PROSPECTUS

YOU INVEST Active EUR Open-End Investment Fund

Authorised by National Securities Commission Decision no. 369/25.04.2013

Financial Supervisory Authority Public Register No. CSC06FDIR/400083

This document is prepared in accordance with the regulations in force (e.g. Government
Emergency Ordinance no. 32/2012 concerning undertakings for collective investments in
transferable securities and asset management companies, and supplementing Law no.
297/2004 on the capital market (“GEO 32/2012”), Regulation no. 9/2014 concerning the
authorisation and operations of asset management companies, undertakings for collective
investment in transferable securities and depositaries, etc.), as further amended, and
comprises the information required for potential investors to make well-informed investment
decisions, including risk assessments.

In accordance with the regulations in force, the Rules of YI Active EUR are an integral part of
this Prospectus and are attached hereto.

Full details concerning YI Active EUR Open-End Investment Fund, hereinafter referred to as
the Fund, are available at the headquarters of S.A.I. ERSTE Asset Management S.A. located
in Bucharest, 92 Aviatorilor Blvd., district 1, tel.: 0372 269 999; fax: 0372 870 995; e-mail:
office@erste-am.ro; website: www.erste-am.ro. The notifications issued by S.A.I. ERSTE
Asset Management will be published in Ziarul Financiar.

Approval of the ongoing public offer of Fund shares should by no means be construed as
approval or assessment of the quality of underlying investments, but as evidence of
compliance by the offeror with the regulations in force.

Investments in the Fund are not bank deposits and consequently, banks - as shareholders of
an asset management company - cannot provide investors with guarantees concerning the
sums invested.

Investments in open-end investment funds entail not only specific advantages, but also the
risk of failure to achieve the objectives of the Fund, including losses, in accordance with
the risk-reward principle.

SECTION 1. Information concerning the asset management company

1.1. Identification data of the asset management company

The manager of the Fund is S.A.I. ERSTE Asset Management SA, hereinafter referred to
as S.A.I. ERSTE, a company with dual management system, incorporated under Law no.
31/1990 on companies, recast, as amended and supplemented, in accordance with
applicable capital market regulations, for an unlimited duration, registered with the Trade
Register Office under no. J40/17060/2008, Tax Identification Number 24566377, having its
headquarters in Bucharest, 92 Aviatorilor Blvd., district 1, tel.: 0372 269 999; fax: 0372 870 995;
e-mail: office@erste-am.ro; website: www.erste-am.ro.
S.A.I. ERSTE was authorised by National Securities Commission (NSC) Decision no.
98/21.01.2009 and registered under no. PJR05SAIR/400028 with the Public Register of the
Financial Supervisory Authority, hereinafter referred to as the Authority.
As of the date when this Prospectus was authorised, S.A.I. ERSTE had no secondary places of
business.

S.A.I. ERSTE also manages the following Open-End Investment Funds: ERSTE LIQUIDITY
RON, ERSTE Bond Flexible RON, ERSTE Bond Flexible Romania EUR, ERSTE Equity
Romania, ERSTE Balanced RON, YOU INVEST Balanced EUR, YOU INVEST Active RON, as
well as the individual investment portfolios of natural and legal persons or entities with no legal
personality.

1.2. The subscribed and paid-up share capital of S.A.I. ERSTE is RON 6,000,000.

1.3. The Supervisory Board of S.A.I. ERSTE comprises the following members:

Heinz BEDNAR – Chairman of the Supervisory Board

More than 21 years of experience on the Austrian financial and banking market: Giro Credit
Bank AG Vienna - Financial Analysis Department; Vice-President of Investment Bank Austria,
CEO Erste Sparinvest KAG; Chairman of the Management Board of Erste Asset Management
GmbH; President of the Austrian Association of Investment Funds (VOIG), member of the
European Fund and Asset Management Association (EFAMA).

Cristina Reichmann - Member of the Supervisory Board

More than 18 years of experience in law firms: Nestor Diculescu Kingston Petersen Law Firm
and CMS Cameron McKenna. Extensive expertise in the legal area as Head of Capital Markets,
FIS and Structured Finance and Managing Associate – Head of Capital Markets, FIS and
Structured Finance.

Laura Hexan - Member of the Supervisory Board

More than 16 years of experience on the Romanian and international financial market, expertise
in selling and management of investment products and services. The experience gained within
financial institutions like Wells Fargo, Lincoln Financial Advisors, Royal Bank of Scotland and
Banca Comerciala Romana.

The Management Board of S.A.I. ERSTE comprises the following members:

Horia Braun Erdei – Chairman of the Management Board/Chief Executive Officer

16 years of experience in the financial sector, particularly in the area of economics, as
Economist/Head of Office (NBR), Chief Investment Officer (NN, former ING), Chief Executive
Officer (NN Investment Partners Romania), and Chief Economist (BCR).

Alina Matei – Executive Officer

More than 20 years of experience on the Romanian capital market, expertise in the legal and
compliance area; experience gained within the regulatory and supervisory authority (NSC –
currently FSA) and renowned (financial) institutions in Romania, such as Raiffeisen Capital &
Investment S.A. and S.C. Ernst & Young Assurance S.R.L.

Mihnea Barbulescu– Executive Officer

More than 20 years of experience on the Romanian capital market, expertise in selling treasury
products, financial investment services and asset management services; experience gained within
renowned (financial) institutions in Romania, such as Raiffeisen Bank, Raiffeisen Capital &
Investment S.A, BT Securities, SAI Erste Asset Management Romania.

Members of the Management Board are subject to mutual substitution.

1.4. Remuneration Policy
The S.A.I. ERSTE Remuneration Policy sets out policies and practices that are consistent with and
promote sound and effective risk management. It does not encourage risk-taking which is inconsistent
with the risk profiles, rules or instruments of incorporation of the Company and does not impair
compliance with the duty of S.A.I. ERSTE to act in the best interest of shareholders.

The Remuneration Policy includes fixed and variable components of salaries and discretionary
pension benefits that are appropriately balanced and the fixed component represents a sufficiently
high proportion of the total remuneration to allow the operation of a fully flexible policy on variable
remuneration components, including the possibility to pay no variable remuneration component. The
Remuneration Policy applies to those categories of staff, including senior management, risk takers,
control functions and any employee receiving total remuneration that falls within the remuneration
bracket of senior management and risk takers whose professional activities have a material impact on
the risk profile of S.A.I. ERSTE.

The S.A.I. ERSTE Remuneration Policy sets out the general principles and the specific manner in
which remuneration is awarded to company staff.

The Remuneration Policy meets the standards of an objective, transparent and fair remuneration
structure, in accordance with the legal provisions in force. The S.A.I. ERSTE remuneration system
promotes an appropriate and effective risk management structure and does not encourage excessive
risk taking. Relevant information may be obtained free of charge at the offices of S.A.I. ERSTE or on
the company’s official website at: www.erste-am.ro.

