take place on the 15th Payment Procedures calendar day of each month (“ex-date”) and, if it is not a Luxembourg Bank Business Day, the following Luxembourg The Management Company is authorized to issue Units at any Bank Business Day. time and without any limitation. For Units in Base Class S with a “D” suffix: The Units of each Sub-Fund or each Unit Class of the FCPs may be subscribed for via the Registrar and Transfer Agent as The Management Company intends distribute to Unitholders well as other establishments authorized by the Management an annual coupon paid at the beginning of each calendar year. Company for that purpose. A right to the distribution of dividend is held by the The Management Company reserves the right to reject any Unitholders of existing Units on the day defined by the application for purchase or to accept only a part thereof. In Management Company’s Board of Directors (“ex-date”). particular, the Management Company does not allow practices associated with Market Timing, and the Management For Classes of Units available only to Company reserves the right to reject subscription and lnstitutional Investors with a “D” suffix: conversion requests from an investor whom the Management Company suspects of using such practices, and to take, if After the end of each calendar semester, the Management appropriate, the necessary measures to protect the other Company intends to distribute to the Unitholders a dividend investors in the FCP. corresponding to at least 80% of the net investment income generated during the calendar semester. The net investment It also reserves the right, when required to do so under the income is equal to the net income from investments, interests circumstances of which it shall be the sole judge, to waive on bank accounts and other income less management and possible minimums applying to initial and subsequent administrative fees, interests paid, taxes and other charges. subscription, if any, as indicated in this Prospectus. After cautious assessment, the Management Company may At the end of an initial subscription period, if any, the also distribute to the Unitholders all or part of the net realised subscription price, expressed in the Sub-Fund or Unit Class profit on sales of investments, currencies and other financial currency, as the case may be, shall correspond to the Net instruments during the reference period and the net realised Asset Value per Unit determined pursuant to Chapter 3 “Net profits deriving from preceding periods. Asset Value”, and, as the case may be, and as specified in this Prospectus, a subscription commission paid to the The dividend distributed does not necessarily represents the Management Company, which includes the commissions due effective result of the management activity of the Sub-Fund to the distributors involved in the distribution of Units. It does over the period (variation of the value of the Unit), given that not necessarily include additional costs applied by the local the unrealised appreciation or depreciation on investments or paying agents, if any. financial derivative instruments is not taken into account. So the distribution may, if such should be the case, have a higher Subscriptions are completed at an unknown Net Asset Value. or lower value than the effective result of management Subscription requests reaching the Registrar and Transfer activity. Agent’s registered office are closed out as set out below: A right to the distribution of dividend is held by the The subscription price corresponds to the Net Asset Value Unitholders of existing Units on the day defined by the calculated on the first calculation date following acceptance of Management Company’s Board of Directors (“ex-date”). the subscription request, if the latter is received before 4 p.m. (Luxemburg time). If the subscription request is received after 4 The origin of the amount distributed (income or capital) p.m., it is considered as having been received on the following to the Unitholders will be presented in the FCP’s periodic Luxembourg Bank Business Day. financial reports. Some Unit Classes may be subscribed through systematic Distribution of dividend will in no case be in the form of investment plans when these services are proposed by the an automatic repurchase of a specific number of Units distribution agents or intermediaries used by the investor.

34 Units of any Class may also be subscribed through a favored A, Z and X to persons or companies that will not correspond transfer operation, as part of a single transaction or as part of to the definitions as set out in the precedent section. a systematic conversion plan, when these services are Moreover, the Base Classes A, Z, and X are not freely proposed by the distribution agents or intermediaries used by transferable and every transfer in Base Classes A, Z and X the investor. A favored transfer transaction consists in a requires the previous written consent of the Management redemption carried out in another FCP managed by the Company. The Management Company will not execute any Management Company followed by a subscription of Units Unit transfer, if as a consequence of this transfer, an investor corresponding to the countervalue of the executed not conforming with the definitions in the precedent section redemption, less any applicable tax deductions. Therefore for will own Base Classes A, Z or X. favored transfer transactions, the Valuation Day of the subscription does not match with the Valuation Day of the No Unit in a given Sub-Fund will be issued by the FCP during redemption. any period in which calculation of the Net Asset Value of the Sub-Fund concerned is suspended by the Management The general conditions regarding systematic investment plans Company by virtue of the powers reserved to it under the and favored transfer operations are transmitted to the Management Regulations and described in the section entitled investors by the distribution agents or intermediaries “Suspension of the Net Asset Value calculation and Suspension authorized by the Management Company to provide such of the issue, redemption and conversion of Units”. Failing this, services. the requests are taken into account on the first Valuation Day Additional transaction costs could be charged by other following the end of the suspension. intermediaries if used by the client when investing in the FCP. In the event of exceptional circumstances that could negatively The subscription price may be increased by the amount of affect the Unitholders’ interest the Management Company levies, taxes and stamp fees that may be due in the various reserves the right to carry out, during the day, other valuations countries in which the Units are offered. that shall apply to all subscription or redemption requests received during the day in question, and it shall ensure that The subscription price, payable in the Sub-Fund’s currency, the Unitholders who have subscribed or redeemed during this must be paid into the FCP’s assets within three Luxembourg same day are treated equally. Bank Business Days following the acceptance of the subscription request, excepting for the Unit Class A of the Sub-Fund “Cash EUR” for which the subscription price must 4.3. Redemption of Units be paid within two Luxembourg Bank Business Days following The Units of each Sub-Fund or each Unit Class of the FCP, as the acceptance of the subscription request and for the Unit the case may be, may be redeemed at any time by sending an Classes A and Z of the Sub-Fund “Treasury EUR T1” for which irrevocable redemption request to the Registrar and Transfer the subscription price must be paid within one Luxembourg Agent or to the other authorized banks and establishments, Bank Business Days following the acceptance of the accompanied by confirmations of subscription or by the subscription request. certificates representing Units, as the case may be. The Unit Classes are issued after payment of the subscription The FCP shall redeem the Units at any time in accordance with price, and the registration confirmations or, as the case may the limitations set forth in the Law of 17 December 2010 on be, the certificates representing Units are sent by mail or are undertakings for collective investments. made available by the Depositary Bank or by its representative generally within two weeks following the date of payment of For each Unit presented for redemption, the amount paid to the equivalent value of the subscription price into the FCP’s the Unitholder is equal to the Net Asset Value per Unit for the assets. Sub-Fund or the concerned Unit Class, determined in accordance with Chapter 3 of this Prospectus entitled “Net At any time and at its sole discretion, the Management Asset Value”, after deduction of expenses, levies, taxes and Company may temporarily suspend, definitively halt or limit stamp fees that may be payable on that occasion, and, the issue of Units to natural or legal persons resident or possibly, of a redemption commission paid to the Management domiciled in certain countries and territories, or may exclude Company. them from acquiring Units, if such a measure is necessary in order to protect the Unitholders as a whole or the FCP. Redemptions are made at an unknown Net Asset Value. The Unit Classes may also be issued in exchange for The redemption requests reaching the Registrar and Transfer contributions in kind, but respecting the obligation for a Agent’s registered office are closed out as set out below: valuation report to be submitted by the approved Auditor, who is appointed by the Management Company, and on The redemption price of Unit is expressed in the denominative condition that these contributions correspond to the currency of each Class of Units and corresponds to the Net investment policy and restrictions of the Sub-Fund of the FCP Asset Value calculated on the first calculation date following in question, as described in Chapter 2 of the Management the acceptance of the redemption request, if the latter is Regulations and in this Prospectus. The securities accepted as received before 4 p.m. (Luxemburg time). If the redemption payment of a subscription are estimated, for the needs of the request is received after 4 p.m., it is considered as having been transaction, at the latest purchase price on the market at the received on the following Luxembourg Bank Business Day. time of valuation. The Management Company is entitled to Some Unit Classes may be redeemed through systematic reject any contribution in kind without having to justify its disinvestment plans when these services are proposed by the decision. Expenses linked to the issue of Units in exchange for distribution agents or intermediaries used by the investor. The contributions in kind will be charged to the Unitholder from general conditions regarding systematic disinvestment plans whom these contributions originate. are transmitted to the investors by the distribution agents or The Management Company shall be entitled to limit or intermediaries authorized by the Management Company to prevent ownership of Units by any natural or legal person if it provide such services. considers that such ownership could be harmful to the FCP. The equivalent value of the Units presented for redemption is The Unitholders’ attention is drawn to the fact that certain paid in that Sub-Fund’s currency, by cheque or transfer, in Classes of Units, as defined in more details in the previous principle within three Luxembourg Bank Business Days after section, are accessible only to certain types of investors. In this the acceptance of the redemption request, excepting for the context the Management Company will not issue Base Classes Class A of the sub-fund “Cash EUR” for which the redemption price must be paid within two Luxembourg Bank Business 35 Days following the acceptance of the redemption request, and toward a Sub-Fund or alternatively a Unit Class which has a for the Unit Classes A and Z of the Sub-Fund “Treasury EUR higher issue commission, or (ii) where a specific conversion T1” for which the redemption price must be paid within one commission is specified in this Prospectus. In the former case, Luxembourg Bank Business Days following the acceptance of in order to have its Units converted, the subscriber must pay the redemption request , unless insofar as indicated below the Management Company an issue commission equal to the with respect to substantial redemption requests. difference between the issue commissions of the two Sub- Funds or, as the case may be, of the two Classes of Units. The The redemption price may be higher or lower than the price Unitholders must fill out and sign an irrevocable request for paid at the time of issue, depending on changes in the Net conversion addressed to the Registrar and Transfer Agent or to Asset Value. the other authorized banks and establishments, containing all At the request of a Unitholder wishing to redeem his or her instructions regarding conversion and accompanied by the Unit Units, the Management Company may grant a distribution in certificates, specifying, as the case may be, the Unit Class they kind, in total or in part, of securities of any Unit Class to this wish to convert. Unitholder, instead of repurchasing them from him or her for The attention of Unitholders is drawn to the fact that certain cash. The Management Company shall proceed in this way if it Classes of Units, as defined in the section entitled “FCP Units - considers that such a transaction will not be to the detriment Description, Form and Unitholders’ Rights”, are accessible only of the interests of remaining Unitholders of the Sub-Fund in to certain types of investors. The attention of Unitholders in question. The assets to be transferred to these Unitholders Base Classes R, RL, E, S and D is also drawn to the fact that shall be determined by the Management Company and the they may not request conversion of their Units into Base Investment Manager, taking into account the practical aspect Classes A, Z or X unless such Unitholders conform to the regarding the transfer of the assets, the interests of the Unit definitions as defined in the section entitled “FCP Units - Class and the other Unitholders, and the Unitholder him/ Description, Form and Unitholders’ Rights”. Furthermore, herself. This Unitholder may have to pay fees, including but Unitholders are informed that conversions from and to the not limited to brokerage fees and/or fees for local taxes on any Unit Class RL within a same Sub-Fund are not authorized. transfer or sale of securities received in this way in exchange for the redemption. The net proceeds from sale of the above If, on a given date, there is a substantial request for mentioned securities by the Unitholder applying for conversion, i.e. higher than 10% of the Net Asset Value of the redemption may be less than or equal to the corresponding Unit Class, the Management Company, after approval by the redemption price of Units of the class concerned, in the light Depositary Bank, may delay the conversion on a pro rata basis of market conditions and/or of differences in the prices used with respect to the amount higher than 10% to a date no for the purpose of such sales or transfers, and for calculating later than the third Valuation Day following the date of the Net Asset Value of this Unit Class. The choice of valuation acceptance of the conversion request, in order to enable it to and the disposal of the assets shall be the subject of a convert the amount of assets required. valuation report by the FCP’s auditor. Expenses linked to the Requests delayed in this way shall be treated on a priority basis redemption of Units in exchange for a distribution in kind will with respect to any other requests for conversion received be charged to the Unitholder from whom this request later. originated. Conversion is carried out on the basis of the Net Asset Value Redemption of Units may be suspended by a decision made by per Unit determined in accordance with Chapter 3 “Net Asset the Management Company in agreement with the Depositary Value”, less a conversion commission if applicable. Conversions Bank in the cases provided for in section 3.2. or by order of are made at an unknown Net Asset Value. Conversion requests the supervisory authority, when the public interest or the reaching the Management Company’s registered office are interest of the Unitholders requires this, which applies in closed out as set out below: particular when legislative, regulatory or contractual provisions concerning the FCP’s activity are not observed. Requests for conversion from one Sub-Fund to another or from one Unit Class to another will be handled on the basis of If, on a given date, and in case of a redemption request the Net Asset Value calculated on the first calculation date amounting to more than 10% of the Net Asset Value of the following acceptance of the conversion request, if the latter is Sub-Fund, payment cannot be made by means of the Sub- received before 4 p.m. (Luxemburg time). If the conversion Fund’s assets or by authorized borrowing, the FCP may, after request is received after 4 p.m., it is considered as having been approval by the Depositary Bank, delay these redemptions on a received on the following Luxembourg Bank Business Day. pro rata basis with respect to the part representing more than 10% of the Net Asset Value of the Units in the Sub-Fund, until Some Unit Classes may be converted through systematic a date that must occur no later than the third Valuation Day conversion plans, such as the Clessidra service in Italy, when following acceptance of the redemption request, in order to these services are proposed by the distribution agents or enable it to sell a part of the Sub-Fund’s assets so as to meet intermediaries used by the investor. The general conditions such substantial redemption requests. In such a case, a single regarding systematic conversion plans are transmitted to the price shall be calculated for all of the redemption and investors by the distribution agents or intermediaries subscription requests presented at the same time. authorized by the Management Company to provide such services. Furthermore the Management Company may at any time repurchase Units held by investors excluded from the right to No conversion commission will be due in principle, except in buy or hold Units. That applies, inter alia, to US citizens and to case the transition is made to a Sub-Fund with a subscription non-institutional investors investing in Units reserved for commission higher than that of the Sub-Fund to be converted, institutional investors, as defined in the section entitled “FCP in which case the subscriber must pay a commission equal to Units - Description, Form and Unitholders’ Rights”. the difference between the two subscription commissions. Conversion cannot be carried out if calculation of the Net 4.4. Conversion of Units Asset Value of one of the Sub-Funds or, as the case may be, In the absence of any indication to the contrary in this Classes of Units concerned is suspended. Prospectus, the Unitholders may transfer all or part of their Conversion of Units from one Sub-Fund into Units of another Units from one Sub-Fund to Units from another Sub-Fund, or Sub-Fund or from one Unit Class into Units of another Unit from one Unit Class to another Unit Class, on the basis of the Class can be carried out only insofar as the Net Asset Value of Net Asset Value per Unit on that same day, in principle free of the two Sub-Funds or Classes of Units is calculated on the commission, except in cases in which (i) the transfer is made same day. 36 The number of Units allocated in the new Sub-Fund or in the The Registrar and Transfer Agent, acting on behalf of the FCP, new Unit Class is determined in accordance with the following may require additional documentation at any time relative to a formula: subscription request.

B x C x E If a subscriber has a query concerning the current money A = laundering legislation, the Registrar and Transfer Agent will D provide him with a list of key points concerning money in which: laundering. Any failure to comply with this request for additional documentation shall result in suspension of the A is the number of Units allocated in the new Sub-Fund or subscription procedure. new Unit Class; The same shall apply if such documentation has been B is the number of Units presented for conversion; requested but not been provided as part of redemption C is the Net Asset Value of one Unit of the Sub-Fund or of a transactions. Unit Class, the Units of which are presented for conversion, The Registrar and Transfer Agent may at any time require on the day of the transaction; placement agents to make a written declaration stating that D is the Net Asset Value of one Unit of the new Sub-Fund or they will comply with the laws and requirements applicable in new Unit Class, on the same day as the transaction; connection with money laundering. E is the exchange rate between the two Sub-Funds or the two Classes of Units on the day of the transaction.

4.5. Preventing Money Laundering and the Financing of Terrorism Pursuant to legislation in force in the Grand Duchy of Luxembourg relating to prevention of money laundering and the financing of terrorism, all opening account requests must include the customer’s identity on the basis of documents, data or information obtained from a reliable and independent source. Subscription requests must include a certified copy (from one of the following authorities: embassy, consulate, notary, police etc.) of (i) the subscriber’s identity card, in the case of natural persons or (ii) the Articles of Association (or Company bylaws) as well as an extract from the Trade Register for companies, in the following cases: A) Direct subscription; B) Subscription via a professional in the financial sector that is not domiciled in a country that has the same legal obligation to identify funds as the obligation imposed in Luxembourg in connection with the prevention of money laundering by financial entities; C) Subscription through a branch or a subsidiary, the parent company of which would be subject to an identification procedure equivalent to the one required in Luxembourg, but where the law applicable to the parent company does not force branches or subsidiaries to apply these measures. The same identification procedure will apply in case of redemption of bearer Units. Furthermore the Management Company is legally responsible for identifying the origin of the funds transferred from banks that are not subject to an obligation identical with the one required under the Laws of Luxembourg. Subscriptions may be temporarily suspended until the funds in question have been properly identified. The Management Company adopts an approach focused on the real risk, both during the customer identification process and the monitoring of transactions, while taking into account the particularities of their respective activities and their differences in scale and size (the risk-based approach). It is generally accepted that professionals in the financial sector who are resident in countries that abide by the FATF conventions (Financial Action Task Force on Money Laundering) are considered as subject to an identification procedure equivalent to the one required under Luxembourg law.

37 5. Operation of the FCP

5.1. Management Regulations and Legal – a management commission calculated and paid monthly, on the monthly average of the Sub-Fund’s Net Asset Framework Value, and a performance commission paid to the The Management Regulations are subject to and are construed Management Company as compensation for its in accordance with Luxembourg Law. management activity. The performance commission is calculated and paid as defined in the Sub-Fund Sheets; The English version of the Management Regulations prevails, however subject to the condition that the Management – a distribution commission paid to the Management Company and the Depositary Bank be entitled, on their behalf Company; such commission includes in particular the and on behalf of the FCP, to consider as compulsory any remuneration paid by the Management Company to translations into the languages of countries in which the Units certain distribution agents for the services provided by are offered or sold, with respect to the Units sold to investors them in relation to the distribution of the Unit Classes S in those countries. and SD; Disputes between the Unitholders, the Management Company – an administrative commission of maximum 0.40% p.a. and the Depositary Bank are to be settled in accordance with calculated and paid monthly, on the monthly average of the Laws of Luxembourg, pursuant to the provisions set forth the Sub-Fund’s Net Asset Value, to the Management in Section 5.1 of the Management Regulations. Company; such commission includes the remuneration of the Depositary Bank and Paying Agent and the Claims made by Unitholders against the Management remuneration of the Administrative Agent and the Company or the Depositary Bank lapse five years after the Registrar and Transfer Agent for their services rendered to date of the event that gave rise to the invoking of rights the Fund. Any modification of this commission shall be through the claims. indicated in the FCP’s periodic financial reports; By agreement with the Depositary Bank and in compliance – all taxes and levies that may be due on the FCP’s assets with authorizations that may be required under Luxembourg and income, and particularly the subscription tax payable Law, the Management Company shall be entitled to make any on the FCP’s net assets; modification in the Management Regulations that it considers useful in the Unitholders’ interest. – banking or brokerage fees on portfolio securities transactions; Notices informing of modifications to the Management Regulations are published on the official electronic platform – banking fees in connection with duties and services of Recueil Electronique des Sociétés et Associations and, in local paying agents, correspondent banks or similar principle, become effective as of the time of their signature. entities, when applicable; – fees of legal advisors and auditors; 5.2. Income Distribution Policy – extraordinary expenditures, such as, for instance, expert The income of each Sub-Fund remains the property of the opinions or proceedings engaged in for protection of the Sub-Fund. The profitability of the various Sub-Funds is interests of Unitholders; expressed solely by changes in the Net Asset Values of the – expenses involved in preparation, printing and filing of Units. administrative documents and explanatory memoranda However, the Management Company retains the possibility of with any authorities and bodies; distributing annually the net assets of the FCP’s Sub-Fund or – expenses related to preparation, translation, printing, Sub-Funds, without any limitation on the amount, to the filing and distribution of the Prospectuses, the periodic Unitholders of one or several Sub-Funds, if this is considered reports and other documents that are necessary pursuant advantageous to the Unitholders. In any case the FCP’s net to the law and to Management Regulations; assets, following such distribution, may be no less than 1,250,000 euros. – fees relative to the FCP’s listing on a stock exchange, but also those relative to registration with any other institution Base Unit Class D and Classes with a “D” suffix allow for or authority; distribution of the income achieved through investments made in each of the FCP’s Sub-Funds in accordance with criteria – expenses related to preparation, distribution and specified in the section entitled “FCP Units - Description, Form publication of notices to Unitholders, including publication and Unitholders’ Rights”. of Net Asset Value per Unit on newspapers distributed in countries in which the Units are offered or sold or on any 5.3. Financial Year and Management other recognised and legally binding media; – any other similar operational expenses charged to the FCP, Report in accordance with the Management Regulations. The financial year of the FCP and the financial year of the The current management commission and distribution Management Company both end on December 31 of each commission annual rates applied are set out in Appendix A. year. Investment by each Sub-Fund in units of UCITS and/or other When establishing the combined balance sheet expressed in UCI may, for the investor, involve increase of certain expenses EUR, the assets of the various Sub-Funds will be converted such as Depositary bank, administrative and management fees. from their Reference Currency into EUR. Expenses linked to advertising and charges, other than the The Management Company shall entrust verification of the ones designated above, connected directly with the offer or FCP’s accounting data to an Auditor. distribution of Units, are not paid by the FCP. 5.4. Costs and Expenses The Management Company pays, out of its assets, expenses related to its own operation. The following expenses are borne by the FCP: 38 Value added tax (if any) on fees payable by each Sub-Fund will minimum level for the FCP, the Sub-Fund or the Unit Class to be borne by the Sub-Fund in addition to the fees. operate in an economically effective way – or in case of a significant change in the political and economic situation. The fixed costs are divided up in each Sub-Fund in proportion to the Sub-Fund’s assets in the FCP, and the specific expenses In the event of liquidation of the FCP, the decision or the event of each Sub-Fund are deducted in the Sub-Fund that has leading to liquidation must be published, under the conditions incurred them. set forth in the Law of 17 December 2010 on Collective Investment Undertakings, in the Mémorial, Recueil Spécial des The costs relative to creation of a new Sub-Fund will be Sociétés et Associations and in two newspapers with sufficient covered through the Sub-Fund’s assets for a period not circulation, including one Luxembourg newspaper. Issues, exceeding five (5) years, and for an annual amount that is redemptions and conversions of Units shall cease at the time determined in a fair way by the Management Company. of the decision or the event leading to liquidation. A newly created Sub-Fund shall not bear the costs and In the event of liquidation the Management Company shall expenditure incurred for creation of the FCP and for initial realize the assets of the FCP or of the Sub-Fund in question in issue of the Units not covered on the date of creation of the the best interests of its Unitholders, and, on the basis of new Sub-Fund. instructions issued by the Management Company, the Depositary Bank shall distribute the net proceeds from the 5.5. Information for Unitholders liquidation, after deduction of the expenses related thereto, among the Unitholders of the liquidated Sub-Fund in The Net Asset Value of the Units, the issue price, the proportion to the number of Units they hold in the Sub-Fund conversion price and the redemption price of each Sub-Fund in question. or, as the case may be, each Unit Class, are available in Luxembourg at the registered offices of the Management In case of liquidation of a Unit Class the net proceeds from the Company and the Depositary Bank. liquidation shall be distributed among the Unitholders of the Class concerned in proportion to the Units held by them in An annual report audited by the Auditor and a semi-annual this Unit Class. report that does not necessarily have to be audited, are published, respectively, within four months and two months If the Unitholders agree, and if the principle of equal following the end of the period to which they refer. The treatment of the Unitholders is respected, the Management reports are distributed and are made available to Unitholders Company may distribute the assets of the FCP or the Sub-Fund and to the public at the registered offices of the Management or, as the case may be, of the Unit Class, in total or in part, in Company, the Depositary Bank and the designated banks and kind, pursuant to conditions set forth by the Management institutions. Company (including but not limited to presentation of an independent valuation report). The annual report shall contain the consolidated tables relative to the Net Asset Value and to results of transactions in the Pursuant to Luxembourg law, at the close of the liquidation of consolidation currency, which is the euro. the FCP, the receipts corresponding to the Units not presented for redemption shall be kept on deposit at the Caisse de The annual and semi-annual reports are delivered free of Consignation in Luxembourg until the end of the term of charge to Unitholders and to the public requesting them from limitation related thereto. the Management Company. In the event of a liquidation of a Sub-Fund or of a Unit Class, Notices to the Unitholders are published in a daily newspaper the Management Company may authorize the redemption or appearing in Luxembourg, and in addition are available at the conversion of all or part of the Units of the Unitholders, at registered offices of the Management Company and the their request, at the Net Asset Value per Unit (taking into Depositary Bank. They may also be published in one or several account the market prices of the investments as well as recognized and legally binding media in countries in which the expenditure incurred in connection with the liquidation), from Units are offered or sold. the date on which the decision to liquidate was made and until its effective date. 5.6. Liquidation of the FCP, its Sub- These redemptions and conversions are exempt from the Funds, and the Classes of Units applicable commissions. The FCP and each Sub-Fund or Unit Class have been created At the end of the liquidation of any Sub-Fund or Unit Class for an indefinite period. However, the FCP or any Sub-Fund or, the proceeds from the liquidation corresponding to Units not as the case may be, Unit Class, may be liquidated in the cases presented for redemption may be kept on deposit at the provided for by law, or at any time after the Management Depositary Bank for a period not exceeding six months, Company has informed the Depositary Bank. starting with the end date of the liquidation. After that term these receipts shall be kept on deposit at the Caisse de Liquidation and split of the FCP may not be requested by a Consignation. Unitholder or his/her designated heirs or assignees. In particular, the Management Company is authorized to 5.7. Closing of Sub-Funds or Units decide on liquidation of the FCP in the cases provided for by law and if: Classes via Merger with another – The Management Company is dissolved or ceases its Sub-Fund or Unit Class of the FCP activities without, in the latter case, being replaced; or via Merger with another – The FCP’s net assets have for a period of six months fallen Luxembourg or Foreign UCI below the legal minimum set forth in Article 23 of the The Management Company may cancel Units issued in a Sub- Law of on Collective Investment Undertakings. Fund and, after deduction of all relevant expenditures, may It may also decide to liquidate the FCP, any Sub-Fund or any allocate Units to be issued in another Sub-Fund of the FCP, or Unit Class when the value of the net assets of the FCP, any in another collective investment undertaking (“UCI”) organized Sub-Fund or a Unit Class of a Sub-Fund has fallen below, pursuant to Part I of the Law of 17 December 2010 on respectively, the levels of 50,000,000, 5,000,000 or 1,000,000 Collective Investment Undertakings, as long as the investment euros, determined by the Management Company as being the policies and objectives of the other Sub-Fund or UCI are 39 compatible with the investment policies and objectives of the quarter and calculated on the amount of the net assets of FCP or the Sub-Fund in question. each of the FCP’s Sub-Funds at the end of each quarter-year; the annual rate of 0.05% shall be applicable to all Base The decision may be made when the value of assets of a Sub- Classes R, E, S, D and A of the Sub-Fund’s Units, apart from Fund or of a Unit Class of a Sub-Fund affected by the Base Class R, and Base Class A of the Sub-Fund “Eurizon Fund proposed cancellation of its Units has fallen below, – Cash EUR”, Base Class R of the Sub-Fund “Eurizon Fund – respectively, an amount of 5,000,000 or of 1,000,000 euros, Treasury USD”, Base Class A of the Sub-Fund “Eurizon Fund – determined by the Management Company as being the Treasury EUR T1”. minimum level enabling the Sub-Fund or the Unit Class to act in an economically effective way – or in case of a change in The rate of the annual subscription tax is set at 0.01% for the the economic or political situation or in any other case, for Sub-Funds or Classes of Units, if the Units in these Sub-Funds protection of the general interest of the FCP and the or Classes are reserved for one or more Institutional Investors, Unitholders. as well as for those Sub-Funds whose sole purpose is collective investment in money market instruments and/or deposits with In such a case a notification shall be published in a credit institutions, in accordance with art. 174 of the Law of Luxembourg daily newspaper and in any other recognized and 17 December 2010; the annual rate of 0.01% shall be legally binding media decided by the Management Company. applicable to Base Classes X and Z of all the Sub-Funds and to This notification must be published at least one month before all the Units of the Sub-Funds “Eurizon Fund – Cash EUR”, the date on which the Management Company’s decision is “Eurizon Fund – Treasury USD” and “Eurizon Fund – Treasury effective. In all cases it must mention the reasons and EUR T1”. procedures of the transaction and, in case of differences between the operating structures and investment policies of The value of the assets represented by Units held in other the merging Sub-Fund or unit Class and the Sub-Fund, the Luxembourg UCIs shall be exempt from the subscription tax, Unit Class or the UCI benefiting therefrom, must mention the provided such Units have already been subject to the grounds for these differences. subscription tax in Luxembourg. The Unitholders shall then be entitled to request, during a Foreign Account Tax Compliance Act – “FATCA” period of one month starting from the date of the The Foreign Account Tax Compliance Act provisions contained abovementioned publication, the redemption or conversion of in the Hiring Incentives to Restore Employment Act (“FATCA”) all or part of their Units, at the Net Asset Value per Unit, as were enacted in the US in March 2010. FATCA requires determined in this Prospectus, without paying any expenses, foreign financial institutions (“FFIs”) to report information to taxes or fees whatsoever. the US Internal Revenue Service (“IRS”) regarding their US In case the Management Company decides to merge one or account holders in order to reduce tax evasion by US several Sub-Funds or Unit Classes of the FCP, in the interest of taxpayers. Alternatively, FFIs located in certain partner countries the Unitholders, with another foreign UCI as provided for in that have concluded with the US an intergovernmental the Management Regulations, this merger is possible only with agreement (“IGA”) to facilitate the implementation of FATCA the unanimous approval of all of the Unitholders of the Sub- can provide the requested account information to their home Fund in question, or on condition of transferring only those government for onward transmission to the IRS. FATCA Unitholders who agreed on the transaction. imposes a 30% withholding tax on different payments, including payments of gross proceeds (as interests and dividends), to non-participating FFIs. 5.8. Sub-Funds or Unit Classes Splits The FCP falls under the definition of FFI and will implement In case of a change in the economic or political situation the FATCA provisions through compliance with the IGA that having an influence on a Sub-Fund or a Unit Class or if the was concluded between Luxembourg and the US. The FCP interest of the Unitholders of a Sub-Fund or a Unit Class so investors may therefore be required to provide information as requires, the Management Company shall be entitled to necessary for identifying and reporting on US reportable reorganise the Sub-Fund or Unit Class concerned by dividing accounts and on payments to certain non-participating FFIs. this Sub-Fund or Class into two or several new Sub-Funds or Classes of Units. The decision shall be published in the manner Common Reporting Standard – “CRS” described above. Its publication shall contain information on The Council Directive 2014/107/EU of 9 December 2014 (the the new Sub-Funds or Classes of Units created in this way. “CRS Directive”) amending the Directive 2011/16/EU as Publication shall occur at least one month before the decision regards mandatory automatic exchange of information in the becomes effective, in order to enable the Unitholders to sell field of taxation, provides for the extension of automatic their Units at no expense before the split into two or several information exchange already envisaged in Article 8(5) of Sub-Funds or Classes of Units becomes effective. Directive 2011/16/EU with respect to residents in other Member States. The CRS Directive imposes obligations on financial institutions (“FIs”) to review and collect information 5.9. Taxation on their clients/investors in an effort to identify their tax Each Sub-Fund is subject to the Laws of Luxembourg. It is up residence and to provide certain information to the relevant to prospective purchasers of Units of the FCP to inquire about foreign tax authority through the Luxembourg tax authorities the laws and rules applicable to the acquisition, holding and regarding taxable periods as from 1 January 2016. possibly sale of Units, taking into account their residence or The FCP falls under the definition of FI and will implement the nationality. CRS provisions as implemented in the Luxembourg national According to laws in force this fund is not subject to law. The Unitholders may therefore be required to provide Luxembourg income tax. In compliance with the Law of 21 information as necessary for identifying their tax residence. June 2005, which transposes into Luxembourg law the 2003/ The Management Company or its agents are responsible for 48/CE Directive of 3 June 2003 of the European Union Council the Unitholders’ personal data processing. All the above (UE) on the taxation of income from savings in the form of mentioned information will be collected and transferred in payment of interest, a tax withholding may, under certain accordance with the CRS Directive. That collected information conditions as defined by this law, be imposed upon income may be reported to the Luxembourg tax authorities and the paid by the FCP in Luxembourg. tax authorities of the jurisdiction of residence of the As legislation now stands, the FCP is subject to a Luxembourg Unitholders. Unitholders’ attention is called to the fact that tax at an annual rate of 0.05% payable at the end of each they are required to reply to each information request sent to 40 them in relation with CRS and that they would expose With regard to points a) to d) above, the Depositary themselves to a potential reporting to the wrong foreign tax Bank is required (i) to establish, implement and authority if they fail to answer. Unitholders’ attention is also maintain operational an effective conflicts of interest called to the fact that they have the right to access their data/ policy and (ii) to establish a functional, hierarchical and information reported to the Luxembourg tax authorities and contractual separation between the performance of its have the right to rectify that reported data/information. FCP’s depositary functions and the performance of other tasks and (iii) to proceed with the identification 5.10. Conflicts of Interest as well as the management and adequate disclosure of potential conflicts of interest. As a part of its business to provide asset management services, investment services or operation and ancillary services, the The Management Company has therefore adopted an Management Company, as a company of the Intesa Sanpaolo autonomy protocol and it has established procedures Group (hereinafter referred to as the “Group”), may find itself to be followed and measures to be taken to avoid in conflict of interest situations (hereinafter referred to as the detrimental situations to investors’ interests. “Conflict of Interest Situation”) with respect to the managed assets and funds (the “Asset”) and/or the investors (the Those measures are implemented in: “Investors”). Those conflicts could be generated also by the business carried out by the other Group companies as well as b providing control procedures and limits for the arising between other clients (hereinafter referred to as the investment in a Conflict of Interest Situation; “Clients”) and the managed Assets. b providing control procedures to choose The Management Company has identified a number of intermediaries, respecting the best execution Conflict of Interest Situations that could arise at the time asset principles; management services, investment services or operations are b providing control procedures for the selection of carried out and ancillary services are provided, and it has market counterparties which carry out services for the established procedures to be followed and measures to be Asset; taken to manage such conflicts. b providing control procedures related to the Specially, Conflict of Interest Situations may arise: administrative operations between the entities A) in selecting investments on behalf of the managed Asset contained in the Asset under management; when investing in: b providing control procedures and rules in relation to b financial instruments issued or placed by companies presents as like controlling employees and directors belonging to the Group or linked to other financial investment operations; instruments issued by Group companies; b providing a control system to check the compliance b units or shares of UCITS, managed or promoted by with the Conflict of Interest rules; the Management Company or by other Group b appointing independent directors who are in charge companies; for the controlling and avoiding Conflict of Interest b financial instruments issued by companies which Situations. carried out business relations (as having positions in Besides, OTC transactions will be concluded on an arm the primary market operations, financing or relevant length basis on behalf of the investors’ interest. holdings, shareholders agreement holding, Group companies employees or directors having positions in the issuing companies board or account committees) with Group companies, which the Management Company knows or should know. B) in using intermediaries belonging to the Group to make investments operations and/or to carry out other services on behalf of the Asset. Conflict of Interest Situations may also arise as regards the services other than that of depositary provided to the Management Company acting on behalf of the FCP by the Depositary Bank or by entities linked to the Depositary Bank by a common management or control. Currently, the above mentioned services carried out for the Management Company acting on behalf of the FCP by the Depositary Bank or by entities linked to the Depositary Bank are the following: a) administrative and registrar agent; b) collateral manager; c) EMIR administrative support services agent; d) FATCA support services agent; e) local paying agent for Italy; f) KIID administrative support service agent.; g) current accounts keeping; h) lending agent. 41 6. The Management Company

The Management Company of the FCP is Eurizon Capital S.A. of Fideuram Gestions, and was also member of the Board which was constituted in the Grand Duchy of Luxembourg in of Interfund Sicav and Eurizon Alternative Investments the form of a corporation under Luxembourg law on 27 July SGR S.p.A. Since January 2014 he is also Chairman of 1988. Epsilon SGR and since February 2014 Chairman of Eurizon Capital S.A. The name of the Management Company was changed by a decision of the General Meeting of the Shareholders on 2 July Mr Daniel GROS - Vice Chairman 2002, from “Sanpaolo Gestion Internationale S.A.” to Mr Daniel Gros obtained a degree in Economics at the “Sanpaolo IMI Wealth Management Luxembourg S.A.”, and University La Sapienza of Rome. In 1984, he achieved a consecutively by another decision of the General Meeting of master’s degree and Ph. D. in Economics at the University the Shareholders on 13 January 2005, from “Sanpaolo IMI of Chicago. From 2001 to 2003, he was member of the Wealth Management Luxembourg S.A.” to “Sanpaolo IMI “Conseil d’Analyse Economique” (CAE). From February Asset Management Luxembourg S.A.” Sanpaolo IMI Asset 2000, he is the Director of the “Centre for European Management Luxembourg S.A. changed its name in “Eurizon Policy Studies” (CEPS) in Bruxelles, where his main fields Capital S.A.” as from 1 November 2006 following a decision of research are the European Monetary Union, the of the Extraordinary General Meeting of the Shareholders on Macroeconomic Politics and the Economies in Transition. 16 October 2006. From 2003, he is also member of the “Conseil d’Analyse Economique” (advisor to the French Prime Minister and The Management Company, registered in the Luxembourg Finance Minister). He is teacher at the “Université Commercial Register under Number B 28536, has its registered Catholique de Louvain” and the “University of Frankfurt” office and administrative office in Luxembourg at 8, avenue de and from 1998, advisor to the European Parliament from la Liberté. The Management Company - as of 21 July 2017 - is 1998. In December 2010, he has also entered the Board also authorized as Alternative Investment Fund Manager of Directors of Eurizon Capital S.A. (Luxembourg). Since according to the Law of 12 July 2013. May 2013, he also serves as Chairman of the Supervisory The current coordinated articles of the Management Company Board of VUB Asset Management In Slovakia. were filed with the Recueil Electronique des Sociétés et Mr Marco BUS – Managing Director Associations (RESA) on 20 April 2018. Mr Marco Bus holds a Political Sciences Degree granted by The Management Company was constituted for an indefinite Università degli Studi di Genova in 1990 and attended the duration. London Business School Corporate Finance Executive Eurizon Capital S.A. is also the Management Company for the Program. From 1991 to 1994 he held several positions following FCPs: Eurizon Fund, Eurizon Manager Selection with Banca Fideuram (Milan) as trader and up to head of Fund, Eurizon Opportunità, Eurizon MultiManager Stars Fund, branch. In 1995 he joined Banca Intesa International in and Investment Solutions by Epsilon. Luxembourg in which he held the roles of Trader, Head of Portfolio Management and Head of Financial Activities Besides, Eurizon Capital S.A. has been designated as the until 2002. After having covered the role of Head of Management Company of the following investment company Private Banking at Société Européenne de Banque S.A. with variable capital (SICAV): Donatello SICAV, ISPB LUX SICAV, (now Intesa Sanpaolo Bank Luxembourg S.A.) in Mercurio SICAV, SP-LUX SICAV II and Eurizon Investment Luxembourg from 2002 until 2003, in 2004 he was SICAV. appointed General Manager of the same company, with the responsibility of Private Banking, Fund Administration Eurizon Capital S.A. has been designated also Alternative and Financial Activities until 2007. From 2008 to 2013 Mr. Investment Fund Manager of the following investment Bus served as Chief Executive Officer of Société company with variable capital (SICAV) qualified as an AIF Européenne de Banque S.A. (now Intesa Sanpaolo Bank according to the Law of 12 July 2013: Eurizon Alternative Luxembourg S.A.) in Luxembourg. From 2014 to 2016 he SICAV – SIF. was Head of the High Net Worth Individual (HNWI) The registered capital is 7,557,200 Euros paid up in full and project of Banca IMI in Milan, in secondment from Intesa represented by 75,572 Shares of 100 Euros each, held by Sanpaolo Bank Luxembourg S.A. Since July, 2018, Mr Eurizon Capital SGR S.p.A., Milan. Marco BUS is Managing Director and General Manager of Eurizon Capital S.A. in Luxembourg, being appointed Co- The Board of Directors members of the Management General Manager and Conducting Officer of the same Company are: company in July 2016. Mr Tommaso CORCOS - Chairman Mr Massimo MAZZINI - Director Mr Tommaso Corcos has been Chief Executive Officer and Mr Massimo Mazzini joined the Intesa Sanpaolo Group at General Manager of Eurizon Capital SGR since January the end of 2007 as CIO of the Investment Solutions 2014. He holds a degree in Business Administration at Division of Eurizon Capital, in charge of managing Rome’s Università La Sapienza, as well as a Master in products focused on asset allocation processes, multi- Financial Advisory, and participated in the Harvard manager funds, and structured/guaranteed funds for Business School Advanced Management Program (AMP). retail, private and institutional clients. Between 2001 and He began his professional career in 1987 in BNL’s foreign 2007 he was at Credit Agricole Group as Deputy CIO of shareholding office. Between 1990 and 2001, he held CAAM SGR, in charge of managing traditional products several positions with Intesa Asset Management SGR/ and as a member of the International Executive Nextra Investment Management SGR as Market Manager Committee of the Crédit Agricole Alternative Investments and up to Head of Investment Management for the bond, Group. Prior to this, in December 2005, he had been CEO equity and currency sectors. In September 2002 Mr. and CIO of CAAM AI SGR and CA AIPG SGR, the Crédit Tommaso Corcos joined Fideuram with the position of Agricole Group’s two alternative hedge fund management Chief Executive Officer of Fideuram Investimenti Sgr SpA – companies based in Milan. Before that he was CIO of CA formerly Fideuram Capital. From 2006 to 2013 he was AIPG SGR (2001-2005), in charge of developing and also appointed Vice President and Chief Executive Officer managing hedge funds. He started his career with Arthur of Fideuram Asset Management Ireland and Vice President Andersen MBA, where from 1996 to 2001 he specialized 42 in risk-management and asset management. He on the risk profiles of the Management Company or of the graduated with a degree in Economics and Business from UCITS that it manages. Such Remuneration Policy is designed the University of Parma. He has been CEO of Epsilon SGR to foster proper governance and regulatory compliance while from November 2009 to June 2010 and Chief Executive fulfilling the following requirements: Officer of Eurizon AI SGR from November 2007 until the Remuneration Policy is consistent with and promotes November 2009. He served as Managing Director and sound and effective risk management and does not encourage General Manager of Eurizon Capital S.A. from August risk taking which is inconsistent with the risk profiles, rules or 2010 to July 2015. In August 2013, he entered the Board instruments of incorporation of the UCITS that the of Directors of Penghua Fund Management in China. Management Company manages; Since May 2013, Mr Massimo Mazzini also serves in the Supervisory Board of VUB Asset Management in Slovakia. the Remuneration Policy is in line with the business strategy, Mr Massimo Mazzini was appointed as Head of Marketing objectives, values and interests of the Management Company and Business Development of Eurizon Capital SGR in July and the UCITS that it manages and of the investors in such 2015. UCITS, and includes measures to avoid conflicts of interest; Mr Claudio SOZZINI - Independent Director the assessment of performance is set in a multi-year Mr Claudio Sozzini obtained a bachelor’s degree in framework; Economics and Business at the University Cattolica del fixed and variable components of total remuneration are Sacro Cuore of Milan. After various executive positions in appropriately balanced and the fixed component represents a Credito Italiano and Banca Privata Finanziaria, he joined in sufficiently high proportion of the total remuneration to allow 1978 Barclays Bank International and, in 1980, became a the operation of a fully flexible policy on variable remuneration member of its Board of Directors in charge of the Finance, components, including the possibility to pay no variable Organization, IT and Operations areas. Between 1986 and remuneration component; 2005, he held several executive positions with Banca Manusardi (merged with Banca Fideuram in 1992). Mr The details of the up-to-date Remuneration Policy are available Claudio Sozzini currently serves as Chairman of the Boards on the Management Company’s website of Directors of Fideuram Asset Management Ireland, ( Fideuram Investimenti Sgr SpA and Interfund Sicav. Since http://www.eurizoncapital.lu/lu/aboutus/RegulatoryInfor- April 2014, he also serves as Board Member of Eurizon mation) and a paper copy may be obtained free of charge at Capital S.A. the Management Company’s registered office. Mr Paul HELMINGER - Independent Director Mr Paul Helminger was Mayor of Luxembourg City and member of the Chamber of Deputies. He was educated at the University Paris Sorbonne and at the Paris Institut d'Études Politiques before moving to the United States to finish his studies in political science at Stanford University. Mr Paul Helminger is a member of the board of various financial institutions and other firms in Luxembourg. The purpose of the Management Company is also the creation, administration, directing, promotion, marketing, management and advising of undertakings for collective investment operating under Luxembourg or foreign laws, which can be organised into multiple Sub-Funds, and the issue of certificates or confirmations representing or documenting equity securities in these undertakings for collective investment. The Management Company may undertake all transactions directly or indirectly related to this purpose, while remaining within the limits outlined in Chapter 15 of the Law of 17 December 2010 on undertakings for collective investment. As compensation for its management and administrative activities the Management Company shall be entitled to a management commission, a performance commission and an administrative commission as described in Section 5.4 “Costs and Expenses”. The Management Company may, at its own expense and its own responsibility, in order to benefit from their professional experience in certain sectors or markets, use the services of Advisors.

