SUB FUND RISK PROFILE The Subfund is a category 4 (on a scale of 1-7) or high risk/return Subfund profile which reflects its ability to have equity market exposure of between 0% and 100%. The risks described below are not exhaustive: it is the responsibility of investors to analyse each investment’s risk and to come to their own opinion. Risk of capital loss: The UCITS does not guarantee or protect the capital invested; investors may therefore not get back the full amount of their initial capital invested even if they hold their units for the recommended investment period. Discretionary management risk: The discretionary management style is based on expectations of the performance of different markets (equities, bonds). However, the Subfund may not be invested in the best-performing stocks at all times. The same applies with respect to its exposure to one asset class rather than another. The Subfund’s performance may therefore be lower than the investment objective, and a decline in its net asset value may lead to a negative performance. Equity risk: The Subfund may be exposed to the equity markets either via direct investments in equities and/or via financial contracts and/or UCITS or AIFs. Fluctuations of the equity markets may lead to substantial variations in the net assets which may have a negative impact on the performance of the Subfund. Therefore, the net asset value of the Subfund could drop in the event of a decline in the equity markets. The Subfund may present a risk and volatility profile that may engender sharper price fluctuations than those experienced by the global equity markets. The use of financial contracts with the aim of reducing the portfolio’s exposure to equity risk is likely to modify the Subfund’s risk profile. Risk associated with financial contract commitments and counterparty risk : The subfund is exposed to risks inherent to derivative products. Risks inherent to the use of futures, options and swaps include, but are not limited to: downward and upward fluctuations in the prices of options, warrants, swaps and futures, due to changes in the prices of their underlying instruments; gaps between the prices of derivatives and the value of their underlying instruments; the occasionally limited liquidity of such instruments on the secondary market. Entering into derivative contracts on the OTC market exposes the subfund to potential counterparty risk. In the event the counterparty to a derivative defaults, the subfund is liable to incur a financial loss. Use of derivative products may therefore generate risks of specific losses for the subfund, which it would not have been exposed to if such strategies were not implemented. May 2018. This document is issued by Edmond de Rothschild Asset Management (France). Non-binding document. This document is for information purpose only. Any reproduction, disclosure or dissemination without prior consent from the Edmond de Rothschild Group is strictly prohibited. The information provided in this document should not be considered as an offer, an inducement, or solicitation to deal by anyone in any jurisdiction where it would be unlawful or where the person providing it is not qualified to do so. It is not intended to constitute, and should not be construed as investment, legal, or tax advice, nor as a recommendation to buy, sell or continue to hold any investment. EdRAM shall incur no liability for any investment decisions based on this document. The Funds presented herein may not be registered and/or authorised in your country. You should seek advice from your professional advisor if you are in doubt as to whether any of the Funds mentioned might be suitable for your individual situation. Any investment involves specific risks. We recommend investors to ensure the suitability and/or appropriateness of any investment to its individual situation, using appropriate independent advice, where necessary. Furthermore, investors must read the key investor information document (KIID) and/or any other legal documentation requested by local regulation, that are provided to them before any subscription and available at, or upon request free of charge. « Edmond de Rothschild Asset Management » or « EdRAM » is the commercial name of the asset management entities of the Edmond de Rothschild Group. MANAGEMENT COMPANY EDMOND DE ROTHSCHILD ASSET MANAGEMENT (LUXEMBOURG) 16, Boulevard Emmanuel Servais, L – 2535 Luxembourg Société anonyme governed by an executive board and a supervisory board with capital of 11,033,769 euros AMF Registration No. GP 04000015 - 332.652.536 R.C.S. Paris