This document is intended for use by owners of the AMC or those who are permitted to receive such information. Nothing in this document should be construed as giving investment advice or any offer, invitation or recommendation to subscribe to the fund. Any decision to subscribe should be based on the AMC current Prospectus. Past performance is not a guide or guarantee to future performance. Investing in AMC carry a degree of risk and the value of investments and income from it as a result of market or currency fluctuations may go down as well as up and you may not get back the amount you originally invested. Issuance and redemption commissions are not included in the performance figures. All figures and information are given without any warranty and errors are reserved. The tax treatment of the AMC depends on the personal circumstances of each client and can be subject to future changes. The AMC may not be offered, sold, or delivered within the United States. No part of this document may be copied, reproduced or distributed to any other person without prior expressed written permission from Ravel Capital SA.