BANOR SICAV - MISTRAL LONG SHORT EQUITY - I - EUR- Cap./  LU0510654501  /

Banor Capital Ltd manages the investments of this Fund. We aim to provide you with annual positive returns, year on year. A positive return may not be achieved at all times.We mainly invest in shares and bonds (loans) issued by Italian companies that are dealt in on a stock exchange. We may also invest in such shares and bonds issued by other companies. A large proportion of the companies we invest in are medium size Italian companies. We also invest in non-exchange traded financial instruments that provide us with influence from the movements in shares. Given their characteristics, these financial instruments may have a significant influence on the return of the Fund. sued by non- European issuers. We may also invest in shares and bonds issued by non-European companies and in units of investment funds. We may invest up to 10% of the assets of the sub-fund in bonds guaranteed by assets (ABS-Asset Backed Securities) or real estate properties (MBS-Mortgage Backed Securities) and up to 20% in Cocos (Contingent convertible capital instruments) are hybrid instruments issued by banks and having both the characteristics of bonds and of shares; they are also allowed.

Banor Capital Ltd manages the investments of this Fund. We aim to provide you with annual positive returns, year on year. A positive return may not be achieved at all times.We mainly invest in shares and bonds (loans) issued by Italian companies that are dealt in on a stock exchange. We may also invest in such shares and bonds issued by other companies.