PRINCIPAL INVESTMENT RISKS: The fund is classified in category 3 in line with the nature of securities and geographical zones in the “objectives and investment policy” section of the key investor information document (KIID). 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 Fund does not guarantee or protect the capital invested, and there is a risk that the capital invested will not be returned in full. Unitholders are advised that the performance objective is provided for information only and does not in any way constitute an obligation for the management company to provide results. Credit risk: If a credit event occurs (for example, a significant widening of the remuneration margin of an issuer compared to a State bond with the same maturity), or a default or downgrading of the quality of bond issuers (for example, a downgrading of their rating), the value of the debt securities in which the Fund is invested may drop, and cause the Fund’s net asset value to fall. The use of high-yield securities up to a 100% limit of the Fund’s net assets may result in sharper falls in net asset value, and such securities can present a greater risk of default. This Fund must therefore be considered as speculative, and is specifically intended for investors who are conscious of the risks inherent in investing in securities whose rating is low or non-existent. Credit risk from investing in speculative securities: the fund may invest in government and corporate rated as non investment grade by a rating agency (i.e. rated below BBB- by Standards and Poor’s or an equivalent rating from another independent agency) or considered as equivalent by our investment company. These issues are so-called speculative debt securities with a higher risk of issuer default. The fund must be viewed as partly speculative and concerns in particular investors who are aware of the risks inherent in these securities. Consequently, investing in high yield securities (speculative securities which have a higher default risk) may entail a bigger fall in the fund’s net asset value. Interest-rate risk: Interest-rate risk is the risk that bond-market rates may increase, thereby causing bond prices to fall and reducing the Fund’s net asset value. A rise in interest rates may negatively affect performance for an indefinite period; similarly, if the portfolio’s sensitivity is negative, a drop in interest rates may have a negative impact on performance for an unspecified period. This phenomenon may cause the net asset value to fall. Such interest-rate risk may cause the net asset value to fall. Risks linked to investing in emerging markets: The fund may be exposed to some securities incurring a higher degree of risk than that usually associated with investments on the main financial markets, due in large part to local political and/or regulatory factors. The legal framework of some countries in which the underlying UCITS and investment funds might invest may not offer investors the same guarantees in terms of protection or information as those usually offered by the main financial markets. The securities issued on some emerging markets may be significantly less liquid and more volatile than those issued on more mature markets. In this respect, the liquidity of emerging country securities is more restricted than developed country securities; as a result, holding such securities may increase the portfolio’s level of risk. Market declines can be more sudden and more pronounced than in developed countries, potentially causing the fund’s NAV to fall faster and more significantly.

September 2019. Disclaimer: The data, comments and analysis in this bulletin reflect the opinion of Edmond de Rothschild Asset Management (France) and its affiliates with respect to the markets and their trends, their regulation and tax treatment, on the basis of its own expertise, economic analysis and information currently known to it. However, they shall not under any circumstances be construed as comprising any sort of undertaking or guarantee whatsoever on the part of Edmond de Rothschild Asset Management (France). Potential investors should consult their service provider or advisor and exercise their own judgement independently of Edmond de Rothschild Asset Management (France) on the risks inherent to each investment and its suitability to their own personal and financial circumstances. To this end, investors must acquaint themselves with the key investor information document (KIID) or fund prospectus that is provided before any subscription and available at www.edram.fr or on request from the head office of Edmond de Rothschild Asset Management (France).

EDMOND DE ROTHSCHILD ASSET MANAGEMENT (FRANCE) 47, rue du Faubourg Saint-Honoré, 75401 Paris Cedex 08. 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. Third-party Distribution: +33 (0)1 40 17 23 09, Institutionals Europe: +33 (0)1 40 17 23 44. International Development: +33 (0)1 40 17 27 04.