According to the applicable regulations, S.A.I. ERSTE has established a Remuneration Committee
comprising non-executive Supervisory Board members. The Remuneration Committee will prepare
and assess the company’s general remuneration principles on an annual basis or as frequently as
required, will implement and monitor compliance with the same. In accordance with the provisions of
the Remuneration Policy, the members of the Supervisory Board are in charge of awarding
remuneration and bonuses.

According to the applicable legal provisions, S.A.I. ERSTE will observe the following principles:

1. The remuneration system will promote sound and effective risk management and will discourage
risk‐taking which is inconsistent with the risk strategies of S.A.I. ERSTE.
2. The Remuneration Policy is prepared in accordance with the Group strategy, the applicable
regulations, ESMA/2016/575 Guidelines on sound remuneration policies under the UCITS Directive,
taking into consideration the standards observed by S.A.I. ERSTE and the investment funds managed,
in order to avoid conflicts of interest.
3. Within the framework of performance assessment, S.A.I. ERSTE will take into consideration long-
term performance and will make sure that variable remuneration based on performance is awarded for
a period of time which takes into consideration existing risks.
4. Control function compensation is not linked to the performance of the teams that they may oversee.
Staff in control functions is compensated in accordance with the achievement of the objectives linked
to their functions, independent of the performance of the business areas they control.

Variable remuneration is determined based on financial and non-financial objectives and targets.
Objectives may be qualitative (knock-out criteria resulting in the non-payment of at least part of the
remuneration, e.g. for compliance breaches, violation of limits) or quantitative (knock-in criteria
resulting in the payment of at least part of the remuneration, e.g. specific indicators for each position
within a department). The performance measurement of the risk, audit and compliance functions
should take into consideration the specific requirements of each such function.
Variable remuneration is performance based. Variable remuneration is also an incentive for prudent
risk taking in the long term and for sound risk management.

In connection with the consideration of sustainability risks in the Remuneration Policy of S.A.I. ERSTE,
particular care is taken to ensure that no excessive risk taking with regard to sustainability risks is
encouraged and that the remuneration structure is linked to a risk-weighted performance.

1.5. Other information

Pursuant to the applicable legal provisions, S.A.I. ERSTE also performs the distribution of shares in
the funds managed by companies in the Erste Asset Management GmbH Group. Consequently, S.A.I.
ERSTE is entitled to a distribution fee in line with the provisions laid down in the agreement concluded
between S.A.I. ERSTE and the management companies referred to above.

In addition, in line with the applicable legal provisions, S.A.I. ERSTE submits regular reports to the
Authority regarding the distribution of shares in the funds managed by companies in the Erste Asset
Management GmbH Group in Romania.

In order to avoid any potential conflict of interest, additional costs to investors or the collection of
benefits at the expense of investors in the managed funds, S.A.I. ERSTE pursues a number of
different business channels in relation to all the activities performed, thus separating the management
activity, including investment services, from the activity related to the distribution of shares other than
the ones managed by S.A.I. ERSTE.

1.6. Transparency of the integration of sustainability risks, pursuant to Article 6 of Regulation

2019/2088

Sustainability factors mean environmental, social and employee matters, respect for human rights,
anti‐corruption and anti‐bribery matters.

A sustainability risk is an event or condition, the occurrence of which could have a material adverse
effect on the value of the investment.

S.A.I. ERSTE has identified the following general sustainability risks:

Environmental risks related to mitigating the effects of climate change, adaptation to climate change
and the transition to a low-carbon economy, biodiversity protection, resource management, and waste
and other pollutant emissions.

Social risks related to labour and safety conditions and compliance with recognized labour standards,
respect for human rights, and production safety.

Governance risks in connection with the due diligence of the company's management bodies,
measures to combat bribery and corruption, and compliance with the relevant laws and regulations.

The quantitative and/or qualitative assessment of sustainability risks requires the evaluation of several
relevant sources of information published by third parties. Taking into account the fact that, so far,
there has been no standardised disclosure of sustainability factors, assessments that are not
evidence-based may lead to inconsistent outcomes.

The sustainability data currently available to SAI ERSTE are incomplete, inaccurate and/or not
updated. Even when such data are identified, there is no guarantee that sustainability risk
assessments are accurate and may constitute grounds for an investment decision-making process
and/or the identification of any actual/potential adverse impact on sustainability factors.

In view of the considerations above, the investment policy of S.A.I. ERSTE is not compatible with the
integration of sustainability risks in the investment decision-making process and, thus, the company is
currently unable to consider the EU criteria for sustainability in terms of environment matters and/or
the adverse impacts of investment decision on sustainability factors. Nevertheless, the company is
strongly committed to the objectives of the Regulation and will continue to make consistent compliance
efforts, as part of the Erste Asset Management Group.

To this end, a first step, besides actively monitoring the regular sustainability reports published by the
companies in which S.A.I. ERSTE invests, is for the company to apply exclusion criteria that leads to
the strict exclusion from the S.A.I. ERSTE investment of socially, economically, and environmentally
relevant fields such as: coal mining, the manufacture and sale of controversial weapons, and
businesses which do not adhere to the standards of the International Labour Organization (ILO) or the
UN Global Compact.

As regards the forward-looking assessment of the estimated impact of sustainability risks on the
investment portfolio managed, based on the currently available data, S.A.I. ERSTE is not able to
actually assess the potential impact of sustainability risks on portfolio returns. So far, the overall
assessment of available data shows that sustainability risks may cause lower asset values and may
result in negative impacts on the Fund’s net asset value.

SECTION 2. Information concerning the Depositary

2.1. Pursuant to the Depositary Agreement executed by S.A.I. ERSTE, the depositary bank of the
Fund is BANCA COMERCIALĂ ROMÂNĂ SA, a dual management company, having its headquarters
in Bucharest, 159 Calea Plevnei, Business Garden Bucharest, Building A, 6th Floor, 6th District,
registered with the Trade Register Office under no. J40/90/23.01.1991, Tax Identification Number
RO361757, tel. 0373.511.715; fax 021.302.19.86, website: http://www.bcr.ro.

Banca Comercială Română S.A., hereinafter referred to as “Depositary” is a credit institution

authorised by the National Bank of Romania, registered under no. RB-PJR-40-008/1999 with the
Credit Institutions Register.

The Depositary was authorised by NSC Approval no. 27/04.05.2006 and registered under no.
PJR10/DEPR/400010 with the Authority’s Public Register.

2.2. There has been no transfer of duties to other sub-custodians as of the date of this Prospectus.

2.3. The Depositary uses the global custody services provided by Erste Group Bank AG. Fund
shareholders may claim depositary liability to investors either directly or indirectly, through S.A.I.
ERSTE, taking into consideration the nature of the relationships among the 3 parties concerned.

The duties of the Depositary are detailed in the Rules of the Fund.

2.4. Conflicts of interest which may arise in the course of business

The Depositary is not engaged in activities concerning the Fund or S.A.I. ERSTE which may result in
conflicts of interest involving the Fund, the investors thereof, S.A.I. ERSTE and the Depositary. If
potential conflicts of interest are identified, the Depositary will carry out its depositary duties separately
from all the other duties which may result in conflicts of interest, in both functional and hierarchical
terms. When identified, potential conflicts of interest will be adequately managed, monitored and
communicated to the Authority and the investors in the Fund.