Remuneration Policy The Management Company has implemented and maintains effective a remuneration policy (the “Remuneration Policy”) appropriate to its size, internal organization and the nature, scope and complexity of its activities. The Remuneration Policy applies to those categories of staff, including senior management, risk takers, control functions and any employee receiving total remuneration that falls within the remuneration bracket of senior management and risk takers whose professional activities have a material impact 43 7. Depositary Bank and Paying Agent

State Street Bank Luxembourg S.C.A. has been appointed by The Depositary Bank will be liable to the Fund for all other the Management Company as the FCP’s depositary (the losses suffered by the FCP as a result of the Depositary Bank’s “Depositary bank”) and the FCP’s paying agent (the “Paying negligent or intentional failure to properly fulfil its obligations Agent”) under agreements signed respectively on 07 October pursuant to the UCITS Directive. 2016 and 20 December 2013. The Depositary Bank shall not be liable for consequential or State Street Bank Luxembourg S.C.A., the FCP’s Depositary indirect or special damages or losses, arising out of or in Bank and Paying Agent, is a société en commandite par connection with the performance or non-performance by the actions with registered office at 49, Avenue J.F. Kennedy, L- Depositary Bank of its duties and obligations. 1855 Luxembourg, Grand Duchy of Luxembourg, registered with the Registre de Commerce et des Sociétés of Luxembourg Delegation under number B 32 771. The Depositary Bank has full power to delegate the whole or The corporate object of State Street Bank Luxembourg S.C.A. any part of its safe-keeping functions but its liability will not is primarily to perform banking, financial, securities and be affected by the fact that it has entrusted to a third party fiduciary activities, as well as incidental activities thereto. some or all of the assets in its safekeeping. The Depositary Bank’s liability shall not be affected by any delegation of its The above mentioned agreement may be modified by mutual safe-keeping functions under the Depositary Agreement. agreement between the companies that are parties thereto. The Depositary Bank has delegated those safekeeping duties Depositary Bank’s functions set out in Article 22(5)(a) of the UCITS Directive to State Street Bank and Trust Company with registered office at Copley Place The Depositary Bank has been entrusted with following main 100, Huntington Avenue, Boston, Massachusetts 02116, USA, functions: whom it has appointed as its global sub-custodian. State – ensuring that the sale, issue, repurchase, redemption and Street Bank and Trust Company as global sub-custodian has cancellation of Units are carried out in accordance with appointed local sub-custodians within the State Street Global applicable law and the Management Regulations; Custody Network. – ensuring that the value of the Units is calculated in Information about the safe-keeping functions which have been accordance with applicable law and the Management delegated and the identification of the relevant delegates and Regulations; sub-delegates are available at the registered office of the Management Company or at the following internet site: – carrying out the instructions of the Management http://www.statestreet.com/about/office-locations/ Company unless they conflict with applicable law and the luxembourg/subcustodians.html. Management Regulations; – ensuring that in transactions involving the assets of the Depositary Bank’s Conflicts of Interest FCP any consideration is remitted within the usual time The Depositary Bank is part of an international group of limits; companies and businesses that, in the ordinary course of their – ensuring that the income of the FCP is applied in business, act simultaneously for a large number of clients, as accordance with applicable law and the Management well as for their own account, which may result in actual or Regulations; potential conflicts. Conflicts of interest arise where the Depositary Bank or its affiliates engage in activities under the – monitoring of the FCP’s cash and cash flows; depositary agreement or under separate contractual or other – safe-keeping of the FCP’s assets, including the arrangements. Such activities may include: safekeeping of financial instruments to be held in custody A) providing nominee, administration, registrar and transfer and ownership verification and record keeping in relation agency, research, agent securities lending, investment to other assets. management, financial advice and/or other advisory services to the Management Company acting on behalf of Depositary Bank’s liability the FCP; In the event of a loss of a financial instrument held in custody, B) engaging in banking, sales and trading transactions determined in accordance with the Directive 2009/65/EC (as including foreign exchange, derivative, principal lending, amended by the Directive 2014/91/EU) (“UCITS Directive”), broking, market making or other financial transactions and in particular Article 18 of the UCITS Regulation, the with the FCP either as principal and in the interests of Depositary Bank shall return financial instruments of identical itself, or for other clients; type or the corresponding amount to the Management Company acting on behalf of the FCP without undue delay. In connection with the above activities the Depositary Bank or its affiliates: The Depositary Bank shall not be liable if it can prove that the loss of a financial instrument held in custody has arisen as a A) will seek to profit from such activities and are entitled to result of an external event beyond its reasonable control, the receive and retain any profits or compensation in any consequences of which would have been unavoidable despite form and are not bound to disclose to, the Management all reasonable efforts to the contrary pursuant to the UCITS Company acting on behalf of the FCP, the nature or Directive. amount of any such profits or compensation including any fee, charge, commission, revenue share, spread, mark-up, In case of a loss of financial instruments held in custody, the mark-down, interest, rebate, discount, or other benefit Unitholders may invoke the liability of the Depositary Bank received in connection with any such activities; directly or indirectly through the Management Company provided that this does not lead to a duplication of redress or B) may buy, sell, issue, deal with or hold, securities or other to unequal treatment of the Unitholders. financial products or instruments as principal acting in its own interests, the interests of its affiliates or for its other clients; 44 C) may trade in the same or opposite direction to the Up-to-date information on the Depositary Bank, its duties, any transactions undertaken, including based upon conflicts that may arise, the safe-keeping functions delegated information in its possession that is not available to the by the Depositary Bank, the list of delegates and sub-delegates Management Company acting on behalf of the FCP; and any conflicts of interest that may arise from such a delegation will be made available to Unitholders on request. D) may provide the same or similar services to other clients including competitors of the FCP; The Depositary Bank or the Management Company may, at any time and by means of written notice of at least three E) may be granted creditors’ rights by the FCP which it may months sent from one to the other, terminate the Depositary exercise. Bank’s duties, it being understood that the Management The Management Company acting on behalf of the FCP may Company is required to appoint a new Depositary Bank, which use an affiliate of the Depositary Bank to execute foreign shall take over functions and responsibilities as defined by law exchange, spot or swap transactions for the account of the and in the Management Regulations. FCP. In such instances the affiliate shall be acting in a principal While awaiting its replacement, which must take place within capacity and not as a broker, agent or fiduciary of the two months starting from the date of expiration of the notice Management Company acting on behalf of the FCP. The period, the Depositary Bank shall take all steps necessary to affiliate will seek to profit from these transactions and is ensure the proper protection of the Unitholders’ interests. entitled to retain and not disclose any profit to the Management Company acting on behalf of the FCP. The In its capacity as Paying Agent, State Street Bank Luxembourg affiliate shall enter into such transactions on the terms and S.C.A. is in charge of payment of the FCP’s dividends and of conditions agreed with the Management Company acting on proceeds from the redemption of Units. behalf of the FCP. Where cash belonging to the FCP is deposited with an affiliate being a bank, a potential conflict arises in relation to the interest (if any) which the affiliate may pay or charge to such account and the fees or other benefits which it may derive from holding such cash as banker and not as trustee. The Management Company may also be a client or counterparty of the Depositary Bank or its affiliates. Potential conflicts that may arise in the Depositary Bank’s use of sub-custodians include four broad categories: (1) conflicts from sub-custodian selection and asset allocation among multiple sub-custodians influenced by (a) cost factors, including lowest fees charged, fee rebates or similar incentives and (b) broad two-way commercial relationships in which the Depositary Bank may act based on the economic value of the broader relationship, in addition to objective evaluation criteria; (2) sub-custodians, both affiliated and non-affiliated, act for other clients and in their own proprietary interest, which might conflict with clients’ interests; (3) sub-custodians, both affiliated and non-affiliated, have only indirect relationships with clients and look to the Depositary Bank as its counterparty, which might create incentive for the Depositary Bank to act in its self-interest, or other clients’ interests to the detriment of clients; and (4) sub-custodians may have market-based creditors’ rights against client assets that they have an interest in enforcing if not paid for securities transactions. In carrying out its duties the Depositary shall act honestly, fairly, professionally, independently and solely in the interests of the FCP and its Unitholders. The Depositary Bank has functionally and hierarchically separated the performance of its depositary tasks from its other potentially conflicting tasks. The system of internal controls, the different reporting lines, the allocation of tasks and the management reporting allow potential conflicts of interest and the depository issues to be properly identified, managed and monitored. Additionally, in the context of the Depositary Bank’s use of sub-custodians, the Depositary Bank imposes contractual restrictions to address some of the potential conflicts and maintains due diligence and oversight of sub-custodians to ensure a high level of client service by those agents. The Depositary Bank further provides frequent reporting on clients’ activity and holdings, with the underlying functions subject to internal and external control audits. Finally, the Depositary Bank internally separates the performance of its custodial tasks from its proprietary activity and follows a Standard of Conduct that requires employees to act ethically, fairly and transparently with clients. 45 8. Administrative Agent, Registrar and Transfer Agent

State Street Bank Luxembourg S.C.A. has been appointed by the Management Company as the the FCP’s administration agent, registrar and transfer agent (the “Administrative Agent, Registrar and Transfer Agent”) in Luxembourg under an agreement signed on 20 December 2013. The above mentioned agreement may be modified by mutual agreement between the companies that are parties thereto. In such capacity, State Street Bank Luxembourg S.C.A. shall be responsible for all administrative and accounting obligations required under Luxembourg law, and particularly for accounting maintenance and the calculation of the Net Asset Value, as well as for execution of requests for the issue, redemption and conversion of Units, and for the maintenance of the Unitholders’ register. In no case shall the Management Company and the Depositary Bank’s liability be affected by the fact that the Management Company delegated the Administrative Agent, Registrar and Transfer Agent functions to State Street Bank Luxembourg S.C.A.

46 9. Investment Managers and Advisors

The Investment Manager must purchase and sell securities on asset management company in Japan based on assets under a daily basis, in other words manage the FCP’s portfolio and management of publicly offered investment trusts. Currently, determine the FCP’s investment strategy. Daiwa Asset Management Co. LTD manages over 550 funds of various asset classes, and has an exceptional track record in In the execution of its mandate the Investment Manager is Asian equities including Japanese equities and global bond permitted to enter into “soft commission” agreements with funds. brokers. In accordance with these agreements and in accordance with the interests of Unitholders, such brokers will make direct payment for goods and services provided by third- parties and used to support the Investment Manager’s business directly. These arrangements cannot be executed with physical persons. Indications of “soft commission” will appear in the FCP’s annual report. The Investment Manager may, subject to previous agreement of the Management Company, at its own expense and its own responsibility, in order to benefit from their professional experience in certain sectors or markets, use the services of Advisors and/or of Sub-Investment Managers. In such cases the Sub-Investment Manager and Advisor will be mentioned in the Sheets of the Sub-Funds in question. The Sub-Funds of the FCP are managed by the following Investment Managers: – Eurizon Capital S.A. – Eurizon Capital SGR S.p.A. – Epsilon SGR S.p.A. – Eurizon SLJ Capital LTD – Eurizon Capital (HK) LTD – Daiwa Asset Management (Singapore) LTD Eurizon Capital S.A. structure is more fully described in section “The Management Company”. Eurizon Capital SGR S.p.A., fully owned by Intesa Sanpaolo S.p.A., is an asset management company specialized in the management of mutual funds and managed accounts to Italian retail and institutional investors. Eurizon SLJ Capital LTD is an asset management company specialized in currency management services, as well as investment and advisory services with a macro/top-down approach, of which Eurizon Capital SGR S.p.A. is the majority shareholder. Eurizon Capital (HK) Limited is a Hong Kong asset management company specialized in the management of mutual funds and managed accounts of which Eurizon Capital S.A. is the sole shareholder. Daiwa Asset Management (Singapore) LTD is a public company limited by shares incorporated in Singapore on 3 January 1994 which holds a “Capital Markets Services Licence” from the Monetary Authority of Singapore. Since its establishment in Singapore, it has been involved in fund management activities, including managing discretionary funds and providing investment advisory services. Epsilon Associati – Società di Gestione del Risparmio S.p.A. (short name: Epsilon SGR S.p.A.), jointly owned by Banca IMI S.p.A. and Eurizon Capital SGR S.p.A., both parts of Intesa Sanpaolo Group, is an asset management company specialized in the management of mutual funds. Such company benefits from the best expertise and experience of its two shareholders in the field of Investment Banking/Capital Markets and Asset Management. Daiwa Asset Management (Singapore) LTD manages the assets of the Sub-Fund Eurizon Fund – Equity Japan of the FCP based on the advice received from Daiwa Asset Management Co. LTD Daiwa Asset Management Co. LTD is the second-largest 47 10. Distributors and Nominees

The Management Company may designate banks and/or financial institutions to act as distribution agents or intermediaries who may be involved in investment and redemption transactions. In certain countries this is even a legal requirement. Pursuant to the legal conditions of the place where the Units are distributed, the distribution agents may, with the Management Company approval, act as nominees for the investors (the nominees being intermediaries acting between the investors and the UCIs of their choice). As such, the distribution agent or intermediary shall subscribe to or repurchase Units of the FCPs in its name, however as a nominee acting on behalf of the investor. In appropriate cases, it shall demand registration of these transactions in the FCP’s register of Unitholders. This being the case, the investors, unless otherwise provided for in local law, shall retain the right to invest directly in the FCP without using a nominee’s services. In addition, investors who have subscribed via a nominee shall retain a direct right to the Units subscribed in this way. Insofar as need be it is specified that the foregoing section is not applicable in cases in which recourse to the services of a nominee is indispensable, or even mandatory, for legal or regulatory reasons or due to binding practices. The nominee list is available at the head office of the Management Company.

48 11. Available Information and Documents

In compliance with the provisions of the Law of 17 December 2010 on collective investment undertakings, CSSF Regulation 10-4 and CSSF Circular 12/546, the Management Company has implemented and maintains effective certain procedures and strategies including: b a procedure for the reasonable and prompt handling of complaints received from Unitholders which is available on the Management Company’s website (www.eurizoncapital.lu); b a summary of the strategies for the exercise of the voting rights attached to instruments held in the portfolios of the Fund which is available on the Management Company’s website (www.eurizoncapital.lu) and the details of the actions taken on the basis of those strategies can be supplied free of charge to Unitholders upon request made to the Management Company; b a policy for the transmission and execution of orders on financial instruments which is available on the Management Company’s website (www.eurizoncapital.lu); b inducements: the essential terms of the arrangements relating to the fees, commissions or non-monetary benefits, the Management Company may receive in relation to the activities of investment management and administration of the Fund are disclosed in this Prospectus and/or in periodic reports, as the case may be. Further details can be supplied free of charge to investors upon request made to the Management Company; b procedures relating to the management of conflicts of interest as disclosed in this Prospectus and also on the Management Company’s website (www.eurizoncapital.lu); b a Remuneration Policy which main features are described in Section 6 “The Management Company”. The following documents are deposited at the registered office of the Management Company where they may be consulted: A) The Management Company’s coordinated Articles of Incorporation; B) The coordinated Management Regulations; C) The latest annual and semi-annual reports established for the FCP; D) “Depositary Agreement” executed between State Street Bank Luxembourg S.C.A. and the Management Company; E) The “Administration Agency, Paying Agency, Registrar and Transfer Agency Agreement” executed between State Street Bank Luxembourg S.C.A. and the Management Company; F) The agreements executed with any Investment Manager. The Prospectus, the KIID and the financial reports may be obtained by the public free of charge at the Management Company’s registered office and website (www.eurizoncapital.lu), from the Depositary Bank, and also from all authorized representatives. In addition, the KIID may also be made available on any other durable medium as agreed with Unitholders/applicants. The official language of this Prospectus and of the Management Regulations is English.

49 12. List of Sub-Funds

Line “Limited Tracking Error” Line “Active - Market” The investment approach used for Sub-Funds that belong to The investment approach used for Sub-Funds that belong to the Limited Tracking Error (LTE) line strives for two main goals: the Active-Market line is based on more active management keeping each Sub-Fund’s performances in line with target styles. These Sub-Funds provide investors with an exposure to market performances and exploiting market inefficiencies to specific markets: generate value. These Sub-Funds cover a large range of geographic areas, sectors, durations, ratings and currencies. Eurizon Fund – Cash EUR ...... 71 Eurizon Fund – Treasury USD ...... 72 Investors’ attention is called to the fact that these Sub- Funds are no Index-tracking UCITS, as defined by the Eurizon Fund – Treasury EUR T1 ...... 73 European Securities and Markets Authority (ESMA), and Eurizon Fund – Bond EUR Floating Rate ...... 74 then do not intend to passively replicate, track or leverage the performance of the Benchmark indicated in Eurizon Fund – Bond Inflation Linked ...... 75 each Sub-Fund’s sheet through synthetic or physical Eurizon Fund – Bond Corporate EUR Short Term . . . . . 76 replication. Eurizon Fund – Bond Corporate EUR ...... 77 The information published by benchmark providers included in Eurizon Fund – Bond Aggregate EUR ...... 78 this Prospectus may only be used for internal use and may not be reproduced or re-disseminated in any form and may not be Eurizon Fund – Bond Aggregate RMB ...... 80 used to write, trade, market or promote any financial Eurizon Fund – Bond High Yield ...... 82 instruments or products or to create any indices. The information of data providers is provided on an “as is” basis Eurizon Fund – Bond International ...... 83 and the user of this information assumes the entire risk of any Eurizon Fund – Bond Emerging Markets ...... 85 use made of this information. Eurizon Fund – Bond Emerging Markets in Local Eurizon Fund – Bond EUR Short Term LTE ...... 52 Currencies ...... 87 Eurizon Fund – Bond EUR Medium Term LTE ...... 53 Eurizon Fund – Equity Italy ...... 89 Eurizon Fund – Bond EUR Long Term LTE ...... 54 Eurizon Fund – Equity Small Mid Cap Italy ...... 91 Eurizon Fund – Bond GBP LTE ...... 55 Eurizon Fund – Equity Small Mid Cap Europe ...... 92 Eurizon Fund – Bond JPY LTE ...... 56 Eurizon Fund – Equity USA ...... 94 Eurizon Fund – Bond USD LTE ...... 57 Eurizon Fund – Equity Japan ...... 96 Eurizon Fund – Bond International LTE ...... 58 Eurizon Fund – Equity China A ...... 98 Eurizon Fund – Equity Euro LTE ...... 59 Eurizon Fund – Top European Research ...... 100 Eurizon Fund – Equity Europe LTE ...... 60 Eurizon Fund – Equity Emerging Markets New Frontiers ...... 102 Eurizon Fund – Equity North America LTE ...... 61 Eurizon Fund – SLJ Local Emerging Markets Debt . . . . . 103 Eurizon Fund – Equity Japan LTE ...... 62 Eurizon Fund – Sustainable Global Equity ...... 105 Eurizon Fund – Equity Oceania LTE ...... 63 Eurizon Fund – Equity Emerging Markets LTE ...... 64 Line “Active - Strategy” Line “Factors” The investment approach used for Sub-Funds that belong to the Active-Strategy line is based on more active management The investment approach used for Sub-Funds that belong to styles. These Sub-Funds propose to investors a variety of the Factors line is based on quantitative investment strategies investment strategies: which emphasize pre-determined factors rather than traditional market capitalization. These Sub-Funds provide investors with Eurizon Fund – Azioni Strategia Flessibile ...... 107 an exposure to specific markets: Eurizon Fund – Absolute Prudente ...... 109 Eurizon Fund – Bond Corporate Smart ESG ...... 65 Eurizon Fund – Absolute Attivo ...... 110 Eurizon Fund – Equity Italy Smart Volatility ...... 66 Eurizon Fund – Absolute Green Bonds ...... 111 Eurizon Fund – Equity China Smart Volatility ...... 67 Eurizon Fund – Absolute High Yield ...... 113 Eurizon Fund – Equity Emerging Markets Smart Eurizon Fund – Equity Absolute Return ...... 115 Volatility ...... 68 Eurizon Fund – Multiasset Income ...... 116 Eurizon Fund – Equity World Smart Volatility ...... 70 Eurizon Fund – Flexible Beta Total Return ...... 118 Eurizon Fund – Dynamic Asset Allocation ...... 119 Eurizon Fund – Flexible Multistrategy ...... 120 Eurizon Fund – Securitized Bond Fund ...... 122 Eurizon Fund – SLJ Global Liquid Macro ...... 124 Eurizon Fund – SLJ Global FX ...... 126 Eurizon Fund – SLJ Absolute Return Emerging Markets Debt ...... 128 Eurizon Fund – Global Equity Alpha ...... 130 50 Eurizon Fund – Global Multi Credit ...... 132 Eurizon Fund – Bond Flexible ...... 134

51 Line “Limited Tracking Error”

Eurizon Fund – Bond EUR Short Term LTE

This Sub-Fund, formerly named SANPAOLO INTERNATIONAL Benchmark Type: With income reinvested (Total Return) FUND – OBIETTIVO EURO MEDIO TERMINE, was launched on 3. Global exposure 16 July 1999 at an initial price of 100 Euros, its name was changed to SANPAOLO INTERNATIONAL FUND – OBIETTIVO The method used to calculate the global exposure for this EURO BREVE TERMINE on 27 September 2002 and to EURIZON Sub-Fund is the Commitment Approach. EASYFUND – BOND EUR SHORT TERM on 26 February 2008. Its 4. Investment Manager name was further changed on 1 February 2012. Eurizon Capital S.A. Investment Objectives 5. Investor Profile The objective of the Investment Manager is to provide growth This Sub-Fund may be appropriate for investors who seek and income on the invested capital over time by achieving a an exposure according to the Sub-Fund’s Objective, return in line with the return of a portfolio of short term debt accepting market volatility. instruments issued by governments of the Eurozone (the “Objective”). No guarantee is given with respect to this Objective actually being reached.

Investment Policy The Sub-Fund’s net assets will be mainly invested in euro- denominated debt and debt-related instruments of any kind, including for example bonds and money market instruments, issued by governments, their agencies, public international bodies or corporate issuers., with an Investment Grade credit rating, at issue or issuer level. Duration of the portfolio will generally be comprised between 6 months and 3 years. In addition, the Sub-Fund will be entitled to hold cash, including term deposits with credit institutions, within the limits provided by law and indicated in the Prospectus in the section entitled “Investments and investment restrictions”. This Sub-Fund’s net assets will not be invested in asset-backed securities. The Sub-Fund may use financial techniques and instruments within the limits and under the conditions described in the section “Techniques and Instruments” and in Appendix B. Derivative financial instruments, whether negotiated on a regulated market that operates regularly and that is recognized and open to the public or dealt on over-the-counter markets, will be aimed at hedging risks, ensuring efficient portfolio management and/or investing according to the Investment Policy. Investors are advised to consider the additional risks associated with the use of derivative financial instruments, as described in the section “Specific Risks” of the Prospectus. When credit ratings published by credit rating agencies are used, such credit agencies shall be established in the European Union and registered in accordance with the Regulation N° 462/2013 of the European Parliament and of the Council amending Regulation N° 1060/2009 on credit rating agencies.

General Information 1. Sub-Fund’s Reference Currency Euro 2. Benchmark JPM Emu Gov. Bond 1-3 y Index®, a market capitalization weighted index that includes fixed rate debt issued by the EMU member governments with the exclusion of Luxembourg, with a remaining maturity between 1 and 3 years. This benchmark can be expressed in, converted in or hedged against its local currencies or the currency the Classes of Units of the Sub-Fund are expressed in, in order to reflect the characteristic of each Class of Unit of the Sub-Fund. 52 Line “Limited Tracking Error”

Eurizon Fund – Bond EUR Medium Term LTE

This Sub-Fund, formerly named SANPAOLO INTERNATIONAL to reflect the characteristic of each Class of Unit of the FUND – BONDS EURO, was initially launched on 29 November Sub-Fund. 1988 at an initial price of 100 ECU, its name was changed to Benchmark Type: With income reinvested (Total Return) SANPAOLO INTERNATIONAL FUND – OBIETTIVO EURO MEDIO TERMINE on 27 September 2002 and to EURIZON EASYFUND – 3. Global exposure BOND EUR MEDIUM TERM on 26 February 2008. On 11 The method used to calculate the global exposure for this December 2009, it received as a contribution the assets and Sub-Fund is the Commitment Approach. liabilities of the Sub-Fund GIOTTO LUX FUND – EURO MEDIUM TERM. Its name was further changed on 1 February 2012. 4. Investment Manager Eurizon Capital S.A. Investment Objectives 5. Investor Profile The objective of the Investment Manager is to provide growth This Sub-Fund may be appropriate for investors who seek and income on the invested capital over time by achieving a an exposure according to the Sub-Fund’s Objective, return in line with the return of a portfolio of medium term accepting market volatility. debt instruments issued by governments of the Eurozone (the “Objective”). No guarantee is given with respect to this Objective actually being reached.

Investment Policy This Sub-Fund’s net assets will be invested mainly in euro- denominated debt and debt-related instruments of any kind, including for example bonds and money market instruments, issued by governments, their agencies, public international bodies or corporate issuers, with an Investment Grade credit rating, at issue or issuer level. The duration of the portfolio will generally be comprised between 2 and 5 years. In addition, the Sub-Fund will be entitled to hold cash, including term deposits with credit institutions, within the limits allowed by law and indicated in the Prospectus in the section entitled “Investments and investment restrictions”. This Sub-Fund’s net assets will not be invested in asset-backed securities. The Sub-Fund may use financial techniques and instruments within the limits and under the conditions described in the section “Techniques and Instruments” and in Appendix B. Derivative financial instruments, whether negotiated on a regulated market that operates regularly and that is recognized and open to the public or dealt on over-the-counter markets, will be aimed at hedging risks, ensuring efficient portfolio management and/or investing according to the Investment Policy. Investors are advised to consider the additional risks associated with the use of derivative financial instruments, as described in the section “Specific Risks” of the Prospectus. When credit ratings published by credit rating agencies are used, such credit agencies shall be established in the European Union and registered in accordance with the Regulation N° 462/2013 of the European Parliament and of the Council amending Regulation N° 1060/2009 on credit rating agencies.

General Information 1. Sub-Fund’s Reference Currency Euro 2. Benchmark JPM Emu Gov. Bond 3-5 y Index®, a market capitalization weighted index that includes fixed rate debt issued by the EMU member governments with the exclusion of Luxembourg, with a remaining maturity between 3 and 5 years. This benchmark can be expressed in, converted in or hedged against its local currencies or the currency the Classes of Units of the Sub-Fund are expressed in, in order 53 Line “Limited Tracking Error”

Eurizon Fund – Bond EUR Long Term LTE

This Sub-Fund, formerly named SANPAOLO INTERNATIONAL to reflect the characteristic of each Class of Unit of the FUND – EURO LONG TERM, was launched on 16 July 1999 at Sub-Fund. an initial price of 100 Euros, its name was changed to Benchmark Type: With income reinvested (Total Return) SANPAOLO INTERNATIONAL FUND – OBIETTIVO EURO LUNGO TERMINE on 26 November 2001 and to EURIZON EASYFUND – 3. Global exposure BOND EUR LONG TERM on 26 February 2008. On 11 The method used to calculate the global exposure for this December 2009, it received as a contribution the assets and Sub-Fund is the Commitment Approach. liabilities of the Sub-Fund GIOTTO LUX FUND – EURO LONG TERM. Its name was further changed on 1 February 2012. 4. Investment Manager Eurizon Capital S.A. Investment Objectives 5. Investor Profile The objective of the Investment Manager is to provide growth This Sub-Fund may be appropriate for investors who seek and income on the invested capital over time by achieving a an exposure according to the Sub-Fund’s Objective, return in line with the return of a portfolio of long term debt accepting market volatility. instruments issued by governments of the Eurozone (the “Objective”). No guarantee is given with respect to this Objective actually being reached.

Investment Policy The Sub-Fund’s net assets will be mainly invested in euro- denominated debt and debt-related instruments of any kind, including for example bonds and money market instruments, issued by governments, their agencies, public international bodies or corporate issuers, with an Investment Grade credit rating, at issue or issuer level. Duration of the portfolio will generally be comprised between 6 and 12 years. In addition, the Sub-Fund will be entitled to hold cash, including term deposits with credit institutions, within the limits provided by law and indicated in the Prospectus in the section entitled “Investments and investment restrictions”. This Sub-Fund’s net assets will not be invested in asset-backed securities. The Sub-Fund may use financial techniques and instruments within the limits and under the conditions described in the section “Techniques and Instruments” and in Appendix B. Derivative financial instruments, whether negotiated on a regulated market that operates regularly and that is recognized and open to the public or dealt on over-the-counter markets, will be aimed at hedging risks, ensuring efficient portfolio management and/or investing according to the Investment Policy. Investors are advised to consider the additional risks associated with the use of derivative financial instruments, as described in the section “Specific Risks” of the Prospectus. When credit ratings published by credit rating agencies are used, such credit agencies shall be established in the European Union and registered in accordance with the Regulation N° 462/2013 of the European Parliament and of the Council amending Regulation N° 1060/2009 on credit rating agencies.

General Information 1. Sub-Fund’s Reference Currency Euro 2. Benchmark JPM EMU Gov. Bond > 5 y Index®, a market capitalization weighted index that includes fixed rate debt issued by the EMU member governments with the exclusion of Luxembourg, with a remaining maturity greater than 5 years. This benchmark can be expressed in, converted in or hedged against its local currencies or the currency the Classes of Units of the Sub-Fund are expressed in, in order 54 Line “Limited Tracking Error”

Eurizon Fund – Bond GBP LTE

This Sub-Fund, formerly named SANPAOLO INTERNATIONAL 3. Global exposure FUND – BONDS UK£, was launched on 15 February 1999 at an The method used to calculate the global exposure for this initial price of 100 Euros, its name was changed to SANPAOLO Sub-Fund is the Commitment Approach. INTERNATIONAL FUND – OBIETTIVO OBBLIGAZIONARIO STERLINE on 27 September 2002 and to EURIZON EASYFUND – 4. Investment Manager BOND GBP on 26 February 2008. Its name was further Eurizon Capital S.A. changed on 1 February 2012. 5. Investor Profile Investment Objectives This Sub-Fund may be appropriate for investors who seek an exposure according to the Sub-Fund’s Objective, The objective of the Investment Manager is to provide growth accepting market volatility. and income on the invested capital over time by achieving a return in line with the return of a portfolio of debt instruments issued by the Government of the United Kingdom (the “Objective”). No guarantee is given with respect to this Objective actually being reached.

Investment Policy The Sub-Fund’s net assets will be mainly invested in debt and debt-related instruments of any kind, including for example bonds and money market instruments, denominated in Pounds Sterling (GBP) and issued by governments, their agencies, public international bodies or corporate issuers, with an Investment Grade credit rating, at issue or issuer level. The duration of the portfolio will generally be comprised between 8 and 14 years. In addition, the Sub-Fund will be entitled to hold cash, including term deposits with credit institutions, within the limits allowed by law indicated in the section entitled “Investments and investment restrictions”. This Sub-Fund’s net assets will not be invested in asset-backed securities. The Sub-Fund may use financial techniques and instruments within the limits and under the conditions described in the section “Techniques and Instruments” and in Appendix B. Derivative financial instruments, whether negotiated on a regulated market that operates regularly and that is recognized and open to the public or dealt on over-the-counter markets, will be aimed at hedging risks, ensuring efficient portfolio management and/or investing according to the Investment Policy. Investors are advised to consider the additional risks associated with the use of derivative financial instruments, as described in the section “Specific Risks” of the Prospectus. When credit ratings published by credit rating agencies are used, such credit agencies shall be established in the European Union and registered in accordance with the Regulation N° 462/2013 of the European Parliament and of the Council amending Regulation N° 1060/2009 on credit rating agencies.

General Information 1. Sub-Fund’s Reference Currency Euro 2. Benchmark JPM UK Gov Bonds Index®, a market capitalization weighted index that includes debt instruments issued by Great Britain. This benchmark can be expressed in, converted in or hedged against its local currencies or the currency the Classes of Units of the Sub-Fund are expressed in, in order to reflect the characteristic of each Class of Unit of the Sub-Fund. Benchmark Type: With income reinvested (Total Return) 55 Line “Limited Tracking Error”

Eurizon Fund – Bond JPY LTE

This Sub-Fund, formerly named SANPAOLO INTERNATIONAL 3. Global exposure FUND – BOND YEN, was launched on 20 October 1998 at an The method used to calculate the global exposure for this initial price of 100 Euros, its name was changed to SANPAOLO Sub-Fund is the Commitment Approach. INTERNATIONAL FUND – OBIETTIVO OBBLIGAZIONARIO YEN on 26 November 2001 and to EURIZON EASYFUND – BOND JPY on 4. Investment Manager 26 February 2008. Its name was further changed on 1 February Eurizon Capital S.A. 2012. 5. Investor Profile Investment Objectives This Sub-Fund may be appropriate for investors who seek an exposure according to the Sub-Fund’s Objective, The objective of the Investment Manager is to provide growth accepting market volatility. and income on the invested capital over time by achieving a return in line with the return of a portfolio of debt instruments issued by the Japanese Government (the “Objective”). No guarantee is given with respect to this Objective actually being reached.

Investment Policy The Sub-Fund’s net assets will be mainly invested in debt and debt-related instruments of any kind, including for example bonds and money market instruments, denominated in Japanese Yen (JPY) and issued by governments, their agencies, public international bodies or corporate issuers, with an Investment Grade credit rating, at issue or issuer level. Duration of the portfolio will generally be comprised between 6 and 12 years. In addition, the Sub-Fund will be entitled to hold cash, including term deposits with credit institutions, within the limits allowed by law indicated in the section entitled “Investments and investment restrictions”. This Sub-Fund’s net assets will not be invested in asset-backed securities. The Sub-Fund may use financial techniques and instruments within the limits and under the conditions described in the section “Techniques and Instruments” and in Appendix B. Derivative financial instruments, whether negotiated on a regulated market that operates regularly and that is recognized and open to the public or dealt on over-the-counter markets, will be aimed at hedging risks, ensuring efficient portfolio management and/or investing according to the Investment Policy. Investors are advised to consider the additional risks associated with the use of derivative financial instruments, as described in the section “Specific Risks” of the Prospectus. When credit ratings published by credit rating agencies are used, such credit agencies shall be established in the European Union and registered in accordance with the Regulation N° 462/2013 of the European Parliament and of the Council amending Regulation N° 1060/2009 on credit rating agencies.

General Information 1. Sub-Fund’s Reference Currency Euro 2. Benchmark JPM Japan Gov Bonds Index®, a market capitalization weighted index that includes debt instruments issued by Japan Government. This benchmark can be expressed in, converted in or hedged against its local currencies or the currency the Classes of Units of the Sub-Fund are expressed in, in order to reflect the characteristic of each Class of Unit of the Sub-Fund. Benchmark Type: With income reinvested (Total Return)

56 Line “Limited Tracking Error”

Eurizon Fund – Bond USD LTE

This Sub-Fund, formerly named SANPAOLO INTERNATIONAL 3. Global exposure FUND – BOND US$, was launched on 20 October 1998 at an The method used to calculate the global exposure for this initial price of 100 Euros, its name was changed to SANPAOLO Sub-Fund is the Commitment Approach. INTERNATIONAL FUND – OBIETTIVO OBBLIGAZIONARIO DOLLARI on 26 November 2001 and to EURIZON EASYFUND – 4. Investment Manager BOND USD on 26 February 2008. Its name was further Eurizon Capital S.A. changed on 1 February 2012. 5. Investor Profile Investment Objectives This Sub-Fund may be appropriate for investors who seek an exposure according to the Sub-Fund’s Objective, The objective of the Investment Manager is to provide growth accepting market volatility. and income on the invested capital over time by achieving a return in line with the return of a portfolio of debt instruments issued by the Government of the United States of America (the “Objective”). No guarantee is given with respect to this Objective actually being reached.

Investment Policy The Sub-Fund’s net assets will be mainly invested in debt and debt-related instruments of any kind, including for example bonds and money market instruments, denominated in US Dollars (USD) and issued by governments, their agencies, public international bodies or corporate issuers, with an Investment Grade credit rating, at issue or issuer level. Duration of the portfolio will generally be comprised between 4 and 10 years. In addition, the Sub-Fund will be entitled to hold cash, including term deposits with credit institutions, within the limits allowed by law indicated in the section entitled “Investments and investment restrictions”. This Sub-Fund’s net assets will not be invested in asset-backed securities. The Sub-Fund may use financial techniques and instruments within the limits and under the conditions described in the section “Techniques and Instruments” and in Appendix B. Derivative financial instruments, whether negotiated on a regulated market that operates regularly and that is recognized and open to the public or dealt on over-the-counter markets, will be aimed at hedging risks, ensuring efficient portfolio management and/or investing according to the Investment Policy. Investors are advised to consider the additional risks associated with the use of derivative financial instruments, as described in the section “Specific Risks” of the Prospectus. When credit ratings published by credit rating agencies are used, such credit agencies shall be established in the European Union and registered in accordance with the Regulation N° 462/2013 of the European Parliament and of the Council amending Regulation N° 1060/2009 on credit rating agencies.

