Exane Pleiade Fund - A USD ACC

The investment objective of Exane Pleiade Fund ('Pleiade') is to achieve performance that is absolute, constant performance that is largely uncorrelated with traditional asset classes. Although Pleiade is not correlated with traditional asset classes, it is neither tracking the EONIA index. The index is solely used for the purposes of the determination of the performance fees. Pleiade implements a 'long/short equity strategy' and is actively managed on a discretionary basis, depending on the Management Company's expectations. The long/short equity strategy consists of simultaneously managing a portfolio of long positions on companies judged to be undervalued and a portfolio of short positions on companies judged to be overvalued.