2.5. On request, S.A.I. ERSTE will provide investors with updated information on any third parties
entrusted with one or several duties pertaining to the Depositary, as well as on any conflict of interest
which may arise in the course of the Depositary’s current business.

SECTION 3. Information concerning the Fund

3.1. Identification data of the Fund
YOU INVEST Active EUR Open-End Investment Fund managed by S.A.I. ERSTE Asset
Management is authorised by Decision no. 369/25.04.2013 and is registered under no.
CSC06FDIR/400083 with the Authority’s Public Register.

The Fund was established pursuant to the Memorandum of Association authorised on

25.04.2013. The Fund has an unlimited duration.

In accordance with the standard issued by the European Fund and Asset Management
Association (The European Fund Classification EFC Categories, July 2020) where the
Romanian Fund Managers Association is a member, and having regard to the investment
policy set out in this Prospectus, YOU INVEST Active EUR is an absolute return multi-strategy
Fund.

Considering the objectives and investment policy pursued, the Fund is suitable for all natural
and legal person investors or entities with no legal personality who are willing to undertake
medium risks.

3.2. Fund objectives

3.2.1. Financial objective

The financial objective of the Fund is to raise financial resources through an ongoing offer of
fund shares for the purposes of medium risk investments on money markets and capital
markets, as indicated in the investment policy below.

3.2.2. Investment policy

The investment policy of the Fund focuses on performance stability as well as on

maintaining appropriate levels of liquidity, in accordance with the regulations in force.

For risk management purposes, the investment policy of the Fund will pursue diversified
investments mainly in the shares of other UCITS and/or AIFs.

In accordance with the regulations in force, the Fund may hold shares of other UCITS and/or
AIFs provided that the maximum management fee payable by the collective investment
undertakings where the Fund invests is maximum 1% (of total asset value)/month.

Strategic asset allocation: 25% equities and/or shares of UCITS and/or AIFs investing
mainly in equities and 75% other financial instruments, subject to the conditions and
limitations set forth in the regulations in force.

Strategic allocation refers to the long-term allocation of the Fund’s portfolio to various
categories of assets. S.A.I. ERSTE may deviate from this strategic allocation to benefit from
financial market opportunities. Thus, the Fund may invest all its assets in financial instruments,
subject to the conditions and limitations set forth in the regulations in force.

In accordance with the provisions laid down in art. 183 of FSA Regulation no. 9/2014 as amended and
supplemented, the Fund may invest in securities, shares of UCITS and financial derivatives admitted
to the official listing of the following stock exchanges in:
 1. the United States of America: New York Stock Exchange - NYSE, Nasdaq Stock Market –
NASDAQ
2. Great Britain: London Stock Exchange;
3. Switzerland: SIX Swiss Exchange.

The above mentioned stock exchanges

a) are subject to authorisation and supervision by a designated competent authority of the state
concerned;
b) have in place regulated clearing and settlement systems, with settlement terms that are similar to
those of Member States, providing for optimum asset custody conditions;
c) provide direct or indirect access to information concerning the financial instruments traded;
d) operate in a regular manner, similarly to the regulated markets of Member States.

The maximum limits applicable to investments in securities and money market instruments admitted to
trading on the stock exchanges of the above mentioned non-Member States:
1. the United States of America: 50% of assets
2. Great Britain: 50% of assets
3. Switzerland: 50% of assets
When the Fund invests in the shares of other UCITS or AIFs which are managed by S.A.I.
ERSTE or by any other company to which S.A.I. ERSTE is linked by joint management or
control or by any direct or indirect significant equity holding, no subscription and redemption fees
will apply.
When the Fund invests in the shares of UCITS and/or AIFs managed by asset management
companies in EU and non-EU Member States, the Fund may collect fees (as refunds) for the
investments made in the corresponding UCITS and/or AIFs, fees which will constitute Fund
revenues.
The Fund may invest in derivatives both for the purposes of the objectives set out in this
Prospectus, as well as for hedging purposes.
The Fund will not invest in financial instruments such as Total Return Swaps.
The Fund may not invest in precious metals or certificates representing them.
The Fund may not invest directly or indirectly (including by way of investments in the shares issued by
the collective investment undertakings that meet the cumulative criteria referred to in section 3.2.3(d)
below) in money market instruments such as commercial papers which are not dealt in on a regulated
market or where no composite price model exists.

S.A.I. ERSTE will not engage on behalf of the Fund in short sales of securities, money market
instruments or other financial instruments, as defined in accordance with the regulations in force.