General Information 1. Sub-Fund’s Reference Currency Euro 2. Benchmark JPM USA Gov Bonds Index®, a market capitalization weighted index that includes debt instruments issued by the U.S. Federal Government. This benchmark can be expressed in, converted in or hedged against its local currencies or the currency the Classes of Units of the Sub- Fund are expressed in, in order to reflect the characteristic of each Class of Unit of the Sub-Fund. Benchmark Type: With income reinvested (Total Return) 57 Line “Limited Tracking Error”

Eurizon Fund – Bond International LTE

This Sub-Fund, formerly named SANPAOLO INTERNATIONAL General Information FUND – BONDS FrSw, was launched on 16 July 1999 at an 1. Sub-Fund’s Reference Currency initial price of 100 Euros, its name was changed to SANPAOLO Euro INTERNATIONAL FUND – OBIETTIVO OBBLIGAZIONARIO FRANCHI SVIZZERI on 27 September 2002 and from SANPAOLO 2. Benchmark INTERNATIONAL FUND – OBIETTIVO OBBLIGAZIONARIO JP Morgan Global Government Bond Index®, a market FRANCHI SVIZZERI to EURIZON EASYFUND – BOND CHF on 26 capitalization weighted index, consisting of the following February 2008. Its Investment Policy and name was changed to countries: Australia, Belgium, Canada, Denmark, France, EURIZON EASYFUND – BOND INTERNATIONAL on 27 February Germany, Italy, Japan, Netherlands, Spain, Sweden, United 2009. On 11 December 2009, it received as a contribution the Kingdom, United States of America. This benchmark can assets and liabilities of the Sub-Fund GIOTTO LUX FUND – be expressed in, converted in or hedged against its local GLOBAL GOVERNMENT BOND. Its name was further changed currencies or the currency the Classes of Units of the Sub- on 1 February 2012. Fund are expressed in, in order to reflect the characteristic of each Class of Unit of the Sub-Fund. Investment Objectives Benchmark Type: With income reinvested (Total Return) The objective of the Investment Manager is to provide growth and income on the invested capital over time by achieving a 3. Global exposure return in line with the return of a portfolio of debt instruments The method used to calculate the global exposure for this issued by governments of developed countries (the Sub-Fund is the Commitment Approach. “Objective”). 4. Investment Manager No guarantee is given with respect to this Objective actually Eurizon Capital S.A. being reached. 5. Investor Profile Investment Policy This Sub-Fund may be appropriate for investors who seek The Sub-Fund’s net assets will be mainly invested in debt and an exposure according to the Sub-Fund’s Objective, debt-related instruments of any kind, including for example accepting market volatility. bonds and money market instruments, denominated in any currency, issued by European, North American, Japanese and Pacific area (including Asia) governments or their agencies, with an Investment Grade credit rating, at issue or issuer level. Duration of the portfolio will generally be comprised between 5 and 11 years. The Sub-Fund may also invest up to 20% of its nets assets in debt and debt-related instruments of any kind, including for example bonds and money market instruments, issued by corporate issuers. In any case, investments in securities with a Non-Investment Grade credit rating, at issue or issuer level, may not exceed 20% of the net assets of the Sub-Fund. In addition, the Sub-Fund will be entitled to hold cash, including term deposits with credit institutions, within the limits allowed by law indicated in the section entitled “Investments and investment restrictions”. This Sub-Fund’s net assets will not be invested in asset-backed securities. The Sub-Fund may use financial techniques and instruments within the limits and under the conditions described in the section “Techniques and Instruments” and in Appendix B. Derivative financial instruments, whether negotiated on a regulated market that operates regularly and that is recognized and open to the public or dealt on over-the-counter markets, will be aimed at hedging risks, ensuring efficient portfolio management and/or investing according to the Investment Policy. Investors are advised to consider the additional risks associated with the use of derivative financial instruments, as described in the section “Specific Risks” of the Prospectus. When credit ratings published by credit rating agencies are used, such credit agencies shall be established in the European Union and registered in accordance with the Regulation N° 462/2013 of the European Parliament and of the Council amending Regulation N° 1060/2009 on credit rating agencies. 58 Line “Limited Tracking Error”

Eurizon Fund – Equity Euro LTE

This Sub-Fund, formerly named SANPAOLO INTERNATIONAL of the Council amending Regulation N° 1060/2009 on FUND – OBIETTIVO EURO, was launched on 11 June 2001 at credit rating agencies. an initial price of 100 Euros. On 27 September 2002 it received as a contribution the assets and liabilities of the Sub-Funds General Information SANPAOLO INTERNATIONAL FUND – EQUITY EURO, SANPAOLO 1. Sub-Fund’s Reference Currency INTERNATIONAL FUND – EQUITY GERMANY and SANPAOLO Euro INTERNATIONAL FUND – EQUITY FRANCE. Its name was changed to EURIZON EASYFUND – EQUITY EURO on 26 2. Benchmark February 2008. On 11 December 2009, it received as a MSCI EMU (European Economic and Monetary Union) contribution the assets and liabilities of the Sub-Fund GIOTTO Index®, a free float-adjusted market capitalization LUX FUND – EQUITY EURO. Its name was further changed on 1 weighted index that is designed to measure the equity February 2012. On 24 February 2017, the retail Unit Class of market performance of countries within EMU. As of the Sub-Fund merged by absorption into the Sub-Fund August 2015 the MSCI EMU Index® consisted of the EURIZON FUND – AZIONI STRATEGIA FLESSIBILE. following 10 developed market country indices: Austria, Belgium, Finland, France, Germany, Ireland, Italy, the Investment Objectives Netherlands, Portugal and Spain. This benchmark can be The objective of the Investment Manager is to provide growth expressed in, converted in or hedged against its local on the invested capital over time by achieving a return in line currencies or the currency the Classes of Units of the Sub- with the return of a portfolio of stocks listed in Eurozone Fund are expressed in, in order to reflect the characteristic countries (the “Objective”). of each Class of Unit of the Sub-Fund. No guarantee is given with respect to this Objective actually Benchmark Type: With net dividends reinvested (Net Total being reached. Return) The Management Company reserves the right to adopt an Investment Policy equivalent 10/40 index in case the composition of the The Sub-Fund’s net assets will be mainly invested in equity and above-mentioned benchmark would no longer be equity-related instruments of any kind, including for example compliant with the diversification rules provided by the shares and bonds convertible into shares, listed on the law. In such case, the name of the new benchmark shall securities markets of the member countries of the European be published by the Management Company in accordance Economic and Monetary Union (EMU) or traded on another with the provisions indicated in the section “Information regulated market in these countries. for Unitholders”. The choice of investments will be made, above all, on the basis 3. Global exposure of the stock market capitalization of the securities compared The method used to calculate the global exposure for this with that of the markets on which they are listed, while also Sub-Fund is the Commitment Approach. taking into account their liquidity and the size of their float. Consequently, the Sub-Fund’s net assets will be mainly invested 4. Investment Manager in the shares of mid-cap or large-cap companies. Eurizon Capital S.A. On a ancillary basis, the Sub-Fund’s net assets may be invested 5. Investor Profile in any other instruments, such as but not limited to Investment This Sub-Fund may be appropriate for investors who seek Grade credit rating debt and debt-related instruments of any an exposure according to the Sub-Fund’s Objective, kind, including for example bonds and money market accepting market volatility. instruments, and cash, including term deposits with credit institutions, within the limits allowed by law and indicated in the section entitled “Investments and investment restrictions”. The Sub-Fund may use financial techniques and instruments within the limits and under the conditions described in the section “Techniques and Instruments” and in Appendix B. Derivative financial instruments, whether negotiated on a regulated market that operates regularly and that is recognized and open to the public or dealt on over-the-counter markets, will be aimed at hedging risks, ensuring efficient portfolio management and/or investing according to the Investment Policy. Investors are advised to consider the additional risks associated with the use of derivative financial instruments, as described in the section “Specific Risks” of the Prospectus. Investors’ attention is called to the fact that this Sub- Fund invests primarily in a specific geographic area; its value can therefore experience more significant fluctuations than would be the case with a Sub-Fund having a more diversified investment policy. When credit ratings published by credit rating agencies are used, such credit agencies shall be established in the European Union and registered in accordance with the Regulation N° 462/2013 of the European Parliament and 59 Line “Limited Tracking Error”

Eurizon Fund – Equity Europe LTE

This Sub-Fund, formerly named SANPAOLO INTERNATIONAL European Union and registered in accordance with the FUND – OBIETTIVO EUROPA, was launched on 11 June 2001 at Regulation N° 462/2013 of the European Parliament and an initial price of 100 Euros. On 27 September 2002, it of the Council amending Regulation N° 1060/2009 on received as a contribution the assets and liabilities of the Sub- credit rating agencies. Funds SANPAOLO INTERNATIONAL FUND – EQUITY SCANDINAVIA and SANPAOLO INTERNATIONAL FUND – EQUITY General Information SWITZERLAND. Its name was changed to EURIZON EASYFUND 1. Sub-Fund’s Reference Currency – EQUITY EUROPE on 26 February 2008. On 27 February 2009 Euro it received as a contribution the assets and liabilities of the Sub- Fund Eurizon EasyFund – EQUITY GREAT BRITAIN. On 11 2. Benchmark December 2009, it received as a contribution the assets and MSCI Europe Index®, a free float-adjusted market liabilities of the Sub-Fund GIOTTO LUX FUND – EQUITY capitalization weighted index that is designed to measure EUROPE. Its name was further changed on 1 February 2012. the equity market performance of the developed markets On 16 January 2015, it received as a contribution the assets in Europe. As of August 2015, the MSCI Europe Index® and liabilities of the Sub-Fund Eurizon Investment Sicav – consisted of the following 15 developed market country Europe Equities. On 24 February 2017, the retail Unit Classes of indices: Austria, Belgium, Denmark, Finland, France, the Sub-Fund merged by absorption into the Sub-Fund Germany, Ireland, Italy, the Netherlands, Norway, Portugal, EURIZON FUND – AZIONI STRATEGIA FLESSIBILE. Spain, Sweden, Switzerland, and the United Kingdom. This benchmark can be expressed in, converted in or hedged Investment Objectives against its local currencies or the currency the Classes of The objective of the Investment Manager is to provide growth Units of the Sub-Fund are expressed in, in order to reflect on the invested capital over time by achieving a return in line the characteristic of each Class of Unit of the Sub-Fund. with the return of a portfolio of European stocks (the Benchmark Type: With net dividends reinvested (Net Total “Objective”). Return) No guarantee is given with respect to this Objective actually The Management Company reserves the right to adopt an being reached. equivalent 10/40 index in case the composition of the above-mentioned benchmark would no longer be Investment Policy compliant with the diversification rules provided by the The Sub-Fund’s net assets will be mainly invested in equity and law. In such case, the name of the new benchmark shall equity-related instruments of any kind, including for example be published by the Management Company in accordance shares and bonds convertible into shares, listed on one of the with the provisions indicated in the section “Information leading securities markets of European countries or traded on for Unitholders”. another regulated market in these countries. 3. Global exposure The choice of investments will be made, above all, on the basis The method used to calculate the global exposure for this of the stock market capitalization of the securities compared Sub-Fund is the Commitment Approach. with that of the markets on which they are listed, while also taking into account their liquidity and the size of the float. 4. Investment Manager Consequently, this Sub-Fund’s net assets will be mainly invested Eurizon Capital S.A. in shares of mid-cap or large-cap companies. 5. Investor Profile On a ancillary basis, the Sub-Fund’s net assets may be invested This Sub-Fund may be appropriate for investors who seek in any other instruments, such as but not limited to Investment an exposure according to the Sub-Fund’s Objective, Grade credit rating debt and debt-related instruments of any accepting market volatility. kind, including for example bonds and money market instruments, and cash, including term deposits with credit institutions, within the limits allowed by law and indicated in the section entitled “Investments and investment restrictions”. The Sub-Fund may use financial techniques and instruments within the limits and under the conditions described in the section “Techniques and Instruments” and in Appendix B. Derivative financial instruments, whether negotiated on a regulated market that operates regularly and that is recognized and open to the public or dealt on over-the-counter markets, will be aimed at hedging risks, ensuring efficient portfolio management and/or investing according to the Investment Policy. Investors are advised to consider the additional risks associated with the use of derivative financial instruments, as described in the section “Specific Risks” of the Prospectus. Investors’ attention is called to the fact that this Sub- Fund invests primarily in a specific geographic area; its value can therefore experience more significant fluctuations than would be the case with a Sub-Fund having a more diversified investment policy. When credit ratings published by credit rating agencies are used, such credit agencies shall be established in the 60 Line “Limited Tracking Error”

Eurizon Fund – Equity North America LTE

This Sub-Fund, formerly named SANPAOLO INTERNATIONAL of the Council amending Regulation N° 1060/2009 on FUND – OBIETTIVO USA, was launched on 11 June 2001 at an credit rating agencies. initial price of 100 Euros. On 27 September 2002, its name was changed to SANPAOLO INTERNATIONAL FUND – OBIETTIVO General Information NORD AMERICA and it received as a contribution the assets 1. Sub-Fund’s Reference Currency and liabilities of the Sub-Funds SANPAOLO INTERNATIONAL Euro FUND – EQUITY USA and SANPAOLO INTERNATIONAL FUND – EQUITY CANADA. Its name was changed to EURIZON 2. Benchmark EASYFUND – EQUITY NORTH AMERICA on 26 February 2008. MSCI North America Index®, a free float-adjusted market On 11 December 2009, it received as a contribution the assets capitalization weighted index that is designed to measure and liabilities of the Sub-Fund GIOTTO LUX FUND – EQUITY the market performance of the shares listed on the USA NORTH AMERICA. Its name was further changed on 1 February and Canada Stock Exchanges. This benchmark can be 2012. On 24 February 2017, the retail Unit Classes of the Sub- expressed in, converted in or hedged against its local Fund merged by absorption into the Sub-Fund EURIZON FUND currencies or the currency the Classes of Units of the Sub- – AZIONI STRATEGIA FLESSIBILE. Fund are expressed in, in order to reflect the characteristic of each Class of Unit of the Sub-Fund. Investment Objectives Benchmark Type: With net dividends reinvested (Net Total The objective of the Investment Manager is to provide growth Return) on the invested capital over time by achieving a return in line with the return of a portfolio of stocks listed in North America The Management Company reserves the right to adopt an (the “Objective”). equivalent 10/40 index in case the composition of the above-mentioned benchmark would no longer be No guarantee is given with respect to this Objective actually compliant with the diversification rules provided by the being reached. law. In such case, the name of the new benchmark shall be published by the Management Company in accordance Investment Policy with the provisions indicated in the section “Information The Sub-Fund’s net assets will be mainly invested in shares for Unitholders”. equity and equity-related instruments of any kind, including for example shares and bonds convertible into shares, listed on a 3. Global exposure securities stock exchange in United States of America or in The method used to calculate the global exposure for this Canada, or traded on another regulated market in these same Sub-Fund is the Commitment Approach. countries. 4. Investment Manager The choice of investments will be made, above all, on the basis Eurizon Capital S.A. of the stock market capitalization of the securities compared 5. Investor Profile with that of the market on which they are listed, while also taking into account their liquidity and the size of the float. This Sub-Fund may be appropriate for investors who seek Consequently, this Sub-Fund’s net assets will mainly be invested an exposure according to the Sub-Fund’s Objective, in shares of mid-cap or large-cap companies. accepting market volatility. On a ancillary basis, the Sub-Fund’s net assets may be invested in any other instruments, such as but not limited to Investment Grade credit rating debt and debt-related instruments of any kind, including for example bonds and money market instruments, and cash, including term deposits with credit institutions, within the limits allowed by law and indicated in the section entitled “Investments and investment restrictions”. The Sub-Fund may use financial techniques and instruments within the limits and under the conditions described in the section “Techniques and Instruments” and in Appendix B. Derivative financial instruments, whether negotiated on a regulated market that operates regularly and that is recognized and open to the public or dealt on over-the-counter markets, will be aimed at hedging risks, ensuring efficient portfolio management and/or investing according to the Investment Policy. Investors are advised to consider the additional risks associated with the use of derivative financial instruments, as described in the section “Specific Risks” of the Prospectus. Investors’ attention is called to the fact that this Sub- Fund invests primarily in a specific geographic area; its value can therefore experience more significant fluctuations than would be the case with a Sub-Fund having a more diversified investment policy. When credit ratings published by credit rating agencies are used, such credit agencies shall be established in the European Union and registered in accordance with the Regulation N° 462/2013 of the European Parliament and 61 Line “Limited Tracking Error”

Eurizon Fund – Equity Japan LTE

This Sub-Fund, formerly named SANPAOLO INTERNATIONAL General Information FUND – OBIETTIVO GIAPPONE, was launched on 11 June 2001 1. Sub-Fund’s Reference Currency at an initial price of 100 Euros. On 27 September 2002 it Euro received as a contribution the assets and liabilities of the Sub- Fund SANPAOLO INTERNATIONAL FUND – EQUITY JAPAN. Its 2. Benchmark name was changed to EURIZON EASYFUND – EQUITY JAPAN MSCI Japan Index®, a free float-adjusted market on 26 February 2008. On 11 December 2009, it received as a capitalization weighted index that is designed to measure contribution the assets and liabilities of the Sub-Fund GIOTTO the market performance of the shares listed on Japan LUX FUND – EQUITY JAPAN. Its name was further changed on Stock Exchange. This benchmark can be expressed in, 1 February 2012. On 24 February 2017, the retail Unit Classes converted in or hedged against its local currencies or the of the Sub-Fund merged by absorption into the Sub-Fund currency the Classes of Units of the Sub-Fund are EURIZON FUND – AZIONI STRATEGIA FLESSIBILE. expressed in, in order to reflect the characteristic of each Class of Unit of the Sub-Fund. Investment Objectives Benchmark Type: With net dividends reinvested (Net Total The objective of the Investment Manager is to provide growth Return) on the invested capital over time by achieving a return in line with the return of a portfolio of stocks listed in Japan (the The Management Company reserves the right to adopt an “Objective”). equivalent 10/40 index in case the composition of the above-mentioned benchmark would no longer be No guarantee is given with respect to this Objective actually compliant with the diversification rules provided by the being reached. law. In such case, the name of the new benchmark shall Investment Policy be published by the Management Company in accordance with the provisions indicated in the section “Information The Sub-Fund’s net assets will be mainly invested in equity and for Unitholders”. equity-related instruments of any kind, including for example shares and bonds convertible into shares, listed on the leading 3. Global exposure securities markets in Japan or traded on another regulated The method used to calculate the global exposure for this market in this country. Sub-Fund is the Commitment Approach. The choice of investments will be made, above all, on the basis 4. Investment Manager of stock market capitalization of the securities compared with Eurizon Capital S.A. that of the markets on which they are listed, while also taking into account their liquidity and the size of the float. 5. Investor Profile Consequently, this Sub-Fund’s net assets will mainly be invested This Sub-Fund may be appropriate for investors who seek in the shares of mid-cap or large-cap companies. an exposure according to the Sub-Fund’s Objective, accepting market volatility. On a ancillary basis, the Sub-Fund’s net assets may be invested in any other instruments, such as but not limited to debt and debt-related instruments of any kind, including for example bonds and money market instruments, and cash, including term deposits with credit institutions, within the limits allowed by law and indicated in the section entitled “Investments and investment restrictions”. The Sub-Fund may use financial techniques and instruments within the limits and under the conditions described in the section “Techniques and Instruments” and in Appendix B. Derivative financial instruments, whether negotiated on a regulated market that operates regularly and that is recognized and open to the public or dealt on over-the-counter markets, will be aimed at hedging risks, ensuring efficient portfolio management and/or investing according to the Investment Policy. Investors are advised to consider the additional risks associated with the use of derivative financial instruments, as described in the section “Specific Risks” of the Prospectus. Investors’ attention is called to the fact that this Sub- Fund invests primarily in a specific geographic area; its value can therefore experience more significant fluctuations than would be the case with a Sub-Fund having a more diversified investment policy. When credit ratings published by credit rating agencies are used, such credit agencies shall be established in the European Union and registered in accordance with the Regulation N° 462/2013 of the European Parliament and of the Council amending Regulation N° 1060/2009 on credit rating agencies.

62 Line “Limited Tracking Error”

Eurizon Fund – Equity Oceania LTE

This Sub-Fund, formerly named SANPAOLO INTERNATIONAL General Information FUND – EQUITY AUSTRALIA, was launched on 16 July 1999 at 1. Sub-Fund’s Reference Currency an initial price of 100 Euros, its name was changed to Euro SANPAOLO INTERNATIONAL FUND – OBIETTIVO OCEANIA on 27 September 2002 and to EURIZON EASYFUND – EQUITY 2. Benchmark OCEANIA on 26 February 2008. On 11 December 2009, it MSCI Pacific ex Japan 10/40 Index®, a free float-adjusted received as a contribution the assets and liabilities of the Sub- market capitalization weighted index that is designed to Fund GIOTTO LUX FUND – EQUITY PACIFIC. Its name was measure the market performance of the shares listed on further changed on 1 February 2012. On 24 February 2017, the Australia, Hong Kong, New Zealand and Singapore the retail Unit Classes of the Sub-Fund merged by absorption Stock Exchanges. The weight of a single issuer cannot into the Sub-Fund EURIZON FUND – AZIONI STRATEGIA exceed 10% of the index and the total of the issuers than FLESSIBILE. are weighted more than 5% cannot exceed 40% of the index. This benchmark can be expressed in, converted in or Investment Objectives hedged against its local currencies or the currency the The objective of the Investment Manager is to provide growth Classes of Units of the Sub-Fund are expressed in, in order on the invested capital over time by achieving a return in line to reflect the characteristic of each Class of Unit of the with the return of a portfolio of stocks listed in Oceania (the Sub-Fund. “Objective”). Benchmark Type: With net dividends reinvested (Net Total No guarantee is given with respect to this Objective actually Return) being reached. 3. Global exposure Investment Policy The method used to calculate the global exposure for this Sub-Fund is the Commitment Approach. The Sub-Fund’s net assets will be mainly invested in equity and equity-related instruments of any kind, including for example 4. Investment Manager shares and bonds convertible into shares, listed on the main Eurizon Capital S.A. securities stock exchanges of countries in the Oceania and Pacific regions, excluding Japan, or negotiated on another 5. Investor Profile regulated market located in these countries. This Sub-Fund may be appropriate for investors who seek an exposure according to the Sub-Fund’s Objective, The investments will first and foremost be selected on the basis accepting market volatility. of the stock market capitalization of securities relative to that of the market on which they are listed, while also taking into account their liquidity and the size of the float. Consequently, the net assets of this Sub-Fund will primarily be invested in the shares of companies with medium to high capitalization. On a ancillary basis, the Sub-Fund’s net assets may be invested in any other instruments, such as but not limited to Investment Grade credit rating debt and debt-related instruments of any kind, including for example bonds and money market instruments, and cash, including term deposits with credit institutions, within the limits permitted by law and indicated in the section entitled “Investments and investment restrictions”. The Sub-Fund may use financial techniques and instruments within the limits and under the conditions described in the section “Techniques and Instruments” and in Appendix B. Derivative financial instruments, whether negotiated on a regulated market that operates regularly and that is recognized and open to the public or dealt on over-the-counter markets, will be aimed at hedging risks, ensuring efficient portfolio management and/or investing according to the Investment Policy. Investors are advised to consider the additional risks associated with the use of derivative financial instruments, as described in the section “Specific Risks” of the Prospectus. Investors’ attention is called to the fact that this Sub- Fund invests primarily in a specific geographic area; its value can therefore experience more significant fluctuations than would be the case with a Sub-Fund having a more diversified investment policy. When credit ratings published by credit rating agencies are used, such credit agencies shall be established in the European Union and registered in accordance with the Regulation N° 462/2013 of the European Parliament and of the Council amending Regulation N° 1060/2009 on credit rating agencies. 63 Line “Limited Tracking Error”

Eurizon Fund – Equity Emerging Markets LTE

This Sub-Fund was launched on 11 December 2009 by way of whether negotiated on a regulated market that operates a contribution of the assets and liabilities of the Sub-Fund regularly and that is recognized and open to the public or GIOTTO LUX FUND – EQUITY EMERGING MARKETS. Its name dealt on over-the-counter markets, will be aimed at was changed on 1 February 2012. On 24 February 2017, the hedging risks, ensuring efficient portfolio management retail Unit Class of the Sub-Fund merged by absorption into the and/or investing according to the Investment Policy. Sub-Fund EURIZON FUND – EQUITY EMERGING MARKETS Investors are advised to consider the additional risks SMART VOLATILITY. associated with the use of derivative financial instruments, as described in the section “Specific Risks” of Investment Objectives the Prospectus. The objective of the Investment Manager is to provide growth Investors’ attention is called to the fact that this Sub- on the invested capital over time by achieving a return in line Fund invests primarily in a specific geographic area; its with the return of a portfolio of stocks listed on emerging value can therefore experience more significant markets (the “Objective”). fluctuations than would be the case with a Sub-Fund No guarantee is given with respect to this Objective actually having a more diversified investment policy. being reached. When credit ratings published by credit rating agencies are used, such credit agencies shall be established in the Investment Policy European Union and registered in accordance with the The Sub-Fund’s net assets will be mainly invested in equity and Regulation N° 462/2013 of the European Parliament and equity-related instruments of any kind, including for example of the Council amending Regulation N° 1060/2009 on shares and bonds convertible into shares, issued by issuers credit rating agencies. located in the emerging countries, as defined by the International Finance Corporation (the “Emerging Countries”), General Information or listed on a securities stock exchange in one of these 1. Sub-Fund’s Reference Currency countries or traded on a regulated market in one of these same Euro countries, provided those markets fulfill the eligibility criteria set out by Article 41(1) of the Law of 17 December 2010 on UCIs 2. Benchmark according to Management Company’s assessment. MSCI Emerging Markets Index®, a free float-adjusted Investors are asked to note that the Sub-Fund may invest in the market capitalization weighted index that is designed to Russian markets, notably the Moscow Exchange, considered as measure equity market performance of emerging markets. ® regulated markets within the meaning of Article 41(1) of the The MSCI Emerging Markets Index consists of the Law of 17 December 2010, but which have a higher than following 24 emerging market country indices: Brazil, average level of risk. Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Investments in securities that are traded on markets that are Pakistan, Peru, Philippines, Poland, Russia, Qatar, South not characterized as securities stock exchanges or as regulated Africa, Taiwan, Thailand, Turkey and United Arab Emirates. markets, that operate regularly and that are recognized and open to the public in the meaning of Article 41(1) of the Law This benchmark can be expressed in, converted in or of 17 December 2010 on UCIs, will be treated as investments hedged against its local currencies or the currency the in unlisted securities or securities that are not traded on a Classes of Units of the Sub-Fund are expressed in, in order regulated market that operates regularly and that is recognized to reflect the characteristic of each Class of Unit of the and open to the public, and therefore they may not, together Sub-Fund. with the other securities that are unlisted or are not traded on Benchmark Type: With net dividends reinvested (Net Total a regulated market that operates regularly and that is Return) recognized and open to the public, exceed 10% of the Sub- Fund’s net assets. The Management Company reserves the right to adopt an equivalent 10/40 index in case the composition of the On a ancillary basis, the Sub-Fund’s net assets may be invested above-mentioned benchmark would no longer be in any other instruments, such as but not limited to Investment compliant with the diversification rules provided by the Grade credit rating debt and debt-related instruments of any law. In such case, the name of the new benchmark shall kind, including for example bonds and money market be published by the Management Company in accordance instruments, and cash, including term deposits with credit with the provisions indicated in the section “Information institutions, within the limits allowed by law and indicated in for Unitholders”. the section entitled “Investments and Investment Restrictions”. 3. Global exposure Investments in Less Developed Markets, in particular in The method used to calculate the global exposure for this Emerging Countries and in Russia, are subject to Sub-Fund is the Commitment Approach. additional risks as described in the section “Specific risks” of the Prospectus. 4. Investment Manager Eurizon Capital S.A. The Sub-Fund may invest a part of its net assets through the Hong Kong Stock Connect programs. Investments in 5. Investor Profile China, and in particular through the Hong Kong Stock This Sub-Fund may be appropriate for investors who seek Connect programs, are subject to additional risks as an exposure according to the Sub-Fund’s Objective, described in the section “Specific risks of investing in accepting market volatility. People’s Republic of China” of this Prospectus. The Sub-Fund may use financial techniques and instruments within the limits and under the conditions described in the section “Techniques and Instruments” and in Appendix B. Derivative financial instruments, 64 Line "Factors"

Eurizon Fund – Bond Corporate Smart ESG

This Sub-Fund will be launched on 27 November 2017 at an 2. Benchmark initial price of 100 EUR. The Bloomberg Barclays Euro Aggregate Corporate Index® is a rules based index designed to measure the Investment Objectives performance of Euro denominated fixed rate instruments The objective of the Investment Manager is to provide growth issued by corporate issuers. Only bonds with a maturity of on the invested capital over time by achieving a return in which 1 year or above are included in the index. This excess of the return of a portfolio of debt instruments issued Benchmark can be expressed in, converted in or hedged by international corporate issuers through a quantitative against its local currencies or the currency the Classes of investment approach aimed at providing a better risk adjusted Units of the Sub-Fund are expressed in, in order to reflect return profile than the Benchmark, while focussing also on the characteristic of each Class of Unit of the Sub-Fund. environmental, social, and governance (ESG) criteria (the Benchmark Type: With income reinvested (Total Return) “Objective”). 3. Global exposure and expected level of leverage No guarantee is given with respect to this Objective actually being reached. The method used to calculate the global exposure for this Sub-Fund is the Commitment Approach. Investment Policy 4. Investment Manager The Sub-Fund’s net assets will be mainly invested, directly or Eurizon Capital S.A. through financial derivatives instruments, in euro denominated debt and debt-related instruments of any kind, including for 5. Investor Profile example bonds and money market instruments, issued by This Sub-Fund may be appropriate for investors who seek international corporate issuers. an exposure according to the Sub-Fund’s Objective, accepting market volatility. The Sub-Fund’s investments in debt and debt-related instruments of any kind are made mainly in instruments with an Investment Grade credit at the time of purchase, at issue or issuer level. In any case the Sub-Fund will not be invested in debt instruments with an Extremely Speculative Grade credit rating. The Investment Manager will seek to invest in instruments issued by international corporate issuers that meet minimum standard environmental, social, and governance (ESG) requirements and having attractive risk adjusted returns profiles. On an ancillary basis, the Sub-Fund’s net assets may be invested in any other instruments, such as but not limited to UCITS (up to 10%) and cash, including term deposits with credit institutions, within the limits permitted by law and indicated in the section entitled “Investments and Investment Restrictions”. Investments in asset-backed securities and in mortgage-backed securities are allowed only through UCITS. No direct investments in such instruments are allowed. The Sub-Fund may use financial techniques and instruments within the limits and under the conditions described in the section “Techniques and Instruments” and in Appendix B. Derivative financial instruments, whether negotiated on a regulated market that operates regularly and that is recognized and open to the public or dealt on over-the-counter markets, will be aimed at hedging risks, ensuring efficient portfolio management and/or investing according to the Investment Policy. Investors are advised to consider the additional risks associated with the use of derivative financial instruments, as described in the section “Specific Risks” of the Prospectus. When credit ratings published by credit rating agencies are used, such credit agencies shall be established in the European Union and registered in accordance with the Regulation N° 462/2013 of the European Parliament and of the Council amending Regulation N° 1060/2009 on credit rating agencies.

General Information 1. Sub-Fund’s Reference Currency Euro

65 Line "Factors"

Eurizon Fund – Equity Italy Smart Volatility

This Sub-Fund, formerly named SANPAOLO INTERNATIONAL Regulation N° 462/2013 of the European Parliament and FUND – OBIETTIVO ITALIA, was launched on 11 June 2001 at of the Council amending Regulation N° 1060/2009 on an initial price of 100 Euros. On 27 September 2002 it received credit rating agencies. as a contribution the assets and liabilities of the Sub-Fund SANPAOLO INTERNATIONAL FUND – EQUITY ITALY and its General Information name was changed to EURIZON EASYFUND – EQUITY ITALY on 1. Sub-Fund’s Reference Currency 26 February 2008. On 11 December 2009, it received as a Euro contribution the assets and liabilities of the Sub-Fund GIOTTO LUX FUND – EQUITY ITALY. Its name was changed to EURIZON 2. Benchmark EASYFUND – EQUITY ITALY LTE on 1 February 2012. On 17 The FTSE Italia All-Share Capped Index®, an index that February 2017, its name was further changed to EURIZON comprises all the constituents from the FTSE MIB, FTSE FUND – EQUITY ITALY SMART VOLATILITY. Italia Mid Cap and FTSE Italia Small Cap indices, and captures approximately 95% of the domestic market Investment Objectives capitalisation. This provides investors with a comprehensive The objective of the Investment Manager is to provide growth and complementary set of indices with which to measure on the invested capital over time by achieving a return in the performance of the major capital and industry excess of the return of a portfolio of Italian stocks through a segments of the Italian market. The index is designed quantitative investment approach aimed at providing a better using FTSE’s best practice rules based framework, which is risk adjusted return profile than the Benchmark (the attractive to a broad range of investors and intermediaries “Objective”). seeking to develop investment products. As such, the index represents a standard, transparent basis for investors, No guarantee is given with respect to this Objective actually to assess, measure and gain access to the Italian equity being reached. market. Constituents are capped to avoid single constituents weights exceeding 10% and the sum of all Investment Policy constituents above 5% exceeding 40%. The Sub-Fund’s net assets will be mainly invested in equity and equity-related instruments of any kind, including for example This benchmark can be expressed in, converted in or shares and bonds convertible into shares, listed on Italian hedged against its local currencies or the currency the regulated markets. Classes of Units of the Sub-Fund are expressed in, in order to reflect the characteristic of each Class of Unit of the In order to achieve the Sub-Fund’s Objective, the Investment Sub-Fund. Manager will build a diversified and risk balanced portfolio by generally overweighting stocks that are expected to deliver less Benchmark Type: With dividends reinvested (Total Return) volatile returns and higher dividend yields, and underweighting 3. Global exposure stocks that are expected to deliver more volatile returns and The method used to calculate the global exposure for this less dividend yields. Sub-Fund is the Commitment Approach. On a ancillary basis, the Sub-Fund’s net assets may be invested 4. Investment Manager in any other instruments, such as but not limited to Investment Eurizon Capital S.A. Grade credit rating debt and debt-related instruments of any kind, including for example bonds and money market 5. Investor Profile instruments, UCITS (up to 10%) and cash, including term This Sub-Fund may be appropriate for investors who seek deposits with credit institutions, within the limits allowed by an exposure according to the Sub-Fund’s Objective, law and indicated in the section entitled “Investments and accepting market volatility. investment restrictions”. This Sub-Fund’s net assets will not be invested in asset-backed securities. The Sub-Fund may use financial techniques and instruments within the limits and under the conditions described in the section “Techniques and Instruments” and in Appendix B. Derivative financial instruments, whether negotiated on a regulated market that operates regularly and that is recognized and open to the public or dealt on over-the-counter markets, will be aimed at hedging risks, ensuring efficient portfolio management and/or investing according to the Investment Policy. Investors are advised to consider the additional risks associated with the use of derivative financial instruments, as described in the section “Specific Risks” of the Prospectus. Investors’ attention is called to the fact that this Sub- Fund invests primarily in a specific geographic area; its value can therefore experience more significant fluctuations than would be the case with a Sub-Fund having a more diversified investment policy. When credit ratings published by credit rating agencies are used, such credit agencies shall be established in the European Union and registered in accordance with the 66 Line "Factors"

Eurizon Fund – Equity China Smart Volatility

This Sub-Fund, formerly named SANPAOLO INTERNATIONAL dealt on over-the-counter markets, will be aimed at FUND – EQUITY CHINA, was launched on 16 July 1999 at an hedging risks, ensuring efficient portfolio management initial price of 100 Euros, its name was changed to SANPAOLO and/or investing according to the Investment Policy. INTERNATIONAL FUND – OBIETTIVO CINA on 27 September Investors are advised to consider the additional risks 2002 and to EURIZON EASYFUND – EQUITY CHINA on 26 associated with the use of derivative financial February 2008. Its name was changed to EURIZON EASYFUND instruments, as described in the section “Specific Risks” of – EQUITY CHINA LTE on 1 February 2012. On 17 February the Prospectus. 2017, its name was further changed to EURIZON FUND – Investors’ attention is called to the fact that this Sub- EQUITY CHINA SMART VOLATILITY Fund invests primarily in a specific geographic area; its Investment Objectives value can therefore experience more significant fluctuations than would be the case with a Sub-Fund The objective of the Investment Manager is to provide growth having a more diversified investment policy. on the invested capital over time by achieving a return in excess of the return of a portfolio of Chinese stocks through a When credit ratings published by credit rating agencies quantitative investment approach aimed at providing a better are used, such credit agencies shall be established in the risk adjusted return profile than the Benchmark (the European Union and registered in accordance with the “Objective”). Regulation N° 462/2013 of the European Parliament and of the Council amending Regulation N° 1060/2009 on No guarantee is given with respect to this Objective actually credit rating agencies. being reached. General Information Investment Policy 1. Sub-Fund’s Reference Currency The Sub-Fund’s net assets will be mainly invested in equity and Euro equity-related instruments of any kind, including for example shares and bonds convertible into shares, issued by issuers 2. Benchmark located in Hong Kong and Mainland China or listed on a MSCI China 10/40 Index®, a free float-adjusted market securities stock exchange in Hong Kong and Mainland China or capitalization weighted index that measures the equity traded on another regulated market in Hong Kong and market performance of the Chinese securities (H shares, Mainland China. The Sub-Fund does not invest more than 10% Red Chips and P Chips) listed on the Hong Kong Stock of its net assets in Mainland China domestic shares, including Exchange and of the B shares of Chinese securities listed A-shares. on the Shanghai Stock Exchange and the Shenzhen Stock Investments in A-shares will be carried on through the QFII Exchange. The weight of a single issuer cannot exceed Quota of the Management Company or through the Hong 10% of the index and the total of the issuers than are Kong Stock Connect programs. weighted more than 5% cannot be greater than 40% of the index. In order to achieve the Sub-Fund’s Objective, the Investment Manager will build a diversified and risk balanced portfolio by This benchmark can be expressed in, converted in or generally overweighting stocks that are expected to deliver less hedged against its local currencies or the currency the volatile returns, and underweighting stocks that are expected Classes of Units of the Sub-Fund are expressed in, in order to deliver more volatile returns. to reflect the characteristic of each Class of Unit of the Sub-Fund. On an ancillary basis, the Sub-Fund’s net assets may be invested in any other instruments, such as but not limited to Investment Benchmark Type: With net dividends reinvested (Net Total Grade credit rating debt and debt-related instruments of any Return) kind, including for example bonds and money market 3. Global exposure instruments, UCITS (up to 10%) and cash, including term The method used to calculate the global exposure for this deposits with credit institutions, within the limits permitted by Sub-Fund is the Commitment Approach. law and indicated in the section entitled “Investments and investment restrictions”. 4. Investment Manager Eurizon Capital S.A. This Sub-Fund’s net assets will not be invested in asset-backed securities. 5. Investor Profile This Sub-Fund may be appropriate for investors who seek The Sub-Fund intends to qualify as Open-Ended China an exposure according to the Sub-Fund’s Objective, Fund according to the State Administration of Foreign accepting market volatility. Exchange of People’s Republic of China and could invest a part of its net assets through the QFII Quota of the Management Company (up to 10% of its net assets). The Sub-Fund may invest a part of its net assets through the Hong Kong Stock Connect programs. Investments in China, and in particular through the Hong Kong Stock Connect programs, are subject to additional risks as described in the section “Specific risks of investing in People’s Republic of China” of the Prospectus. The Sub-Fund may use financial techniques and instruments within the limits and under the conditions described in the section “Techniques and Instruments” and in Appendix B. Derivative financial instruments, whether negotiated on a regulated market that operates regularly and that is recognized and open to the public or 67 Line "Factors"

Eurizon Fund – Equity Emerging Markets Smart Volatility

This Sub-Fund, formerly named SANPAOLO INTERNATIONAL In order to achieve the Sub-Fund’s Objective, the Investment FUND – EQUITY EMERGING MARKETS FAR EAST, was launched Managerwill build a diversified and risk balanced portfolio by on 20 October 1998 at an initial price of 100 ECU. On 27 generally overweighting stocks that are expected to deliver less September 2002, its name was changed to SANPAOLO volatile returns and underweighting stocks that are expected to INTERNATIONAL FUND – OBIETTIVO PAESI EMERGENTI ASIA deliver more volatile returns. and it received as a contribution the assets and liabilities of the On a ancillary basis, the Sub-Fund’s net assets may be invested Sub-Funds SANPAOLO INTERNATIONAL FUND – EQUITY INDIA in any other instruments, such as but not limited to Investment and SANPAOLO INTERNATIONAL FUND – EQUITY OBIETTIVO Grade credit rating debt and debt-related instruments of any PAESI EMERGENTI. Its name was changed to EURIZON kind, including for example bonds and money market EASYFUND – EQUITY EMERGING MARKETS ASIA on 26 instruments, UCITS (up to 10%) and cash, including term February 2008. Its name was changed to EURIZON EASYFUND deposits with credit institutions, within the limits permitted by – EQUITY EMERGING MARKETS ASIA LTE on 1 February 2012. law and indicated in the section entitled “Investments and On 24 February 2017 it received as a contribution the assets Investment Restrictions”. and liabilities of the Sub-Funds EURIZON EASYFUND – EQUITY EMERGING MARKETS LATIN AMERICA LTE, EURIZON This Sub-Fund’s net assets will not be invested in asset-backed EASYFUND – EQUITY EMERGING MARKETS EMEA LTE and of securities. the retail Unit Class of the Sub-Fund EURIZON EASYFUND – EQUITY EMERGING MARKETS LTE, and its name was further Investments in Less Developed Markets, in particular in changed to EURIZON FUND – EQUITY EMERGING MARKETS Emerging Countries and in Russia, are subject to SMART VOLATILITY. additional risks as described in the section “Specific risks” of the Prospectus. Investment Objectives The Sub-Fund may invest a part of its net assets through The objective of the Investment Manager is to provide growth the Hong Kong Stock Connect programs. Investments in on the invested capital over time by achieving a return in China, and in particular through the Hong Kong Stock excess of the return of a portfolio of stocks listed on emerging Connect programs, are subject to additional risks as markets through a quantitative investment approach aimed at described in the section “Specific risks of investing in providing a better risk adjusted return profile than the People’s Republic of China” of this Prospectus. Benchmark (the “Objective”). The Sub-Fund may use financial techniques and No guarantee is given with respect to this Objective actually instruments within the limits and under the conditions being reached. described in the section “Techniques and Instruments” and in Appendix B. Derivative financial instruments, Investment Policy whether negotiated on a regulated market that operates The Sub-Fund’s net assets will be mainly invested in equity and regularly and that is recognized and open to the public or equity-related instruments of any kind, including for example dealt on over-the-counter markets, will be aimed at shares and bonds convertible into shares, issued by issuers hedging risks, ensuring efficient portfolio management located in the emerging countries, or listed on a securities stock and/or investing according to the Investment Policy. exchange in one of these countries or traded on another Investors are advised to consider the additional risks regulated market in one of these same countries, provided associated with the use of derivative financial those markets fulfil the eligibility criteria set out by Article 41(1) instruments, as described in the section “Specific Risks” of of the Law of 17 December 2010 on UCIs according to the Prospectus. Management Company’s assessment. Investors’ attention is called to the fact that this Sub- Investors are asked to note that the Sub-Fund may invest in the Fund invests primarily in a specific geographic area; its Russian markets, notably the Moscow Exchange, considered as value can therefore experience more significant regulated markets within the meaning of Article 41(1) of the fluctuations than would be the case with a Sub-Fund Law of 17 December 2010, but which have a higher than having a more diversified investment policy. average level of risk. When credit ratings published by credit rating agencies The emerging countries are those countries whose economies are used, such credit agencies shall be established in the are less developed according to the World Bank, its related European Union and registered in accordance with the organizations or the United Nations or its authorities, insofar as Regulation N° 462/2013 of the European Parliament and and provided the markets in those countries are considered as of the Council amending Regulation N° 1060/2009 on recognized securities stock exchanges or as regulated markets credit rating agencies. that operate regularly and that are recognized and open to the public in the meaning of Article 41(1) of the Law of 17 General Information December 2010 on UCIs. 1. Sub-Fund’s Reference Currency Euro Investments in securities traded on markets that are not characterized as securities stock exchanges or as regulated 2. Benchmark markets that operate regularly and that are recognized and MSCI Emerging Markets Index®, a free float-adjusted open to the public in the meaning of Article 41(1) of the Law market capitalization index that captures large and mid of 17 December 2010 on UCIs, will be treated as investments cap representation across 24 emerging markets countries in unlisted securities or securities that are not traded on a (emerging markets countries include: Brazil, Chile, China, regulated market that operates regularly and that is recognized Colombia, Czech Republic, Egypt, Greece, Hungary, India, and open to the public, and therefore they may not, together Indonesia, Korea, Malaysia, Mexico, Pakistan, Peru, with the other securities that are unlisted or are not traded on Philippines, Poland, Russia, Qatar, South Africa, Taiwan, a regulated market that operates regularly and that is Thailand, Turkey and United Arab Emirates). With 846 recognized and open to the public, exceed 10% of the Sub- constituents, the index covers approximately 85% of the Fund’s net assets. free float-adjusted market capitalization in each country. 68 Line "Factors"

This benchmark can be expressed in, converted in or hedged against its local currencies or the currency the Classes of Units of the Sub-Fund are expressed in, in order to reflect the characteristic of each Class of Unit of the Sub-Fund. Benchmark Type: With net dividends reinvested (Net Total Return) 3. Global exposure The method used to calculate the global exposure for this Sub-Fund is the Commitment Approach. 4. Investment Manager Eurizon Capital S.A. 5. Investor Profile This Sub-Fund may be appropriate for investors who seek an exposure according to the Sub-Fund’s Objective, accepting market volatility.

69 Line "Factors"

Eurizon Fund – Equity World Smart Volatility

This Sub-Fund, formerly named SANPAOLO INTERNATIONAL When credit ratings published by credit rating agencies FUND – OBIETTIVO FINANZA, was launched on 14 July 2000 at are used, such credit agencies shall be established in the an initial price of 100 Euros, its name was changed to European Union and registered in accordance with the SANPAOLO INTERNATIONAL FUND – OBIETTIVO BANCHE on 27 Regulation N° 462/2013 of the European Parliament and September 2002 and to Eurizon EasyFund – Equity Banks on 26 of the Council amending Regulation N° 1060/2009 on February 2008. On 27 November 2009 it received as a credit rating agencies. contribution the assets and liabilities of the Sub-Fund EURIZON EASYFUND – EQUITY INSURANCE and its name was changed to General Information EURIZON EASYFUND – EQUITY FINANCIAL. Its name was 1. Sub-Fund’s Reference Currency changed to EURIZON EASYFUND – EQUITY FINANCIAL LTE on 1 Euro February 2012. On 17 February 2017 it received as a contribution the assets and liabilities of the Sub-Funds EURIZON 2. Benchmark EASYFUND – EQUITY PHARMA LTE, EURIZON EASYFUND – MSCI World Index®, a capitalization weighted index that EQUITY ENERGY & MATERIALS LTE, EURIZON EASYFUND – captures large and mid cap representation across 23 EQUITY HIGH TECH LTE, EURIZON EASYFUND – EQUITY developed markets countries (the developed markets TELECOMMUNICATION LTE, EURIZON EASYFUND – EQUITY countries include: Australia, Austria, Belgium, Canada, UTILITIES LTE, EURIZON EASYFUND – EQUITY CONSUMER Denmark, Finland, France, Germany, Hong Kong, Ireland, STAPLES LTE, EURIZON EASYFUND – EQUITY CONSUMER Israel, Italy, Japan, Netherlands, New Zealand, Norway, DISCRETIONARY LTE and EURIZON EASYFUND – EQUITY Portugal, Singapore, Spain, Sweden, Switzerland, the INDUSTRIALS LTE, and its name was changed to EURIZON FUND United Kingdom and the United States of America). With – EQUITY WORLD SMART VOLATILITY. 1,645 constituents, the MSCI World Index® covers approximately 85% of the free float-adjusted market Investment Objectives capitalization in each country. The objective of the Investment Manager is to provide growth This benchmark can be expressed in, converted in or on the invested capital over time by achieving a return in hedged against its local currencies or the currency the excess of the return of a portfolio of international stocks Classes of Units of the Sub-Fund are expressed in, in order through a quantitative investment approach aimed at providing to reflect the characteristic of each Class of Unit of the a better risk adjusted return profile than the Benchmark (the Sub-Fund. “Objective”). Benchmark Type: With net dividends reinvested (Net Total No guarantee is given with respect to this Objective actually Return) being reached. 3. Global exposure Investment Policy The method used to calculate the global exposure for this The Sub-Fund’s net assets will be mainly invested in equity and Sub-Fund is the Commitment Approach. equity-related instruments of any kind, including for example 4. Investment Manager shares and bonds convertible into shares, listed on the Eurizon Capital S.A. international regulated markets. 5. Investor Profile In order to achieve the Sub-Fund’s Objective, the Investment Manager will build a diversified and risk balanced portfolio by This Sub-Fund may be appropriate for investors who seek generally overweighting stocks that are expected to deliver less an exposure according to the Sub-Fund’s Objective, volatile returns and underweighting stocks that are expected to accepting market volatility. deliver more volatile returns. On a ancillary basis, the Sub-Fund’s net assets may be invested in any other instruments, such as but not limited to Investment Grade credit rating debt and debt-related instruments of any kind, including for example bonds and money market instruments, UCITS (up to 10%) and cash, including term deposits with credit institutions, within the limits allowed by law and indicated in the section “Investments and investment restrictions”. This Sub-Fund’s net assets will not be invested in asset-backed securities. The Sub-Fund may use financial techniques and instruments within the limits and under the conditions described in the section “Techniques and Instruments” and in Appendix B. Derivative financial instruments, whether negotiated on a regulated market that operates regularly and that is recognized and open to the public or dealt on over-the-counter markets, will be aimed at hedging risks, ensuring efficient portfolio management and/or investing according to the Investment Policy. Investors are advised to consider the additional risks associated with the use of derivative financial instruments, as described in the section “Specific Risks” of the Prospectus.

70 Line "Active – Market"

Eurizon Fund – Cash EUR

This Sub-Fund, formerly named the SANPAOLO INTERNATIONAL and/or investing according to the Money Market FUND – OBIETTIVO LIQUIDITÀ EURO, was launched on 8 Investment Policy of the Sub-Fund. Investors are advised February 1993 at an initial price of 100,000 ITL, its name was to consider the additional risks associated with the use of changed to SANPAOLO INTERNATIONAL FUND – VALORE derivative financial instruments, as described in the LIQUIDITÀ on 7 November 2003. Its name was further changed section “Specific Risks” of the Prospectus. on 26 February 2008. On 11 December 2009, it received as a Investors’ attention is called to the fact that this Sub- contribution the assets and liabilities of the Sub-Fund GIOTTO Fund does not provide protection of the capital invested LUX FUND – MONETARIO PLUS. On 16 January 2015, it or guarantee on the return that will be achieved. An received as a contribution the assets and liabilities of the Sub- investment in this Sub-fund is thus not equivalent to the Funds Eurizon Investment Sicav – EMU Cash, Eurizon set-up of a bank deposit. Investment Sicav – Euro Short Term and Eurizon Multiasset Fund – Euro Cash. When credit ratings published by credit rating agencies are used, such credit agencies shall be established in the Investment Objectives European Union and registered in accordance with the The objective of the Investment Manager is to preserve invested Regulation N° 462/2013 of the European Parliament and capital and achieve a return in excess of the return of the Euro of the Council amending Regulation N° 1060/2009 on money market (the “Objective”). credit rating agencies. No guarantee is given with respect to this Objective actually General Information being reached. 1. Sub-Fund’s Reference Currency Investment Policy Euro This Sub-Fund is intended to be managed as a Money 2. Subscription tax rate Market fund as defined and regulated by the European This Sub-Fund is intended to be managed according to the Securities and Markets Authority (ESMA) from time to conditions laid down by Article 174 (2) a) of the Law of 17 time. December 2010, so as to obtain a subscription tax rate In particular, the Sub-Fund’s net assets will be exclusively reduced to 0.01% p.a. invested in money market instruments, mainly issued by 3. Global exposure governments, their agencies or public international bodies, The method used to calculate the global exposure for this provided they are considered as high quality according to the Sub-Fund is the Commitment Approach. Management Company’s own assessment. 4. Investment Manager Besides, the Sub-Fund may invest in money market instruments Eurizon Capital S.A. with an Investment Grade credit rating, provided they are issued or guaranteed by a central, regional or local authority or 5. Investor Profile central bank of a Member State of the European Union, the This Sub-Fund may be appropriate for investors who seek European Central Bank, the European Union or the European an exposure according to the Sub-Fund’s Objective. Investment Bank. This Sub-Fund’s investments will be made in such a way that the residual maturity until the legal redemption date of the securities included in the portfolio is less than or equal to 24 months, provided that the time remaining until the next interest rate reset date is less than or equal to 397 days. Floating rate securities should reset to a money market rate or index. Taking into account the derivatives financial instruments, if any, the weighted average maturity of the portfolio will be of no more than 6 months, while the weighted average life of the securities held will be less or equal to 12 months. On a ancillary basis, the Sub-Fund’s net assets may be invested in cash, including term deposits with credit institutions, and other Short-Term Money Market or Money Market UCITS, within the limits allowed by law and indicated in the section “Investments and Investment Restrictions”. Investment in non-EUR financial instruments is allowed provided by the currency exposure is fully hedged. This Sub-Fund’s net assets will not be invested in asset-backed securities. The Sub-Fund may use financial techniques and instruments within the limits and under the conditions described in the section “Techniques and Instruments” and in Appendix B. Derivative financial instruments, whether negotiated on a regulated market that operates regularly and that is recognized and open to the public or dealt on over-the-counter markets, will be aimed at hedging risks, ensuring efficient portfolio management 71 Line "Active – Market"

Eurizon Fund – Treasury USD

This Sub-Fund, formerly named SANPAOLO INTERNATIONAL General Information FUND – DOLLAR SHORT TERM, was launched on 16 July 1999 1. Sub-Fund’s Reference Currency at an initial price of 100 Euros, its name was changed to Euro SANPAOLO INTERNATIONAL FUND – OBIETTIVO LIQUIDITA’ DOLLARI on 27 September 2002 and to EURIZON EASYFUND – 2. Benchmark CASH USD on 26 February 2008. Its name was further changed Bloomberg Barclays U.S. Treasury Bills Index®, an index on 1 February 2012. that includes debt instruments issued by the U.S. Federal Government with a remaining maturity between 1 and 12 Investment Objectives months. This benchmark can be expressed in, converted in The objective of the Investment Manager is to achieve a return or hedged against its local currencies or the currency the in excess of the return of a portfolio of money market Classes of Units of the Sub-Fund are expressed in, in order instruments issued by the Government of the United States of to reflect the characteristic of each Class of Unit of the America and denominated in United States Dollars (the Sub-Fund. “Objective”). 3. Subscription tax rate No guarantee is given with respect to this Objective actually This Sub-Fund is intended to be managed according to the being reached. conditions laid down by Article 174 (2) a) of the Law of 17 December 2010, so as to obtain a subscription tax rate Investment Policy reduced to 0.01% p.a. The Sub-Fund’s Net assets will be exclusively invested in debt 4. Global exposure and debt-related instruments of any kind, including for example bonds and money market instruments. These debt instruments The method used to calculate the global exposure for this will be mainly issued by governments, their agencies and public Sub-Fund is the Commitment Approach. international bodies with an High Grade credit rating, at issue 5. Investment Manager or issuer level. Eurizon Capital S.A. The Sub-Fund’s investments will be made in such a way that 6. Investor Profile the remaining maturity of the securities in the portfolio is, This Sub-Fund may be appropriate for investors who seek taking into account the financial instruments relating thereto, an exposure according to the Sub-Fund’s Objective, less than 397 days, or so that the issue conditions provide for accepting market volatility. at least an annual adaptation of the interest rates in the light of market conditions. The duration of the portfolio will generally not exceed 6 months. All investments made in securities denominated in currencies other than the USD will be hedged. In addition, the Sub-Fund will be entitled to hold cash in EUR and USD, including deposits with credit institutions, within the limits allowed by law and indicated in the section entitled “Investments and Investment Restrictions”. This Sub-Fund’s net assets will not be invested in asset-backed securities. The Sub-Fund may use financial techniques and instruments within the limits and under the conditions described in the section “Techniques and Instruments” and in Appendix B. Derivative financial instruments, whether negotiated on a regulated market that operates regularly and that is recognized and open to the public or dealt on over-the-counter markets, will be aimed at hedging risks, ensuring efficient portfolio management and/or investing according the Investment Policy. Investors are advised to consider the additional risks associated with the use of derivative financial instruments, as described in the section “Specific Risks” of the Prospectus. Investors’ attention is called to the fact that this Sub- Fund is exposed to the exchange risk between the EUR and the USD. When credit ratings published by credit rating agencies are used, such credit agencies shall be established in the European Union and registered in accordance with the Regulation N° 462/2013 of the European Parliament and of the Council amending Regulation N° 1060/2009 on credit rating agencies.

72 Line "Active – Market"

Eurizon Fund – Treasury EUR T1

This Sub-Fund was launched on 16 March 2015 at an initial General Information price of 100 Euros. 1. Sub-Fund’s Reference Currency Investment Objectives Euro The objective of the Investment Manager is to provide a 2. Global exposure moderate growth on the invested capital by achieving on The method used to calculate the global exposure for this average a positive return in excess of the return of the Sub-fund is the Commitment Approach. European Over Night Index Average (EONIA). 3. Subscription tax rate The EONIA is a measure of the effective interest rate prevailing This Sub-Fund is intended to be managed according to the in the Euro interbank overnight market. It is computed as a conditions laid down by Article 174 (2) a) of the Law of 17 weighted average of the interest rates on unsecured overnight December 2010, so as to obtain a subscription tax rate contracts on deposits denominated in Euro, as reported by a reduced to 0.01% p.a. panel of contributing banks. 4. Investment Manager No guarantee is given with respect to this objective actually Eurizon Capital S.A. being reached. 5. Investor Profile Investment Policy This Sub-Fund may be appropriate for investors who seek The Sub-Fund’s net assets will be mainly invested in debt and an exposure according to the Sub-Fund’s Objective. debt-related instruments of any kind, including for example bonds and money market instruments, issued by governments, their agencies or public international bodies, with an Investment Grade credit rating, at issue or issuer level, at the time of purchase. On an ancillary basis, the Sub-Fund will be entitled to hold any other debt instruments, UCITS (up to 10% of its net assets) and cash, including deposits with credit institutions, within the limits allowed by law and indicated in the section entitled “Investments and Investment Restrictions”. In any case, the Sub-Fund will not be invested in debt instruments with an Extremely Speculative Grade credit rating. The Sub-Fund’s investments will be made in such a way that the aggregate duration of the portfolio, taking into account the derivative financial instruments relating thereto, will generally not exceed 12 months. All investments made in securities denominated in currencies other than the EUR will be hedged. This Sub-Fund’s net assets will not be invested in asset-backed securities. The Sub-Fund may use financial techniques and instruments within the limits and under the conditions described in the section “Techniques and Instruments” and in Appendix B. Derivative financial instruments, whether negotiated on a regulated market that operates regularly and that is recognized and open to the public or dealt on over-the-counter markets, will be aimed at hedging risks, ensuring efficient portfolio management and/or investing according to the Investment Policy. Investors are advised to consider the additional risks associated with the use of derivative financial instruments, as described in the section “Specific Risks” of the Prospectus. Investors’ attention is called to the fact that this Sub- Fund is not intended to be managed as a Money Market fund as defined and regulated by the European Securities and Markets Authority (ESMA) from time to time. When credit ratings published by credit rating agencies are used, such credit agencies shall be established in the European Union and registered in accordance with the Regulation N° 462/2013 of the European Parliament and of the Council amending Regulation N° 1060/2009 on credit rating agencies.

73 Line "Active – Market"

Eurizon Fund – Bond EUR Floating Rate

This Sub-Fund, formerly named EURIZON EASYFUND – BOND expressed in, converted in or hedged against its local EUR FLOATING RATE, was launched on 11 December 2009 by currencies or the currency the Classes of Units of the Sub- way of a contribution of the assets and liabilities of the Sub- Fund are expressed in, in order to reflect the characteristic Fund GIOTTO LUX FUND – EURO TV. Its name was changed on of each Class of Unit of the Sub-Fund. 1 February 2012. On 29 June 2012, it received as a Benchmark Type: With income reinvested (Total Return) contribution the assets and liabilities of the Sub-Fund Eurizon Stars Fund – Euro Floating. Its name was changed to EURIZON 3. Global exposure FUND – BOND EUR FLOATING RATE on 13 July 2018. The method used to calculate the global exposure for this Sub-Fund is the Commitment Approach. Investment Objectives 4. Investment Manager The objective of the Investment Manager is to provide growth and income on the invested capital over time by achieving a Eurizon Capital S.A. return in excess of the total return of the floating rate debt 5. Investor Profile instruments issued by the Italian Government (the “Objective”). This Sub-Fund may be appropriate for investors who seek No guarantee is given with respect to this Objective actually an exposure according to the Sub-Fund’s Objective, being reached. accepting market volatility.

Investment Policy The Sub-Fund’s net assets will be mainly invested in floating rate debt and debt-related instruments denominated in Euro or in foreign currencies, issued by governments, their agencies or public international bodies with an Investment Grade credit rating, at issue or issuer level. All investments made in securities denominated in currencies other than Euro will be hedged. On a ancillary basis, the Sub-Fund’s net assets may be invested in any other instruments, such as but not limited to fixed rate debt instrument and cash, including term deposits with credit institutions, within the limits allowed by law and indicated in the section “Investments and Investments Restrictions”. The Sub-Fund may invest up to 30% its net assets in securities issued by corporate issuers with an Investment Grade credit rating, at issue or issuer level. This Sub-Fund’s net assets will not be invested in asset-backed securities. The Sub-Fund may use financial techniques and instruments within the limits and under the conditions described in the section “Techniques and Instruments” and in Appendix B. Derivative financial instruments, whether negotiated on a regulated market that operates regularly and that is recognized and open to the public or dealt on over-the-counter markets, will be aimed at hedging risks, ensuring efficient portfolio management and/or investing according to the Investment Policy. Investors are advised to consider the additional risks associated with the use of derivative financial instruments, as described in the section “Specific Risks” of the Prospectus. When credit ratings published by credit rating agencies are used, such credit agencies shall be established in the European Union and registered in accordance with the Regulation N° 462/2013 of the European Parliament and of the Council amending Regulation N° 1060/2009 on credit rating agencies.

General Information 1. Sub-Fund’s Reference Currency Euro 2. Benchmark MTS Italy CCT – ex-Bank of Italy Index® measures the total return of floating rate bonds issued by the Italian Government; it is calculated by using the weighted average prices of the CCT (Certificati di Credito del Tesoro) listed on the MTS platform. This benchmark can be 74 Line "Active – Market"

Eurizon Fund – Bond Inflation Linked

This Sub-Fund, formerly named SANPOALO INTERNATIONAL The ICE BofAML Euro Inflation-Linked Government Index® FUND – EURO INFLATION LINKED, was launched on 31 March tracks the performance of debt instruments issued by 2003 at an initial price of 100 Euros, its name was changed to member governments of EMU linked to indexes reflecting SANPAOLO INTERNATIONAL FUND – VALORE REALE on 7 the variation of consumer prices in the euro area or in the November 2003. Its name was changed on 26 February 2008. single member states. This benchmark can be expressed in, converted in or hedged against its local currencies or the Investment Objectives currency the Classes of Units of the Sub-Fund are The objective of the Investment Manager is to provide growth expressed in, in order to reflect the characteristic of each on the invested capital in the medium term by achieving a Class of Unit of the Sub-Fund. return in excess of the return of a portfolio of inflation linked 4. Investment Manager and short term debt instruments in the Eurozone (the Eurizon Capital S.A. “Objective”). 5. Investor Profile No guarantee is given with respect to this Objective actually being reached. This Sub-Fund may be appropriate for investors who seek an exposure according to the Sub-Fund’s Objective, Investment Policy accepting market volatility. The Sub-Fund’s net assets will be mainly invested in debt and debt-related instruments of any kind, including for example bonds and money market instruments, issued by governments, their agencies, public international bodies or corporate issuers, with an Investment Grade credit rating, at issue or issuer level. The net assets will be mainly invested in securities denominated in Euro, whose coupon and/or refund value reflect parameters revealing a variation of purchasing power (i.e. inflation level) in the Euro area or in some countries of this area. In addition, the Sub-Fund may hold cash, including term deposits with credit institutions, within the limits permitted by the law and indicated in the Prospectus in the section entitled “Investments and investment restrictions”. The Sub-Fund may invest up to 10% of its net assets in Contingent Convertible Bonds (CoCos). This Sub-Fund’s net assets will not be invested in asset-backed securities. The Sub-Fund may use financial techniques and instruments within the limits and under the conditions described in the section “Techniques and Instruments” and in Appendix B. Derivative financial instruments, whether negotiated on a regulated market that operates regularly and that is recognized and open to the public or dealt on over-the-counter markets, will be aimed at hedging risks, ensuring efficient portfolio management and/or investing according to the Investment Policy. Investors are advised to consider the additional risks associated with the use of derivative financial instruments, as described in the section “Specific Risks” of the Prospectus. When credit ratings published by credit rating agencies are used, such credit agencies shall be established in the European Union and registered in accordance with the Regulation N° 462/2013 of the European Parliament and of the Council amending Regulation N° 1060/2009 on credit rating agencies.

General Information 1. Sub-Fund’s Reference Currency Euro 2. Global exposure The method used to calculate the global exposure for this Sub-fund is the Commitment Approach. 3. Benchmark 100% of the ICE BofAML Euro Inflation-Linked Government Index®.

75 Line "Active – Market"

Eurizon Fund – Bond Corporate EUR Short Term

This Sub-Fund, formerly named SANPAOLO INTERNATIONAL 2. Benchmark FUND – WORLD CONVERTIBLE BONDS, was launched on16 The Bloomberg Barclays Euro_Aggregate: Corporate 1-3 September 1999 at an initial price of 100 Euros, its name was Year Index®, contains Euro-denominated, fixed-rate changed to SANPAOLO INTERNATIONAL FUND – OBBLIGAZIONI securities from industrial, utility and financial issuers with CONVERTIBILI on 27 September 2002 and from SANPAOLO an investment-grade equal or above the Baa3 in Moody’s INTERNATIONAL FUND – OBBLIGAZIONI CONVERTIBILI to classification, BBB- in S&P’s classification or BBB- in Fitch’s EURIZON EASYFUND – BOND CONVERTIBLE on 26 February classification. The Inclusion of a security in the index is 2008. Its Investment policy and name was further changed on based on the currency of the issue and not on the domicile 27 February 2009. On 11 December 2009, it received as a of the issuer. This benchmark can be expressed in, contribution the assets and liabilities of the Sub-Fund GIOTTO converted in or hedged against its local currencies or the LUX FUND – GLOBAL CREDIT BOND. currency the Classes of Units of the Sub-Fund are expressed in, in order to reflect the characteristic of each Investment Objectives Class of Unit of the Sub-Fund. The objective of the Investment Manager is to provide growth 3. Global exposure on the invested capital in the medium term by achieving a return in excess of the return of a portfolio of short-term debt The method used to calculate the global exposure for this instruments denominated in Euro and issued by Investment Sub-Fund is the Commitment Approach. Grade private companies (the “Objective”). 4. Investment Manager No guarantee is given with respect to this Objective actually Eurizon Capital SGR S.p.A. being reached. 5. Investor Profile Investment Policy This Sub-Fund may be appropriate for investors who seek an exposure according to the Sub-Fund’s Objective, The Sub-Fund’s net assets will be mainly invested in euro- accepting market volatility. denominated debt and debt-related instruments of any kind, including for example bonds and money market instruments, issued by corporate issuers, with an Investment Grade credit rating, at issue or issuer level. The Sub-Fund may invest up to 30% of its nets assets in securities denominated in European currencies other than Euro. If the Sub-Fund invests in securities not denominated in European currencies, then the currency risk will be hedged. In addition, the Sub-Fund will be entitled to hold cash, including term deposits with credit institutions, within the limits allowed by law and indicated under section “Investments and Investment Restrictions” of the Prospectus. The Sub-Fund may invest up to 10% of its net assets in Contingent Convertible Bonds (CoCos). This Sub-Fund’s net assets will not be invested in asset-backed securities. The Sub-Fund may use financial techniques and instruments within the limits and under the conditions described in the section “Techniques and Instruments” and in Appendix B. Derivative financial instruments, whether negotiated on a regulated market that operates regularly and that is recognized and open to the public or dealt on over-the-counter markets, will be aimed at hedging risks, ensuring efficient portfolio management and/or investing according to the Investment Policy. Investors are advised to consider the additional risks associated with the use of derivative financial instruments, as described in the section “Specific Risks” of the Prospectus. When credit ratings published by credit rating agencies are used, such credit agencies shall be established in the European Union and registered in accordance with the Regulation N° 462/2013 of the European Parliament and of the Council amending Regulation N° 1060/2009 on credit rating agencies.

General Information 1. Sub-Fund’s Reference Currency Euro

76 Line "Active – Market"

Eurizon Fund – Bond Corporate EUR

This Sub-Fund was launched on 10 February 2012. At this date, Type: Total Return) (the “Reference Parameter”), applied it received as a contribution the assets and liabilities of the Sub- to the smallest value between the annual average Net Fund Eurizon Capital Corporate Fund – Corporate Bond. Asset Value of each Class of the Sub-Fund and the Net Asset Value of this Class at the end of the calendar year. Investment Objectives The Reference Parameter can be expressed in, converted in The objective of the Investment Manager is to provide growth or hedged against its local currencies or the currency the on the invested capital in the medium term by achieving a Classes of Units of the Sub-Fund are expressed in, in order return in excess of the return of a portfolio of debt instruments to reflect the characteristic of each Class of Unit of the denominated in Euro and issued by Investment Grade private Sub-Fund. The performance of Units that distribute companies (the “Objective”). dividends is calculated considering the reinvestment of No guarantee is given with respect to this Objective actually dividends. being reached. A performance commission is accrued on each Valuation Day when the respective performance of each Class of the Investment Policy Sub-Fund – calculated on the basis of the Net Asset Value The Sub-Fund’s net assets will be mainly invested in euro- per Unit of each Class and the last Net Asset Value per denominated debt and debt-related instruments of any kind, Unit of the same Class on the previous calendar year – including for example bonds and money market instruments, outperforms the performance of the Reference Parameter issued by corporate issuers with an Investment Grade credit calculated over the same period. It is applied to the rating, at issue or issuer level. smallest value between the annual average Net Asset Value of each Class of the Sub-Fund and the Net Asset The Sub-Fund may invest up to 30% of its nets assets in Value of this Class on that Valuation Day. securities denominated in European currencies other than Euro. If the Sub-Fund invests in securities not denominated in Performance commission accrued on each Class of this European currencies, then the currency risk will be hedged. Sub-Fund is capped at 0.60% p.a. of the average Net Asset Value of the same Class. On a ancillary basis, the Sub-Fund’s net assets may be invested in any other instruments, such as but not limited to UCITS and When the performance of the Reference Parameter is cash, including term deposits with credit institutions, within the negative then a performance equal to zero is used for the limits allowed by law and indicated in the section “Investments purposes of performance fee calculation. and Investment Restrictions”. The performance commission, if any, is paid on a yearly The Sub-Fund may invest up to 10% of its net assets in basis, on the first Valuation Day of the following calendar Contingent Convertible Bonds (CoCos). year. This Sub-Fund’s net assets will not be invested in asset-backed For the first calendar year, a performance commission will securities. be paid if the performance of each Class of the Sub-Fund – calculated on the basis of the last Net Asset Value per The Sub-Fund may use financial techniques and Unit of each Class and the initial Net Asset Value of the instruments within the limits and under the conditions same Class of the Sub-Fund – outperforms the described in the section “Techniques and Instruments” performance of the Reference Parameter over the same and in Appendix B. Derivative financial instruments, period. whether negotiated on a regulated market that operates regularly and that is recognized and open to the public or The Management Company reserves the right to levy dealt on over-the-counter markets, will be aimed at anticipatively on the Sub-Fund’s net assets the performance hedging risks, ensuring efficient portfolio management fee accruals, if any, related to the nets assets redeemed. and/or investing according to the Investment Policy. Investors are advised to consider the additional risks 3. Benchmark associated with the use of derivative financial The Bloomberg Barclays Euro-Aggregate 500MM instruments, as described in the section “Specific Risks” of Corporate Index® is a total return index designed to the Prospectus. measure the performance of a Euro denominated portfolio of Investment Grade corporate bonds from industrial, When credit ratings published by credit rating agencies utility and financial issuers publicly issued in the Eurobond are used, such credit agencies shall be established in the and Eurozone markets. Only bonds with a minimum European Union and registered in accordance with the amount outstanding of EUR 500 million are included in the Regulation N° 462/2013 of the European Parliament and index. This benchmark can be expressed in, converted in or of the Council amending Regulation N° 1060/2009 on hedged against its local currencies or the currency the credit rating agencies. Classes of Units of the Sub-Fund are expressed in, in order to reflect the characteristic of each Class of Unit of the General Information Sub-Fund. 1. Sub-Fund’s Reference Currency 4. Global exposure Euro The method used to calculate the global exposure for this 2. Performance Commission Sub-Fund is the Commitment Approach. The Management Company is entitled to receive a 5. Investment Manager performance commission, the existence and amount of Eurizon Capital SGR S.p.A. which is defined according to the following conditions: 6. Investor Profile The performance commission amounts to 20% of the respective annual performance (on a calendar year basis) This Sub-Fund may be appropriate for investors who seek of the Net Asset Value per Unit of each Class recorded in an exposure according to the Sub-Fund’s Objective, excess of the annual performance of the Bloomberg accepting market volatility. Barclays Euro-Aggregate 500MM Corporate Index® (Index 77 Line "Active – Market"

Eurizon Fund – Bond Aggregate EUR

This Sub-Fund was launched on 17 February 2017 at an initial Regulation N° 462/2013 of the European Parliament and price of 100 EUR. of the Council amending Regulation N° 1060/2009 on credit rating agencies. Investment Objectives The objective of the Investment Manager is to provide growth General Information on the invested capital in the medium term by achieving a 1. Sub-Fund’s Reference Currency return in excess of the return of a portfolio of debt instruments Euro denominated in Euro (the “Objective”). 2. Performance Commission No guarantee is given with respect to this Objective actually The Management Company is entitled to receive an annual being reached. performance commission, the existence and amount of which is defined according to the following conditions: Investment Policy The Sub-Fund will be mainly exposed, directly or through The performance commission amounts to 20% of the financial derivatives instruments, in debt and debt-related respective annual performance (on a calendar year basis) instruments of any kind, denominated in Euro, including for of the Net Asset Value per Unit of each Class recorded in example bonds, convertible bonds and covered bonds, as well excess of the annual performance of Bloomberg Barclays ® as in money market instruments. Euro Aggregate Bond Index (Index Type: Total Return) (the “Reference Parameter”), applied to the smallest value Debt and debt-related instruments of any kind in which the between the annual average Net Asset Value of each Class Sub-Fund invests are mainly issued by governments and their of the Sub-Fund and the Net Asset Value of this Class at agencies, supranational institutions, credit institutions or other the end of the calendar year. corporate issuers (the “Issuers”) with an Investment Grade credit rating at the time of purchase, at issue or issuer level. The Reference Parameter can be expressed in, converted in or hedged against its local currencies or the currency the Investments in debt instruments issued in the international Classes of Units of the Sub-Fund are expressed in, in order markets by Issuers located in Emerging Countries will not to reflect the characteristic of each Class of Unit of the exceed 20% of the Sub-Fund’s net assets. The emerging Sub-Fund. The performance of Units that distribute countries are those countries whose economies are less dividends is calculated considering the reinvestment of developed according to the World Bank, its related dividends. organizations or the United Nations or its authorities, insofar as and provided the markets in those countries are considered as A performance commission is accrued on each Valuation recognized securities stock exchanges or as regulated markets Day when the respective performance of each Class of the that operate regularly and that are recognized and open to the Sub-Fund – calculated on the basis of the Net Asset Value public in the meaning of Article 41(1) of the Law of 17 per Unit of each Class and the last Net Asset Value per December 2010 on undertakings for collective investment. Unit of the same Class on the previous calendar year outperforms the performance of the Reference Parameter Investments in debt instruments issued by Issuers with a Non- calculated over the same period. It is applied to the Investment Grade credit rating at the time of purchase, at issue smallest value between the annual average Net Asset or issuer level, may not exceed 20% of the Sub-Fund’s net Value of each Class of the Sub-Fund and the Net Asset assets. In any case the Sub-Fund will not be invested in debt Value of this Class on that Valuation Day. instruments with an Extremely Speculative Grade credit rating. Performance commission accrued on each Class of this The exposure to currencies other than Euro will not exceed Sub-Fund is capped at 1.10% p.a. of the average Net 30% of the Sub-Fund’s net assets. Asset Value of the same Class. On an ancillary basis, the Sub-Fund may hold UCITS (up to When the performance of the Reference Parameter is 10%) and cash, including term deposits with credit institutions, negative then a performance equal to zero is used for the within the limits allowed by the law and indicated in the purposes of performance fee calculation. section entitled “Investments and investment restrictions”. The performance commission, if any, is paid on a yearly The Sub-Fund may invest up to 10% of its net assets in basis, on the first Valuation Day of the following calendar Contingent Convertible Bonds (CoCos). year. This Sub-Fund’s net assets will not be directly invested in asset- For the first calendar year, a performance commission will backed securities. be paid if the performance of each Class of the Sub-Fund – calculated on the basis of the last Net Asset Value per The Sub-Fund may use financial techniques and Unit of each Class and the initial Net Asset Value of the instruments within the limits and under the conditions same Class of the Sub-Fund outperforms the performance described in the section “Techniques and Instruments” of the Reference Parameter over the same period. and in Appendix B. Derivative financial instruments, whether negotiated on a regulated market that operates As from the second calendar year, the Management regularly and that is recognized and open to the public or Company reserves the right to levy anticipatively on the dealt on over-the-counter markets, will be aimed at Sub-Fund’s net assets the performance fee accruals, if any, hedging risks, ensuring efficient portfolio management related to the nets assets redeemed. and/or investing according to the Investment Policy. Investors are advised to consider the additional risks 3. Benchmark associated with the use of derivative financial The Bloomberg Barclays Euro Aggregate Bond Index® instruments, as described in the section “Specific Risks” of measures the performance of debt instruments the Prospectus. denominated in Euro which pay income according to a fixed rate of interest. The principal sectors in the Index are When credit ratings published by credit rating agencies treasury, corporate, government-related and securitised. are used, such credit agencies shall be established in the The debt instruments will, at the time of inclusion in the European Union and registered in accordance with the 78 Line "Active – Market"

Index, be with an Investment Grade credit rating. Only debt instruments with a minimum remaining time to maturity of one year and a minimum amount outstanding of €300million are included in the Index. This benchmark can be expressed in, converted in or hedged against its local currencies or the currency the Classes of Units of the Sub-Fund are expressed in, in order to reflect the characteristic of each Class of Unit of the Sub-Fund. 4. Global exposure The method used to calculate the global exposure for this Sub-Fund is the Commitment Approach. 5. Investment Manager Eurizon Capital SGR S.p.A. 6. Investor Profile This Sub-Fund may be appropriate for investors who seek an exposure according to the Objective, accepting market volatility.

79 Line "Active – Market"

Eurizon Fund – Bond Aggregate RMB

This Sub-Fund was launched on 17 February 2017 at an initial Quota of the Management Company (up to the maximum price of 100 EUR. level authorized from time to time by the CSSF – currently up to 35% of its net assets). Investment Objectives Investments in High Yield securities and investments in The objective of the Investment Manager is to provide growth Less Developed Markets are subject to additional risks as on the invested capital in the medium term by achieving a described in the section “Specific risks” of this Prospectus. return in excess of the return of a portfolio of debt instruments Moreover, investments in China are subject to additional denominated in Renminbi and traded on the China Interbank risks as described in the section “Specific risks of Bond Market (“CIBM”) and/or in other regulated markets in investing in People’s Republic of China” of this People’s Republic of China (“PRC”) and Hong Kong (the Prospectus. “Objective”). The Sub-Fund may use financial techniques and No guarantee is given with respect to this Objective actually instruments within the limits and under the conditions being reached. described in the section “Techniques and Instruments” and in Appendix B. Derivative financial instruments, Investment Policy whether negotiated on a regulated market that operates The Sub-Fund will be mainly exposed, directly or through regularly and that is recognized and open to the public or financial derivatives instruments, in debt and debt-related dealt on over-the-counter markets, will be aimed at instruments of any kind, denominated in onshore Renminbi hedging risks, ensuring efficient portfolio management (“CNY”) as well as in offshore Renminbi (“CNH”), including for and/or investing according to the Investment Policy. example bonds, convertible bonds and covered bonds, as well Investors are advised to consider the additional risks as in money market instruments. associated with the use of derivative financial instruments, as described in the section “Specific Risks” of The Renminbi denominated debt and debt-related instruments the Prospectus. in which the Sub-Fund invests shall be dealt on the CIBM as well as on any other securities stock exchanges or regulated When credit ratings published by credit rating agencies markets in the PRC and Hong Kong that operate regularly and are used, such credit agencies shall be established in the that are recognized and open to the public in the meaning of European Union and registered in accordance with the Article 41(1) of the Law of 17 December 2010 on undertakings Regulation N° 462/2013 of the European Parliament and for collective investment such as, but not limited to, the Central of the Council amending Regulation N° 1060/2009 on Moneymarkets Unit, a clearing and settlement facility credit rating agencies. established and regulated by the Hong Kong Monetary Authority. General Information Debt and debt-related instruments of any kind in which the 1. Sub-Fund’s Reference Currency Sub-Fund invests are mainly issued by governments and their Euro agencies, supranational institutions, credit institutions or other 2. Performance Commission corporate issuers (the “Issuers”) with an Investment Grade credit rating at the time of purchase, at issue or issuer level. The Management Company is entitled to receive an annual performance commission, the existence and amount of Further investments in debt instruments with a Non-Investment which is defined according to the following conditions: Grade credit rating at the time of purchase, including those with a Speculative or Highly Speculative Grade credit rating at The performance commission amounts to 20% of the issue or issuer level, will not exceed 49% of the Sub-Fund’s net respective annual performance (on a calendar year basis) assets. In any case the Sub-Fund will not be invested in debt of the Net Asset Value per Unit of each Class recorded in instruments with an Extremely Speculative Grade credit rating. excess of the annual performance of Bloomberg Barclays China Aggregate Bond Index® (Index Type: Total Return) Debt instruments not rated by any credit rating agency (the “Reference Parameter”), applied to the smallest value established in the European Union and registered in accordance between the annual average Net Asset Value of each Class with the Regulation N° 462/2013 of the European Parliament of the Sub-Fund and the Net Asset Value of this Class at and of the Council amending Regulation N° 1060/2009 on the end of the calendar year. credit rating agencies will not exceed 40% of the Sub-Fund’s net assets. The Reference Parameter can be expressed in, converted in or hedged against its local currencies or the currency the On an ancillary basis, the Sub-Fund may hold UCITS (up to Classes of Units of the Sub-Fund are expressed in, in order 10%) and cash, including term deposits with credit institutions, to reflect the characteristic of each Class of Unit of the within the limits allowed by the law and indicated in the Sub-Fund. The performance of Units that distribute section entitled “Investments and investment restrictions”. dividends is calculated considering the reinvestment of dividends. This Sub-Fund’s net assets will not be directly invested in asset- backed securities. A performance commission is accrued on each Valuation Day when the respective performance of each Class of the Investors are asked to note that the Sub-Fund may Sub-Fund – calculated on the basis of the Net Asset Value directly or indirectly through the Bond Connect program per Unit of each Class and the last Net Asset Value per invest in the CIBM, considered as a regulated market Unit of the same Class on the previous calendar year within the meaning of Article 41(1) of the Law of 17 outperforms the performance of the Reference Parameter December 2010, but which has a higher than average calculated over the same period. It is applied to the level of risk. smallest value between the annual average Net Asset The Sub-Fund intends to qualify as Open-Ended China Value of each Class of the Sub-Fund and the Net Asset Fund according to the State Administration of Foreign Value of this Class on that Valuation Day. Exchange of People’s Republic of China and could invest an important part of its net assets through the QFII 80 Line "Active – Market"

Performance commission accrued on each Class of this Sub-Fund is capped at 1.30% p.a. of the average Net Asset Value of the same Class. When the performance of the Reference Parameter is negative then a performance equal to zero is used for the purposes of performance fee calculation. The performance commission, if any, is paid on a yearly basis, on the first Valuation Day of the following calendar year. For the first calendar year, a performance commission will be paid if the performance of each Class of the Sub-Fund – calculated on the basis of the last Net Asset Value per Unit of each Class and the initial Net Asset Value of the same Class of the Sub-Fund outperforms the performance of the Reference Parameter over the same period. As from the second calendar year, the Management Company reserves the right to levy anticipatively on the Sub-Fund’s net assets the performance fee accruals, if any, related to the nets assets redeemed. 3. Benchmark The Bloomberg Barclays China Aggregate Bond Index® measures the performance of debt instruments denominated in Renminbi which pay income according to a fixed rate of interest. This benchmark can be expressed in, converted in or hedged against its local currencies or the currency the Classes of Units of the Sub-Fund are expressed in, in order to reflect the characteristic of each Class of Unit of the Sub-Fund. 4. Global exposure The method used to calculate the global exposure for this Sub-Fund is the Commitment Approach. 5. Investment Manager Eurizon SLJ Capital LTD 6. Investor Profile This Sub-Fund may be appropriate for investors who seek an exposure according to the Objective, accepting market volatility.

81 Line "Active – Market"

Eurizon Fund – Bond High Yield

This Sub-Fund, formerly named SANPAOLO INTERNATIONAL 2. Performance Commission FUND – BONDS HIGH YIELD, was launched on 14 July 2000 at The Management Company is entitled to receive a an initial price of 100 Euros, its name was changed to performance commission, the existence and amount of SANPAOLO INTERNATIONAL FUND – OBBLIGAZIONARIO HIGH which is defined according to the following conditions: YIELD on 27 September 2002. Its name was further changed on 26 February 2008. On 29 June 2012, it received as a The performance commission amounts to 20% of the contribution the assets and liabilities of the Sub-Fund Eurizon respective annual performance (on a calendar year basis) Stars Fund – Bond European High Yield. of the Net Asset Value per Unit of each Class recorded in excess of the annual performance of the ICE BofAML Investment Objectives Global High Yield European Issuers, rating BB-B, 3% constrained Index® hedged in EUR (Index Type: Total The objective of the Investment Manager is to provide growth Return) (the “Reference Parameter”), applied to the on the invested capital in the medium term by achieving a smallest value between the annual average Net Asset return in excess of the return of a portfolio of high yield debt Value of each Class of the Sub-Fund and the Net Asset instruments issued by private companies (the “Objective”). Value of this Class at the end of the calendar year. No guarantee is given with respect to this Objective actually The Reference Parameter can be expressed in, converted in being reached. or hedged against its local currencies or the currency the Investment Policy Classes of Units of the Sub-Fund are expressed in, in order to reflect the characteristic of each Class of Unit of the The Sub-Fund’s net assets will be mainly invested in debt and Sub-Fund. The performance of Units that distribute debt-related instruments of any kind, including for example dividends is calculated considering the reinvestment of bonds and money market instruments, issued by corporate dividends. issuers, including those with a Speculative or Highly Speculative Grade credit rating, at issue or issuer level. A performance commission is accrued on each Valuation Day when the respective performance of each Class of the The choice of investments will take particular account of the Sub-Fund – calculated on the basis of the Net Asset Value profitability of the securities, but without neglecting the issuer’s per Unit of each Class and the last Net Asset Value per solvency. Investments made in instruments in a currency other Unit of the same Class on the previous calendar year – than EUR will generally be hedged. outperforms the performance of the Reference Parameter On a ancillary basis, the Sub-Fund’s net assets may be invested calculated over the same period. It is applied to the in any other instruments, such as but not limited to UCITS and smallest value between the annual average Net Asset cash, including term deposits with credit institutions, within the Value of each Class of the Sub-Fund and the Net Asset limits allowed by law and indicated in the Prospectus in the Value of this Class on that Valuation Day. section entitled “Investments and investment restrictions”. Performance commission accrued on each Class of this The Sub-Fund may invest up to 10% of its net assets in Sub-Fund is capped at 1.20% p.a. of the average Net Contingent Convertible Bonds (CoCos). Asset Value of the same Class. This Sub-Fund’s net assets will not be invested in asset-backed When the performance of the Reference Parameter is securities. negative then a performance equal to zero is used for the purposes of performance fee calculation. Investments in High Yield securities and investments in Less Developed Markets, in particular in Emerging The performance commission, if any, is paid on a yearly Countries and in Russia, are subject to additional risks as basis, on the first Valuation Day of the following calendar described in the section “Specific risks” of the Prospectus. year. The Sub-Fund may use financial techniques and The Management Company reserves the right to levy instruments within the limits and under the conditions anticipatively on the Sub-Fund’s net assets the performance described in the section “Techniques and Instruments” fee accruals, if any, related to the nets assets redeemed. and in Appendix B. Derivative financial instruments, 3. Benchmark whether negotiated on a regulated market that operates The ICE BofAML Global High Yield European Issuers, rating regularly and that is recognized and open to the public or BB-B, 3% constrained Index® tracks the performance of dealt on over-the-counter markets, will be aimed at bonds of corporate issues with rating, based on the hedging risks, ensuring efficient portfolio management weighted average of Moody’s and Standard & Poors and/or investing according to the Investment Policy. between BB and B. Any issuer comprised in the index may Investors are advised to consider the additional risks not exceed 3%. This benchmark can be expressed in, associated with the use of derivative financial converted in or hedged against its local currencies or the instruments, as described in the section “Specific Risks” of currency the Classes of Units of the Sub-Fund are the Prospectus. expressed in, in order to reflect the characteristic of each When credit ratings published by credit rating agencies Class of Unit of the Sub-Fund. are used, such credit agencies shall be established in the 4. Global exposure European Union and registered in accordance with the The method used to calculate the global exposure for this Regulation N° 462/2013 of the European Parliament and Sub-fund is the Commitment Approach. of the Council amending Regulation N° 1060/2009 on credit rating agencies. 5. Investment Manager Eurizon Capital SGR S.p.A. General Information 6. Investor Profile 1. Sub-Fund’s Reference Currency This Sub-Fund may be appropriate for investors who seek Euro an exposure according to the Sub-Fund’s Objective, accepting market volatility. 82 Line "Active – Market"

Eurizon Fund – Bond International

This Sub-Fund will be launched on 27 November 2017 at an described in the section “Techniques and Instruments” initial price of 100 EUR. and in Appendix B. Derivative financial instruments, whether negotiated on a regulated market that operates Investment Objectives regularly and that is recognized and open to the public or The objective of the Investment Manager is to provide growth dealt on over-the-counter markets, will be aimed at on the invested capital in the medium term by achieving a hedging risks, ensuring efficient portfolio management return in excess of the return of a portfolio of debt and debt- and/or investing according to the Investment Policy. related instruments issued by governments of developed and Investors are advised to consider the additional risks emerging countries (the “Objective”). associated with the use of derivative financial instruments, as described in the section “Specific Risks” of No guarantee is given with respect to this Objective actually the Prospectus. being reached. When credit ratings published by credit rating agencies Investment Policy are used, such credit agencies shall be established in the European Union and registered in accordance with the The Sub-Fund's net assets will be mainly invested in debt and Regulation N° 462/2013 of the European Parliament and debt-related instruments of any kind, including for example of the Council amending Regulation N° 1060/2009 on bonds and money market instruments, denominated in any credit rating agencies. currency, issued by governments, or their agencies, of developed and emerging countries. General Information The emerging countries are those countries whose economies 1. Sub-Fund’s Reference Currency are less developed according to the World Bank, its related Euro organizations or the United Nations or its authorities, insofar as and provided the markets in those countries are considered as 2. Performance Commission recognized securities stock exchanges or as regulated markets The Management Company is entitled to receive an annual that operate regularly and that are recognized and open to the performance commission, the existence and amount of public in the meaning of Article 41(1) of the Law of 17 which is defined according to the following conditions: December 2010 on undertakings for collective investment. The performance commission amounts to 20% of the The Sub-Fund may also invest up to 20% of its nets assets in respective annual performance (on a calendar year basis) debt and debt-related instruments of any kind, including for of the Net Asset Value per Unit of each Class recorded in example bonds and money market instruments, issued by excess of the annual performance of the Bloomberg corporate issuers. Barclays Global Treasury Universal GDP Weighted by Country Index® (Index Type: Total Return) (the “Reference In any case, investments in securities with a Non-Investment Parameter”), applied to the smallest value between the Grade credit rating, at issue or issuer level, at the time of annual average Net Asset Value of each Class of the Sub- purchase, may not exceed 20% of the net assets of the Sub- Fund and the Net Asset Value of this Class at the end of Fund. Investments in Distressed Debt Securities will not the calendar year. represent more than 5% of the net assets of the Sub-Fund. The Reference Parameter can be expressed in, converted in The duration of the portfolio will generally be comprised or hedged against its local currencies or the currency the between 3 and 9 years. Classes of Units of the Sub-Fund are expressed in, in order On an ancillary basis, the Sub-Fund’s net assets may be invested to reflect the characteristic of each Class of Unit of the in any other instruments, such as but not limited to UCITS (up Sub-Fund. The performance of Units that distribute to 10%) and cash, including term deposits with credit dividends is calculated considering the reinvestment of institutions, within the limits permitted by law and indicated in dividends. the section entitled “Investments and Investment Restrictions”. A performance commission is accrued on each Valuation The Sub-Fund may invest up to 10% of its net assets in Day when the respective performance of each Class of the Contingent Convertible Bonds (CoCos). Sub-Fund – calculated on the basis of the Net Asset Value per Unit of each Class and the last Net Asset Value per This Sub-Fund’s net assets may be directly invested in asset- Unit of the same Class on the previous calendar year backed securities (up to 10%), including asset-backed Sukuk. outperforms the performance of the Reference Parameter Investors are asked to note that the Sub-Fund may calculated over the same period. It is applied to the directly or indirectly through the Bond Connect program smallest value between the annual average Net Asset invest in the China Interbank Bond Market, considered as Value of each Class of the Sub-Fund and the Net Asset a regulated market within the meaning of Article 41(1) of Value of this Class on that Valuation Day. the Law of 17 December 2010, but which has a higher Performance commission accrued on each Class of this than average level of risk. Sub-Fund is capped at 1.20% p.a. of the average Net Investments in High Yield securities and investments in Asset Value of the same Class. Less Developed Markets, in particular in Emerging When the performance of the Reference Parameter is Countries, in Russia and in People’s Republic of China, are negative then a performance equal to zero is used for the subject to additional risks as described in the section purposes of performance fee calculation. “Specific risks” of the Prospectus. The performance commission, if any, is paid on a yearly Investments in Distressed Debt Securities and/or in Sukuk basis, on the first Valuation Day of the following calendar are subject to additional risks as described in the section year. “Specific risks” of the Prospectus. For the first calendar year, a performance commission will The Sub-Fund may use financial techniques and be paid if the performance of each Class of the Sub-Fund instruments within the limits and under the conditions – calculated on the basis of the last Net Asset Value per 83 Line "Active – Market"

Unit of each Class and the initial Net Asset Value of the same Class of the Sub-Fund outperforms the performance of the Reference Parameter over the same period. As from the second calendar year, the Management Company reserves the right to levy anticipatively on the Sub-Fund’s net assets the performance fee accruals, if any, related to the nets assets redeemed. 3. Benchmark The Bloomberg Barclays Global Treasury Universal GDP Weighted by Country Index® is an index that combines the Global Treasury Index with other emerging market local currency sovereign debt markets, and measures both emerging market and developed market local currency government debt. Using published GDP data, this index calculates target index country weights as a percentage of Gross Domestic Product (GDP) rather than weighting each bond by its market value. This Benchmark can be expressed in, converted in or hedged against its local currencies or the currency the Classes of Units of the Sub- Fund are expressed in, in order to reflect the characteristic of each Class of Unit of the Sub-Fund. Benchmark Type: With income reinvested (Total Return) 4. Global exposure and expected level of leverage The method used to calculate the global exposure for this Sub-Fund is the Commitment Approach. 5. Investment Manager Eurizon Capital SGR S.p.A. 6. Investor Profile This Sub-Fund may be appropriate for investors who seek an exposure according to the Sub-Fund’s Objective, accepting market volatility.