3.2.3. Categories of financial instruments

a) securities and money market instruments admitted to or dealt in on a regulated market, as defined in
the applicable law, in Romania or in a Member State;
b) securities and money market instruments admitted to the official listing of an exchange in non-
Member States or marketed on another regulated market in a non-Member State which operates in
an orderly manner and is recognised and open to the public, provided that the exchange or regulated
market selected is approved by the Authority;
c) newly-issued securities, provided that:
1) the terms of issue include an undertaking that application will be made for admission to official listing
on a stock exchange or to another regulated market which operates in an orderly manner and is
recognized and open to the public, provided that the choice of stock exchange or regulated market
has been approved by the Authority;
2) such admission is secured within maximum 1 year from issuance;
When admission to trading is not secured within maximum one year from issuance, newly-issued
securities will be classified under sub-paragraph h) below.
d) shares of UCITS and/or AIFs having the features set out in art. 2(1)(a) and (b) of GEO no. 32/2012,
established in EU Member States and non-Member States, provided that they meet the following
cumulative conditions:
1) the AIFs are authorised under laws which provide that they are subject to supervision considered by
the Authority to be equivalent to that laid down in the regulations in force, and sufficient cooperation
exists between the Authority and the competent authority of the home Member State;
2) the level of protection for investors in those AIFs is equivalent to that provided for the investors in
UCITS, and, in particular, the rules on segregation, lending, and short sales of transferable securities
and money market instruments are equivalent to the regulations in force;
3) the business of AIFs is reported in half-yearly and annual reports to enable an assessment of assets
and liabilities, revenues and operations over the reporting period;
4) no more than 10% of the total assets of AIFs and/or UCITS whose acquisition is contemplated, may
be invested in the shares of other UCITS and AIFs;
e) deposits with credit institutions, which are repayable on demand or confer the right to withdrawal,
maturing in no more than 12 months, provided that the credit institution has its registered office in
Romania or in a Member State. If the registered office is established in a non-Member State, the
credit institution will be subject to the prudential rules considered by the Authority as equivalent to
those laid down in the European Union;
f) financial derivatives, including derivatives with final cash settlement dealt in on a regulated market
within the meaning of sub-paragraphs a) and b) and/or financial derivatives traded outside regulated
markets, provided that they cumulatively meet the following conditions:
1) underlying assets consist of financial instruments referred to in this article, financial indices, interest
rates, foreign exchange rates, in which the Fund may invest according to its investment objectives as
stated in this Prospectus;
2) counterparties to negotiations outside regulated markets are entities subject to prudential
supervision, belonging to the categories approved by the Authority;
3) derivatives traded outside regulated markets are subject to reliable and verifiable valuation on a daily
basis and can be sold, liquidated or closed at their fair value by a reverse transaction of the Fund, at
any time;
g) money market instruments other than those dealt in on a regulated market, which are liquid and
whose value may be precisely determined at any time, if the issuance or issuer is regulated for the
purposes of investor and investment protection, provided that they are:
1) issued or guaranteed by a central, regional or local authority or central bank of a Member State, the
European Central Bank, the European Union or the European Investment Bank, a non-Member State
or, in the case of a Federal State, by one of the members making up the federation, or by an
international public body where one or more Member States act as members, or
2) issued by an undertaking the securities of which are dealt in on the regulated markets referred to in
sub-paragraph a) or b);
3) issued or guaranteed by an entity subject to prudential supervision, in accordance with criteria
defined by Community legislation, or by an entity which is subject to and complies with prudential
rules considered by the Authority to be at least as stringent as those laid down by Community
legislation; or
4) issued by other entities belonging to the categories approved by the Authority provided that
investments in such instruments are subject to investor protection equivalent to that laid down in the
first, the second or the third indent above and provided that the issuer is a company with capital and
reserves amounting to at least EUR 10,000,000 which presents and publishes its annual accounts in
accordance with the Community legislation in force, or an entity whose role within a group of
companies including one or several listed companies is to provide funding for the group or
investment vehicles which benefit from a banking liquidity facility;
h) corporate bonds not admitted to trading on a regulated market or an alternative trading system,
subject to at least the following conditions:
 1) the issuer of corporate bonds must have at least 2 years of activity at the time of Fund placement in
the issue of corporate bonds. If the issuer of corporate bonds has less than 2 years of activity, S.A.I.
ERSTE will invest on behalf of the Fund only in corporate bonds that are guaranteed by a credit
institution authorized by the NBR or a branch in Romania of a credit institution authorized in another
Member State;
2) the annual financial statements of the issuer of corporate bonds must be audited by law and should
not indicate significant risks (such as credit, liquidity or solvency risk) on its financial position, likely to
cause failure to observe payment of coupons and principal related to the issuance of corporate
bonds;
3) the issuer of corporate bonds must not be included in the list of taxpayers with tax arrears published
on the website of the National Agency for Fiscal Administration;
4) the issuer of corporate bonds has made profit in at least the last three consecutive financial years,
as evidenced by the annual financial statements, audited in accordance with the law; if the issuer of
corporate bonds has less than 2 years of activity, then it must report profits in all previous financial
years.

The status of the guarantees referred to in sub-paragraph (1) above will be notified to the Authority on
submission of the first weekly report concerning the Fund’s net asset value following the relevant
placements. The statement of guarantees – which may be bank letters of guarantee, insurance
policies concluded with insurance companies for the bond issuances or other similar documents in
writing issued by financial institutions) will include, besides the signatures of the persons in charge
within S.A.I. ERSTE, the signature of the representative of the Fund Depositary.

Collaterals will be subject to off-balance sheet valuation, in accordance with the applicable Fund asset
valuation rules. By way of derogation from the asset valuation rules referred to in the annex hereto,
corporate bonds not admitted to trading on a regulated market or alternative trading system with no
payments within 10 (ten) business days from the payment date indicated in the Prospectus will be
valued at 0 (zero) or at the value of the enforced collateral, and no additional investments in the
financial instruments of the same issuer will be permitted.

When the amounts accounting for Fund investments in corporate bonds not admitted to trading on a
regulated market or alternative trading system and issued by a joint-stock company are not collected
within the term referred to above, S.A.I. ERSTE will take legal action for debt recovery purposes and
will advise the Authority accordingly.

The Fund may invest no more than 10% of its assets in securities or money market instruments other
than those indicated in sub-paragraphs a) to h) above.

3.2.4. Prudent diversification

1) The Fund may not hold more than 5% of its assets in the securities or money market instruments of
the same issuer nor more than 20% of its assets in deposits with the same entity.

2) Fund exposure to counterparty risk in a transaction involving derivatives negotiated outside regulated
markets may not exceed:
a) 10% of its assets, provided that the counterparty is a credit institution with its registered office in
Romania or in a Member State. If the registered office is established in a non-Member State, the
credit institution will be subject to the prudential rules considered by the Authority as equivalent to
those laid down in the European Union; or
b) 5% of its assets in other circumstances.

3) The 5% limit referred to in sub-paragraph (1) may be exceeded up to a maximum of 10% provided
that the all securities and the money market instruments held by the Fund in each of the issuers
where it holds over 5% of its assets, may under no circumstances exceed 40% of the value of the
 assets in the Fund. This limit does not apply to deposits and transactions in derivatives negotiated
outside regulated markets executed with financial institutions subject to prudential supervision.

4) Subject to the individual limits set out in sub-paragraphs (1) and (2), the Fund may not combine more
than 20% of its assets in:
a) investments in securities or money market instruments issued by the same entity;
b) deposits with the same entity; or
c) exposures derived from derivative transactions negotiated outside regulated markets executed with
the same entity.

5) The 5% limit set out in sub-paragraph (1) may be exceeded up to a maximum of 35% in the case of
securities or money market instruments which are issued or guaranteed by a Member State, the local
public authorities of a Member or non-Member State, or international public bodies where one or
more Member States act as members.

6) The 5% limit set out in paragraph (1) may be exceeded up to a maximum of 25% in the case of
certain bonds issued by a credit institution with its registered office in a Member State, subject to
special supervision by the public authorities under the law, for the purposes of bondholder protection.
More specifically, the sums raised from such bond issuances will be invested under the law in assets
which are able to cover claims arising from the said bonds, throughout the entire life of the bonds,
assets which will be mainly used to reimburse principal and accrued interest in case of issuer
insolvency or bankruptcy.

7) Where the Fund holds more than 5% of its assets in the bonds referred to in sub-paragraph (6) of the
same issuer, the total value of such holdings may not exceed 80% of the value of assets in the Fund.

8) The securities and money market instruments referred to in sub-paragraph 5) and 6) may not be
considered in the calculation of the 40% limit referred to in sub-paragraph 3).

9) The Fund may hold current accounts and cash denominated in RON and foreign currency up to
maximum 5% of its assets. This limit may be exceeded up to a maximum of 20%, provided that the
following conditions are cumulatively met:
a) the sums arise from securities issuances, matured investments or the sale of financial instruments in
the portfolio;
b) the limit is exceeded for no more than 30 days.

Margins set up by the asset management company for investments in derivatives may not be
considered in the calculation of this limit.

By way of derogation, the 20% limit above may be exceeded up to a maximum of 60%, provided that
the following conditions are cumulatively met:
a) the sums arise from the establishment of the Fund, major investments in the shares of the Fund or
major divestments of financial instruments in the Fund portfolio;
b) sums in excess of the 20% limit are placed with the depositary;
c) the 60% limit is exceeded for a period of no more than 30 days;
d) the same sums may be placed in overnight deposits with the depositary and will not be accounted
for as an instance of exceeding the exposure limit on a single bank.