84 Line "Active – Market"

Eurizon Fund – Bond Emerging Markets

This Sub-Fund, formerly named SANPAOLO INTERNATIONAL described in the section “Techniques and Instruments” FUND – BONDS EMERGING MARKETS, was launched on 15 and in Appendix B. Derivative financial instruments, February 1999 at an initial price of 100 Euros, its name was whether negotiated on a regulated market that operates changed to SANPAOLO INTERNATIONAL FUND – regularly and that is recognized and open to the public or OBBLIGAZIONARIO PAESI EMERGENTI on 27 September 2002. dealt on over-the-counter markets, will be aimed at Its name was further changed on 26 February 2008. hedging risks, ensuring efficient portfolio management and/or investing according to the Investment Policy. Investment Objectives Investors are advised to consider the additional risks The objective of the Investment Manager is to provide growth associated with the use of derivative financial on the invested capital in the medium term by achieving a instruments, as described in the section “Specific Risks” of return in excess of the return of a portfolio of traded external the Prospectus. debt instruments issued by issuers located in emerging markets When credit ratings published by credit rating agencies (the “Objective”). are used, such credit agencies shall be established in the No guarantee is given with respect to this Objective actually European Union and registered in accordance with the being reached. Regulation N° 462/2013 of the European Parliament and of the Council amending Regulation N° 1060/2009 on Investment Policy credit rating agencies. The Sub-Fund’s net assets will be mainly invested in debt and General Information debt-related instruments of any kind, including for example bonds and money market instruments, issued by governments, 1. Sub-Fund’s Reference Currency their agencies or corporate issuers located in or constituted Euro under the laws of the emerging countries, including those with 2. Performance Commission a Speculative or Highly Speculative Grade credit rating, at issue or issuer level. The Management Company is entitled to receive a performance commission, the existence and amount of Those countries particularly include the following: Algeria, which is defined according to the following conditions: Argentina, Brazil, Bulgaria, Chile, China, Colombia, Croatia, Dominican Republic, Egypt, El Salvador, Ecuador, Hungary, Ivory The performance commission amounts to 20% of the Coast, Lebanon, Malaysia, Mexico, Morocco, Nigeria, Pakistan, respective annual performance (on a calendar year basis) Panama, Peru, Philippines, Poland, Russia, South Africa, South of the Net Asset Value per Unit of each Class recorded in Korea, Thailand, Tunisia, Turkey, Ukraine, Uruguay, Venezuela excess of the annual performance of JPMorgan EMBI ® and the countries included in the list of emerging countries Global Diversified Index (Index Type: Total Return) (the produced by the International Finance Corporation (World “Reference Parameter”), applied to the smallest value Bank), insofar as and provided the markets in those countries between the annual average Net Asset Value of each Class are considered as recognized securities stock exchanges or as of the Sub-Fund and the Net Asset Value of this Class at regulated markets that operate regularly and that are the end of the calendar year. recognized and open to the public in the meaning of Article 41 The Reference Parameter can be expressed in, converted in (1) of the Law of 17 December 2010 on UCIs. The investments or hedged against its local currencies or the currency the in securities, traded on markets that cannot be characterized as Classes of Units of the Sub-Fund are expressed in, in order securities markets or regulated markets, which operate regularly to reflect the characteristic of each Class of Unit of the and that are recognized and open to the public in the meaning Sub-Fund. The performance of Units that distribute of Article 41(1) of the Law of 17 December 2010 on UCIs, will dividends is calculated considering the reinvestment of be treated as investments in unlisted securities or securities that dividends. are not traded on a regulated market that operates regularly and that is recognized and open to the public, and therefore A performance commission is accrued on each Valuation they may not, together with the other unlisted securities or Day when the respective performance of each Class of the securities not traded on a regulated market that operates Sub-Fund – calculated on the basis of the Net Asset Value regularly and that is recognized and open to the public, exceed per Unit of each Class and the last Net Asset Value per 10% of the Sub-Fund’s net assets. Unit of the same Class on the previous calendar year – outperforms the performance of the Reference Parameter On a ancillary basis, the Sub-Fund’s net assets may be invested calculated over the same period. It is applied to the in any other instruments, such as but not limited to UCITS and smallest value between the annual average Net Asset cash, including term deposits with credit institutions, within the Value of each Class of the Sub-Fund and the Net Asset limits allowed by law and indicated in the section entitled Value of this Class on that Valuation Day. “Investments and investment restrictions”. Performance commission accrued on each Class of this The Sub-Fund may invest up to 10% of its net assets in Sub-Fund is capped at 1.20% p.a. of the average Net Contingent Convertible Bonds (CoCos). Asset Value of the same Class. This Sub-Fund’s net assets may be directly invested in asset- When the performance of the Reference Parameter is backed securities (up to 10%), including asset-backed Sukuk. negative then a performance equal to zero is used for the Investments in Less Developed Markets, in particular in purposes of performance fee calculation. Emerging Countries and in Russia, and investments in The performance commission, if any, is paid on a yearly High Yield securities are subject to additional risks as basis, on the first Valuation Day of the following calendar described in the section “Specific risks” of the Prospectus. year. Investments in Sukuk are subject to additional risks as The Management Company reserves the right to levy described in the section “Specific risks” of the Prospectus. anticipatively on the Sub-Fund’s net assets the performance The Sub-Fund may use financial techniques and fee accruals, if any, related to the nets assets redeemed. instruments within the limits and under the conditions 85 Line "Active – Market"

3. Benchmark The JPMorgan EMBI Global Diversified Index® is an index that tracks total returns for traded external debt instruments in the emerging markets, it includes USD- denominated Brady bonds, loans, and Eurobonds with an outstanding face value of at least USD 500 million. The index is denominated “Global Diversified” as it limits the weight of those index countries with large debt stocks. This Benchmark can be expressed in, converted in or hedged against its local currencies or the currency the Classes of Units of the Sub-Fund are expressed in, in order to reflect the characteristic of each Class of Unit of the Sub-Fund. 4. Global exposure The method used to calculate the global exposure for this Sub-Fund is the Commitment Approach. 5. Investment Manager Eurizon Capital SGR S.p.A. 6. Investor Profile This Sub-Fund may be appropriate for investors who seek an exposure according to the Sub-Fund’s Objective, accepting market volatility.

86 Line "Active – Market"

Eurizon Fund – Bond Emerging Markets in Local Currencies

This Sub-Fund is opened for subscription as from 1 February Investments in Sukuk are subject to additional risks as 2012. It was launched on 7 March 2012 at an initial price of described in the section “Specific risks” of the Prospectus. EUR 100. The Sub-Fund may use financial techniques and Investment Objectives instruments within the limits and under the conditions described in the section “Techniques and Instruments” The objective of the Investment Manager is to provide growth and in Appendix B. Derivative financial instruments, on the invested capital in the medium term by achieving a whether negotiated on a regulated market that operates return in excess of the return of a portfolio of local debt regularly and that is recognized and open to the public or instruments issued by emerging markets governments (the dealt on over-the-counter markets, will be aimed at “Objective”). hedging risks, ensuring efficient portfolio management No guarantee is given with respect to this Objective actually and/or investing according to the Investment Policy. being reached. Investors are advised to consider the additional risks associated with the use of derivative financial Investment Policy instruments, as described in the section “Specific Risks” of the Prospectus. The Sub-Fund’s net assets will be mainly invested in debt and debt-related instruments of any kind denominated in their local When credit ratings published by credit rating agencies currencies, including for example bonds and money market are used, such credit agencies shall be established in the instruments, issued by governments or their agencies located in European Union and registered in accordance with the or constituted under the laws of the emerging countries, Regulation N° 462/2013 of the European Parliament and including those with a Speculative or Highly Speculative Grade of the Council amending Regulation N° 1060/2009 on credit rating, at issue or issuer level. credit rating agencies.

The emerging countries are those countries whose economies General Information are less developed according to the World Bank, its related organizations or the United Nations or its authorities, insofar as 1. Sub-Fund’s Reference Currency and provided the markets in those countries are considered as Euro recognized securities stock exchanges or as regulated markets 2. Performance Commission that operate regularly and that are recognized and open to the public in the meaning of Article 41(1) of the Law of 17 The Management Company is entitled to receive a December 2010 on UCIs. The investments in securities, traded performance commission, the existence and amount of on markets that cannot be characterized as securities markets which is defined according to the following conditions: or regulated markets, which operate regularly and that are The performance commission amounts to 20% of the recognized and open to the public in the meaning of Article 41 respective annual performance (on a calendar year basis) (1) of the Law of 17 December 2010 on UCIs, will be treated of the Net Asset Value per Unit of each Class recorded in as investments in unlisted securities or securities that are not excess of the annual performance of JPM GBI EM Global traded on a regulated market that operates regularly and that Diversified Index® (Index Type: Total Return) (the is recognized and open to the public, and therefore they may “Reference Parameter”), applied to the smallest value not, together with the other unlisted securities or securities not between the annual average Net Asset Value of each Class traded on a regulated market that operates regularly and that of the Sub-Fund and the Net Asset Value of this Class at is recognized and open to the public, exceed 10% of the Sub- the end of the calendar year. Fund’s net assets. The Reference Parameter can be expressed in, converted in Investors are asked to note that the Sub-Fund may invest or hedged against its local currencies or the currency the in the Russian market, notably the Moscow Exchange, Classes of Units of the Sub-Fund are expressed in, in order and directly or indirectly through the Bond Connect to reflect the characteristic of each Class of Unit of the program in the China Interbank Bond Market (CIBM), Sub-Fund.The performance of Units that distribute both considered as regulated market within the meaning dividends is calculated considering the reinvestment of of Article 41(1) of the Law of 17 December 2010, but dividends. which have a higher than average level of risk. A performance commission is accrued on each Valuation In addition, the Sub-Fund will be entitled to hold money Day when the respective performance of each Class of the market instruments as well as cash, including term deposits Sub-Fund – calculated on the basis of the Net Asset Value with credit institutions, within the limits allowed by law and per Unit of each Class and the last Net Asset Value per indicated in the section entitled “Investments and investment Unit of the same Class on the previous calendar year – restrictions”. outperforms the performance of the Reference Parameter The Sub-Fund may invest up to 10% of its net assets in calculated over the same period. It is applied to the Contingent Convertible Bonds (CoCos). smallest value between the annual average Net Asset Value of each Class of the Sub-Fund and the Net Asset This Sub-Fund’s net assets may be directly invested in asset- Value of this Class on that Valuation Day. backed securities (up to 10%), including asset-backed Sukuk. Performance commission accrued on each Class of this Investments in Less Developed Markets, in particular in Sub-Fund is capped at 0.80% p.a. of the average Net Emerging Countries, in Russia and in People’s Republic of Asset Value of the same Class. China, and investments in High Yield securities are subject to additional risks as described in the section When the performance of the Reference Parameter is “Specific risks” of the Prospectus. negative then a performance equal to zero is used for the purposes of performance fee calculation. Investments in China are subject to additional risks as described in the section “Specific risks of investing in The performance commission, if any, is paid on a yearly People’s Republic of China” of this Prospectus. basis, on the first Valuation Day of the following calendar year. 87 Line "Active – Market"

For the first calendar year, a performance commission will be paid if the performance of each Class of the Sub-Fund – calculated on the basis of the last Net Asset Value per Unit of each Class and the initial Net Asset Value of the same Class of the Sub-Fund outperforms the performance of the Reference Parameter over the same period. The Management Company reserves the right to levy anticipatively on the Sub-Fund’s net assets the performance fee accruals, if any, related to the nets assets redeemed. 3. Benchmark The JPMorgan GBI EM Global Diversified Index® is an index that tracks local currency bonds issued by Emerging Markets governments; it excludes countries with explicit capital controls but does not factor in regulatory or tax hurdles. The index is denominated “Global Diversified” as it limits the weight of those index countries with large debt stocks. This Benchmark can be expressed in, converted in or hedged against its local currencies or the currency the Classes of Units of the Sub-Fund are expressed in, in order to reflect the characteristic of each Class of Unit of the Sub-Fund. 4. Global exposure The method used to calculate the global exposure for this Sub-Fund is the Commitment Approach. 5. Investment Manager Eurizon Capital SGR S.p.A. 6. Investor Profile This Sub-Fund may be appropriate for investors who seek an exposure according to the Sub-Fund’s Objective, accepting market volatility.

88 Line "Active – Market"

Eurizon Fund – Equity Italy

This Sub-Fund is opened for subscription as from 1 February General Information 2012. On 29 June 2012, it received as a contribution the assets 1. Sub-Fund’s Reference Currency and liabilities of the Sub-Fund Eurizon Stars Fund – Italian Euro Equity. 2. Performance Commission Investment Objectives The Management Company is entitled to receive a The objective of the Investment Manager is to provide growth performance commission, the existence and amount of on the invested capital over time by achieving a return in which is defined according to the following conditions: excess of the return of a portfolio of Italian stocks (the The performance commission amounts to 20% of the “Objective”). respective annual performance (on a calendar year basis) No guarantee is given with respect to this Objective actually of the Net Asset Value per Unit of each Class recorded in being reached. excess of the annual performance of the FTSE Italia All- Share Capped in Euro® Index (Index Type: With dividends Investment Policy reinvested - Total Return) (the “Reference Parameter”), The Sub-Fund’s net assets will be mainly invested in equity and applied to the smallest value between the annual average equity-related instruments of any kind, including for example Net Asset Value of each Class of the Sub-Fund and the Net shares and bonds convertible into shares, listed on Italian Asset Value of this Class at the end of the calendar year. regulated markets, and/or issued by companies or institutions The Reference Parameter can be expressed in, converted in established in or having operations in or deriving part of their or hedged against its local currencies or the currency the revenue from Italy. Classes of Units of the Sub-Fund are expressed in, in order The Sub-Fund may also invest up to 10% of its net assets in to reflect the characteristic of each Class of Unit of the equity and equity-related instruments listed on regulated Sub-Fund. The performance of Units that distribute markets in member countries of the Economic and Monetary dividends is calculated considering the reinvestment of Union (EMU) and/or issued by companies or institutions dividends. established in or having operations in or deriving part of their A performance commission is accrued on each Valuation revenue from such countries. Day when the respective performance of each Class of the Investments are selected on the basis of the fundamental and Sub-Fund – calculated on the basis of the Net Asset Value strategic analysis of the individual companies, with the per Unit of each Class and the last Net Asset Value per objective to identify those instruments with the greatest Unit of the same Class on the previous calendar year – potential for appreciation, compared to the market as a whole outperforms the performance of the Reference Parameter or the industry in which the issuers operate. This Sub-Fund calculated over the same period. It is applied to the does not specialize but can invest in a wide range of sectors smallest value between the annual average Net Asset and industries. Value of each Class of the Sub-Fund and the Net Asset Value of this Class on that Valuation Day. On a ancillary basis, the Sub-Fund’s net assets may be invested in any other instruments, such as but not limited to UCITS of Performance commission accrued on each Class of this any kind and cash, including term deposits with credit Sub-Fund is capped at 1.80% p.a. of the average Net institutions, within the limits allowed by law and indicated in Asset Value of the same Class. the section “Investments and Investment Restrictions”. When the performance of the Reference Parameter is The Sub-Fund may use financial techniques and negative then a performance equal to zero is used for the instruments within the limits and under the conditions purposes of performance fee calculation. described in the section “Techniques and Instruments” The performance commission, if any, is paid on a yearly and in Appendix B. Derivative financial instruments, basis, on the first Valuation Day of the following calendar whether negotiated on a regulated market that operates year. regularly and that is recognized and open to the public or dealt on over-the-counter markets, will be aimed at For the first calendar year, a performance commission will hedging risks, ensuring efficient portfolio management be paid if the performance of each Class of the Sub-Fund and/or investing according to the Investment Policy. – calculated on the basis of the last Net Asset Value per Investors are advised to consider the additional risks Unit of each Class and the initial Net Asset Value of the associated with the use of derivative financial same Class of the Sub-Fund outperforms the performance instruments, as described in the section “Specific Risks” of of the Reference Parameter over the same period. the Prospectus. The Management Company reserves the right to levy Investors’ attention is called to the fact that this Sub- anticipatively on the Sub-Fund’s net assets the performance Fund invests primarily in a specific geographic area; its fee accruals, if any, related to the nets assets redeemed. value can therefore experience more significant 3. Benchmark fluctuations than would be the case with a Sub-Fund The FTSE Italia All-Share Capped Total Return in Euro® having a more diversified investment policy. Index consists of the stocks that have been screened for When credit ratings published by credit rating agencies size and liquidity which are listed on the Italian electronic are used, such credit agencies shall be established in the stock market (MTA) and captures approximately 95% of European Union and registered in accordance with the the domestic market capitalisation. The capped Regulation N° 462/2013 of the European Parliament and methodology aims to reduce concentration of of the Council amending Regulation N° 1060/2009 on overweighted constituents. It includes the ordinary credit rating agencies. dividends distributed. This benchmark can be expressed in, converted in or hedged against its local currencies or the currency the Classes of Units of the Sub-Fund are expressed in, in order 89 Line "Active – Market"

to reflect the characteristic of each Class of Unit of the Sub-Fund. 4. Global exposure The method used to calculate the global exposure for this Sub-Fund is the Commitment Approach. 5. Investment Manager Eurizon Capital SGR S.p.A. 6. Investor Profile This Sub-Fund may be appropriate for investors who seek an exposure according to the Sub-Fund’s Objective, accepting market volatility.

90 Line "Active – Market"

Eurizon Fund – Equity Small Mid Cap Italy

This Sub-Fund was launched on 13 July 2016 at an initial price Cap® (Index Type: With dividends reinvested - Total of 100 EUR. Return) (the “Reference Parameter”), applied to the smallest value between the annual average Net Asset Investment Objectives Value of each Class of the Sub-Fund and the Net Asset The objective of the Investment Manager is to provide growth Value of this Class at the end of the calendar year. on the invested capital by achieving a return in excess of the The Reference Parameter can be expressed in, converted in return of a portfolio of small and medium capitalised Italian or hedged against its local currencies or the currency the stocks (the “Objective”). Classes of Units of the Sub-Fund are expressed in, in order No guarantee is given with respect to this Objective actually to reflect the characteristic of each Class of Unit of the being reached. Sub-Fund. The performance of Units that distribute dividends is calculated considering the reinvestment of Investment Policy dividends. The Sub-Fund’s net assets will be mainly invested in equity and A performance commission is accrued on each Valuation equity-related instruments of any kind, including for example Day when the respective performance of each Class of the shares and bonds convertible into shares, listed on regulated Sub-Fund – calculated on the basis of the Net Asset Value markets in Italy and issued by small- and medium-sized issuers. per Unit of each Class and the last Net Asset Value per Unit of the same Class on the previous calendar year – On an ancillary basis, the Sub-Fund’s net assets may be invested outperforms the performance of the Reference Parameter in money market instruments, bonds or any other similar debt calculated over the same period. It is applied to the instrument with an Investment Grade credit rating. smallest value between the annual average Net Asset In addition the Sub-Fund may hold UCITS (up to 10%) and Value of each Class of the Sub-Fund and the Net Asset cash, including term deposits with credit institutions, within the Value of this Class on that Valuation Day. limits permitted by law and indicated in the section entitled Performance commission accrued on each Class of this “Investments and investment restrictions”. Sub-Fund is capped at 1.80% p.a. of the average Net This Sub-Fund’s net assets will not be invested in asset-backed Asset Value of the same Class. securities. When the performance of the Reference Parameter is The Sub-Fund may use financial techniques and negative then a performance equal to zero is used for the instruments within the limits and under the conditions purposes of performance fee calculation. described in the section “Techniques and Instruments” The performance commission, if any, is paid on a yearly and in Appendix B. Derivative financial instruments, basis, on the first Valuation Day of the following calendar whether negotiated on a regulated market that operates year. regularly and that is recognized and open to the public or dealt on over-the-counter markets, will be aimed at For the first calendar year, a performance commission will hedging risks, ensuring efficient portfolio management be paid if the performance of each Class of the Sub-Fund and/or investing according to the Investment Policy. – calculated on the basis of the last Net Asset Value per Investors are advised to consider the additional risks Unit of each Class and the initial Net Asset Value of the associated with the use of derivative financial same Class of the Sub-Fund outperforms the performance instruments, as described in the section “Specific Risks” of of the Reference Parameter over the same period. the Prospectus. As from the second calendar year, the Management Investors’ attention is called to the fact that the Sub-Fund Company reserves the right to levy anticipatively on the invests mainly in shares issued by small and medium- Sub-Fund’s net assets the performance fee accruals, if any, sized issuers. This means that its value can fluctuate related to the nets assets redeemed. sharply because of higher volatility of its shares. Traditionally shares of small and medium –sized issuers 3. Benchmark are traded on less liquid markets. Their often-limited The FTSE Italia Mid Cap® is an index designed to provide a capitalization means that their life may be more representation of small and medium capitalization uncertain than for large-capitalization companies. companies in Italy consisting of the top 60 shares ranked by company full market capitalisation. This benchmark can When credit ratings published by credit rating agencies be expressed in, converted in or hedged against its local are used, such credit agencies shall be established in the currencies or the currency the Classes of Units of the Sub- European Union and registered in accordance with the Fund are expressed in, in order to reflect the characteristic Regulation N° 462/2013 of the European Parliament and of each Class of Unit of the Sub-Fund. of the Council amending Regulation N° 1060/2009 on credit rating agencies. Benchmark Type: With dividends reinvested (Total Return). 4. Global exposure General Information The method used to calculate the global exposure for this 1. Sub-Fund’s Reference Currency Sub-Fund is the Commitment Approach. Euro 5. Investment Manager 2. Performance Commission Eurizon Capital SGR S.p.A. The Management Company is entitled to receive a performance commission, the existence and amount of 6. Investor Profile which is defined according to the following conditions: This Sub-Fund may be appropriate for investors who seek an exposure according to the Sub-Fund’s Objective, The performance commission amounts to 20% of the accepting market volatility. respective annual performance (on a calendar year basis) of the Net Asset Value per Unit of each Class recorded in excess of the annual performance of the FTSE Italia Mid 91 Line "Active – Market"

Eurizon Fund – Equity Small Mid Cap Europe

This Sub-Fund, formerly named SANPAOLO INTERNATIONAL of the Council amending Regulation N° 1060/2009 on FUND – EQUITY EUROPE SMALL CAP, was launched on 20 credit rating agencies. February 1990, at an initial price of 100 ECU, its name was changed to SANPAOLO INTERNATIONAL FUND – SMALL CAP General Information EUROPA on 27 September 2002. On 7 November 2003, it 1. Sub-Fund’s Reference Currency received as a contribution the assets and liabilities of the Sub- Euro Fund SANPAOLO INTERNATIONAL FUND – SMALL CAP USA and SANPAOLO INTERNATIONAL FUND – SMALL CAP 2. Performance Commission INTERNAZIONALE. Its name was changed to EURIZON The Management Company is entitled to receive a EASYFUND – EQUITY SMALL CAP EUROPE on 26 February performance commission, the existence and amount of 2008. On 11 December 2009, it received as a contribution the which is defined according to the following conditions: assets and liabilities of the Sub-Fund GIOTTO LUX FUND – EQUITY EUROPE SMALL CAP. On 29 June 2012, it received as a The performance commission amounts to 20% of the contribution the assets and liabilities of the Sub-Fund Eurizon respective annual performance (on a calendar year basis) Stars Fund – European Small Cap Equity. Its name was further of the Net Asset Value per Unit of each Class recorded in changed to EURIZON FUND – EQUITY SMALL MID CAP EUROPE excess of the annual performance of the MSCI Europe Mid ® on 17 February 2017. Cap Index (Index Type: With net dividends reinvested - Net Total Return) (the “Reference Parameter”), applied to Investment Objectives the smallest value between the annual average Net Asset Value of each Class of the Sub-Fund and the Net Asset The objective of the Investment Manager is to provide growth Value of this Class at the end of the calendar year. on the invested capital over time by achieving a return in excess of the return of a portfolio of small and medium The Reference Parameter can be expressed in, converted in capitalised European stocks (the “Objective”). or hedged against its local currencies or the currency the Classes of Units of the Sub-Fund are expressed in, in order No guarantee is given with respect to this Objective actually to reflect the characteristic of each Class of Unit of the being reached. Sub-Fund. The performance of Units that distribute dividends is calculated considering the reinvestment of Investment Policy dividends. The Sub-Fund’s net assets will be mainly invested in shares, bonds convertible into shares or any other security connected A performance commission is accrued on each Valuation with shares of small- and medium-sized issuers located in a Day when the respective performance of each Class of the European country or listed on a securities stock exchange of a Sub-Fund – calculated on the basis of the Net Asset Value European country or traded on another regulated market of a per Unit of each Class and the last Net Asset Value per European country. Unit of the same Class on the previous calendar year – outperforms the performance of the Reference Parameter On an ancillary basis, the Sub-Fund’s net assets may be invested calculated over the same period. It is applied to the in bonds or any other similar debt instrument with an smallest value between the annual average Net Asset Investment Grade credit rating. In addition the Sub-Fund may Value of each Class of the Sub-Fund and the Net Asset hold money market instruments, UCITS (up to 10%) and cash, Value of this Class on that Valuation Day. including term deposits with credit institutions, within the limits permitted by law and indicated in the section entitled Performance commission accrued on each Class of this “Investments and investment restrictions”. Sub-Fund is capped at 1.80% p.a. of the average Net Asset Value of the same Class. The Sub-Fund may use financial techniques and instruments within the limits and under the conditions When the performance of the Reference Parameter is described in the section “Techniques and Instruments” negative then a performance equal to zero is used for the and in Appendix B. Derivative financial instruments, purposes of performance fee calculation. whether negotiated on a regulated market that operates The performance commission, if any, is paid on a yearly regularly and that is recognized and open to the public or basis, on the first Valuation Day of the following calendar dealt on over-the-counter markets, will be aimed at year. hedging risks, ensuring efficient portfolio management and/or investing according to the Investment Policy. The Management Company reserves the right to levy Investors are advised to consider the additional risks anticipatively on the Sub-Fund’s net assets the performance associated with the use of derivative financial fee accruals, if any, related to the nets assets redeemed. instruments, as described in the section “Specific Risks” of 3. Benchmark the Prospectus. The MSCI Europe Mid Cap Index® is a capitalization Investors’ attention is called to the fact that the Sub-Fund weighted index that captures mid cap representation invests mainly in shares issued by small and medium- across the 15 Developed Markets countries in Europe (the sized issuers. This means that its value can fluctuate developed markets countries in Europe include: Austria, sharply because of higher volatility of its shares. Belgium, Denmark, Finland, France, Germany, Ireland, Italy, Traditionally shares of small and medium –sized issuers the Netherlands, Norway, Portugal, Spain, Sweden, are traded on less liquid markets. Their often-limited Switzerland and the UK). With 244 constituents, the index capitalization means that their life may be more covers approximately 15% of the free float-adjusted uncertain than for large-capitalization companies. market capitalization across the European Developed Markets equity universe. . This benchmark can be When credit ratings published by credit rating agencies expressed in, converted in or hedged against its local are used, such credit agencies shall be established in the currencies or the currency the Classes of Units of the Sub- European Union and registered in accordance with the Fund are expressed in, in order to reflect the characteristic Regulation N° 462/2013 of the European Parliament and of each Class of Unit of the Sub-Fund. 92 Line "Active – Market"

Benchmark Type: With net dividends reinvested (Net Total Return) 4. Global exposure The method used to calculate the global exposure for this Sub-Fund is the Commitment Approach. 5. Investment Manager Eurizon Capital SGR S.p.A. 6. Investor Profile This Sub-Fund may be appropriate for investors who seek an exposure according to the Sub-Fund’s Objective, accepting market volatility.

93 Line "Active – Market"

Eurizon Fund – Equity USA

This Sub-Fund was launched on 25 January 2016 at an initial The performance commission amounts to 20% of the price of 100 EUR. respective annual performance (on a calendar year basis) of the Net Asset Value per Unit of each Class recorded in Investment Objectives excess of the annual performance of the MSCI USA Index® The objective of the Investment Manager is to provide growth (Index Type: With net dividends reinvested - Net Total on the invested capital over time by achieving a return in Return) (the “Reference Parameter”), applied to the excess of the return of a portfolio of US stocks (the smallest value between the annual average Net Asset “Objective”). Value of each Class of the Sub-Fund and the Net Asset Value of this Class at the end of the calendar year. No guarantee is given with respect to this Objective actually being reached. The Reference Parameter can be expressed in, converted in or hedged against its local currencies or the currency the Investment Policy Classes of Units of the Sub-Fund are expressed in, in order to reflect the characteristic of each Class of Unit of the The Sub-Fund’s net assets will be principally invested in equity Sub-Fund. The performance of Units that distribute and equity-related instruments of any kind, including for dividends is calculated considering the reinvestment of example shares and bonds convertible into shares, listed on a dividends. securities stock exchange in United States of America and/or issued by companies or institutions established in or having A performance commission is accrued on each Valuation operations in or deriving part of their revenue from this Day when the respective performance of each Class of the country. Sub-Fund – calculated on the basis of the Net Asset Value per Unit of each Class and the last Net Asset Value per Investments are selected on the basis of the fundamental and Unit of the same Class on the previous calendar year – strategic analysis of the individual companies, with the outperforms the performance of the Reference Parameter objective to identify those instruments with the greatest calculated over the same period. It is applied to the potential for appreciation, compared to the market as a whole smallest value between the annual average Net Asset or the industry in which the issuers operate. The Sub-Fund does Value of each Class of the Sub-Fund and the Net Asset not specialize but can invest in a wide range of sectors and Value of this Class on that Valuation Day. industries. Performance commission accrued on each Class of this On an ancillary basis, the Sub-Fund’s net assets may be invested Sub-Fund is capped at 1.80% p.a. of the average Net in any other instruments, such as but not limited to UCITS of Asset Value of the same Class. any kind and cash, including term deposits with credit institutions, within the limits allowed by law and indicated in When the performance of the Reference Parameter is the section “Investments and Investment Restrictions”. negative then a performance equal to zero is used for the purposes of performance fee calculation. The Sub-Fund may use financial techniques and instruments within the limits and under the conditions The performance commission, if any, is paid on a yearly described in the section “Techniques and Instruments” basis, on the first Valuation Day of the following calendar and in Appendix B. Derivative financial instruments, year. whether negotiated on a regulated market that operates regularly and that is recognized and open to the public or For the first calendar year, a performance commission will dealt on over-the-counter markets, will be aimed at be paid if the performance of each Class of the Sub-Fund hedging risks, ensuring efficient portfolio management – calculated on the basis of the last Net Asset Value per and/or investing according to the Investment Policy. Unit of each Class and the initial Net Asset Value of the Investors are advised to consider the additional risks same Class of the Sub-Fund outperforms the performance associated with the use of derivative financial of the Reference Parameter over the same period. instruments, as described in the section “Specific Risks” of The Management Company reserves the right to levy the Prospectus. anticipatively on the Sub-Fund’s net assets the performance Investors’ attention is called to the fact that this Sub- fee accruals, if any, related to the nets assets redeemed. Fund invests primarily in a specific geographic area; its 3. Benchmark value can therefore experience more significant The MSCI USA Index® measures the performance of the fluctuations than would be the case with a Sub-Fund large and mid cap segments of the US market. With 639 having a more diversified investment policy. constituents, the index covers approximately 85% of the When credit ratings published by credit rating agencies free float-adjusted market capitalization in the US. This are used, such credit agencies shall be established in the benchmark can be expressed in, converted in or hedged European Union and registered in accordance with the against its local currencies or the currency the Classes of Regulation N° 462/2013 of the European Parliament and Units of the Sub-Fund are expressed in, in order to reflect of the Council amending Regulation N° 1060/2009 on the characteristic of each Class of Unit of the Sub-Fund. credit rating agencies. Benchmark Type: With net dividends reinvested (Net Total Return) General Information 1. Sub-Fund’s Reference Currency 4. Global exposure Euro The method used to calculate the global exposure for this Sub-Fund is the Commitment Approach. 2. Performance Commission 5. Investment Manager The Management Company is entitled to receive a performance commission, the existence and amount of Eurizon Capital SGR S.p.A. which is defined according to the following conditions:

94 Line "Active – Market"

6. Investor Profile This Sub-Fund may be appropriate for investors who seek an exposure according to the Sub-Fund’s Objective, accepting market volatility.

95 Line "Active – Market"

Eurizon Fund – Equity Japan

This Sub-Fund was launched on 17 February 2017 at an initial The performance commission amounts to 20% of the price of 100 EUR. On 6 October 2017 it received as a respective annual performance (on a calendar year basis) contribution the assets and liabilities of the Sub-Fund Eurizon of the Net Asset Value per Unit of each Class recorded in MM Collection Fund – Daiwa Equity Japan. excess of the annual performance of the TOPIX Index® (Index Type: With net dividends reinvested – Net Total Investment Objectives Return) (the “Reference Parameter”), applied to the The objective of the Investment Manager is to provide growth smallest value between the annual average Net Asset on the invested capital over time by achieving a return in Value of each Class of the Sub-Fund and the Net Asset excess of the return of a portfolio of Japanese stocks (the Value of this Class at the end of the calendar year. “Objective”). The Reference Parameter can be expressed in, converted in No guarantee is given with respect to this Objective actually or hedged against its local currencies or the currency the being reached. Classes of Units of the Sub-Fund are expressed in, in order to reflect the characteristic of each Class of Unit of the Investment Policy Sub-Fund. The performance of Units that distribute dividends is calculated considering the reinvestment of The Sub-Fund’s net assets will be mainly invested in equity and dividends. equity-related instruments of any kind, including for example shares and bonds convertible into shares, listed on Japanese A performance commission is accrued on each Valuation regulated markets, and/or issued by companies or institutions Day when the respective performance of each Class of the established in or having operations in or deriving part of their Sub-Fund – calculated on the basis of the Net Asset Value revenue from Japan. per Unit of each Class and the last Net Asset Value per Unit of the same Class on the previous calendar year – Investments are selected on the basis of the fundamental and outperforms the performance of the Reference Parameter strategic analysis of the individual companies, with the calculated over the same period. It is applied to the objective to identify those instruments with the greatest smallest value between the annual average Net Asset potential for appreciation, compared to the market as a whole Value of each Class of the Sub-Fund and the Net Asset or the industry in which the issuers operate. This Sub-Fund Value of this Class on that Valuation Day. does not specialize but can invest in a wide range of sectors and industries. Performance commission accrued on each Class of this Sub-Fund is capped at 1.80% p.a. of the average Net On an ancillary basis, the Sub-Fund’s net assets may be invested Asset Value of the same Class. in any other instruments, such as but not limited to Investment Grade credit rating debt and debt-related instruments of any When the performance of the Reference Parameter is kind, including for example bonds and money market negative then a performance equal to zero is used for the instruments, UCITS (up to 10%) and cash, including term purposes of performance fee calculation. deposits with credit institutions, within the limits allowed by law and indicated in the section “Investments and investment The performance commission, if any, is paid on a yearly restrictions”. basis, on the first Valuation Day of the following calendar year. This Sub-Fund’s net assets will not be invested in asset-backed securities. For the first calendar year, a performance commission will be paid if the performance of each Class of the Sub-Fund The Sub-Fund may use financial techniques and – calculated on the basis of the last Net Asset Value per instruments within the limits and under the conditions Unit of each Class and the initial Net Asset Value of the described in the section “Techniques and Instruments” same Class of the Sub-Fund outperforms the performance and in Appendix B. Derivative financial instruments, of the Reference Parameter over the same period. whether negotiated on a regulated market that operates regularly and that is recognized and open to the public or As from the second calendar year, the Management dealt on over-the-counter markets, will be aimed at Company reserves the right to levy anticipatively on the hedging risks, ensuring efficient portfolio management Sub-Fund’s net assets the performance fee accruals, if any, and/or investing according to the Investment Policy. related to the nets assets redeemed. Investors are advised to consider the additional risks 3. Benchmark associated with the use of derivative financial The TOPIX Index®, also known as the Tokyo Stock Price instruments, as described in the section “Specific Risks” of Index, is a capitalization weighted index of all companies the Prospectus. listed on the First Section of the Tokyo Stock Exchange. When credit ratings published by credit rating agencies The index is supplemented by the sub-indices of the 33 are used, such credit agencies shall be established in the industry sectors. The index calculation excludes temporary European Union and registered in accordance with the issues and preferred stocks, and has a base value of 100 as Regulation N° 462/2013 of the European Parliament and of January 4, 1968. This benchmark can be expressed in, of the Council amending Regulation N° 1060/2009 on converted in or hedged against its local currencies or the credit rating agencies. currency the Classes of Units of the Sub-Fund are expressed in, in order to reflect the characteristic of each General Information Class of Unit of the Sub-Fund. 1. Sub-Fund’s Reference Currency Benchmark Type: With net dividends reinvested (Net Total Euro Return). 2. Performance Commission 4. Global exposure The Management Company is entitled to receive a The method used to calculate the global exposure for this performance commission, the existence and amount of Sub-Fund is the Commitment Approach. which is defined according to the following conditions: 96 Line "Active – Market"

5. Investment Manager Daiwa Asset Management (Singapore) LTD 6. Investment Advisor Daiwa Asset Management Co. LTD 7. Investor Profile This Sub-Fund may be appropriate for investors who seek an exposure according to the Objective, accepting market volatility.

97 Line "Active – Market"

Eurizon Fund – Equity China A

This Sub-Fund was launched on 17 February 2017 at an initial When credit ratings published by credit rating agencies price of 100 EUR. are used, such credit agencies shall be established in the European Union and registered in accordance with the Investment Objectives Regulation N° 462/2013 of the European Parliament and The objective of the Investment Manager is to provide growth of the Council amending Regulation N° 1060/2009 on on the invested capital over time by achieving a return in credit rating agencies. excess of the return of a portfolio of stocks listed in People’s Republic of China (the “Objective”). General Information 1. Sub-Fund’s Reference Currency No guarantee is given with respect to this Objective actually Euro being reached. 2. Performance Commission Investment Policy The Management Company is entitled to receive a performance The Sub-Fund’s net assets will be principally invested in A- commission, the existence and amount of which is defined shares which are shares traded in Chinese Renminbi issued by according to the following conditions: companies incorporated in the People’s Republic of China and listed on the Shanghai and Shenzhen stock exchanges. The performance commission amounts to 20% of the respective annual performance (on a calendar year basis) of the Investments are selected on the basis of the fundamental and Net Asset Value per Unit of each Class recorded in excess of strategic analysis of the individual companies, with the the annual performance of the MSCI China A Index (Index objective to identify those instruments with the greatest Type: With net dividends reinvested - Net Total Return) (the potential for appreciation, compared to the market as a whole “Reference Parameter”), applied to the smallest value between or the industry in which the issuers operate. The Sub-Fund does the annual average Net Asset Value of each Class of the Sub- not specialize but can invest in a wide range of sectors and Fund and the Net Asset Value of this Class at the end of the industries. calendar year. On an ancillary basis, the Sub-Fund’s net assets may be invested The Reference Parameter can be expressed in, converted in or in any other instruments, such as but not limited to Investment hedged against its local currencies or the currency the Classes Grade credit rating debt and debt-related instruments of any of Units of the Sub-Fund are expressed in, in order to reflect kind, including for example bonds and money market the characteristic of each Class of Unit of the Sub-Fund. The instruments, UCITS (up to 10%) and cash, including term performance of Units that distribute dividends is calculated deposits with credit institutions, within the limits allowed by considering the reinvestment of dividends. law and indicated in the section “Investments and Investment Restrictions”. A performance commission is accrued on each Valuation Day when the respective performance of each Class of the Sub- This Sub-Fund’s net assets will not be invested in asset-backed Fund – calculated on the basis of the Net Asset Value per Unit securities. of each Class and the last Net Asset Value per Unit of the same Class on the previous calendar year – outperforms the The Sub-Fund intends to qualify as Open-Ended China performance of the Reference Parameter calculated over the Fund according to the State Administration of Foreign same period. It is applied to the smallest value between the Exchange of People’s Republic of China and could invest annual average Net Asset Value of each Class of the Sub-Fund an important part of its net assets through the QFII and the Net Asset Value of this Class on that Valuation Day. Quota of the Management Company (up to the maximum level authorized from time to time by the CSSF – Performance commission accrued on each Class of this Sub- currently up to 35% of its net assets). Fund is capped at 1.90% p.a. of the average Net Asset Value of the same Class. The Sub-Fund intends to invest an important part of its net assets through the Hong Kong Stock Connect When the performance of the Reference Parameter is negative programs. Investments in China are subject to additional then a performance equal to zero is used for the purposes of risks as described in the section “Specific risks of performance fee calculation. investing in People’s Republic of China” of this Prospectus. The performance commission, if any, is paid on a yearly basis, on the first Valuation Day of the following calendar year. The Sub-Fund may use financial techniques and instruments within the limits and under the conditions For the first calendar year, a performance commission will be described in the section “Techniques and Instruments” paid if the performance of each Class of the Sub-Fund – and in Appendix B. Derivative financial instruments, calculated on the basis of the last Net Asset Value per Unit of whether negotiated on a regulated market that operates each Class and the initial Net Asset Value of the same Class of regularly and that is recognized and open to the public or the Sub-Fund outperforms the performance of the Reference dealt on over-the-counter markets, will be aimed at Parameter over the same period. hedging risks, ensuring efficient portfolio management As from the second calendar year, the Management Company and/or investing according to the Investment Policy. reserves the right to levy anticipatively on the Sub-Fund’s net Investors are advised to consider the additional risks assets the performance fee accruals, if any, related to the nets associated with the use of derivative financial assets redeemed. instruments, as described in the section “Specific Risks” of the Prospectus. 3. Benchmark The MSCI China A Index® captures large and mid-cap Investors’ attention is called to the fact that this Sub- representation across China securities listed on the Shanghai Fund invests primarily in a specific geographic area; its and Shenzhen exchanges. This benchmark can be expressed in, value can therefore experience more significant converted in or hedged against its local currencies or the fluctuations than would be the case with a Sub-Fund currency the Classes of Units of the Sub-Fund are expressed in, having a more diversified investment policy. 98 Line "Active – Market" in order to reflect the characteristic of each Class of Unit of the Sub-Fund. Benchmark Type: With net dividends reinvested (Net Total Return) 4. Global exposure The method used to calculate the global exposure for this Sub- Fund is the Commitment Approach. 5. Investment Manager Eurizon Capital (HK) LTD 6. Investor Profile This Sub-Fund may be appropriate for investors who seek an exposure according to the Sub-Fund’s Objective, accepting market volatility.