10) The limits referred to in sub-paragraphs (1) to (7) may not be combined, and holdings of
securities or money market instruments issued by the same entity, of deposits or derivatives in
relation to that entity under sub-paragraphs (1) to (7) may under no circumstances exceed an
aggregate of 35% of Fund assets.
11) Cumulative investments in securities and money market instruments within the same group
may be allowed up to a limit of 20%.

12) The Fund may hold the shares of another UCITS and/or AIFs, provided that no more than
20% of its assets are invested in the shares of the same UCITS or 10% in the shares of the same
AIF. The holding of shares issued by an AIF may not exceed an aggregate of 30% of Fund assets.

13) The Fund may not hold more than:

a) 10% of the non-voting shares of any single issuing body;
b) 10% of the bonds of any single issuing body;
c) 25% of the shares of any single UCITS and/or AIF indicated in art. 82 indent d of GEO 32/2012;
d) 10% of the money market instruments of any single issuing body.

The limits indicated in indent b), c) and d) above may be disregarded upon acquisition, but only if at
the time, the gross value of the bonds or of the money market instruments or the net value of the
securities issued may not be determined.

3.2.5. Exceeding investment limits

The Fund may exceed the investments limits set forth in GEO no. 32/2012 when the Fund is
exercising subscription rights in relation with securities and money market instruments which
are Fund assets, provided that the relevant limit is exceeded for no more than 90 days.

If the limits set out in GEO no. 32/2012 are exceeded for reasons beyond the control of the Fund
or as a result of exercising subscription rights, the same Fund must implement priority
remedial actions as soon as possible, taking into account the best interest of its shareholders.

According to Authority Decision no. A/110/12.09.2013, the Fund may hold up to 100% of its
assets in securities and money market instruments issued or guaranteed by EU Member
States, the local public authorities thereof or an international public body where one or
several EU Member States act as members, namely the European Bank for Reconstruction
and Development and the European Investment Bank. For risk management purposes, the
Fund must hold financial instruments from at least six different issuances, provided that the
securities and money market instruments in any such issuances may not account for more than
30% of total assets.

3.2.6. Lending arrangements

Subject to prior approval by the Authority, the Fund may act as borrower in lending
arrangements under the following circumstances:
a. the loan is temporary and accounts for no more than 10% of the Fund’s assets.
b. the purpose of the loan is to provide liquidity for share redemption payouts as well as for
the exercise of subscription rights in relation to financial instruments which are Fund assets.

S.A.I. ERSTE will charge no fees or commission against the Fund as a result of or in
connection with such lending arrangements.

For approval purposes, S.A.I. ERSTE will file an application with the Authority, accompanied
by an explanatory report, indicating the amount of the loan contemplated, the currency of the
loan, the term of the loan (which may not exceed 30 days), the lender, the collateral required,
the financial resources used to repay the loan, as well as the main clauses of the loan
agreement.

Involuntary negative balances not exceeding 5 business days will not constitute loans.
The Fund may engage in back-to-back lending arrangements for the purchasing of foreign currencies.

The Fund may purchase securities, money market instruments and any other financial instruments
referred to in art. 82(d), (f) and (g) of GEO no. 32/2012, without payment in full.

3.2.7. Securities financing transactions

The Fund may engage in the following securities financing transactions:
- repos and reverse repos: transactions subject to an agreement whereby the counterparty
transfers financial instruments subject to a commitment to repurchase the same at a specified
price on a set future date; transactions will be repo agreements when the Fund sells the financial
instruments and reverse repo agreements when the Fund purchases the financial instruments;

- buy-sell back transactions or sell-buy back transactions: transactions whereby the Fund
purchases or sells financial instruments and agrees to sell or buy back the same at a specified
price on a set future date; transactions will be buy-sell back transactions when the Fund
purchases the financial instruments and sell-buy back transactions when the Fund sells the
financial instruments;

- securities lending refers to transactions where the Fund transfers securities subject to an
arrangement whereby the borrower will return the securities on a future date or at the request of
the lender.

The Fund may enter into securities lending arrangements and may post collaterals associated
with such arrangements, subject to the provisions laid down in the regulations in force as
well as subject to the provisions set forth in the ESMA Guidelines/2014/937 on ETFs and
other UCITS issues and the related Q&A document.

Securities lending arrangements will be executed between S.A.I. ERSTE and an intermediary
authorised in a Member State or a credit institution authorised in a Member State.

The Fund may enter into securities lending arrangements provided that intragroup conflicts of
interest are avoided. To this end, the loan will be granted to the entity which presents the most
lucrative terms and conditions.

The Fund may not enter into securities lending arrangements which account for more than 20%
of its assets, while the term of any loan should not exceed 3 months.

The Fund will enter into securities financing transactions to benefit from market opportunities in the
form of financial benefits. Associated risks will be handled in an appropriate manner within the
applicable risk management system.

The financial instruments involved in the securities financing transactions will be limited to shares,
bonds or money market instruments issued or guaranteed by a Member State or non-Member State,
the local public authorities of a Member State or by international public bodies where one or more
Member States act as members.

The maximum share of assets which may be the subject of securities financing transactions (as % of
total assets):

Repos and sell–buy back transactions 30%

Reverse repos and buy-sell back transactions 20%
 Securities lending 20%

The Fund’s counterparties in the securities financing transactions above will be intermediaries
authorized in a Member State or credit institutions having their registered office in a Member State,
with an investment grade rating assigned by at least one credit rating agency such as Standard &
Poor’s, Moody’s or Fitch Ratings. Eligible counterparties will be selected on the basis of criteria
including, without limitation: legal status, country of origin, minimum credit rating.

Collateral management policies

For the purposes of securities financing transactions, the Fund will accept collateral in the form
of bonds (issued or guaranteed by a Member State or non-Member State, local public
authorities or international public bodies where one or more Member States act as members),
liquid shares included in the composition of stock exchange indices or cash.

Securities received as collateral are subject to the Fund’s Asset valuation rules.

In the case of securities lending, collateral value is established in accordance with the relevant
S.A.I. ERSTE risk management procedure and may account at any time for at least 110% of
the value of the securities subject to the lending agreement.

Collateral agreements are executed with no title transfer, subject to the provisions laid down in
Government Ordinance no. 9/2004 concerning certain collateral agreements, approved as
amended and supplemented by Law no. 222/2004, as amended and supplemented.

All the collaterals received by the Fund for the purposes of the securities financing transactions, in
order to mitigate counterparty risk, will meet at all times the following criteria:
a) Liquidity – collateral other than cash will be highly liquid and must be traded on a regulated market
or alternative trading system with a transparent pricing mechanism to allow quick selling for a price
that is similar to the current collateral value;
b) Valuation – collateral should be measured at least on a daily basis, and assets whose price is
subject to high volatility may not be accepted as collateral, unless adequate conservative haircuts
are set;
c) Issuer credit rating – the collateral received should be posted by an issuer with good credit rating;
d) Matching – the collateral received by the Fund should be issued by an entity that is independent
from the counterparty, whose performance is unlikely to match the performance of the counterparty;
e) Diversification (concentration) – the collateral should be sufficiently diversified in terms of countries,
markets and issuers. This criterion will be deemed fulfilled when the Fund receives from a
counterparty in securities financing transactions and OTC derivatives transactions collaterals whose
maximum exposure to a specific issuer does not exceed 20% of the net asset value of the Fund.
When the Fund is exposed to various counterparties, various collaterals should be aggregated to
determine the 20% exposure to any single issuer.
f) Collateral other than cash may not be sold, reinvested or pledged;
g) Cash collateral must be:
(i) deposited with credit institutions in Member States;
(ii) invested in government bonds with good credit ratings;
(iii) used for the purposes of reverse repos, provided that transactions involve credit institutions
subject to prudential supervision requirements, and the Fund may withdraw the entire accrued
amount, at any time;
(iv) invested in near money market funds.
 h) The assets subject to securities financing transactions and the collateral received will be placed
for safekeeping with Banca Comercială Română, as Fund depositary and custodian.

For the purposes of adequate risk management:

a) eligible counterparties in securities financing transactions will be reviewed by the Investment
Department and Risk Management Unit, subject to approval by the S.A.I. ERSTE Management
Board;
b) securities received as collateral must have good credit ratings and meet the liquidity and
diversification criteria;
c) haircuts will take into consideration the following (without limitation): the issuer type and credit
rating, time to maturity, etc.

Both the shares and bonds accepted as collateral, and the financial instruments acquired following
investment of cash collateral are subject to the risk categories listed in Section 3.2.9. below.

The Fund should be able to enforce the collaterals received at any time, without referring to the
counterparty and without the approval thereof.

Expenses associated with securities financing transactions will be incurred by the Fund and all the
revenues generated by the same will be deemed Fund revenues.

3.2.8. Risk factors

Investments in open-investment funds entail not only specific advantages, but also the risk of not
achieving objectives, including losses for investors, in accordance with the risk-reward principle.

Considering the applicable investment policy, the main risk categories for the Fund are as follows:

Market risk is the risk of loss arising from fluctuating market values for the assets in the Fund’s
portfolio caused by changes in market factors such as interest rates, foreign exchange rates, the
prices of shares and commodities or the solvency of an issuer;
Interest rate risk refers to the likelihood of varying interest rates, resulting in reduced market values for
sensitive exposures;

Currency risk refers to the adverse change, i.e. fall in the value of assets and/or increase in the value
of liabilities denominated in currencies other than the currency of the Fund, as a result of fluctuating
exchange rates;

Price risk is the risk of falling asset/commodity prices as a result of developments in factors affecting
the issuer or the market in general.

Concentration risk is a component of market risk and refers to the risk of investment portfolios being
over-exposed to certain market risk factors such as the RON interest rate yield curve, the EUR/RON
exchange rate, etc.

Credit risk – arises with respect to any receivables and refers to the risk of loss in case of adverse
changes in the credit rating of a counterparty or securities issuer, which may result in partial or total
default.
Credit risk comprises two main components: the risk of a counterparty defaulting on its payment
obligations (counterparty risk) and the risk of increasing interest rate spread;

Counterparty risk is the risk of loss for a fund arising from a borrower acting as counterparty or a
securities issuer not being willing or able to meet its obligations before final settlement in whole or in a
timely manner. This also includes settlement risk, i.e. the risk of a counterparty failing to meet its
obligation to deliver financial instruments or cash as agreed subject to the terms of the underlying
transaction.

The risk of rising interest rate spread refers to the risk of falling market values for debt instruments, as
a result of changes in borrower creditworthiness;
Credit risk also includes:

Concentration risk, the risk of loss arising from over-exposure to a certain issuer/group of issuers,
economic sector, geographic region, counterparty/group of related counterparties, whose
creditworthiness is determined by common factors such as sector, market, geographic location, and
type of financial instrument;
Downgrading risk, the likelihood of an asset/issuer’s credit rating being downgraded by a credit rating
agency, resulting in falling bond prices caused by rising risk premiums and subsequently falling yields.

Liquidity risk is the risk that a position cannot be sold, liquidated or closed out at an adequate price,
within an appropriate amount of time, without any significant impact on market price and that this will
impair the fund’s ability to meet its redemption and payment obligations at any time;

Operational risk is the risk of loss for the fund that can result from inadequate internal processes,
human error or system failure in S.A.I. ERSTE, or from external events, legal and documentation risks,
and risks that can result from the fund’s trading, settlement and valuation procedures;

Legal risk is the risk of changes in the applicable legal framework, with negative impact on taxation,
the determination of net asset value, etc.

Sustainability risk means an environmental, social or governance event or condition that, if it occurs,
could cause an actual or a potential material negative impact on the value of the investment. The
occurrence of sustainability risks may have an impact on financial instruments in the medium and long
term.
Both derivatives and embedded derivatives involve more risk than financial instruments such as
equities and bonds are usually traded outside regulated markets.

Aggregate risk exposure as a result of transactions in derivatives, including embedded derivatives,

may not exceed the Fund’s total net asset value.

Considering all risks associated with investment funds, S.A.I. ERSTE provides no guarantees that the
objectives set in the investment policy above will be met and will generate financial gains for investors.

S.A.I. ERSTE has in place and maintains a risk management policy aimed at handling all the risks
associated with the Fund. S.A.I. ERSTE will assess, monitor and review the adequacy and
effectiveness of its risk management policy on a regular basis and will notify any significant
amendment to the Authority.

S.A.I. ERSTE is in no position to guarantee returns that are similar to the relevant benchmark.

3.3. Key features of fund shares

The shares issued by the Fund account for the equity interest of a natural or legal person or
entity with no legal personality in the assets of the Fund; fund shares are presented in book
entry form and are denominated in EUR.

There is only one type of share, fully paid-up upon subscription, which confers equal rights
and obligations to holders, subject to ongoing redemption against the assets of the Fund at the
request of investors.

The value of a fund share is rounded to 4 decimals, to the nearest integer.

The Fund will not issue financial instruments other than fund shares.

Any Romanian or foreign natural and legal person or entity with no legal personality can
become an investor in the Fund by subscribing/purchasing shares and paying the subscription
amount to the Fund’s omnibus account or by inheritance or merger.

In compliance with the provisions set forth in the Foreign Account Tax Compliance Act (FATCA)
– the compliance act concerning the taxation of foreign accounts held by persons subject to US
jurisdiction, issued by the Government of the United States of America – such persons may
not acquire direct or indirect holdings in the Fund.

Registered self-employed (PFA) are classified as retail investors.

The National Identification Number (NIN) of the actual or potential investor will be used in order to
identify the sums paid out by actual or potential investors for the issuance of the subscribed fund
shares, to process the payments owed to investors following the cancellation of fund shar es, as
well as in order to verify compliance with the legal provisions concerning the prevention and
control of money laundering and terrorist financing and/or the mitigation of fraud risk.