99 Line "Active – Market"

Eurizon Fund – Top European Research

This Sub-Fund was launched on 13 July 2016 at an initial price 2. Performance Commission of 100 EUR. On 24 February 2017 it received as a contribution The Management Company is entitled to receive a the assets and liabilities of the Sub-Fund Eurizon EasyFund – performance commission, the existence and amount of Equity Europe. which is defined according to the following conditions: Investment Objectives The performance commission amounts to 20% of the respective annual performance (on a calendar year basis) The objective of the Investment Manager is to provide growth of the Net Asset Value per Unit of each Class recorded in on the invested capital over time by selecting through a excess of the annual performance of MSCI Europe Index® fundamental bottom-up approach a limited number of stocks (Index Type: With net dividends reinvested - Net Total issued by European companies (the “Objective”). Return) (the “Reference Parameter”), applied to the No guarantee is given with respect to this Objective actually smallest value between the annual average Net Asset being reached. Value of each Class of the Sub-Fund and the Net Asset Value of this Class at the end of the calendar year. Investment Policy The Reference Parameter can be expressed in, converted in The Sub-Fund’s net assets will be mainly invested in equity and or hedged against its local currencies or the currency the equity-related instruments of any kind, including for example Classes of Units of the Sub-Fund are expressed in, in order shares and bonds convertible into shares, listed on regulated to reflect the characteristic of each Class of Unit of the markets in European countries and/or issued by companies or Sub-Fund. The performance of Units that distribute institutions established in or having operations in or deriving dividends is calculated considering the reinvestment of part of their revenue from such countries. dividends. Investments are selected on the basis of the fundamental and A performance commission is accrued on each Valuation strategic analysis of the individual companies, with the Day when the respective performance of each Class of the objective to identify those instruments with the greatest Sub-Fund – calculated on the basis of the Net Asset Value potential for appreciation, compared to the market as a whole per Unit of each Class and the last Net Asset Value per or the industry in which the issuers operate. The Sub-Fund does Unit of the same Class on the previous calendar year – not specialize but can invest in a wide range of sectors and outperforms the performance of the Reference Parameter industries. calculated over the same period. It is applied to the On an ancillary basis, the Sub-Fund may invest in money smallest value between the annual average Net Asset market instruments, bonds or any other similar debt instrument Value of each Class of the Sub-Fund and the Net Asset with an Investment Grade credit rating. Value of this Class on that Valuation Day. In addition the Sub-Fund may hold UCITS (up to 10%) and Performance commission accrued on each Class of this cash, including term deposits with credit institutions, within the Sub-Fund is capped at 1.80% p.a. of the average Net limits permitted by law and indicated in the section entitled Asset Value of the same Class. “Investments and investment restrictions”. When the performance of the Reference Parameter is This Sub-Fund’s net assets will not be invested in asset-backed negative then a performance equal to zero is used for the securities. purposes of performance fee calculation. The Sub-Fund may use financial techniques and The performance commission, if any, is paid on a yearly instruments within the limits and under the conditions basis, on the first Valuation Day of the following calendar described in the section “Techniques and Instruments” year. and in Appendix B. Derivative financial instruments, For the first calendar year, a performance commission will whether negotiated on a regulated market that operates be paid if the performance of each Class of the Sub-Fund regularly and that is recognized and open to the public or – calculated on the basis of the last Net Asset Value per dealt on over-the-counter markets, will be aimed at Unit of each Class and the initial Net Asset Value of the hedging risks, ensuring efficient portfolio management same Class of the Sub-Fund outperforms the performance and/or investing according to the Investment Policy. of the Reference Parameter over the same period. Investors are advised to consider the additional risks associated with the use of derivative financial As from the second calendar year, the Management instruments, as described in the section “Specific Risks” of Company reserves the right to levy anticipatively on the the Prospectus. Sub-Fund’s net assets the performance fee accruals, if any, related to the nets assets redeemed. Investors’ attention is called to the fact that this Sub- Fund invests primarily in a specific geographic area; its 3. Benchmark value can therefore experience more significant The MSCI Europe Total Net Return Index® is a fluctuations than would be the case with a Sub-Fund capitalization weighted index that is designed to measure having a more diversified investment policy. developed market equity performance in Europe on a total return basis with the reinvestment of net dividends. This When credit ratings published by credit rating agencies benchmark can be expressed in, converted in or hedged are used, such credit agencies shall be established in the against its local currencies or the currency the Classes of European Union and registered in accordance with the Units of the Sub-Fund are expressed in, in order to reflect Regulation N° 462/2013 of the European Parliament and the characteristic of each Class of Unit of the Sub-Fund. of the Council amending Regulation N° 1060/2009 on credit rating agencies. 4. Global exposure The method used to calculate the global exposure for this General Information Sub-Fund is the Commitment Approach. 1. Sub-Fund’s Reference Currency 5. Investment Manager Euro Eurizon Capital SGR S.p.A. 100 Line "Active – Market"

6. Investor Profile This Sub-Fund may be appropriate for investors who seek an exposure according to the Sub-Fund’s Objective, accepting market volatility.

101 Line "Active – Market"

Eurizon Fund – Equity Emerging Markets New Frontiers

This Sub-Fund is opened for subscription as from 1 February When credit ratings published by credit rating agencies 2012. It was launched on 23 April 2012 at an initial price of are used, such credit agencies shall be established in the EUR 100. Its name was changed to EURIZON FUND – EQUITY European Union and registered in accordance with the EMERGING MARKETS NEW FRONTIERS on 17 February 2017. Regulation N° 462/2013 of the European Parliament and of the Council amending Regulation N° 1060/2009 on Investment Objectives credit rating agencies. The objective of the Investment Manager is to provide growth on the invested capital over time by achieving a return in General Information excess of the return of a portfolio of stocks listed in promising 1. Sub-Fund’s Reference Currency new areas among emerging countries (the “Objective”). Euro No guarantee is given with respect to this Objective actually 2. Benchmark being reached. 100% MSCI Frontier Markets Index® with Gulf Cooperation Council (GCC) Countries capped at 25% Investment Policy ® The Sub-Fund’s net assets will be mainly invested in equity and The MSCI Frontier Markets Index is a free float-adjusted equity-related instruments of any kind, including for example market capitalization index that is designed to measure shares and bonds convertible into shares, issued by issuers equity market performance of frontier markets. As of located in new frontier countries or listed on a securities stock August 2015, it consists of the following 24 frontier exchange in one of these countries or traded on a regulated market country indices: Argentina, Bahrain, Bangladesh, market in one of these same countries, provided those markets Bulgaria, Croatia, Estonia, Jordan, Kenya, Kuwait, Lebanon, fulfil the eligibility criteria set out by Article 41(1) of the Law of Lithuania, Kazakhstan, Mauritius, Morocco, Nigeria, Oman, 17 December 2010 on UCIs according to Management Pakistan, Romania, Serbia, Slovenia, Sri Lanka, Tunisia, Company’s assessment. Ukraine and Vietnam. New frontier countries are generally defined as countries of This benchmark can be expressed in, converted in or relatively high development level but are too small to be hedged against its local currencies or the currency the considered emerging countries or countries at a lower Classes of Units of the Sub-Fund are expressed in, in order development level than the currently more developed emerging to reflect the characteristic of each Class of Unit of the countries (the “New Frontier Countries”). Sub-Fund. The investments will first and foremost be selected on the basis Benchmark Type: With net dividends reinvested (Net Total of the stock market capitalization of the securities relative to Return) that of the market on which they are listed, while also taking The Management Company reserves the right to adopt an into account their liquidity and the size of the float. equivalent 10/40 index in case the composition of the On a ancillary basis, the Sub-Fund’s net assets may be invested above-mentioned benchmark would no longer be in any other instruments, such as but not limited to Investment compliant with the diversification rules provided by the Grade credit rating debt and debt-related instruments of any law. In such case, the name of the new benchmark shall kind, including for example bonds and money market be published by the Management Company in accordance instruments, UCITS (up to 10%) and cash, including term with the provisions indicated in the section “Information deposits with credit institutions, within the limits permitted by for Unitholders”. law and indicated in the section entitled “Investments and 3. Global exposure investment restrictions”. The method used to calculate the global exposure for this Investments in Less Developed Markets, in particular in Sub-Fund is the Commitment Approach. Emerging Countries, are subject to additional risks as 4. Investment Manager described in the section “Specific risks” of the Prospectus. Eurizon Capital S.A. In particular, New Frontier markets have lower market capitalization and liquidity than the more developed 5. Investor Profile Emerging Markets and these markets may experience This Sub-Fund may be appropriate for investors who seek significant fluctuations. an exposure according to the Sub-Fund’s Objective, accepting market volatility. The Sub-Fund may use financial techniques and instruments within the limits and under the conditions described in the section “Techniques and Instruments” and in Appendix B. Derivative financial instruments, whether negotiated on a regulated market that operates regularly and that is recognized and open to the public or dealt on over-the-counter markets, will be aimed at hedging risks, ensuring efficient portfolio management and/or investing according to the Investment Policy. Investors are advised to consider the additional risks associated with the use of derivative financial instruments, as described in the section “Specific Risks” of the Prospectus. Investors’ attention is called to the fact that this Sub- Fund invests primarily in a specific geographic area; its value can therefore experience more significant fluctuations than would be the case with a Sub-Fund having a more diversified investment policy. 102 Line "Active – Market"

Eurizon Fund – SLJ Local Emerging Markets Debt

This Sub-Fund, formerly named EURIZON FUND – SLJ The Sub-Fund may invest up to 10% of its net assets in EMERGING LOCAL MARKET DEBT, was launched on 17 Contingent Convertible Bonds (CoCos). February 2017 at an initial price of 100 EUR. On 15 December This Sub-Fund’s net assets may be directly invested in asset- 2017 its name was changed to EURIZON FUND – SLJ LOCAL backed securities (up to 10%), including asset-backed Sukuk. EMERGING MARKETS DEBT. Investments in Less Developed Markets, in particular in Investment Objectives Emerging Countries, in Russia and in People’s Republic of The objective of the Investment Manager is to provide growth China, and investments in High Yield securities are on the invested capital in the medium term by achieving a subject to additional risks as described in the section return in excess of the return of a portfolio of debt instruments “Specific risks” of the Prospectus. linked to local emerging markets debt (the “Objective”). Investments in China are subject to additional risks as No guarantee is given with respect to this Objective actually described in the section “Specific risks of investing in being reached. People’s Republic of China” of this Prospectus.

Investment Policy Investments in Distressed Debt Securities and/or inSukuk are subject to additional risks as described in the section The Sub-Fund will invest mainly, directly or through financial “Specific risks” of the Prospectus. derivatives instruments of any kind, in debt and debt-related instruments of any kind, including for example bonds and The Sub-Fund may use financial techniques and money market instruments, denominated in any local currency, instruments within the limits and under the conditions issued by governments and their agencies located in or described in the section “Techniques and Instruments” constituted under the laws of the emerging countries, including and in Appendix B. Derivative financial instruments, those with a Speculative, Highly Speculative or Extremely whether negotiated on a regulated market that operates Speculative Grade credit rating, at issue or issuer level. regularly and that is recognized and open to the public or dealt on over-the-counter markets, will be aimed at The emerging countries are those countries whose economies hedging risks, ensuring efficient portfolio management are less developed according to the World Bank, its related and/or investing according to the Investment Policy. organizations or the United Nations or its authorities, insofar as Investors are advised to consider the additional risks and provided the markets in those countries are considered as associated with the use of derivative financial recognized securities stock exchanges or as regulated markets instruments, as described in the section “Specific Risks” of that operate regularly and that are recognized and open to the the Prospectus. public in the meaning of Article 41(1) of the Law of 17 December 2010 on undertakings for collective investment. The When credit ratings published by credit rating agencies investments in securities, traded on markets that cannot be are used, such credit agencies shall be established in the characterized as securities markets or regulated markets, which European Union and registered in accordance with the operate regularly and that are recognized and open to the Regulation N° 462/2013 of the European Parliament and public in the meaning of Article 41(1) of the Law of 17 of the Council amending Regulation N° 1060/2009 on December 2010 on UCIs, will be treated as investments in credit rating agencies. unlisted securities or securities that are not traded on a regulated market that operates regularly and that is recognized General Information and open to the public, and therefore they may not, together 1. Sub-Fund’s Reference Currency with the other unlisted securities or securities not traded on a Euro regulated market that operates regularly and that is recognized and open to the public, exceed 10% of the Sub-Fund’s net 2. Performance Commission assets. The Management Company is entitled to receive a performance commission, the existence and amount of Investors are asked to note that the Sub-Fund may invest which is defined according to the following conditions: in the Russian market, notably the Moscow Exchange,) and directly or indirectly through the Bond Connect The performance commission amounts to 20% of the program in the China Interbank Bond Market (CIBM), respective annual performance (on a calendar year basis) both considered as regulated market within the meaning of the Net Asset Value per Unit of each Class recorded in of Article 41(1) of the Law of 17 December 2010, but excess of the annual performance of JPMorgan GBI EM which has a higher than average level of risk. Global Diversified Index® (Index Type: Total Return) (the “Reference Parameter”), applied to the smallest value Extremely Speculative and instruments not rated by any credit between the annual average Net Asset Value of each Class rating agency established in the European Union and registered of the Sub-Fund and the Net Asset Value of this Class at in accordance with the Regulation N° 462/2013 of the the end of the calendar year. European Parliament and of the Council amending Regulation N° 1060/2009 on credit rating agencies will not exceed, at the The Reference Parameter can be expressed in, converted in time of purchase, at issue or issuer level, 30% of the Sub- or hedged against its local currencies or the currency the Fund’s net assets. In any case, the Sub-Fund will not invest Classes of Units of the Sub-Fund are expressed in, in order more than 10% of its net assets in Distressed Debt Securities. to reflect the characteristic of each Class of Unit of the Sub-Fund. The performance of Units that distribute On an ancillary basis, the Sub-Fund’s net assets may be invested dividends is calculated considering the reinvestment of in any other instruments, such as but not limited to other debt dividends. and debt-related instruments of any kind, including those issued by corporate issuers, UCITS (up to 10%) and cash, A performance commission is accrued on each Valuation including term deposits with credit institutions, within the limits Day when the respective performance of each Class of the permitted by law and indicated in the section entitled Sub-Fund – calculated on the basis of the Net Asset Value “Investments and Investment Restrictions”. per Unit of each Class and the last Net Asset Value per Unit of the same Class on the previous calendar year – outperforms the performance of the Reference Parameter 103 Line "Active – Market"

calculated over the same period. It is applied to the smallest value between the annual average Net Asset Value of each Class of the Sub-Fund and the Net Asset Value of this Class on that Valuation Day. Performance commission accrued on each Class of this Sub-Fund is capped at 1.40% p.a. of the average Net Asset Value of the same Class. When the performance of the Reference Parameter is negative then a performance equal to zero is used for the purposes of performance fee calculation. The performance commission, if any, is paid on a yearly basis, on the first Valuation Day of the following calendar year. For the first calendar year, a performance commission will be paid if the performance of each Class of the Sub-Fund – calculated on the basis of the last Net Asset Value per Unit of each Class and the initial Net Asset Value of the same Class of the Sub-Fund outperforms the performance of the Reference Parameter over the same period. The Management Company reserves the right to levy anticipatively on the Sub-Fund’s net assets the performance fee accruals, if any, related to the nets assets redeemed. 3. Benchmark The JPMorgan GBI EM Global Diversified Index® is an index that tracks local currency bonds issued by Emerging Markets governments; it excludes countries with explicit capital controls but does not factor in regulatory or tax hurdles. The index is denominated “Global Diversified” as it limits the weight of those index countries with large debt stocks. This Benchmark can be expressed in, converted in or hedged against its local currencies or the currency the Classes of Units of the Sub-Fund are expressed in, in order to reflect the characteristic of each Class of Unit of the Sub-Fund. 4. Global exposure The method used to calculate the global exposure for this Sub-Fund is the Commitment Approach. 5. Investment Manager Eurizon SLJ Capital LTD 6. Investor Profile This Sub-Fund may be appropriate for investors who seek an exposure according to the Sub-Fund’s Objective, accepting market volatility.

104 Line "Active – Market"

Eurizon Fund – Sustainable Global Equity

This Sub-Fund was launched on 17 February 2017 at an initial General Information price of 100 EUR. 1. Sub-Fund’s Reference Currency Investment Objectives Euro The objective of the Investment Manager is to provide growth 2. Performance Commission on the invested capital over time by achieving a return in The Management Company is entitled to receive a excess of the return of a portfolio of international stocks while performance commission, the existence and amount of investing in companies able to best manage the impact on the which is defined according to the following conditions: environment and the community, reporting at the same time The performance commission amounts to 20% of the strong fundamentals and attractive value (the “Objective”). respective annual performance (on a calendar year basis) No guarantee is given with respect to this Objective actually of the Net Asset Value per Unit of each Class recorded in being reached. excess of the annual performance of the MSCI World 100% Hedged to EUR Index® (Index Type: With net Investment Policy dividends reinvested – Net Total Return) (the “Reference The Sub-Fund’s net assets will be mainly invested in equity and Parameter”), applied to the smallest value between the equity-related instruments of any kind, including for example annual average Net Asset Value of each Class of the Sub- shares and bonds convertible into shares, listed on the Fund and the Net Asset Value of this Class at the end of international regulated markets that are recognized and open the calendar year. to the public in the meaning of Article 41(1) of the Law of 17 The Reference Parameter can be expressed in, converted in December 2010 on undertakings for collective investment. or hedged against its local currencies or the currency the The choice of investments will be made according to a scoring Classes of Units of the Sub-Fund are expressed in, in order method based on negative and positive criteria, including to reflect the characteristic of each Class of Unit of the financial and environmental, social and governance (ESG) Sub-Fund. The performance of Units that distribute criteria, aimed at selecting a certain number of stocks of dividends is calculated considering the reinvestment of companies for each geographic area (United States of America, dividends. Europe and Asia) whose competitive advantages may last A performance commission is accrued on each Valuation longer over time. The Sub-Fund’s net assets will not be invested Day when the respective performance of each Class of the in companies with direct involvement in Cluster Bombs and Sub-Fund – calculated on the basis of the Net Asset Value Landmines production. per Unit of each Class and the last Net Asset Value per The exposure to currencies other than Euro will not exceed Unit of the same Class on the previous calendar year – 50% of the Sub-Fund’s net assets. Exposure to foreign currency outperforms the performance of the Reference Parameter risk will be gained only when a currency is significantly calculated over the same period. It is applied to the attractive versus Euro. smallest value between the annual average Net Asset Value of each Class of the Sub-Fund and the Net Asset On an ancillary basis, the Sub-Fund’s net assets may be invested Value of this Class on that Valuation Day. in any other instruments, such as but not limited to Investment Grade credit rating debt and debt-related instruments of any Performance commission accrued on each Class of this kind, including for example bonds and money market Sub-Fund is capped at 1.80% p.a. of the average Net instruments, UCITS (up to 10%) and cash, including term Asset Value of the same Class. deposits with credit institutions, within the limits allowed by When the performance of the Reference Parameter is law and indicated in the section “Investments and investment negative then a performance equal to zero is used for the restrictions”. purposes of performance fee calculation. This Sub-Fund’s net assets will not be invested in asset-backed The performance commission, if any, is paid on a yearly securities. basis, on the first Valuation Day of the following calendar The Sub-Fund may use financial techniques and year. instruments within the limits and under the conditions For the first calendar year, a performance commission will described in the section “Techniques and Instruments” be paid if the performance of each Class of the Sub-Fund and in Appendix B. Derivative financial instruments, – calculated on the basis of the last Net Asset Value per whether negotiated on a regulated market that operates Unit of each Class and the initial Net Asset Value of the regularly and that is recognized and open to the public or same Class of the Sub-Fund outperforms the performance dealt on over-the-counter markets, will be aimed at of the Reference Parameter over the same period. hedging risks, ensuring efficient portfolio management and/or investing according to the Investment Policy. As from the second calendar year, the Management Investors are advised to consider the additional risks Company reserves the right to levy anticipatively on the associated with the use of derivative financial Sub-Fund’s net assets the performance fee accruals, if any, instruments, as described in the section “Specific Risks” of related to the nets assets redeemed. the Prospectus. 3. Benchmark When credit ratings published by credit rating agencies MSCI World 100% Hedged to EUR Index® is a are used, such credit agencies shall be established in the capitalization weighted index that captures large and mid- European Union and registered in accordance with the cap representation across 23 developed markets countries Regulation N° 462/2013 of the European Parliament and (the developed markets countries include: Australia, of the Council amending Regulation N° 1060/2009 on Austria, Belgium, Canada, Denmark, Finland, France, credit rating agencies. Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom and the United States of America). It represents a close estimation 105 Line "Active – Market"

of the performance that can be achieved by hedging the currency exposures of its parent index, the MSCI World Index®, to the Euro. With 1,645 constituents, the MSCI World Index® covers approximately 85% of the free float- adjusted market capitalization in each country. This benchmark can be expressed in, converted in or hedged against its local currencies or the currency the Classes of Units of the Sub-Fund are expressed in, in order to reflect the characteristic of each Class of Unit of the Sub-Fund. Benchmark Type: With net dividends reinvested (Net Total Return). 4. Global exposure The method used to calculate the global exposure for this Sub-Fund is the Commitment Approach. 5. Investment Manager Eurizon Capital SGR S.p.A. 6. Investor Profile This Sub-Fund may be appropriate for investors who seek an exposure according to the Sub-Fund’s Objective, accepting market volatility.

106 Line "Active – Strategy"

Eurizon Fund – Azioni Strategia Flessibile

This Sub-Fund, formerly named EURIZON EASYFUND – FOCUS The Sub-Fund may use financial techniques and AZIONI STRATEGIA FLESSIBILE was launched on 3 March 2010 instruments within the limits and under the conditions at an initial price of 100 EUR. Its name was changed on 1 described in the section “Techniques and Instruments” February 2012. On 24 February 2017 it received as a and in Appendix B. Derivative financial instruments, contribution the assets and liabilities of the retail Unit Classes whether negotiated on a regulated market that operates of the Sub-Funds EURIZON EASYFUND – EQUITY EURO LTE, regularly and that is recognized and open to the public or EURIZON EASYFUND – EQUITY EUROPE LTE, EURIZON dealt on over-the-counter markets, will be aimed at EASYFUND –EQUITY JAPAN LTE, EURIZON EASYFUND – EQUITY hedging risks, ensuring efficient portfolio management NORTH AMERICA LTE and EURIZON EASYFUND – EQUITY and/or investing according to the Investment Policy. OCEANIA LTE. Investors are advised to consider the additional risks associated with the use of derivative financial Investment Objectives instruments, as described in the section “Specific Risks” of The objective of the Investment Manager is to achieve, on a the Prospectus. time horizon of at least seven years, a return in line with the When credit ratings published by credit rating agencies historical long term performance of western countries equities are used, such credit agencies shall be established in the indices, while generally keeping the potential maximum loss on European Union and registered in accordance with the the Sub-Fund’s portfolio at a level inferior to -14,80% on a Regulation N° 462/2013 of the European Parliament and monthly basis, calculated with a probability of 99%, coherently of the Council amending Regulation N° 1060/2009 on with the measure of the synthetic risk and reward indicator credit rating agencies. disclosed in the Key Investor Information Document. This Sub-Fund is managed through the use of a dynamic asset General Information allocation model that regularly determines the allocation 1. Sub-Fund’s Reference Currency between equity, debt and money market instruments. This Euro model aims at investing predominantly in equity instruments generating regular cash flows and with a higher long term 2. Performance Commission return. It tends to reduce investments in equity instruments The Management Company is entitled to receive an annual when lower returns are expected. performance commission (on a calendar year basis), the existence and amount of which is defined according to the No guarantee is given with respect to this objective actually following conditions: being reached. The performance commission amounts to 20% of the Investment Policy percentage increase of the Net Asset Value per Unit of The Sub-Fund will gain an exposure of minimum 45% of the each Class with respect to the applicable High Water Mark net assets, directly or through derivatives instruments, in applied to the smallest value between the annual average equities, bonds convertible into equities or any other security Net Asset Value per Unit of the same Class and the Net connected to equities listed on a regulated market in Europe Asset Value per Unit of this Class at the end of the and/or in the United States of America. calendar year. Insofar the Sub-Fund’s net assets are not invested in equity For each Class, the applicable High Water Mark is defined instruments, the remaining net assets may be invested in as the highest Net Asset Value per Unit recorded at the instruments as debt and debt-related instruments of any kind, end of any previous calendar year to which is added the including for example bonds, covered bonds and money market highest return recorded during the current calendar year instruments, issued by governments, their agencies, public between FTSE MTS Ex-Bank of Italy BOT Index + 1.50% international bodies or corporate issuers, with an Investment and the following Composite Benchmark: 50% FTSE MTS Grade credit rating, at issue or issuer level, at the time of Ex-Bank of Italy BOT Index + 25% MSCI Europe (local purchase. In any case the Sub-Fund will not be invested in debt currencies) (Index Type: With net dividends reinvested - Net instruments with an Extremely Speculative Grade credit rating. Total Return) + 25% S&P 500 (local currencies) (Index Type: With net dividends reinvested – Net Total Return). On an ancillary basis, the Sub-Fund’s net assets may be invested in cash - including term deposits with credit institutions - and The FTSE MTS Ex-Bank of Italy BOT Index measures the up to 10% of its net assets in UCITS within the limits allowed total return of the short-term bonds issued by the Italian by law and indicated in the section “Investments and Government. It is calculated by using the weighted Investment Restrictions”. average prices of the BOT (Buoni Ordinari del Tesoro) listed on the MTS platform. A dynamic asset allocation model, based on markets evolution as well as financial and macro/micro-economic prospects, The MSCI Europe is a free float-adjusted market regularly determines the distribution of the net assets among capitalization weighted index that is designed to measure transferable securities of equity, bond and money market the equity market performance of the developed markets nature. This model aims at investing predominantly in equity in Europe. As of August 2015, the MSCI Europe index instruments with a high expected long term return while consisted of the following 15 developed market country reducing investments in equity instruments in case of low indices: Austria, Belgium, Denmark, Finland, France, expected return. Germany, Ireland, Italy, the Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, and the United Kingdom. The selection among the equity asset class is based on a ‘stock picking’ model which purpose is to identify stocks likely to The S&P500 (“Standard & Poor’s 500”) is a stock market generate regular cash outflows and long term income. index based on the common stock prices of 500 top publicly traded American companies. Investments made in transferable securities denominated in a currency other than EUR will be generally hedged. The reference parameters can be expressed in, converted in or hedged against its local currencies or the currency the This Sub-Fund’s net assets will not be invested in asset-backed Classes of Units of the Sub-Fund are expressed in, in order securities. 107 Line "Active – Strategy"

to reflect the characteristic of each Class of Unit of the Sub-Fund. A performance commission is accrued on each Valuation Day when the respective Net Asset Value per Unit of each Class of the Sub-Fund is higher than the High Water Mark. The High Water Mark and the performance of the Units are calculated considering the reinvestment of dividends, if any. The performance commission paid on each Class of this Sub-Fund is capped at 1.40% p.a. of the average Net Asset Value of the same Class. The performance commission, if any, is paid on a yearly basis, on the first Valuation Day of the following calendar year. The Management Company reserves the right to levy anticipatively on the Sub-Fund’s net assets the performance fee accruals, if any, related to the nets assets redeemed. 3. Global exposure The method used to calculate the global exposure for this Sub-fund is the Commitment Approach. 4. Investment Manager Eurizon Capital SGR S.p.A. 5. Investor Profile This Sub-Fund may be appropriate for investors who seek an exposure according to the Sub-Fund’s Objective, accepting market volatility.

108 Line "Active – Strategy"

Eurizon Fund – Absolute Prudente

This Sub-Fund, formerly named SANPAOLO INTERNATIONAL associated with the use of derivative financial FUND – ABS PRUDENTE, was launched on 30 September 2005 instruments, as described in the section “Specific Risks” of at an initial price of 100 Euros. Its name was changed on 26 the Prospectus. February 2008. On 27 February 2009 it received as a When credit ratings published by credit rating agencies contribution the assets and liabilities of the Sub-Fund EURIZON are used, such credit agencies shall be established in the EASYFUND – VALORE EQUILIBRIO. On 11 December 2009, it European Union and registered in accordance with the received as a contribution the assets and liabilities of the Sub- Regulation N° 462/2013 of the European Parliament and Fund GIOTTO LUX FUND – ABSOLUTE BOND. Its name was of the Council amending Regulation N° 1060/2009 on further changed on 1 February 2012. On 16 January 2015, it credit rating agencies. received as a contribution the assets and liabilities of the Sub- Funds Eurizon Investment Sicav – Scudo and Eurizon Investment General Information Sicav – Strategic Europe. 1. Sub-Fund’s Reference Currency Investment Objectives Euro The objective of the Investment Manager, Epsilon SGR S.p.A., is 2. Performance Commission to achieve on average an annual absolute return in Euro The Management Company will be paid a performance equivalent to the gross return of the short-term zero-coupon commission, the existence and amount of which is defined debt instruments denominated in Euro (measured by the according to the following conditions: performance of the Bloomberg Barclays Euro Treasury Bills Index®) + 1.20% p.a. over a time horizon of 18 months (the The performance commission amounts to 20% of the “Performance Objective” as of 15 December 2017). respective annual performance (on a calendar year basis) of the Net Asset Value per Unit of each Class recorded in This Sub-Fund is managed through the use of a dynamic excess of the Performance Objective, applied to the investment strategy based on a proprietary asset allocation smallest value between the annual average Net Asset model. Value of each Class of the Sub-Fund and the Net Asset No guarantee is given with respect to the Performance Value of this Class at the end of the calendar year. The Objective actually being reached. performance of Units that distribute dividends is calculated considering the reinvestment of dividends. Investment Policy A performance commission is accrued on each Valuation The Sub-Fund will invest mainly in all kinds of transferable Day when the respective performance of each Class of the securities of a bond nature (including for example, convertible Sub-Fund – calculated on the basis of the Net Asset Value bonds or bonds that include warrants or another form of per Unit of each Class and the last Net Asset Value per option on shares), in money market instruments and in Unit of the same Class on the previous calendar year – derivative financial instruments, issued in any currency. outperforms the Performance Objective calculated over the The Sub-Fund may invest up to 20% of its nets assets in same period. It is applied to the smallest value between equities. the annual average Net Asset Value of each Class of the Sub-Fund and the Net Asset Value of this Class on that Transferable securities of a bond nature and money market Valuation Day. instruments in which the Sub-Fund is invested will be issued by governments, their agencies, public international bodies or Performance commission accrued on each Class of this corporate issuers, mainly with an Investment Grade credit Sub-Fund is capped at 0.90% p.a. of the average Net rating, at issue or issuer level, on the major international Asset Value of the same Class. markets. In addition, the Sub-Fund will be entitled to hold cash, When the value of the Performance Objective is negative including term deposits with credit institutions, and to invest up then a performance equal to zero is used for the purposes to 10% of its net assets in UCITS, within the limits allowed by of performance fee calculation. law and indicated under section “Investments and investment restrictions”. The performance commission, if any, is paid on a yearly basis, on the first Valuation Day of the following calendar The distribution of the net assets of this Sub-Fund among year. transferable securities of a bond nature, money market instruments and derivative financial instruments as well as The Management Company reserves the right to levy among the various geographic investment areas and currencies anticipatively on the Sub-Fund’s net assets the performance may vary according to market evolution and to financial and fee accruals, if any, related to the nets assets redeemed. macro/micro-economic prospects. 3. Global exposure The Sub-Fund may invest up to 10% of its net assets in The method used to calculate the global exposure for this Contingent Convertible Bonds (CoCos). Sub-Fund is the Commitment Approach. This Sub-Fund’s net assets will not be invested in asset-backed 4. Investment Manager securities. Epsilon SGR S.p.A. The Sub-Fund may use financial techniques and 5. Investor Profile instruments within the limits and under the conditions This Sub-Fund may be appropriate for investors who seek described in the section “Techniques and Instruments” a capital growth in line with the Performance Objective, and in Appendix B. Derivative financial instruments, accepting market volatility. whether negotiated on a regulated market that operates regularly and that is recognized and open to the public or dealt on over-the-counter markets, will be aimed at hedging risks, ensuring efficient portfolio management and/or investing according to the Investment Policy. Investors are advised to consider the additional risks 109 Line "Active – Strategy"

Eurizon Fund – Absolute Attivo

This Sub-Fund, formerly named SANPAOLO INTERNATIONAL When credit ratings published by credit rating agencies FUND – ABS ATTIVO, was launched on 30 September 2005 at are used, such credit agencies shall be established in the an initial price of 100 Euros. Its name was changed on 26 European Union and registered in accordance with the February 2008. On 27 February 2009 it received as a Regulation N° 462/2013 of the European Parliament and contribution the assets and liabilities of the Sub-Fund EURIZON of the Council amending Regulation N° 1060/2009 on EASYFUND – OBIETTIVO BILANCIATO. Its name was further credit rating agencies. changed on 1 February 2012. On 29 June 2012, it received as a contribution the assets and liabilities of the Sub-Fund Eurizon General Information Stars Fund – Total Return. 1. Sub-Fund’s Reference Currency Euro Investment Objectives The objective of the Investment Manager is to achieve on 2. Performance Commission average an annual absolute return in Euro equivalent to the The Management Company will be paid a performance gross return of the short-term zero-coupon debt instruments commission, the existence and amount of which is defined denominated in Euro (measured by the performance of the according to the following conditions: ® Bloomberg Barclays Euro Treasury Bills Index ) + 2.00% p.a. The performance commission amounts to 20% of the over a time horizon of 24 months (the “Performance respective annual performance (on a calendar year basis) Objective” as of 15 December 2017). of the Net Asset Value per Unit of each Class recorded in This Sub-Fund is managed through the use of a dynamic excess of the Performance Objective, applied to the investment strategy based on a proprietary asset allocation smallest value between the annual average Net Asset model. Value of each Class of the Sub-Fund and the Net Asset Value of this Class at the end of the calendar year. The No guarantee is given with respect to this objective actually performance of Units that distribute dividends is calculated being reached. considering the reinvestment of dividends. Investment Policy A performance commission is accrued on each Valuation The Sub-Fund will invest in all kinds of transferable securities of Day when the respective performance of each Class of the an equity and bond nature (including for example, convertible Sub-Fund – calculated on the basis of the Net Asset Value bonds or bonds that include warrants or another form of per Unit of each Class and the last Net Asset Value per option on shares), in money market instruments and in Unit of the same Class on the previous calendar year – derivative financial instruments, issued in any currency, on the outperforms the Performance Objective calculated over the major international markets. same period. It is applied to the smallest value between the annual average Net Asset Value of each Class of the Transferable securities of a bond nature and money market Sub-Fund and the Net Asset Value of this Class on that instruments into which the Sub-Fund is invested will be issued Valuation Day. by governments, their agencies, public international bodies or corporate issuers, mainly with an Investment Grade credit Performance commission accrued on each Class of this rating at issue or issuer level. Sub-Fund is capped at 1.40% p.a. of the average Net Asset Value of the same Class. In addition, the Sub-Fund will be entitled to hold cash, including term deposits with credit institutions, and to invest up When the value of the Performance Objective is negative to 10% of its net assets in UCITS, within the limits allowed by then a performance equal to zero is used for the purposes law and indicated in the section “Investments and investment of performance fee calculation. restrictions”. The performance commission, if any, is paid on a yearly The distribution of the net assets of this Sub-Fund among basis, on the first Valuation Day of the following calendar transferable securities of an equity nature, money market year. instruments and derivative financial instruments as well as The Management Company reserves the right to levy among the various geographic investment areas, sectors and anticipatively on the Sub-Fund’s net assets the performance currencies may vary according to market evolution and to fee accruals, if any, related to the nets assets redeemed. financial and macro/micro-economic prospects. 3. Global exposure The Sub-Fund may invest up to 10% of its net assets in The method used to calculate the global exposure for this Contingent Convertible Bonds (CoCos). Sub-Fund is the Commitment Approach. This Sub-Fund’s net assets will not be invested in asset-backed 4. Investment Manager securities. Epsilon SGR S.p.A. The Sub-Fund may use financial techniques and 5. Investor Profile instruments within the limits and under the conditions This Sub-Fund may be appropriate for investors who seek described in the section “Techniques and Instruments” a capital growth in line with the Performance Objective, and in Appendix B. Derivative financial instruments, accepting market volatility. whether negotiated on a regulated market that operates regularly and that is recognized and open to the public or dealt on over-the-counter markets, will be aimed at hedging risks, ensuring efficient portfolio management and/or investing according to the Investment Policy. Investors are advised to consider the additional risks associated with the use of derivative financial instruments, as described in the section “Specific Risks” of the Prospectus. 110 Line "Active – Strategy"

Eurizon Fund – Absolute Green Bonds

This Sub-Fund will be launched on 27 November 2017 at an described in the section “Techniques and Instruments” initial price of 100 EUR. and in Appendix B. Derivative financial instruments, whether negotiated on a regulated market that operates Investment Objectives regularly and that is recognized and open to the public or The objective of the Investment Manager is to achieve a dealt on over-the-counter markets, will be aimed at positive absolute return in Euros in the medium term by hedging risks, ensuring efficient portfolio management investing in an international portfolio of Green Bonds (the and/or investing according to the Investment Policy. “Objective”). Investors are advised to consider the additional risks associated with the use of derivative financial No guarantee is given with respect to this Objective actually instruments, as described in the section “Specific Risks” of being reached. the Prospectus. Investment Policy When credit ratings published by credit rating agencies are used, such credit agencies shall be established in the The Sub-Fund’s net assets will be mainly invested, directly or European Union and registered in accordance with the through financial derivatives instruments, in Green Bonds Regulation N° 462/2013 of the European Parliament and denominated in Euro or in other currencies and issued by of the Council amending Regulation N° 1060/2009 on governments, their agencies, public bodies or corporate issuers. credit rating agencies. “Green Bonds” are debt instruments where the use of proceeds is limited to finance or re-finance, in part or in full, General Information new and/or existing projects that have positive environmental 1. Sub-Fund’s Reference Currency and/or climate benefits. Such projects may be linked, in Euro particular but without limitation, to renewable energy, energy efficiency, pollution prevention and control, environmentally 2. Performance Commission sustainable management of living natural resources and land Management Company is entitled to receive an annual use, terrestrial land aquatic biodiversity conservation, clean performance commission, the existence and amount of transportation, sustainable water and wastewater management, which is defined according to the following conditions: climate change adaptation, eco-efficient and/or circular economy adapted products, production technologies and The performance commission amounts to 20% applied to processes, green buildings which meet regional, national or the positive difference between: (i) the percentage increase internationally recognized standards or certifications. of the Net Asset Value per Unit of each Class recorded during a calendar year over the High Water Mark and (ii) Investments in debt and debt-related instruments issued in the the performance of the Bloomberg Barclays Euro Treasury international markets by Issuers located in Emerging Countries Bill Index® + 1.20% p.a. (the “Performance Parameter”). will not exceed 30% of the Sub-Fund’s net assets. The Emerging Countries are those countries whose economies are The Performance Parameter can be expressed in, converted less developed according to the World Bank, its related in or hedged against its local currencies or the currency the organizations or the United Nations or its authorities, insofar as Classes of Units of the Sub-Fund are expressed in, in order and provided the markets in those countries are considered as to reflect the characteristic of each Class of Unit of the recognized securities stock exchanges or as regulated markets Sub-Fund. The performance of Units that distribute that operate regularly and that are recognized and open to the dividends is calculated considering the reinvestment of public in the meaning of Article 41(1) of the Law of 17 dividends. December 2010 on undertakings for collective investment. When the performance of the Performance Parameter is Investments in debt and debt-related instruments with a Non- negative then a performance equal to zero is used for the Investment Grade credit rating at the time of purchase, at issue purposes of performance fee calculation. or issuer level, will not exceed 25% of the Sub-Fund’s net assets. In any case, the Sub-Fund will not be invested in The applicable High Water Mark is defined for each Class instruments with an Extremely Speculative Grade credit rating. as the highest Net Asset Value per Unit recorded by the same Class at the end of any previous calendar year. The duration of the portfolio may vary over time and may reach negative value in some circumstances. The Bloomberg Barclays Euro Treasury Bills Index® is an index that includes zero coupon bonds denominated in The exposure to currencies other than Euro will not exceed Euro with a remaining maturity not greater than 12 40% of the Sub-Fund’s net assets. months, listed on European Stock Exchanges where are On an ancillary basis, the Sub-Fund may hold UCITS (up to negotiated at least 5 billions euros of treasury bills. 10%), money market instruments and cash, including term The performance commission is applied to the smallest deposits with credit institutions, within the limits allowed by value between the annual average Net Asset Value and the the law and indicated in the section entitled “Investments and Net Asset Value of each Class at the end of the calendar investment restrictions”. year. Investments in asset-backed securities and in mortgage-backed The High Water Mark and the performance of the Units securities are allowed only through UCITS up to 10% of the are calculated considering the reinvestment of dividends, if Sub-Fund’s net assets. No direct investments in such any. instruments are allowed. The performance commission, if any, is paid on a yearly Investments in Less Developed Markets, in particular in basis, on the first Valuation Day of the following calendar Emerging Countries and in Russia, are subject to year and is capped at 1.00% p.a. of the average Net Asset additional risks as described in the section “Specific risks” Value of each Class. of the Prospectus. A performance commission is accrued on each Valuation The Sub-Fund may use financial techniques and Day, according to the prevailing accounting principles. instruments within the limits and under the conditions 111 Line "Active – Strategy"

With regard to the first calendar year, the Performance Parameter is calculated on a prorata temporis basis and the High Water Mark corresponds to the initial Net Asset Value of each Class. As from the second calendar year, the Management Company reserves the right to levy anticipatively on the Sub-Fund’s net assets the performance fee accruals, if any, related to the nets assets redeemed. 3. Global exposure and expected level of leverage The method used to calculate the global exposure for this Sub-Fund is the Commitment Approach. 4. Investment Manager Eurizon Capital SGR S.p.A. 5. Investor Profile This Sub-Fund may be appropriate for investors who seek an exposure according to the Sub-Fund’s Objective, accepting market volatility.

112 Line "Active – Strategy"

Eurizon Fund – Absolute High Yield

This Sub-Fund will be launched on 27 November 2017 at an associated with the use of derivative financial initial price of 100 EUR. instruments, as described in the section “Specific Risks” of the Prospectus. Investment Objectives When credit ratings published by credit rating agencies The objective of the Investment Manager is to achieve an are used, such credit agencies shall be established in the absolute return in Euro by investing in a portfolio of debt and European Union and registered in accordance with the debt-related instruments issued by corporate issuers, without Regulation N° 462/2013 of the European Parliament and geographic constraint (the “Objective”). of the Council amending Regulation N° 1060/2009 on No guarantee is given with respect to this Objective actually credit rating agencies. being reached. General Information Investment Policy 1. Sub-Fund’s Reference Currency The Sub-Fund will invest mainly in short and medium term debt Euro and debt-related instruments of any kind, including for example 2. Performance Commission bonds and money market instruments, issued by corporate issuers, including those with a Speculative or Highly Speculative The Management Company is entitled to receive an annual Grade credit rating, at issue or issuer level. performance commission, the existence and amount of which is defined according to the following conditions: Extremely speculative and instruments not rated by any credit rating agency established in the European Union and registered The performance commission amounts to 20% applied to in accordance with the Regulation N° 462/2013 of the the positive difference between: (i) the percentage increase European Parliament and of the Council amending Regulation of the Net Asset Value per Unit of each Class recorded N° 1060/2009 on credit rating agencies will not exceed 10% of during a calendar year over the High Water Mark and (ii) the Sub-Fund’s net assets. Investments in Distressed Debt the performance of the Bloomberg Barclays Euro Treasury Securities will not represent more than 10% of the net assets Bill Index® + 1.45% p.a. (the “Performance Parameter”). of the Sub-Fund. The Performance Parameter can be expressed in, converted The exposure to currencies other than Euro will generally be in or hedged against its local currencies or the currency the hedged and the Sub-Fund’s net exposure to these currencies Classes of Units of the Sub-Fund are expressed in, in order will not exceed 10% of its net assets. to reflect the characteristic of each Class of Unit of the Sub-Fund. The performance of Units that distribute The Sub-Fund may invest up to 10% of its net assets in dividends is calculated considering the reinvestment of Contingent Convertible Bonds (CoCos). dividends. On an ancillary basis, the Sub-Fund’s net assets may be invested When the performance of the Performance Parameter is in any other instruments, such as but not limited to UCITS (up negative then a performance equal to zero is used for the to 10%) and cash, including term deposits with credit purposes of performance fee calculation. institutions, within the limits permitted by law and indicated in the section entitled “Investments and Investment Restrictions”. The applicable High Water Mark is defined for each Class as the highest Net Asset Value per Unit recorded by the Investments in asset-backed securities and in mortgage-backed same Class at the end of any previous calendar year. securities are allowed only through UCITS. No direct investments in such instruments are allowed.According to the The Bloomberg Barclays Euro Treasury Bills Index® is an market prospectives, the Investment Manager may hedge index that includes zero coupon bonds denominated in whole or part of the Sub-Fund’s portfolio. Euro with a remaining maturity not greater than 12 months, listed on European Stock Exchanges where are Investors are asked to note that the Sub-Fund may negotiated at least 5 billions euros of treasury bills. directly or indirectly through the Bond Connect program invest in the China Interbank Bond Market, considered as The performance commission is applied to the smallest a regulated market within the meaning of Article 41(1) of value between the annual average Net Asset Value and the the Law of 17 December 2010, but which has a higher Net Asset Value of each Class at the end of the calendar than average level of risk. Investments in China are year. subject to additional risks as described in the section The High Water Mark and the performance of the Units “Specific risks of investing in People’s Republic of China” are calculated considering the reinvestment of dividends, if of this Prospectus. any. Investments in High Yield securities, Distressed Debt The performance commission, if any, is paid on a yearly Securities and investments in Less Developed Markets, in basis, on the first Valuation Day of the following calendar particular in Emerging Countries and in Russia, are year and is capped at 1.00% p.a. of the average Net Asset subject to additional risks as described in the section Value of each Class. “Specific risks” of the Prospectus. A performance commission is accrued on each Valuation The Sub-Fund may use financial techniques and Day, according to the prevailing accounting principles. instruments within the limits and under the conditions described in the section “Techniques and Instruments” With regard to the first calendar year, the Performance and in Appendix B. Derivative financial instruments, Parameter is calculated on a prorata temporis basis and whether negotiated on a regulated market that operates the High Water Mark corresponds to the initial Net Asset regularly and that is recognized and open to the public or Value of each Class. dealt on over-the-counter markets, will be aimed at As from the second calendar year, the Management hedging risks, ensuring efficient portfolio management Company reserves the right to levy anticipatively on the and/or investing according to the Investment Policy. Sub-Fund’s net assets the performance fee accruals, if any, Investors are advised to consider the additional risks related to the nets assets redeemed. 113 Line "Active – Strategy"

3. Global exposure and expected level of leverage The method used to calculate the global exposure for this Sub-Fund is the Commitment Approach. 4. Investment Manager Eurizon Capital SGR S.p.A. 5. Investor Profile This Sub-Fund may be appropriate for investors who seek an exposure according to the Sub-Fund’s Objective, accepting market volatility.

114 Line "Active – Strategy"

Eurizon Fund – Equity Absolute Return

This Sub-Fund was launched on 28 July 2014 at an initial price European Union and registered in accordance with the of 100 EUR. Regulation N° 462/2013 of the European Parliament and of the Council amending Regulation N° 1060/2009 on Investment Objectives credit rating agencies. The objective of the Investment Manager is to provide growth on the invested capital in both rising and failing equity markets General Information through long and short positions in equities and equity-related 1. Sub-Fund’s Reference Currency instruments within defined risk constraints (the “Objective”). Euro This Sub-Fund is managed using fundamental and strategic 2. Performance Commission analyses aiming at buying securities with the greatest potential The Management Company is entitled to receive an annual of appreciation and selling less attractive securities, taking also performance commission, the existence and amount of into account market capitalization, liquidity as well as risk which is defined according to the following conditions: diversification criteria. The performance commission amounts to 20% applied to No guarantee is given with respect to the Objective actually the minimum value between: (i) the difference between being reached. the percentage increase of the Net Asset Value per Unit in respect to the value recorded at the end of the previous Investment Policy calendar year and the Reference Parameter over such The Sub-Fund will gain exposure, directly or through financial period and (ii) the percentage increase of the Net Asset derivatives instruments, in equity and equity-related instruments Value per Unit with respect to the highest Net Asset Value listed principally on the leading securities markets of European per Unit recorded at the end of any previous calendar year countries and/or the United States of America or traded on (“High Water Mark”). another regulated market in these countries. The Reference Parameter defined for this Sub-Fund is the The long exposure to such equity and equity-related Bloomberg Barclays Euro Treasury Bills Index® + 1.40% net instruments shall amount to at least two thirds of the Sub- p.a. Fund’s net assets. This long exposure will be reduced or neutralized through the exclusive use of derivatives financial When the performance of the Reference Parameter is instruments within the limits allowed by Part I of the Law of 17 negative then a performance equal to zero is used for the December 2010 on undertakings for collective investment. purposes of performance fee calculation. ® The net exposure of the Sub-Fund to such equity and equity- The Bloomberg Barclays Euro Treasury Bills Index is an related instruments is expected to be generally market neutral. index that includes zero coupon bonds denominated in The Sub-Fund may also depart from a market neutral strategy Euro with a remaining maturity not greater than 12 and take directional net long or net short positions. months, listed on European Stock Exchanges where are negotiated at least 5 billions euros of treasury bills. The Sub-Fund may also invest in debt and debt-related instruments of any kind, including for example Investment The performance commission is applied to the smallest Grade and/or non-Investment Grade bonds and money market value between the annual average Net Asset Value and the instruments, denominated in any currency. Net Asset Value of each Class at the end of the calendar year. At any time, the long positions of the Sub-Fund shall be sufficiently liquid to cover obligations arising from its short The performance commission, if any, is paid on a yearly positions, as described under section “Techniques and basis, on the first Valuation Day of the following calendar Instruments” of the Prospectus. year and is capped at 1.20% p.a. of the average Net Asset Value. In any case the Sub-Fund will not be invested in debt instruments with an Extremely Speculative Grade credit rating. A performance commission is accrued on each Valuation Day, according to the prevailing accounting principles. On an ancillary basis, the Sub-Fund may hold UCITS (up to 10%) and cash, including term deposits with credit institutions, The High Water Mark and the performance of the Units within the limits allowed by the law and indicated in the are calculated considering the reinvestment of dividends, if section entitled “Investments and investment restrictions”. any. This Sub-Fund’s net assets will not be invested in asset-backed With regard to the first calendar year, the Reference securities. Parameter is calculated on a prorata temporis basis and the High Water Mark corresponds to the initial Net Asset The Sub-Fund may use financial techniques and Value. instruments within the limits and under the conditions described in the section “Techniques and Instruments” The Management Company reserves the right to levy and in Appendix B. Derivative financial instruments, anticipatively on the Sub-Fund’s net assets the performance whether negotiated on a regulated market that operates fee accruals, if any, related to the nets assets redeemed. regularly and that is recognized and open to the public or 3. Global exposure dealt on over-the-counter markets, will be aimed at The method used to calculate the global exposure for this hedging risks, ensuring efficient portfolio management Sub-Fund is the Commitment Approach. and/or investing according to the Investment Policy. Investors are advised to consider the additional risks 4. Investment Manager associated with the use of derivative financial Eurizon Capital SGR S.p.A. instruments, as described in the section “Specific Risks” of 5. Investor Profile the Prospectus. This Sub-Fund may be appropriate for investors who seek When credit ratings published by credit rating agencies an exposure according to the Objective, accepting market are used, such credit agencies shall be established in the volatility. 115 Line "Active – Strategy"

Eurizon Fund – Multiasset Income

This Sub-Fund, formerly named EURIZON EASYFUND – This Sub-Fund’s net assets will not be invested in asset-backed MULTIASSET, was launched on 28 July 2014 at an initial price securities. of 100 EUR. Its name was changed to EURIZON FUND – The Sub-Fund may use financial techniques and MULTIASSET INCOME on 17 February 2017. instruments within the limits and under the conditions Investment Objectives described in the section “Techniques and Instruments” and in Appendix B. Derivative financial instruments, The objective of the Investment Manager is to achieve a whether negotiated on a regulated market that operates combination of income and long term capital growth on a regularly and that is recognized and open to the public or recommended investment horizon of five years, while generally dealt on over-the-counter markets, will be aimed at keeping the potential maximum loss on the Sub-Fund’s hedging risks, ensuring efficient portfolio management portfolio at a level inferior to -6,50% on a monthly basis, and/or investing according to the Investment Policy. calculated with a probability of 99%, coherently with the Investors are advised to consider the additional risks measure of the synthetic risk and reward indicator disclosed in associated with the use of derivative financial the Key Investor Information Document (the “Objective”). instruments, as described in the section “Specific Risks” of This Sub-Fund is managed based on asset allocation and the Prospectus. security selection models aiming at finding best income When credit ratings published by credit rating agencies opportunities. The asset allocation and the security selection are used, such credit agencies shall be established in the processes are based on quantitative analyses as well as European Union and registered in accordance with the fundamental macro and micro-economic analyzes. The Regulation N° 462/2013 of the European Parliament and Investment Manager may select, on a case by case basis, the of the Council amending Regulation N° 1060/2009 on issuers’ capital structure (equity or debt) considered more credit rating agencies. attractive and more suitable to the achievement of the Objective. General Information No guarantee is given with respect to the Objective actually 1. Sub-Fund’s Reference Currency being reached. Euro Investment Policy 2. Performance Commission The Sub-Fund will invest mainly, directly or through financial The Management Company is entitled to receive an annual derivatives instruments, like but not limited to assets swaps, performance commission, the existence and amount of credit-default swaps, cross currency swaps, into equity and which is defined according to the following conditions: equity-related instruments of any kind, as well as in debt and The performance commission amounts to 20% applied to debt-related instruments of any kind, including for example the positive difference between: (i) the percentage increase bonds, covered bonds and money market instruments of the Net Asset Value per Unit of each Class recorded denominated in any currency. during a calendar year over the High Water Mark and (ii) The Sub-Fund may also gain exposure until 10% of its net the performance of the Bloomberg Barclays Euro Treasury assets to real estate or infrastructure related assets by investing Bills index + 2.65% p.a. (the “Performance Parameter” as in UCITS (including Exchange Traded Funds fulfilling the criteria of 15 December 2017). set out by Article 41(1) e) of the Law of 17 December 2010 on When the performance of the Performance Parameter is collective investment undertakings) or closed-ended funds, like negative then a performance equal to zero is used for the Real Estate Investment Trusts. purposes of performance fee calculation. The equity instruments in which the Sub-Fund invests, directly The applicable High Water Mark is defined for each Class or through financial derivatives instruments, will be mainly as the highest Net Asset Value per Unit recorded by the listed on the leading securities markets of European countries same Class at the end of any previous calendar year. and/or the United States of America or traded on another regulated market in these countries. It is expected that the The Bloomberg Barclays Euro Treasury Bills Index® is an overall net exposure of the Sub-Fund to the equity markets index that includes zero coupon bonds denominated in shall not exceed 40% of the Sub-Fund’s net asset value. Euro with a remaining maturity not greater than 12 months, listed on European Stock Exchanges where are The debt instruments in which the Sub-Fund invests may be negotiated at least 5 billions euros of treasury bills. issued either by governments, their public agencies, public international bodies or corporate issuers. The overall exposure The performance commission is applied to the smallest to Non-Investment Grade debt and debt-related instruments, at value between the annual average Net Asset Value and the issue or issuer level, will not exceed the 40% of the Sub-Fund’s Net Asset Value of each Class at the end of the calendar net assets. year. Investments in debt instruments issued by issuers located in The High Water Mark and the performance of the Units Emerging Countries will not exceed 30% of the Sub-Fund’s net are calculated considering the reinvestment of dividends, if assets. any. In any case the Sub-Fund will not be invested in debt The performance commission, if any, is paid on a yearly instruments with an Extremely Speculative Grade credit rating. basis, on the first Valuation Day of the following calendar year and is capped at 1.40% p.a. of the average Net Asset On an ancillary basis, the Sub-Fund may hold UCITS (up to Value of each Class. 10%) and cash, including term deposits with credit institutions, within the limits allowed by the law and indicated in the A performance commission is accrued on each Valuation section entitled “Investments and investment restrictions”. Day, according to the prevailing accounting principles. The Sub-Fund may invest up to 10% of its net assets in With regard to the first calendar year, the Performance Contingent Convertible Bonds (CoCos). Parameter is calculated on a prorata temporis basis and 116 Line "Active – Strategy"

the High Water Mark corresponds to the initial Net Asset Value of each Class. The Management Company reserves the right to levy anticipatively on the Sub-Fund’s net assets the performance fee accruals, if any, related to the nets assets redeemed. 3. Global exposure The method used to calculate the global exposure for this Sub-Fund is the Commitment Approach. 4. Investment Manager Eurizon Capital SGR S.p.A. 5. Investor Profile This Sub-Fund may be appropriate for investors who seek an exposure according to the Objective, accepting market volatility.

117 Line "Active – Strategy"

Eurizon Fund – Flexible Beta Total Return

This Sub-Fund was launched on 19 September 2014. On this 2. Performance Commission date, it received as a contribution the assets and liabilities of The Management Company is entitled to receive an annual the Sub-Fund Eurizon Investment Sicav – Flexible Beta Total performance commission, the existence and amount of Return. which is defined according to the following conditions: Investment Objectives The performance commission amounts to 20% of the respective annual performance (on a calendar year basis) The objective of the Investment Manager is to provide growth of each Class recorded in excess of the annual on the invested capital by maximizing the return of the performance of the Bloomberg Barclays Euro Treasury Bills international stock markets through a flexible exposure to the Index® + 3.50% net p.a. (the “Reference Parameter” as of equity and bond international markets within defined risk 15 December 2017), applied to the smallest value between constraints (the “Objective”). the annual average Net Asset Value of each Class of the This Sub-Fund is managed through the use of a flexible Sub-Fund and the Net Asset Value of this Class at the end strategic asset allocation model that regularly determines the of the calendar year. The performance of Units that allocation between different assets classes. distribute dividends is calculated considering the reinvestment of dividends. No guarantee is given with respect to this Objective actually being reached. The Bloomberg Barclays Euro Treasury Bills Index® includes zero coupon bonds denominated in Euro with a remaining Investment Policy maturity not greater than 12 months, listed on European The Sub-Fund will invest mainly, directly or through financial Stock Exchanges where are negotiated at least 5 billions derivatives instruments, like but not limited to assets swaps, euros of treasury bills. credit-default swaps, cross currency swaps, in equity, equity- A performance commission is accrued on each Valuation related instruments, as well as in debt and debt-related Day when the respective performance of each Class of the instruments of any kind, including for example shares, bonds Sub-Fund – calculated on the basis of the Net Asset Value convertible into shares, bonds and money market instruments, per Unit of each Class and the last Net Asset Value per denominated in any currency. Unit of the same Class on the previous calendar year – The debt instruments in which the Sub-Fund invests may be outperforms the performance of the Reference Parameter issued either by governments, their public agencies, public calculated over the same period. It is applied to the international bodies or corporate issuers. The overall exposure smallest value between the annual average Net Asset to Non-Investment Grade debt and debt-related instruments, at Value of each Class of the Sub-Fund and the Net Asset issue or issuer level, will not exceed the 30% of the Sub-Fund’s Value of this Class on that Valuation Day. net assets. Performance commission accrued on each Class of this In any case the Sub-Fund will not be invested in debt Sub-Fund is capped at 1.40% p.a. of the average Net instruments with an Extremely Speculative Grade credit rating. Asset Value of the same Class. On an ancillary basis, the Sub-Fund may hold UCITS (up to When the performance of the Reference Parameter is 10%) and cash, including term deposits with credit institutions, negative then a performance equal to zero is used for the within the limits allowed by the law and indicated in the purposes of performance fee calculation. section entitled “Investments and investment restrictions”. The performance commission, if any, is paid on a yearly The Sub-Fund may invest up to 10% of its net assets in basis, on the first Valuation Day of the following calendar Contingent Convertible Bonds (CoCos). year. This Sub-Fund’s net assets will not be invested in asset-backed For the first calendar year, a performance commission will securities. be paid if the performance of each Class of the Sub-Fund – calculated on the basis of the last Net Asset Value per The Sub-Fund may use financial techniques and Unit of each Class and the initial Net Asset Value of the instruments within the limits and under the conditions same Class of the Sub-Fund – outperforms the described in the section “Techniques and Instruments” performance of the Reference Parameter over the same and in Appendix B. Derivative financial instruments, period. whether negotiated on a regulated market that operates regularly and that is recognized and open to the public or The Management Company reserves the right to levy dealt on over-the-counter markets, will be aimed at anticipatively on the Sub-Fund’s net assets the performance hedging risks, ensuring efficient portfolio management fee accruals, if any, related to the nets assets redeemed. and/or investing according to the Investment Policy. 3. Global exposure Investors are advised to consider the additional risks The method used to calculate the global exposure for this associated with the use of derivative financial Sub-Fund is the Commitment Approach. instruments, as described in the section “Specific Risks” of the Prospectus. 4. Investment Manager Eurizon Capital SGR S.p.A. When credit ratings published by credit rating agencies are used, such credit agencies shall be established in the 5. Investor Profile European Union and registered in accordance with the This Sub-Fund may be appropriate for investors who seek Regulation N° 462/2013 of the European Parliament and a capital growth in line with the Objective, accepting of the Council amending Regulation N° 1060/2009 on market volatility. credit rating agencies.

General Information 1. Sub-Fund’s Reference Currency Euro 118 Line "Active – Strategy"

Eurizon Fund – Dynamic Asset Allocation

This Sub-Fund was launched on 19 September 2014. On this 2. Performance Commission date, it received as a contribution the assets and liabilities of The Management Company is entitled to receive an annual the Sub-Fund Eurizon Investment Sicav – Dynamic Asset performance commission, the existence and amount of Allocation. which is defined according to the following conditions: Investment Objectives The performance commission amounts to 20% of the respective annual performance (on a calendar year basis) The objective of the Investment Manager is to provide growth of each Class recorded in excess of the annual on the invested capital by optimizing the participation in the performance of the Bloomberg Barclays Euro Treasury Bills international financial markets within defined risk constraints Index® + 3.00% net p.a. (the “Reference Parameter” as of (the “Objective”). 15 December 2017), applied to the smallest value between This Sub-Fund is managed based on strategic and tactical the annual average Net Asset Value of each Class of the allocation processes aiming at identifying the best allocation Sub-Fund and the Net Asset Value of this Class at the end among asset classes. The risk level of the portfolio is of the calendar year. The performance of Units that dynamically identified on the basis of market valuations, distribute dividends is calculated considering the economic and technical aspects such as technical analyses, reinvestment of dividends. investor positioning and sentiment analyses. The Bloomberg Barclays Euro Treasury Bills Index® includes No guarantee is given with respect to this Objective actually zero coupon bonds denominated in Euro with a remaining being reached. maturity not greater than 12 months, listed on European Stock Exchanges where are negotiated at least 5 billions Investment Policy euros of treasury bills. The Sub-Fund will invest mainly, directly or through financial A performance commission is accrued on each Valuation derivatives instruments like but not limited to assets swaps, Day when the respective performance of each Class of the credit-default swaps, cross currency swaps, in equity, equity- Sub-Fund – calculated on the basis of the Net Asset Value related instruments, as well as debt and debt-related per Unit of each Class and the last Net Asset Value per instruments of any kind, including for example shares, bonds Unit of the same Class on the previous calendar year – convertible into shares, bonds and money market instruments, outperforms the performance of the Reference Parameter denominated in any currency. calculated over the same period. It is applied to the The debt instruments in which the Sub-Fund invests may be smallest value between the annual average Net Asset issued either by governments, their public agencies, public Value of each Class of the Sub-Fund and the Net Asset international bodies or corporate issuers with Non-Investment Value of this Class on that Valuation Day. Grade credit rating at issue or issuer level. Performance commission accrued on each Class of this In any case the Sub-Fund will not be invested in debt Sub-Fund is capped at 1.40% p.a. of the average Net instruments with an Extremely Speculative Grade credit rating. Asset Value of the same Class. On an ancillary basis, the Sub-Fund may hold UCITS (up to When the performance of the Reference Parameter is 10%) and cash, including term deposits with credit institutions, negative then a performance equal to zero is used for the within the limits allowed by the law and indicated in the purposes of performance fee calculation. section entitled “Investments and investment restrictions”. The performance commission, if any, is paid on a yearly The Sub-Fund may invest up to 10% of its net assets in basis, on the first Valuation Day of the following calendar Contingent Convertible Bonds (CoCos). year. This Sub-Fund’s net assets will not be invested in asset-backed For the first calendar year, a performance commission will securities. be paid if the performance of each Class of the Sub-Fund – calculated on the basis of the last Net Asset Value per The Sub-Fund may use financial techniques and Unit of each Class and the initial Net Asset Value of the instruments within the limits and under the conditions same Class of the Sub-Fund – outperforms the described in the section “Techniques and Instruments” performance of the Reference Parameter over the same and in Appendix B. Derivative financial instruments, period. whether negotiated on a regulated market that operates regularly and that is recognized and open to the public or The Management Company reserves the right to levy dealt on over-the-counter markets, will be aimed at anticipatively on the Sub-Fund’s net assets the performance hedging risks, ensuring efficient portfolio management fee accruals, if any, related to the nets assets redeemed. and/or investing according to the Investment Policy. 3. Global exposure and expected level of leverage Investors are advised to consider the additional risks The method used to calculate the global exposure for this associated with the use of derivative financial Sub-Fund is the Commitment Approach. instruments, as described in the section “Specific Risks” of the Prospectus. 4. Investment Manager Eurizon Capital SGR S.p.A. When credit ratings published by credit rating agencies are used, such credit agencies shall be established in the 5. Investor Profile European Union and registered in accordance with the This Sub-Fund may be appropriate for investors who seek Regulation N° 462/2013 of the European Parliament and a capital growth in line with the Objective, accepting of the Council amending Regulation N° 1060/2009 on market volatility. credit rating agencies.

General Information 1. Sub-Fund’s Reference Currency Euro 119 Line "Active – Strategy"

Eurizon Fund – Flexible Multistrategy

This Sub-Fund was launched on 25 January 2016 at an initial When credit ratings published by credit rating agencies price of 100 EUR. are used, such credit agencies shall be established in the European Union and registered in accordance with the Investment Objectives Regulation N° 462/2013 of the European Parliament and The objective of the Investment Manager is to provide growth of the Council amending Regulation N° 1060/2009 on on the invested capital over a time horizon of 36 months by credit rating agencies. optimizing the participation in the international financial markets (the “Objective”). General Information 1. Sub-Fund’s Reference Currency This Sub-Fund is managed based on strategic and tactical Euro allocation processes aiming at generating positive returns through directional and relative value strategies based on 2. Performance Commission macro-economic, valuation, momentum, sentiment and The Management Company is entitled to receive an annual positioning drivers. The Investment Manager will optimize the performance commission, the existence and amount of portfolio’s risk return profile through the use of hedging and which is defined according to the following conditions: yield enhancement techniques. For each Class, the performance commission amounts to No guarantee is given with respect to this Objective actually 20% applied to the minimum value between: (i) the being reached. difference between the percentage increase of the Net Asset Value per Unit in respect to the value recorded at Investment Policy the end of the previous calendar year and the Reference The Sub-Fund will invest mainly, directly or through financial Parameter over such period and (ii) the percentage increase derivatives instruments, like but not limited to assets swaps, of the Net Asset Value per Unit with respect to the highest credit-default swaps, cross currency swaps, in equity, equity- Net Asset Value per Unit recorded at the end of any related instruments, as well as in debt and debt-related previous calendar year (“High Water Mark”). instruments of any kind, including for example shares, bonds convertible into shares, bonds and money market instruments, The High Water Mark and the performance of the Units denominated in any currency, as well as in commodities. are calculated considering the reinvestment of dividends, if any. The overall net exposure to the equity and equity-related instruments will not exceed 70% of the Sub-Fund’s net assets. The Reference Parameter defined for this Sub-Fund is the Bloomberg Barclays Euro Treasury Bills Index® + 3.00% p. The debt instruments in which the Sub-Fund invests may be a. issued either by governments, their public agencies, public international bodies or corporate issuers with no constraints of When the performance of the Reference Parameter is duration or rating. In any case the Sub-Fund will not be negative then a performance equal to zero is used for the invested in debt instruments with an Extremely Speculative purposes of performance fee calculation. Grade credit rating. The Bloomberg Barclays Euro Treasury Bills Index® is an The financial indices used to obtain exposure to commodities index that includes zero coupon bonds denominated in through financial derivatives instruments will comply with the Euro with a remaining maturity not greater than 12 requirements set out in the art. 9 of the Grand-Ducal months, listed on European Stock Exchanges where are Regulation of 8 February 2008. No direct investments in negotiated at least 5 billions euros of treasury bills. commodities are allowed. The exposure to commodities will not The performance commission is applied to the smallest exceed 10% of the Sub-Fund’s net assets. value between the annual average Net Asset Value and the Exposure to commodities is subject to special risks as Net Asset Value of each Class at the end of the calendar described in the section “Specific Risks” of the Prospectus. year. On an ancillary basis, the Sub-Fund may hold UCITS (up to The performance commission, if any, is paid on a yearly 10%) and cash, including term deposits with credit institutions, basis, on the first Valuation Day of the following calendar within the limits allowed by the law and indicated in the year and is capped at 1.50% p.a. of the average Net Asset section entitled “Investments and investment restrictions”. Value. The Sub-Fund may invest up to 10% of its net assets in A performance commission is accrued on each Valuation Contingent Convertible Bonds (CoCos). Day, according to the prevailing accounting principles. This Sub-Fund’s net assets will not be invested in asset-backed With regard to the first calendar year, the Reference securities. Parameter is calculated on a prorata temporis basis and the High Water Mark corresponds to the initial Net Asset The Sub-Fund may use financial techniques and Value. instruments within the limits and under the conditions described in the section “Techniques and Instruments” The Management Company reserves the right to levy and in Appendix B. Derivative financial instruments, anticipatively on the Sub-Fund’s net assets the performance whether negotiated on a regulated market that operates fee accruals, if any, related to the nets assets redeemed. regularly and that is recognized and open to the public or 3. Global exposure and expected level of leverage dealt on over-the-counter markets, will be aimed at The method used to calculate the global exposure is the hedging risks, ensuring efficient portfolio management absolute Value at Risk (“VAR”). With this type of and/or investing according to the Investment Policy. approach, the maximum potential loss that the Sub-Fund Investors are advised to consider the additional risks could suffer within a certain time horizon and a certain associated with the use of derivative financial degree of confidence is estimated. VaR is a statistical instruments, as described in the section “Specific Risks” of approach and under no circumstances does its use the Prospectus. guarantee a minimum performance. 120 Line "Active – Strategy"

The approach adopted to calculate the leverage is the sum of the notionals of the financial derivatives instruments used by the Sub-Fund. Considering the active management style and the variety of investment strategies characterizing the Sub-Fund, the expected level of leverage of this Sub- Fund may vary up to 250% including the portfolio’s total net value. The attention of investors is drawn to the fact that the use of Value at Risk (VaR) may imply higher leverage levels than the expected level. 4. Investment Manager Eurizon Capital SGR S.p.A. 5. Investor Profile This Sub-Fund may be appropriate for investors who seek an exposure according to the Sub-Fund’s Objective, accepting market volatility.

121 Line "Active – Strategy"

Eurizon Fund – Securitized Bond Fund

This Sub-Fund was launched on 13 July 2016 at an initial price Manager will prioritize the investments in securitized debt of 100 EUR. instruments with a High Grade credit rating at the time of purchase and highest expected liquidity level. Investment Objectives Debt instruments in which the Sub-Fund invests can be issued The objective of the Investment Manager is to achieve a by governments and their public agencies, supranational positive absolute return by investing mainly in securitized debt institutions or corporate issuers. instruments through a disciplined and diversified management approach that provides both income and capital growth, while Further investments in debt instruments with a Non-Investment generally keeping the potential maximum loss on the Sub- Grade credit rating at the time of purchase will not exceed Fund’s portfolio at a level inferior to -3.36% on a monthly 49% of the Sub-Fund’s net assets. basis, calculated with a probability of 99%, coherently with the The exposure to currencies other than Euro will not exceed measure of the synthetic risk and reward indicator disclosed in 40% of the Sub-Fund’s net assets. the Key Investor Information Document (the “Objective”). Extremely speculative and instruments not rated by any credit No guarantee is given with respect to this Objective actually rating agency established in the European Union and registered being reached. in accordance with the Regulation N° 462/2013 of the Investment Policy European Parliament and of the Council amending Regulation N° 1060/2009 on credit rating agencies will not exceed 10% of The Sub-Fund’s net assets will be mainly invested, directly or the Sub-Fund’s net assets. through financial derivatives instruments of any kind, in securitized debt instruments denominated in Euro such as On an ancillary basis, the Sub-Fund’s net assets may be invested residential (prime, buy to let, non-conforming) or commercial in any other instruments, such as but not limited to UCITS (up mortgage backed securities (loans office, retail, industrial, or to 10%), equity and cash, including term deposits with credit mixed), consumer asset-backed securities (backed by student, institutions, within the limits allowed by law and indicated in small and medium enterprises (SME), car and other leasing- the section “Investments and Investment Restrictions”. contracts such as leasing on transportation assets, equipment Exposure to securitized debt instruments such as assets and real estate assets), collateralized loan obligations mortgage backed securities ("MBS"), commercial (CLOs) backed by corporate loans and covered bonds/ mortgage backed securities ("CMBS"), residential Pfandbriefe, listed on regulated markets in Luxembourg, Ireland mortgage backed securities (“RMBS”), asset backed or in any other regulated markets that operates regularly and securities ("ABS"), collateralized debt obligations that is recognized and open to the public in the meaning of ("CDOs"), collateralized loan obligations (“CLOs”), Article 41(1) of the Law of 17 December 2010 on UCIs, as well securitized debt instruments backed by non-conforming as in money market instruments, bonds or any other similar loans and structured debit instruments of any kind is debt instrument. subject to special risks as described in the section The Sub-Fund may invest without any geographical and/or “Specific Risks” of the Prospectus. The Sub-Fund’s sectorial constraints. Investment Manager will seek to minimize such risks by a strict selection of the investments and an adequate The Sub-Fund may invest in securitized debt instruments spreading of the risks involved. backed by non-conforming loans provided that they do not belong to the Highly Speculative or Extremely Speculative The Sub-Fund may use financial techniques and Grade credit rating categories at the time of purchase. Non- instruments within the limits and under the conditions conforming loans are mortgages that do not conform to a described in the section “Techniques and Instruments” lender's typical loan underwriting criteria. Loans can be non- and in Appendix B. Derivative financial instruments, conforming for several different reasons such as when the whether negotiated on a regulated market that operates borrower's financial status (e.g. irregular credit or employment regularly and that is recognized and open to the public or history, high total debt load, recent bankruptcy) or the property dealt on over-the-counter markets, will be aimed at type does not meet ordinary lending criteria or when the loan hedging risks, ensuring efficient portfolio management size exceeds such criteria. and/or investing according to the Investment Policy. Investors are advised to consider the additional risks In any case, the Sub-Fund will not invest in any leveraged asset- associated with the use of derivative financial backed securities or securitized products with leverage provided instruments, as described in the section “Specific Risks” of in the form of synthetic and cash transactions, such as for the Prospectus. example Constant Proportion Debt Obligation or Leveraged Super Seniors, etc. When credit ratings published by credit rating agencies are used, such credit agencies shall be established in the The Sub-Fund may invest up to 10% of its net assets in credit European Union and registered in accordance with the default swaps of asset-backed securities (CDS of ABS) for Regulation N° 462/2013 of the European Parliament and hedging purposes only. of the Council amending Regulation N° 1060/2009 on As regards the US markets, the Sub-Fund does not intend to credit rating agencies. invest in subprime and alt-a securities. General Information The asset allocation and the security selection processes are 1. Sub-Fund’s Reference Currency based on quantitative and qualitative analyses as well as Euro fundamental macro and micro-economic analyses with the intention of minimizing credit risk. These processes may take 2. Performance Commission into consideration, among quantitative and qualitative criteria, The Management Company is entitled to receive a the credit rating and the type of collateral. performance commission, the existence and amount of The Sub-Fund’s investments in securitized debt instruments are which is defined according to the following conditions: made mainly in instruments with an Investment Grade credit The performance commission amounts to 20% applied to rating at the time of purchase. The Sub-Fund’s Investment the positive difference between: (i) the percentage increase 122 Line "Active – Strategy"

of the Net Asset Value per Unit of each Class recorded during a calendar year over the High Water Mark and (ii) the performance of the 3 month EURIBOR rate + 1.20% p. a. (the “Reference Parameter”). When the performance of the Reference Parameter is negative then a performance equal to zero is used for the purposes of performance fee calculation. The applicable High Water Mark is defined for each Class as the highest Net Asset Value per Unit recorded by the same Class at the end of any previous calendar year. The 3 month EURIBOR (“Euro Interbank Offered Rate”) is a reference rate published by the European Money Market Institute, based on the rate at which Eurozone banks offer term deposits to other banks in the euro wholesale money market (or interbank market) with a maturity of 3 months. The performance commission is applied to the smallest value between the annual average Net Asset Value and the Net Asset Value of each Class at the end of the calendar year. The High Water Mark and the performance of the Units are calculated considering the reinvestment of dividends, if any. Performance commission accrued on each Class of this Sub-Fund is capped at 1.20% p.a. of the average Net Asset Value of the same Class. The performance commission, if any, is paid on a yearly basis, on the first Valuation Day of the following calendar year. A performance commission is accrued on each Valuation Day, according to the prevailing accounting principles. With regard to the first calendar year, the Reference Parameter is calculated on a prorata temporis basis and the High Water Mark corresponds to the initial Net Asset Value of each Class. As from the second calendar year, the Management Company reserves the right to levy anticipatively on the Sub-Fund’s net assets the performance fee accruals, if any, related to the nets assets redeemed. 3. Global exposure The method used to calculate the global exposure for this Sub-fund is the Commitment Approach. 4. Investment Manager Eurizon Capital SGR S.p.A. 5. Investor Profile This Sub-Fund may be appropriate for investors who seek an exposure according to the Sub-Fund’s Objective, accepting market volatility.

123 Line "Active – Strategy"

Eurizon Fund – SLJ Global Liquid Macro

This Sub-Fund was launched on 27 September 2016 at an and in Appendix B. Derivative financial instruments, initial price of 100 EUR. whether negotiated on a regulated market that operates regularly and that is recognized and open to the public or Investment Objectives dealt on over-the-counter markets, will be aimed at The objective of the Investment Manager is to achieve positive hedging risks, ensuring efficient portfolio management returns regardless of whether markets are falling or rising, by and/or investing according to the Investment Policy. optimizing the asset allocation between money market Investors are advised to consider the additional risks instruments, bonds, equities and commodities thus reducing associated with the use of derivative financial the downside and the correlation among traditional asset instruments, as described in the section “Specific Risks” of classes (the “Objective”). the Prospectus. The Investment Manager will pursue a global macro strategy When credit ratings published by credit rating agencies based on a rigorous investment process combining top-down are used, such credit agencies shall be established in the analyses on global economic trends, macroeconomic policies European Union and registered in accordance with the and market price dynamics and an idea-generation process Regulation N° 462/2013 of the European Parliament and aimed at identifying major macroeconomic trends and tensions of the Council amending Regulation N° 1060/2009 on between the developed and the emerging markets as well as credit rating agencies. the assets which are most likely to capture these macro themes. General Information 1. Sub-Fund’s Reference Currency No guarantee is given with respect to this Objective actually Euro being reached. 2. Performance Commission Investment Policy The Management Company is entitled to receive an annual The Sub-Fund will invest mainly, directly or through financial performance commission, the existence and amount of derivatives instruments of any kind, in equity and equity-related which is defined according to the following conditions: instruments, debt and debt-related instruments of any kind, including for example bonds, bonds convertible into shares, The performance commission amounts to 20% applied to covered bonds and money market instruments, denominated in the positive difference between: (i) the percentage increase any currency, as well as commodities. of the Net Asset Value per Unit of each Class recorded during a calendar year over the High Water Mark and (ii) Debt instruments in which the Sub-Fund invests may be issued the performance of the Bloomberg Barclays Euro Treasury by governments and their agencies, supranational institutions Bill index + 3.00% p.a. (the “Performance Parameter”). or corporate issuers. When the performance of the Performance Parameter is Investments in debt instruments with a Non-Investment Grade negative then a performance equal to zero is used for the credit rating at the time of purchase, at issue or issuer level, purposes of performance fee calculation. may not exceed 50% of the Sub-Fund’s net assets. The applicable High Water Mark is defined for each Class The net exposure to debt and debt-related instruments issued as the highest Net Asset Value per Unit recorded by the by issuers located in Emerging Countries will not exceed 50% same Class at the end of any previous calendar year. of the Sub-Fund’s net assets, insofar as and provided the ® markets in those countries are considered as recognized The Bloomberg Barclays Euro Treasury Bills Index is an securities stock exchanges or as regulated markets that operate index that includes zero coupon bonds denominated in regularly and that are recognized and open to the public in the Euro with a remaining maturity not greater than 12 meaning of Article 41(1) of the Law of 17 December 2010 on months, listed on European Stock Exchanges where are UCIs. negotiated at least 5 billions euros of treasury bills. The financial indices used to obtain exposure to commodities The performance commission is applied to the smallest through financial derivatives instruments will comply with the value between the annual average Net Asset Value and the requirements set out in the art. 9 of the Grand-Ducal Net Asset Value of each Class at the end of the calendar Regulation of 8 February 2008. No direct investments in year. commodities are allowed. The High Water Mark and the performance of the Units Exposure to commodities is subject to special risks as are calculated considering the reinvestment of dividends, if described in the section “Specific Risks” of the Prospectus. any. Instruments with an Extremely Speculative Grade credit rating The performance commission, if any, is paid on a yearly will not exceed 5% of the Sub-Fund’s net assets. basis, on the first Valuation Day of the following calendar year and is capped at 1.70% p.a. of the average Net Asset On an ancillary basis, the Sub-Fund may hold UCITS (up to Value of each Class. 10%) and cash, including term deposits with credit institutions, within the limits allowed by the law and indicated in the A performance commission is accrued on each Valuation section entitled “Investments and investment restrictions”. Day, according to the prevailing accounting principles. The Sub-Fund may invest up to 10% of its net assets in With regard to the first calendar year, the Performance Contingent Convertible Bonds (CoCos). Parameter is calculated on a prorata temporis basis and the High Water Mark corresponds to the initial Net Asset This Sub-Fund’s net assets will not be invested in asset-backed Value of each Class. securities. As from the second calendar year, the Management The Sub-Fund may use financial techniques and Company reserves the right to levy anticipatively on the instruments within the limits and under the conditions Sub-Fund’s net assets the performance fee accruals, if any, described in the section “Techniques and Instruments” related to the nets assets redeemed. 124 Line "Active – Strategy"

3. Global exposure and expected level of leverage The method used to calculate the global exposure is the absolute Value at Risk (“VAR”). With this type of approach, the maximum potential loss that the Sub-Fund could suffer within a certain time horizon and a certain degree of confidence is estimated. VaR is a statistical approach and under no circumstances does its use guarantee a minimum performance. The approach adopted to calculate the leverage is the sum of the notionals of the financial derivatives instruments used by the Sub-Fund. Considering the active management style and the variety of investment strategies characterizing the Sub-Fund, the expected level of leverage of this Sub- Fund may vary up to 750% including the portfolio’s total net value. The attention of investors is drawn to the fact that the use of a high level of leverage may imply additional risks. The attention of investors is also drawn to the fact that the use of Value at Risk (VaR) may imply higher leverage levels than the expected level. 4. Investment Manager Eurizon SLJ Capital LTD 5. Investor Profile This Sub-Fund may be appropriate for investors who seek an exposure according to the Sub-Fund’s Objective, accepting market volatility.