Investors may perform subscriptions/redemptions in any city/town where the fund share
distribution venues are located, as well as at the headquarters of S.A.I. ERSTE.

Investors in the Fund will have the following rights:

 a) to receive the redemption price of their fund shares;
b) to receive, upon request, the account statement comprising all the operations conducted
in the previous time period; such account statement will be delivered to the correspondence
address and the e-mail address indicated in the investor’s initial subscription documents;
c) to benefit from data privacy under the law;
d) to set up their fund shares as collateral for the loans granted by Banca Comercială Română
SA, by signing an Agreement for the assignment of receivables on behalf of the Bank, having
as subject the right to redeem fund shares, including the right to receive consideration for the
value of fund shares up to the amount owed by the shareholder. Pursuant to the security
agreement concluded between the account holder and Banca Comercială Română, S.A.I.
ERSTE will prevent any redemption on behalf of the investor. Redemptions will be allowed
as soon as S.A.I. ERSTE receives documents which certify termination of the security
agreement.
e) to request and receive information concerning the Fund’s investment policy and the
current net asset value;
f) to be able to take action in court provided that S.A.I. ERSTE fails to meet any of the
redemption obligations referred to in this Prospectus;
g) to be able to take action in court against the Depositary and the distributors for any loss
incurred as a result of wrongful non-performance or inappropriate performance of
obligations, according to the terms and conditions of depositary and distribution agreements.

Investors in the Fund will have the following obligations:

a) to pay the applicable subscription and redemption fees, in accordance with the Fund
documents;

b) to verify the accurate recording of fund share operations;

c) to acknowledge the provisions of the Prospectus;

d) to update their personal data as required, within maximum 5 business days from relevant
changes or at the request of SAI ERSTE.

3.4 Information concerning the issuance and redemption of fund shares

3.4.1 Subscription of fund shares

By signing the application forms, investors become parties to the Fund’s Memorandum of
Association and undertake to abide by the provisions set forth in the Prospectus of the Fund.
S.A.I. ERSTE will publish in Ziarul Financiar a notice concerning the amendments made to the
Fund documents, whenever appropriate.

In order to be able to subscribe the fund’s shares, investors are required to submit appropriate
identification documents and information, in accordance with the legal provisions in force,
including the information required for FATCA and CRS purposes.
Whenever the information provided is inaccurate or incomplete, thus preventing SAI ERSTE from
meeting its KYC&AML&CFT obligations as well as its reporting obligations to the competent
supervisory authorities, SAI ERSTE will be entitled to refuse the establishment of business
relationships.

The initial subscription documents concluded with SAI ERSTE or the Fund distributor include an
investor statement certifying that the investor has received, read and understood the provisions
of the Prospectus of YI Active EUR Open-End Investment Fund.

Following payment, the subscription request becomes irrevocable.

In the case of natural persons, the initial subscription documents are completed and signed
by the shareholders. Natural person investors may authorise one or several authorised
representatives who will perform subsequent subscriptions/redemptions, either by
completing the required documents with the identification data of the authorised
representative(s) or by (ii) presenting an authenticated power of attorney.

In the case of legal persons, the initial subscription documents may be completed and signed
either by legal representatives or by authorised representatives pursuant to an authenticated
power of attorney. When subsequent operations are performed by a person other than the
legal representative, the latter will complete the required documents with the identification
data of the authorised representative(s) or will present an authenticated power of attorney.

A person subscribing shares will become a Fund investor on the day when the relevant shares are
issued. Fund shares are issued and the transaction is recorded to the investor’s investment account
on the business day following the day when the Fund’s omnibus account has been credited with the
corresponding amount.

Fund membership and the holding of fund shares are certified by the Transaction Confirmation Notice
delivered pursuant to the regulations in force. S.A.I. ERSTE will provide investors with the Transaction
confirmation Notice in a durable medium or at the offices of the distributors. Whenever investors
provide an e-mail address for the use of S.A.I. ERSTE or the Distributor, the same may be used to
meet the aforementioned obligation.

Following the first purchase of fund shares, S.A.I. ERSTE will open an investment account on behalf of
the investor, showing all the subscription and redemption transactions thereof.

The initial investment amount will be minimum EUR 25, but no less than the value of one share.
All shareholders must hold a minimum of one fund share at any time.

Shares will be purchased at their applicable purchase price.

The purchase price of a fund share is the issue price of the fund share paid by investors and
equals the net asset value per share determined by S.A.I. ERSTE and certified by the
Depositary, taking into consideration the value of the assets on the date when the
corresponding sum is credited to the Fund’s omnibus accounts, plus the subscription fee, if
any.

The number of fund shares purchased by investors is determined according to the formula:

Number of shares = Sum paid by investors

Issue price on the date when the sum
is credited to the Fund’s omnibus account

The number of shares is rounded to 2 decimals, to the nearest integer.

Payment of fund shares subscribed will be made in EUR by bank transfer o n l y , to the
Fund’s omnibus accounts opened with credit institutions to this purpose by way of

- current account transfer;

 - ATM transfer from a card account opened with Banca Comercială Română SA;

- transfer from a current account opened with Banca Comercială Română SA (when the
investor has no current account opened with Banca Comercială Română SA, such current
account will be opened prior to performing transactions in fund shares).

Subscriptions in cash will not be accepted.

In case of death, reorganisation or merger of one investor, the Fund will continue to operate via
legal successors or designated beneficiaries.

Direct subscription

For subsequent investments, investors in the Fund may opt for direct subscription, as indicated
in the initial subscription documents, whereby S.A.I. ERSTE is authorised to issue fund
shares to investment accounts following a bank transfer certified by the omnibus account
statement issued by the Fund, in the absence of a Subscription Request Form.
Upon payment by current account transfer, investors will be required to fill in the “Details” field of
the relevant payment order with their national identification number (for individuals) or single
registration number (for legal entities), for identification purposes. Otherwise, the allocation of the
amounts transferred to the corresponding investor accounts will become difficult or sometimes,
even impossible.
Lack of such identification data may result in failure to meet the term set out in this Prospectus for
the allotment of fund shares to corresponding investment accounts. S.A.I. ERSTE may not be
held liable for any resulting late allotment or cancellation of shares caused by incorrectly filling in
the relevant payment order.

When a person who seeks to become an investor in the Fund deposits an amount that falls below
the minimum required subscription amount, S.A.I. ERSTE will take all necessary steps to refund the
respective amount starting from the publication date of the net asset value per share corresponding
to the date when the initial subscription amount is deposited. When refunds are not possible within a
period of three years for reasons beyond the control of S.A.I. ERSTE, corresponding amounts will
be booked as Fund revenues.

3.4.2. Redemption of fund shares

Investors are entitled to redeem their fund shares in full or in part, at any time, provided these are in no
way encumbered. When following the submission of a Redemption Request Form, investors are left
with less than one fund share, the remaining fund share fraction will be mandatorily redeemed at the
same time.

Once submitted at the offices of distributors or at the headquarters of S.A.I. ERSTE, as appropriate,
redemption requests becomes irrevocable.