125 Line "Active – Strategy"

Eurizon Fund – SLJ Global FX

This Sub-Fund was launched on 25 July 2016 at an initial price General Information of 100 EUR. 1. Sub-Fund’s Reference Currency Investment Objectives Euro The objective of the Investment Manager is to achieve positive 2. Performance Commission returns regardless of whether markets are falling or rising by The Management Company is entitled to receive an annual investing primarily in global currency markets, whilst minimizing performance commission, the existence and amount of the risks of capital loss (the “Objective”). which is defined according to the following conditions: The Sub-Fund will pursue a global macro strategy with a focus The performance commission amounts to 20% applied to on foreign exchange markets. based on a rigorous investment the positive difference between: (i) the percentage increase process combining top-down analyses on global economic of the Net Asset Value per Unit of each Class recorded trends, macroeconomic policies and market price dynamics and during a calendar year over the High Water Mark and (ii) an idea-generation process aimed at identifying major the performance of the Bloomberg Barclays Euro Treasury macroeconomic trends and tensions between the developed Bill index + 3.00% p.a. (the “Performance Parameter”). and the emerging markets as well as the currencies which are When the performance of the Performance Parameter is most likely to capture these macro themes. negative then a performance equal to zero is used for the No guarantee is given with respect to this Objective actually purposes of performance fee calculation. being reached. The applicable High Water Mark is defined for each Class Investment Policy as the highest Net Asset Value per Unit recorded by the same Class at the end of any previous calendar year. The Sub-Fund will be mainly exposed, directly or through financial derivatives instruments of any kind, to global currency The Bloomberg Barclays Euro Treasury Bills Index® is an markets. index that includes zero coupon bonds denominated in Euro with a remaining maturity not greater than 12 The Sub-Fund may hold debt and debt-related instruments of months, listed on European Stock Exchanges where are any kind issued by governments and their agencies, negotiated at least 5 billions euros of treasury bills. supranational institutions, or corporate issuers, including for example bonds, bonds convertible into shares, covered bonds The performance commission is applied to the smallest and money market instruments, denominated in any currency. value between the annual average Net Asset Value and the Net Asset Value of each Class at the end of the calendar Investments in debt instruments with a Non-Investment Grade year. credit rating at the time of purchase, at issue or issuer level, may not exceed 49% of the Sub-Fund’s net assets. The High Water Mark and the performance of the Units are calculated considering the reinvestment of dividends, if Instruments with an Extremely Speculative Grade credit rating any. will not exceed 5% of the Sub-Fund’s net assets. On an ancillary basis, the Sub-Fund may hold UCITS (up to 10%) and The performance commission, if any, is paid on a yearly cash, including term deposits with credit institutions, within the basis, on the first Valuation Day of the following calendar limits allowed by the law and indicated in the section entitled year and is capped at 1.60% p.a. of the average Net Asset “Investments and investment restrictions”. Value of each Class. This Sub-Fund is not expected to be exposed to any equity risk. A performance commission is accrued on each Valuation Day, according to the prevailing accounting principles. The Sub-Fund may invest up to 10% of its net assets in Contingent Convertible Bonds (CoCos). With regard to the first calendar year, the Performance Parameter is calculated on a prorata temporis basis and This Sub-Fund’s net assets will not be invested in asset-backed the High Water Mark corresponds to the initial Net Asset securities. Value of each Class. The Sub-Fund may use financial techniques and As from the second calendar year, the Management instruments within the limits and under the conditions Company reserves the right to levy anticipatively on the described in the section “Techniques and Instruments” Sub-Fund’s net assets the performance fee accruals, if any, and in Appendix B. Derivative financial instruments, related to the nets assets redeemed. whether negotiated on a regulated market that operates regularly and that is recognized and open to the public or 3. Global exposure and expected level of leverage dealt on over-the-counter markets, will be aimed at The method used to calculate the global exposure is the hedging risks, ensuring efficient portfolio management absolute Value at Risk (“VAR”). With this type of and/or investing according to the Investment Policy. approach, the maximum potential loss that the Sub-Fund Investors are advised to consider the additional risks could suffer within a certain time horizon and a certain associated with the use of derivative financial degree of confidence is estimated. VaR is a statistical instruments, as described in the section “Specific Risks” of approach and under no circumstances does its use the Prospectus. guarantee a minimum performance. When credit ratings published by credit rating agencies The approach adopted to calculate the leverage is the sum are used, such credit agencies shall be established in the of the notionals of the financial derivatives instruments European Union and registered in accordance with the used by the Sub-Fund. Considering the active management Regulation N° 462/2013 of the European Parliament and style and the variety of investment strategies characterizing of the Council amending Regulation N° 1060/2009 on the Sub-Fund, the expected level of leverage of this Sub- credit rating agencies. Fund may vary up to 750% including the portfolio’s total net value. The attention of investors is drawn to the fact that the use of a high level of leverage may imply additional risks. The attention of investors is drawn to the 126 Line "Active – Strategy"

fact that the use of Value at Risk (VaR) may also imply higher leverage levels than the expected level. 4. Investment Manager Eurizon SLJ Capital LTD 5. Investor Profile This Sub-Fund may be appropriate for investors who seek an exposure according to the Sub-Fund’s Objective, accepting market volatility.

127 Line "Active – Strategy"

Eurizon Fund – SLJ Absolute Return Emerging Markets Debt

This Sub-Fund, formerly named EURIZON FUND – SLJ including term deposits with credit institutions, within the limits ABSOLUTE EMERGING LOCAL CURRENCIES, was launched on permitted by law and indicated in the section entitled 17 February 2017 at an initial price of 100 EUR. On 15 “Investments and Investment Restrictions”. December 2017 its name was changed to EURIZON FUND – SLJ The Sub-Fund may invest up to 10% of its net assets in ABSOLUTE RETURN EMERGING MARKETS DEBT. Contingent Convertible Bonds (CoCos). Investment Objectives This Sub-Fund’s net assets may be directly invested in asset- The objective of the Investment Manager is to achieve a backed securities (up to 10%), including asset-backed Sukuk. positive absolute return from macro trades and relative value Investments in Less Developed Markets, in particular in analysis regardless of whether markets are falling or rising, by Emerging Countries, in Russia and in People’s Republic of investing in debt instruments issued by issuers located in China, and investments in High Yield securities are emerging markets or having a material exposure to these subject to additional risks as described in the section markets (the “Objective”). “Specific risks” of the Prospectus. No guarantee is given with respect to this Objective actually Investments in China are subject to additional risks as being reached. described in the section “Specific risks of investing in Investment Policy People’s Republic of China” of this Prospectus. The Sub-Fund will invest mainly, directly or through financial Investments in Distressed Debt Securities and/or in Sukuk derivatives instruments of any kind, in debt and debt-related are subject to additional risks as described in the section instruments of any kind, including for example bonds and “Specific risks” of the Prospectus. money market instruments, denominated in any local currency, The Sub-Fund may use financial techniques and issued by governments and their agencies, corporate issuers, instruments within the limits and under the conditions located in or constituted under the laws of the emerging described in the section “Techniques and Instruments” countries, or with material exposure to emerging countries, and in Appendix B. Derivative financial instruments, including those with a Speculative, Highly Speculative and whether negotiated on a regulated market that operates Extremely Speculative Grade credit rating, at issue or issuer regularly and that is recognized and open to the public or level. dealt on over-the-counter markets, will be aimed at The emerging countries are those countries whose economies hedging risks, ensuring efficient portfolio management are less developed according to the World Bank, its related and/or investing according to the Investment Policy. organizations or the United Nations or its authorities, insofar as Investors are advised to consider the additional risks and provided the markets in those countries are considered as associated with the use of derivative financial recognized securities stock exchanges or as regulated markets instruments, as described in the section “Specific Risks” of that operate regularly and that are recognized and open to the the Prospectus. public in the meaning of Article 41(1) of the Law of 17 When credit ratings published by credit rating agencies December 2010 on undertakings for collective investment. The are used, such credit agencies shall be established in the investments in securities, traded on markets that cannot be European Union and registered in accordance with the characterized as securities markets or regulated markets, which Regulation N° 462/2013 of the European Parliament and operate regularly and that are recognized and open to the of the Council amending Regulation N° 1060/2009 on public in the meaning of Article 41(1) of the Law of 17 credit rating agencies. December 2010 on UCIs, will be treated as investments in unlisted securities or securities that are not traded on a General Information regulated market that operates regularly and that is recognized 1. Sub-Fund’s Reference Currency and open to the public, and therefore they may not, together with the other unlisted securities or securities not traded on a Euro regulated market that operates regularly and that is recognized 2. Performance Commission and open to the public, exceed 10% of the Sub-Fund’s net The Management Company is entitled to receive an annual assets. performance commission, the existence and amount of Investors are asked to note that the Sub-Fund may invest which is defined according to the following conditions: in the Russian market, notably the Moscow Exchange, For each Class, the performance commission amounts to and directly or indirectly through the Bond Connect 20% applied to the minimum value between: (i) the program in the China Interbank Bond Market (CIBM), difference between the percentage increase of the Net both considered as regulated market within the meaning Asset Value per Unit in respect to the value recorded at of Article 41(1) of the Law of 17 December 2010, but the end of the previous calendar year and the Reference which has a higher than average level of risk. Parameter over such period and (ii) the percentage increase Instruments not rated by any credit rating agency established in of the Net Asset Value per Unit with respect to the highest the European Union and registered in accordance with the Net Asset Value per Unit recorded at the end of any Regulation N° 462/2013 of the European Parliament and of the previous calendar year (“High Water Mark”). Council amending Regulation N° 1060/2009 on credit rating The High Water Mark and the performance of the Units agencies will not exceed 40% of the Sub-Fund’s net assets. are calculated considering the reinvestment of dividends, if The Sub-Fund may invest up to 20% of its net assets in any. Distressed Debt Securities. The Reference Parameter defined for this Sub-Fund is the On an ancillary basis, the Sub-Fund’s net assets may be invested Bloomberg Barclays Euro Treasury Bill Index® + 2.50% p.a. in any other instruments, such as but not limited to other debt When the performance of the Reference Parameter is and debt-related instruments of any kind, including those negative then a performance equal to zero is used for the issued by non-emerging countries issuers, equity and equity- purposes of performance fee calculation. related instruments of any kind, UCITS (up to 10%) and cash, 128 Line "Active – Strategy"

The Bloomberg Barclays Euro Treasury Bills Index® is an index that includes zero coupon bonds denominated in Euro with a remaining maturity not greater than 12 months, listed on European Stock Exchanges where are negotiated at least 5 billions euros of treasury bills. The performance commission is applied to the smallest value between the annual average Net Asset Value and the Net Asset Value of each Class at the end of the calendar year. The performance commission, if any, is paid on a yearly basis, on the first Valuation Day of the following calendar year and is capped at 1.60% p.a. of the average Net Asset Value. A performance commission is accrued on each Valuation Day, according to the prevailing accounting principles. With regard to the first calendar year, the Reference Parameter is calculated on a prorata temporis basis and the High Water Mark corresponds to the initial Net Asset Value. The Management Company reserves the right to levy anticipatively on the Sub-Fund’s net assets the performance fee accruals, if any, related to the nets assets redeemed. 3. Global exposure and expected level of leverage The method used to calculate the global exposure is the absolute Value at Risk (“VAR”). With this type of approach, the maximum potential loss that the Sub-Fund could suffer within a certain time horizon and a certain degree of confidence is estimated. VaR is a statistical approach and under no circumstances does its use guarantee a minimum performance. The approach adopted to calculate the leverage is the sum of the notionals of the financial derivatives instruments used by the Sub-Fund. Considering the active management style and the variety of investment strategies characterizing the Sub-Fund, the expected level of leverage of this Sub- Fund may vary up to 750% including the portfolio’s total net value. The attention of investors is drawn to the fact that the use of a high level of leverage may imply additional risks. The attention of investors is also drawn to the fact that the use of Value at Risk (VaR) may imply higher leverage levels than the expected level. 4. Investment Manager Eurizon SLJ Capital LTD 5. Investor Profile This Sub-Fund may be appropriate for investors who seek an exposure according to the Sub-Fund’s Objective, accepting market volatility.

129 Line "Active – Strategy"

Eurizon Fund – Global Equity Alpha

This Sub-Fund will be launched on 27 November 2017 at an and in Appendix B. Derivative financial instruments, initial price of 100 EUR. whether negotiated on a regulated market that operates regularly and that is recognized and open to the public or Investment Objectives dealt on over-the-counter markets, will be aimed at The objective of the Investment Manager is to provide growth hedging risks, ensuring efficient portfolio management on the invested capital in both rising and failing international and/or investing according to the Investment Policy. The equity markets through long and short positions in equities and Sub-Fund's use of techniques and instruments, as equity-related instruments (the “Objective”). described above, may include the use of total return swaps on equities (baskets, single names or financial The Sub-Fund is managed using quantitative inputs and indexes). Investors are advised to consider the additional fundamental analyses, and "top down" / "bottom up" risks associated with the use of derivative financial strategies aiming at generating positive returns (“alpha”) by instruments, as described in the section “Specific Risks” of buying securities with the greatest potential of appreciation and the Prospectus. selling less attractive securities. When credit ratings published by credit rating agencies No guarantee is given with respect to this Objective actually are used, such credit agencies shall be established in the being reached. European Union and registered in accordance with the Regulation N° 462/2013 of the European Parliament and Investment Policy of the Council amending Regulation N° 1060/2009 on The Sub-Fund will gain exposure, directly or through financial credit rating agencies. derivatives instruments, in equity and equity-related instruments listed on the leading international regulated markets, without General Information any constraint in terms of geographic area. 1. Sub-Fund’s Reference Currency The Sub-Fund's net exposure to such equity and equity related Euro instruments may be market neutral or it can take directional 2. Performance Commission net long or net short positions. The Sub-Fund’s net exposure to The Management Company is entitled to receive an annual equity and equity related instruments, will generally be performance commission, the existence and amount of between - 30% and + 30% of its net assets. The short position which is defined according to the following conditions: will be realized through the exclusive use of derivatives financial instruments. At any time, the Sub-Fund’s long positions will be The performance commission amounts to 20% applied to sufficiently liquid to cover the obligations arising from its short the positive difference between: (i) the percentage increase positions. of the Net Asset Value per Unit of each Class recorded during a calendar year over the High Water Mark and (ii) Insofar as the Sub-Fund’s net assets are not invested in equity the performance of the Bloomberg Barclays Euro Treasury instruments, the remaining net assets may be invested in debt Bill Index® + 3.00% p.a. (the “Performance Parameter”). and debt-related instruments of any kind, issued by governments and their agencies, supranational institutions, or The Performance Parameter can be expressed in, converted corporate issuers, including for example bonds, bonds in or hedged against its local currencies or the currency the convertible into shares, covered bonds and money market Classes of Units of the Sub-Fund are expressed in, in order instruments, denominated in any currency. In any case, the to reflect the characteristic of each Class of Unit of the Sub-Fund’s net assets will not be invested in debt and debt- Sub-Fund. The performance of Units that distribute related instruments with an Extremely Speculative Grade credit dividends is calculated considering the reinvestment of rating. dividends. The Sub-Fund's investments may be denominated in currencies When the performance of the Performance Parameter is other than Euro. negative then a performance equal to zero is used for the purposes of performance fee calculation. On an ancillary basis, the Sub-Fund’s net assets may be invested in any other instruments, such as but not limited to, UCITS (up The applicable High Water Mark is defined for each Class to 10%) and cash, including term deposits with credit as the highest Net Asset Value per Unit recorded by the institutions, within the limits permitted by law and indicated in same Class at the end of any previous calendar year. the section entitled “Investments and Investment Restrictions”. The Bloomberg Barclays Euro Treasury Bills Index® is an Investments in asset-backed securities and in mortgage-backed index that includes zero coupon bonds denominated in securities are allowed only through UCITS. No direct Euro with a remaining maturity not greater than 12 investments in such instruments are allowed. months, listed on European Stock Exchanges where are negotiated at least 5 billions euros of treasury bills. Investments in High Yield securities and investments in Less Developed Markets, in particular in Emerging The performance commission is applied to the smallest Countries and in Russia are subject to additional risks as value between the annual average Net Asset Value and the described in the section “Specific risks” of the Prospectus. Net Asset Value of each Class at the end of the calendar year. The Sub-Fund intends to invest a part of its net assets in A-shares dealt in on the Shanghai and Shenzhen stock The High Water Mark and the performance of the Units exchanges, through the Hong Kong Stock Connect are calculated considering the reinvestment of dividends, if programs. Investments in China are subject to additional any. risks as described in the section “Specific risks of investing in People’s Republic of China” of this The performance commission, if any, is paid on a yearly Prospectus. basis, on the first Valuation Day of the following calendar year and is capped at 1.80% p.a. of the average Net Asset The Sub-Fund may use financial techniques and Value of each Class. instruments within the limits and under the conditions described in the section “Techniques and Instruments” 130 Line "Active – Strategy"

A performance commission is accrued on each Valuation Day, according to the prevailing accounting principles. With regard to the first calendar year, the Performance Parameter is calculated on a prorata temporis basis and the High Water Mark corresponds to the initial Net Asset Value of each Class. As from the second calendar year, the Management Company reserves the right to levy anticipatively on the Sub-Fund’s net assets the performance fee accruals, if any, related to the nets assets redeemed. 3. Global exposure and expected level of leverage The method used to calculate the global exposure is the absolute Value at Risk (“VAR”). With this type of approach, the maximum potential loss that the Sub-Fund could suffer within a certain time horizon and a certain degree of confidence is estimated. VaR is a statistical approach and under no circumstances does its use guarantee a minimum performance. The approach adopted to calculate the leverage is the sum of the notionals of the financial derivatives instruments used by the Sub-Fund. Considering the active management style and the variety of investment strategies characterizing the Sub-Fund, the expected level of leverage of this Sub- Fund may vary up to 500% including the portfolio’s total net value. The attention of investors is drawn to the fact that the use of VaR may imply higher leverage levels than the expected level. 4. Investment Manager Eurizon Capital SGR S.p.A. 5. Investor Profile This Sub-Fund may be appropriate for investors who seek an exposure according to the Sub-Fund’s Objective, accepting market volatility.

131 Line "Active – Strategy"

Eurizon Fund – Global Multi Credit

This Sub-Fund was launched on 17 February 2017 at an initial invest in the CIBM, considered as a regulated market price of 100 EUR. within the meaning of Article 41(1) of the Law of 17 December 2010, but which has a higher than average Investment Objectives level of risk. Investments in China are subject to The objective of the Investment Manager is to achieve a additional risks as described in the section “Specific risks positive absolute return through the implementation of active of investing in People’s Republic of China” of this investment strategies on debt instruments and currencies aimed Prospectus. at capturing best opportunities on global credit markets (the The Sub-Fund may use financial techniques and “Objective”). instruments within the limits and under the conditions No guarantee is given with respect to this Objective actually described in the section “Techniques and Instruments” being reached. and in Appendix B. Derivative financial instruments, whether negotiated on a regulated market that operates Investment Policy regularly and that is recognized and open to the public or dealt on over-the-counter markets, will be aimed at The Sub-Fund will be mainly exposed, directly or through hedging risks, ensuring efficient portfolio management financial derivatives instruments, in debt and debt-related and/or investing according to the Investment Policy. instruments of any kind, denominated in Euro or in other Investors are advised to consider the additional risks currencies, including for example bonds, convertible bonds and associated with the use of derivative financial covered bonds, as well as in money market instruments. instruments, as described in the section “Specific Risks” of Debt and debt-related instruments of any kind in which the the Prospectus. Sub-Fund invests are mainly issued by governments and their When credit ratings published by credit rating agencies agencies, supranational institutions, credit institutions or other are used, such credit agencies shall be established in the corporate issuers (the “Issuers”) with any credit rating, European Union and registered in accordance with the including those with a Speculative or Highly Speculative Grade Regulation N° 462/2013 of the European Parliament and credit rating, at issue or issuer level. Investments in debt of the Council amending Regulation N° 1060/2009 on instruments issued in the international markets by Issuers credit rating agencies. located in the United States with a Non-Investment Grade credit rating at the time of purchase will not exceed 60% of General Information the Sub-Fund’s net assets. 1. Sub-Fund’s Reference Currency Investments in debt instruments issued in the international Euro markets by Issuers located in Emerging Countries will not exceed 70% of the Sub-Fund’s net assets. Investments in debt 2. Performance Commission instruments issued in the international markets by corporate The Management Company is entitled to receive an annual issuers of Emerging Countries will not exceed 30% of the Sub- performance commission, the existence and amount of Fund’s net assets. The emerging countries are those countries which is defined according to the following conditions: whose economies are less developed according to the World Bank, its related organizations or the United Nations or its The performance commission amounts to 20% applied to authorities, insofar as and provided the markets in those the positive difference between: (i) the percentage increase countries are considered as recognized securities stock of the Net Asset Value per Unit of each Class recorded exchanges or as regulated markets that operate regularly and during a calendar year over the High Water Mark and (ii) that are recognized and open to the public in the meaning of the performance of the Bloomberg Barclays Euro Treasury Article 41(1) of the Law of 17 December 2010 on undertakings Bills index + 2.50% p.a. (the “Performance Parameter”). for collective investment. When the performance of the Performance Parameter is Extremely speculative and instruments not rated by any credit negative then a performance equal to zero is used for the rating agency established in the European Union and registered purposes of performance fee calculation. in accordance with the Regulation N° 462/2013 of the The applicable High Water Mark is defined for each Class European Parliament and of the Council amending Regulation as the highest Net Asset Value per Unit recorded by the N° 1060/2009 on credit rating agencies will not exceed 5% of same Class at the end of any previous calendar year. the Sub-Fund’s net assets. The Bloomberg Barclays Euro Treasury Bills Index® is an The exposure to currencies of Emerging Countries will not index that includes zero coupon bonds denominated in exceed 50% of the Sub-Fund’s net assets. Euro with a remaining maturity not greater than 12 The Sub-Fund may invest up to 10% of its net assets in months, listed on European Stock Exchanges where are Contingent Convertible Bonds (CoCos). negotiated at least 5 billions euros of treasury bills. On an ancillary basis, the Sub-Fund may hold UCITS (up to The performance commission is applied to the smallest 10%) and cash, including term deposits with credit institutions, value between the annual average Net Asset Value and the within the limits allowed by the law and indicated in the Net Asset Value of each Class at the end of the calendar section entitled “Investments and Investment Restrictions”. This year. Sub-Fund’s net assets will not be directly invested in asset- The High Water Mark and the performance of the Units backed securities. are calculated considering the reinvestment of dividends, if Investments in High Yield securities and investments in any. Less Developed Markets, in particular in Emerging The performance commission, if any, is paid on a yearly Countries and in Russia, are subject to additional risks as basis, on the first Valuation Day of the following calendar described in the section “Specific risks” of the Prospectus. year and is capped at 1.30% p.a. of the average Net Asset Investors are asked to note that the Sub-Fund may Value of each Class. directly or indirectly through the Bond Connect program 132 Line "Active – Strategy"

A performance commission is accrued on each Valuation Day, according to the prevailing accounting principles. With regard to the first calendar year, the Performance Parameter is calculated on a prorata temporis basis and the High Water Mark corresponds to the initial Net Asset Value of each Class. As from the second calendar year, the Management Company reserves the right to levy anticipatively on the Sub-Fund’s net assets the performance fee accruals, if any, related to the nets assets redeemed. 3. Global exposure The method used to calculate the global exposure for this Sub-fund is the Commitment Approach. 4. Investment Manager Eurizon Capital SGR S.p.A. 5. Investor Profile This Sub-Fund may be appropriate for investors who seek an exposure according to the Sub-Fund’s Objective, accepting market volatility.

133 Line "Active – Strategy"

Eurizon Fund – Bond Flexible

This Sub-Fund was launched on 28 July 2014 at an initial price Investors are advised to consider the additional risks of 100 EUR. associated with the use of derivative financial instruments, as described in the section “Specific Risks” of Investment Objectives the Prospectus. The objective of the Investment Manager is to achieve, through When credit ratings published by credit rating agencies the implementation of active investment strategies on debt are used, such credit agencies shall be established in the instruments and currencies, a positive absolute return in Euro European Union and registered in accordance with the on a recommended time horizon of at least four years (the Regulation N° 462/2013 of the European Parliament and “Objective”). of the Council amending Regulation N° 1060/2009 on No guarantee is given with respect to this Objective actually credit rating agencies. being reached. General Information Investment Policy 1. Sub-Fund’s Reference Currency The Sub-Fund will be mainly exposed, directly or through Euro financial derivatives instruments, in debt and debt-related 2. Performance Commission instruments of any kind, denominated in Euro or in other currencies, including for example bonds, convertible bonds and The Management Company is entitled to receive an annual covered bonds, as well as in money market instruments. performance commission, the existence and amount of which is defined according to the following conditions: Debt and debt-related instruments of any kind in which the Sub-Fund invests are mainly issued by the Italian government For each Class, the performance commission amounts to and its public agencies independently of any credit rating 20% applied to the minimum value between: (i) the assigned to them (up to 50% of the Sub-Fund’s net assets), difference between the percentage increase of the Net and by other governments and their agencies, supranational Asset Value per Unit in respect to the value recorded at institutions, credit institutions or other corporate issuers (the the end of the previous calendar year and the Reference “Other Issuers”) with an Investment Grade credit rating at the Parameter over such period and (ii) the percentage increase time of purchase, at issue or issuer level. of the Net Asset Value per Unit with respect to the highest Net Asset Value per Unit recorded at the end of any Investments in debt instruments issued in the international previous calendar year (“High Water Mark”). markets by Other Issuers located in Emerging Countries will not exceed 35% of the Sub-Fund’s net assets. Emerging Countries The High Water Mark and the performance of the Units are the countries included in the list of emerging countries are calculated considering the reinvestment of dividends, if produced by the International Finance Corporation (World any. Bank), insofar as and provided the markets in those countries The Reference Parameter defined for this Sub-Fund is the are considered as recognized securities stock exchanges or as Bloomberg Barclays Euro Treasury Bills Index® + 1.80% p. regulated markets that operate regularly and that are a. recognized and open to the public in the meaning of Article 41 (1) of the Law of 17 December 2010 on UCIs. When the performance of the Reference Parameter is negative then a performance equal to zero is used for the Investments in debt instruments issued by Other Issuers with a purposes of performance fee calculation. Non-Investment Grade credit rating at the time of purchase, at issue or issuer level, may not exceed 25% of the Sub-Fund’s The Bloomberg Barclays Euro Treasury Bills Index® is an net assets. In any case the Sub-Fund will not purchase debt index that includes zero coupon bonds denominated in instruments issued by Other Issuers with an Extremely Euro with a remaining maturity not greater than 12 Speculative Grade credit rating. months, listed on European Stock Exchanges where are negotiated at least 5 billions euros of treasury bills. The exposure to currencies other than Euro will not exceed 35% of the Sub-Fund’s net assets. The performance commission is applied to the smallest value between the annual average Net Asset Value and the The duration of the portfolio may vary over time and will Net Asset Value of each Class at the end of the calendar generally not exceed 6 years. The duration may reach negative year. value in some circumstances. The performance commission, if any, is paid on a yearly On an ancillary basis, the Sub-Fund may hold UCITS (up to basis, on the first Valuation Day of the following calendar 10%) and cash, including term deposits with credit institutions, year and is capped at 1.20% p.a. of the average Net Asset within the limits allowed by the law and indicated in the Value. section entitled “Investments and investment restrictions”. A performance commission is accrued on each Valuation The Sub-Fund may invest up to 10% of its net assets in Day, according to the prevailing accounting principles. Contingent Convertible Bonds (CoCos). With regard to the first calendar year, the Reference This Sub-Fund’s net assets will not be invested in asset-backed Parameter is calculated on a prorata temporis basis and securities. the High Water Mark corresponds to the initial Net Asset The Sub-Fund may use financial techniques and Value. instruments within the limits and under the conditions The Management Company reserves the right to levy described in the section “Techniques and Instruments” anticipatively on the Sub-Fund’s net assets the performance and in Appendix B. Derivative financial instruments, fee accruals, if any, related to the nets assets redeemed. whether negotiated on a regulated market that operates regularly and that is recognized and open to the public or 3. Global exposure dealt on over-the-counter markets, will be aimed at The method used to calculate the global exposure for this hedging risks, ensuring efficient portfolio management Sub-Fund is the Commitment Approach. and/or investing according to the Investment Policy. 134 Line "Active – Strategy"

4. Investment Manager Eurizon Capital SGR S.p.A. 5. Investor Profile This Sub-Fund may be appropriate for investors who seek an exposure according to the Objective, accepting market volatility.

135 Appendix A

Management Commission (% of Net Asset Value p.a.) Line “Limited Tracking Error”

Sub-Fund Base Classes R and D Base Class Z Base Class A Eurizon Fund - Bond EUR Short Term LTE 0.30% 0.14% Eurizon Fund - Bond EUR Medium Term LTE 0.35% 0.16% Eurizon Fund - Bond EUR Long Term LTE 0.40% 0.22% Eurizon Fund - Bond GBP LTE 0.40% 0.25% Eurizon Fund - Bond JPY LTE 0.40% 0.25% Eurizon Fund - Bond USD LTE 0.40% 0.25% Eurizon Fund - Bond International LTE 0.50% 0.35% Eurizon Fund - Equity Euro LTE 0.40% Eurizon Fund - Equity Europe LTE 0.40% Eurizon Fund - Equity North America LTE 0.40% Eurizon Fund - Equity Japan LTE 0.50% Eurizon Fund - Equity Oceania LTE 0.50% Eurizon Fund - Equity Emerging Markets LTE 0.60%

* Investors should refer to the Key Investor Information Document and to the Management Company’s website (www.eurizoncapital.lu) for up to date information on the actual management commission applicable at any time. Line “Factors”

Sub-Fund Base Classes R and D Base Class Z Eurizon Fund – Bond Corporate Smart ESG 1.00% 0.35% Eurizon Fund - Equity Italy Smart Volatility 1.80% 0.50% Eurizon Fund - Equity Emerging Markets Smart Volatility 1.80% 0.60% Eurizon Fund - Equity World Smart Volatility 1.80% 0.50% Eurizon Fund - Equity China Smart Volatility 1.80% 0.60%

Line “Active - Market”

Sub-Fund Base Classes R Base Base Class Base Class Base Class Base Class and D Classes S Z X A E and RL Eurizon Fund - Cash EUR 0.30% 0.12% 0.20%

Eurizon Fund - Treasury USD 0.45% 0.12%

Eurizon Fund - Treasury EUR T1 0.13% 0.25% Eurizon Fund - Bond EUR Floating Rate 0.40% 0.14%

Eurizon Fund - Bond Inflation Linked 1.00% 1.00% 0.25% Eurizon Fund - Bond Corporate EUR Short 0.90% 0.90% 0.20% Term Eurizon Fund - Bond Corporate EUR 1.15% 1.15% 0.30% 0.40% Eurizon Fund - Bond Aggregate EUR 1.10% 1.10% 0.30% 0.40% Eurizon Fund - Bond Aggregate RMB 1.30% 1.30% 0.40% 0.50% Eurizon Fund - Bond High Yield 1.20% 1.20% 0.25% 0.35% Eurizon Fund – Bond International 1.20% 1.20% 0.40% 0.50% 0.70% Eurizon Fund - Bond Emerging Markets 1.20% 1.20% 0.40% 0.50% Eurizon Fund - Bond Emerging Markets in 1.20% 1.20% 0.40% 0.50% Local Currencies Eurizon Fund - Equity Italy 1.80% 1.80% 0.60% 0.75% 136 Sub-Fund Base Classes R Base Base Class Base Class Base Class Base Class and D Classes S Z X A E and RL Eurizon Fund - Equity Small Mid Cap Italy 1.80% 1.80% 0.60% 0.75% Eurizon Fund - Equity Small Mid Cap Europe 1.80% 1.80% 0.60% 0.75% Eurizon Fund - Equity USA 1.80% 1.80% 0.60% 0.75% Eurizon Fund – Equity Japan 1.80% 1.80% 0.70% 0.85% Eurizon Fund - Equity China A 1.80% 1.80% 0.70% 0.85% Eurizon Fund - Top European Research 1.80% 1.80% 0.60% 0.75% Eurizon Fund - Equity Emerging Markets New 1.80% 0.70% 0.85% Frontiers Eurizon Fund - SLJ Local Emerging Markets 1.40% 1.40% 0.60% 0.70% Debt Eurizon Fund - Sustainable Global Equity 1.80% 1.80% 0.60% 0.75%

Line “Active - Strategy”

Sub-Fund Base Classes R and D Base Classes Base Class Z Base Class X Base Class E S and RL Eurizon Fund - Azioni Strategia 1.80% 1.40% 0.60% Flessibile Eurizon Fund - Absolute 0.90% 0.90% 0.30% 0.60% Prudente Eurizon Fund - Absolute Attivo 1.40% 1.40% 0.40% 0.90% Eurizon Fund - Absolute Green 1.00% 0.35% Bonds Eurizon Fund - Absolute High 1.00% 1.00% 0.25% 0.60% Yield Eurizon Fund - Equity Absolute 0.60% Return Eurizon Fund – Multiasset 1.40% 1.40% 0.50% Income Eurizon Fund - Flexible Beta 1.80% 1.80% 0.60% 0.85% Total Return Eurizon Fund - Dynamic Asset 1.60% 1.60% 0.60% Allocation Eurizon Fund - Flexible 1.50% 1.50% 0.60% Multistrategy Eurizon Fund - Securitized Bond 0.40% 0.70% Fund Eurizon Fund - SLJ Global FX 1.60% 1.60% 0.80% Eurizon Fund - SLJ Global Liquid 1.70% 1.70% 1.00% Macro Eurizon Fund - SLJ Absolute 1.60% 1.60% 0.80% Return Emerging Markets Debt Eurizon Fund – Global Equity 1.80% 1.80% 0.60% Alpha Eurizon Fund - Global Multi 1.30% 1.30% 0.50% Credit Eurizon Fund - Bond Flexible 1.20% 1.20% 0.40% 0.65%

Performance Commission Return”, “Eurizon Fund – Global Equity Alpha”, “Eurizon Fund Except for the Base Classes of Units X that never bears any – Bond International”, “Eurizon Fund - Equity Italy”, “Eurizon performance commission, unitholders should note that in the Fund - Equity Small Mid Cap Europe”, “Eurizon Fund - Equity case of the Sub-Funds “Eurizon Fund - Absolute Attivo”, USA”, “Eurizon Fund - Flexible Beta Total Return”, “Eurizon “Eurizon Fund - Absolute Green Bonds“, “Eurizon Fund - Fund - Flexible Multistrategy”, “Eurizon Fund – Multiasset Absolute Prudente”, “Eurizon Fund - Azioni Strategia Income”, “Eurizon Fund - SLJ Global FX”, “Eurizon Fund - SLJ Flessibile”, “Eurizon Fund - Bond Corporate EUR”, “Eurizon Global Liquid Macro”, “Eurizon Fund - Equity Small Mid Cap Fund - Bond Emerging Markets”, “Eurizon Fund - Bond Italy”, “Eurizon Fund - Top European Research”, “Eurizon Emerging Markets in Local Currencies”, “Eurizon Fund - Bond Fund - Securitized Bond Fund”, “Eurizon Fund – Sustainable Flexible”, “Eurizon Fund - Bond High Yield”, “Eurizon Fund - Global Equity”, “Eurizon Fund – Global Multi Credit”, Dynamic Asset Allocation”, “Eurizon Fund - Equity Absolute “Eurizon Fund – Absolute High Yield”, “Eurizon Fund – Bond 137 Aggregate EUR”, “Eurizon Fund – Bond Aggregate RMB”, “Eurizon Fund – Equity Japan”, “Eurizon Fund – SLJ Absolute Return Emerging Markets Debt”, “Eurizon Fund – SLJ Local Emerging Markets Debt” and “Eurizon Fund – Equity China A” the Management Company is entitled to receive a performance commission, the existence and amount of which is defined in the Sub-Funds sheets. The performance commission, if any, is paid on a yearly basis, on the first Valuation Day of the following calendar year.

Distribution Commission Unitholders should note that in the case of Base Classes of Units S of the Sub-Funds “Eurizon Fund - Bond Inflation Linked”, “Eurizon Fund - Bond Corporate EUR”, “Eurizon Fund - Bond Corporate EUR Short Term”, “Eurizon Fund - Absolute Prudente”, “Eurizon Fund - Absolute Attivo”, “Eurizon Fund - Absolute High Yield”, “Eurizon Fund – Global Multi Credit”, “Eurizon Fund – Bond Aggregate EUR”, “Eurizon Fund – Bond Aggregate RMB”, “Eurizon Fund – Bond International” and “Eurizon Fund – SLJ Local Emerging Markets Debt” is levied a distribution commission of 0.30% calculated and paid monthly to the Management Company on the monthly average of the Sub-Fund’s Net Asset Value. Unitholders should note that in the case of Base Classes of Units S of the Sub-Funds “Eurizon Fund - Azioni Strategia Flessibile”, “Eurizon Fund - Equity Italy”, “Eurizon Fund – Multiasset Income”, “Eurizon Fund - Bond Flexible”, “Eurizon Fund - Bond Emerging Markets in Local Currencies”, “Eurizon Fund - Bond High Yield”, “Eurizon Fund - Bond Emerging Markets”, “Eurizon Fund - Equity Small Mid Cap Europe”, “Eurizon Fund - Dynamic Asset Allocation”, “Eurizon Fund - Flexible Beta Total Return”, “Eurizon Fund - Equity USA”, “Eurizon Fund - Flexible Multistrategy”, “Eurizon Fund - SLJ Global FX”, “Eurizon Fund - SLJ Global Liquid Macro”, “Eurizon Fund - Equity Small Mid Cap Italy”, “Eurizon Fund - Top European Research”, “Eurizon Fund – Sustainable Global Equity”, “Eurizon Fund – Equity Japan”, “Eurizon Fund – SLJ Absolute Return Emerging Markets Debt”, “Eurizon Fund – Global Equity Alpha” and “Eurizon Fund – Equity China A” is levied a distribution commission of 0.40% calculated and paid monthly to the Management Company on the monthly average of the Sub-Fund’s Net Asset Value. Not all Classes of Units will be issued in each of the existing Sub-Funds. However, investors should refer to Management Company’s website (www.eurizoncapital.lu) for current details of which Classes of Units are in issue.

138 Appendix B

Efficient portfolio management techniques and total return swaps Line “Limited Tracking Error”

Sub-Fund Securities lending* Repurchase and reverse Total return swaps* repurchase agreements* Expected** Maximum** Expected** Maximum** Expected** Maximum** Eurizon Fund - Bond EUR Short Term LTE 0% 30% 0% 30% 0% 30% Eurizon Fund - Bond EUR Medium Term LTE 0% 30% 0% 30% 0% 30% Eurizon Fund - Bond EUR Long Term LTE 0% 30% 0% 30% 0% 30% Eurizon Fund - Bond GBP LTE 0% 30% 0% 30% 0% 30% Eurizon Fund - Bond JPY LTE 0% 30% 0% 30% 0% 30% Eurizon Fund - Bond USD LTE 0% 30% 0% 30% 0% 30% Eurizon Fund - Bond International LTE 0% 30% 0% 30% 0% 30% Eurizon Fund - Equity Euro LTE 50% 80% 0% 30% 10% 40% Eurizon Fund - Equity Europe LTE 50% 80% 0% 30% 10% 40% Eurizon Fund - Equity North America LTE 50% 80% 0% 30% 10% 40% Eurizon Fund - Equity Japan LTE 50% 80% 0% 30% 10% 40% Eurizon Fund - Equity Oceania LTE 50% 80% 0% 30% 10% 40% Eurizon Fund - Equity Emerging Markets LTE 50% 80% 0% 30% 10% 40%

* Investors should refer to the annual and semi-annual reports for exact and up to date information on the actual use and revenues of such transactions in the relevant Sub-Fund. ** Percentage of the Net Asset Value of the relevant Sub-Fund. For Total return swaps, the Commitment Approach is used to calculate this ratio. Line “Factors”

Sub-Fund Securities lending* Repurchase and reverse Total return swaps* repurchase agreements* Expected** Maximum** Expected** Maximum** Expected** Maximum** Eurizon Fund – Bond Corporate Smart ESG 0% 30% 0% 30% 0% 30% Eurizon Fund - Equity Italy Smart Volatility 0% 30% 0% 30% 10% 40% Eurizon Fund - Equity Emerging Markets Smart 50% 80% 0% 30% 10% 40% Volatility Eurizon Fund - Equity World Smart Volatility 50% 80% 0% 30% 10% 40% Eurizon Fund - Equity China Smart Volatility 50% 80% 0% 30% 10% 40%

* Investors should refer to the annual and semi-annual reports for exact and up to date information on the actual use and revenues of such transactions in the relevant Sub-Fund. ** Percentage of the Net Asset Value of the relevant Sub-Fund. For Total return swaps, the Commitment Approach is used to calculate this ratio.

139 Line “Active - Market”

Sub-Fund Securities lending* Repurchase and reverse Total return swaps* repurchase agreements* Expected** Maximum** Expected** Maximum** Expected** Maximum** Eurizon Fund - Cash EUR 0% 30% 0% 30% 0% 30% Eurizon Fund - Treasury USD 0% 30% 0% 30% 0% 30% Eurizon Fund - Treasury EUR T1 0% 30% 0% 30% 0% 30% Eurizon Fund - Bond EUR 0% 30% 0% 30% 0% 30% Floating Rate Eurizon Fund - Bond Inflation Linked 0% 30% 0% 30% 0% 30% Eurizon Fund - Bond Corporate EUR Short Term 0% 30% 10% 30% 0% 30% Eurizon Fund - Bond Corporate EUR 0% 30% 0% 30% 0% 30% Eurizon Fund - Bond Aggregate EUR 0% 30% 0% 30% 0% 30% Eurizon Fund - Bond Aggregate RMB 0% 30% 0% 30% 0% 30% Eurizon Fund - Bond High Yield 0% 30% 10% 30% 0% 30% Eurizon Fund – Bond International 0% 30% 0% 30% 20% 50% Eurizon Fund - Bond Emerging Markets 0% 30% 10% 30% 0% 30% Eurizon Fund - Bond Emerging Markets in Local 0% 30% 10% 30% 15% 30% Currencies Eurizon Fund - Equity Italy 0% 30% 0% 30% 0% 30% Eurizon Fund - Equity Small Mid Cap Italy 0% 30% 0% 30% 10% 30% Eurizon Fund - Equity Small Mid Cap Europe 0% 30% 0% 30% 20% 40% Eurizon Fund - Equity USA 0% 30% 0% 30% 15% 30% Eurizon Fund – Equity Japan 0% 30% 0% 30% 10% 40% Eurizon Fund - Equity China A 0% 30% 0% 30% 0% 30% Eurizon Fund - Top European Research 0% 30% 0% 30% 20% 40% Eurizon Fund - Equity Emerging Markets New 0% 30% 0% 30% 10% 40% Frontiers Eurizon Fund - SLJ Local Emerging Markets Debt 0% 30% 0% 30% 0% 30% Eurizon Fund - Sustainable Global Equity 0% 30% 0% 30% 0% 30%

* Investors should refer to the annual and semi-annual reports for exact and up to date information on the actual use and revenues of such transactions in the relevant Sub-Fund. ** Percentage of the Net Asset Value of the relevant Sub-Fund. For Total return swaps, the Commitment Approach is used to calculate this ratio. Line “Active - Strategy”

Sub-Fund Securities lending* Repurchase and reverse Total return swaps* repurchase agreements* Expected** Maximum** Expected** Maximum** Expected** Maximum** Eurizon Fund - Azioni Strategia Flessibile 0% 30% 0% 30% 0% 30% Eurizon Fund - Absolute Prudente 0% 30% 0% 30% 0% 30% 140 Sub-Fund Securities lending* Repurchase and reverse Total return swaps* repurchase agreements* Expected** Maximum** Expected** Maximum** Expected** Maximum** Eurizon Fund - Absolute Attivo 0% 30% 0% 30% 0% 30% Eurizon Fund - Absolute Green Bonds 0% 30% 2% 50% 5% 35% Eurizon Fund - Absolute High Yield 0% 30% 0% 30% 0% 30% Eurizon Fund - Equity Absolute Return 0% 30% 0% 30% 35% 65% Eurizon Fund – Multiasset Income 0% 30% 0% 30% 0% 30% Eurizon Fund - Flexible Beta Total Return 0% 30% 5% 30% 10% 30% Eurizon Fund - Dynamic Asset Allocation 0% 30% 0% 30% 0% 30% Eurizon Fund - Flexible Multistrategy 0% 30% 0% 30% 10% 40% Eurizon Fund - Securitized Bond Fund 0% 30% 25% 50% 0% 30% Eurizon Fund - SLJ Global FX 0% 30% 0% 30% 0% 30% Eurizon Fund - SLJ Global Liquid Macro 0% 30% 0% 30% 0% 30% Eurizon Fund - SLJ Absolute Return Emerging Markets 0% 30% 0% 30% 0% 30% Debt Eurizon Fund – Global Equity Alpha 0% 30% 0% 30% 100% 100% Eurizon Fund - Global Multi Credit 0% 30% 0% 30% 0% 30% Eurizon Fund - Bond Flexible 0% 30% 10% 30% 0% 30%

* Investors should refer to the annual and semi-annual reports for exact and up to date information on the actual use and revenues of such transactions in the relevant Sub-Fund. ** Percentage of the Net Asset Value of the relevant Sub-Fund. For Total return swaps, the Commitment Approach is used to calculate this ratio.

141 www.eurizoncapital.com