In the case of natural persons, Redemption Request Forms may be filed both by fund shareholders
and the authorised representatives thereof.

In the case of legal persons, Redemption Request Forms may be filed by the legal representatives or
authorised representatives thereof.
Upon receipt of a Redemption request, S.A.I. ERSTE determines the sum payable to the investor,
while distributors will pay out redemptions only upon receipt of relevant instructions from S.A.I.
ERSTE.

The redemption price is the sum payable to the investor on the date when the Redemption Request
Form is filed and takes into consideration net asset value per share, as determined by S.A.I. ERSTE
and certified by the Depositary on the same date, less the redemption fee, if any.

Any legal charges and bank fees will be deducted from the redemption amount in accordance with the
provisions of this Prospectus.

The shares issued by the Fund are cancelled and cancellation is shown in the investor’s account on
the business day immediately following the day when the Redemption Request Form was filed.

S.A.I. ERSTE will provide investors with the Transaction Confirmation Notice or a relevant account
statement in a durable medium, at the S.A.I. ERSTE headquarters or at the offices of distributors.
Whenever investors provide an e-mail address for the use of S.A.I. ERSTE or the Distributor, the
same may be used to meet the aforementioned obligation.

No cash payouts are made at the headquarters of S.A.I. ERSTE or at the offices of distributors.

Payment of redemptions will be made in the fund’s currency of denomination only, by bank transfer, to
the account indicated by the investor or the authorised representative thereof in the Redemption
Request Form. Upon redemption, potential fees associated with crediting the investor account will be
incurred by the investor. In case of inconsistencies or errors in the personal data provided by the
investor for bank transfer purposes, potential fees related to additional operations required will be
entirely incurred by the investor.
By way of exception, when seeking to use the redemption amounts for the purpose of subscribing the
shares of one of the funds managed by SAI ERSTE, investors may request that redemption amounts
be paid to the omnibus account of the fund where subscription is sought.

The redemption price will be paid out within a reasonable time period, no later than 10 business days
from the date when the Redemption Request Form was filed.

3.4.3. Suspension of fund share subscription and redemption

In case of merger with one or several other funds, the Financial Supervisory Authority may decide to
suspend the subscription and redemption of fund shares until such time as the merger process is
completed.

For the purposes of protection of public interest and the investors, the Authority may decide to
temporarily suspend the subscription and/or redemption of fund shares. The suspension decision will
indicate the terms, conditions and grounds for suspension. Suspension may be further extended when
the grounds for suspension subsist.

When the Depositary gives notice to the Authority of the refusal by S.A.I. ERSTE to provide relevant
information and/or documents, the same Authority may suspend the issuance and redemption of fund
shares until such time as the matter is resolved, but no longer than two business days. The
suspension decision will indicate the terms, conditions and grounds for suspension. Suspension may
be further extended when the grounds for suspension subsist.
When redemption requests within a period of 5 (five) business days exceed 5% of the Fund’s asset
value, S.A.I. ERSTE reserves the right to suspend transactions for a period of up to 30 (thirty)
business days.

Any redemption request whose amount exceeds 1% of the Fund’s asset value may be charged an
additional 5% of the total redemption amount.

When any investor’s redemption requests within a period of 5 (five) business days exceed 3% of the
Fund’s asset value, the relevant investor may be charged an additional 5% of the total redemption
amount.

Amounts in the form of additional charges will be deemed Fund revenues.

When the company’s Management Board makes the justified decision of suspension, the grounds for
suspension and the notice to investors will be made available to the Authority in advance.

3.4.4. Business hours

No transactions are conducted at the headquarters of S.A.I. ERSTE and at the offices of distributors
on Saturdays, Sundays, statutory holidays and other public holidays, as well as on 31 December.

In the case of subscription or redemption requests and bank transfers for direct and systematic
subscriptions performed via the Internet on Saturdays, Sundays, statutory holidays and other public
holidays, as well as on 31 December, fund shares will be issued/cancelled at the issue/redemption
price determined against the assets held on the immediately following business day.

3.4.5. Distribution of fund shares

Fund shares may be distributed by S.A.I. ERSTE directly or through companies authorised to provide
distribution services pursuant to the outsourcing/delegation agreements concluded with S.A.I. ERSTE,
subject to the applicable legal terms and conditions.
S.A.I. ERSTE has concluded an Agreement for the distribution of fund shares with Banca Comercială
Română S.A., headquartered in Bucharest, 159 Calea Plevnei, Business Garden Bucharest, Building
A, 6th Floor, 6th District, tel.: 0800 801 227 or 021 407 42 00; e-mail: DOG.BOCD@bcr.ro or
contact.center@bcr.ro.

Fund shares may also be distributed through authorised agents. Such agents are natural persons
approved and registered with the Authority’s Public Register, who conduct business on behalf of S.A.I.
ERSTE pursuant to binding agreements and are prohibited from conducting such business in their
own name. Authorised distribution agents may not be involved in collecting or making payments
from/to investors in the Fund. The list of authorised distribution agents is available at www.erste-am.ro.
As of January 2019, following completion of the transitional period for the implementation of Law no.
126 / 2018 on markets in financial instruments, the distribution of fund shares via the authorized
distributor Banca Comerciala Romana S.A. (BCR) will be deemed an investment service.

Thus, distribution of shares will be carried out by Banca Comerciala Romana, subject to all the
additional rules and conditions governing the business pursued by BCR as credit institution which
provides investment services.

In light of the foregoing, when selecting to subscribe/redeem fund shares via BCR, investors will enter
an investment services agreement (the Agreement). The parties to this Agreement may be both
individuals and legal entities.

The subject matter of the agreement will be the provision of investment services (trading on behalf of
the clients) and ancillary services (the safekeeping of financial instruments).

The terms and conditions of the Agreement will be agreed between BCR and each individual investor,
subject to the legal provisions regulating the provision of investment services.

BCR may also provide investment services in relation to fund shares by means of distance
communication, in accordance with the applicable legal provisions in force

3.5. The Fund asset valuation rules are detailed in the Rules of the Fund attached hereto.

3.6. Fees and other costs

3.6.1. Fees payable by investors
A. The subscription fee
As of the date of this Prospectus authorisation, investors pay a subscription fee of 1%.

The maximum subscription fee may be 5%.

The subscription fee may go up and down, but may not exceed the maximum limit; changes
in the subscription fee should be notified to the Authority within 10 days and become effective
on the date when the relevant notice to investors is published in the daily newspaper indicated
in this Prospectus. S.A.I. ERSTE may decide to raise the maximum limit of the subscription fee,
provided that authorisation is received from the Authority and the change becomes effective
within no less than 10 days after publication of the notice to investors.

If investment in the Fund is kept for at least 365 days from the issuance of fund shares,
the subscription fee may be subject to negotiation. Any such negotiation will result in the
execution of an Investment Agreement. If investors fail to comply with the requirement above
and shares are redeemed within the 365 day period, the subscription fee discount offered
upon subscription will be incurred by investors.
S.A.I. ERSTE may charge different subscription fees for natural persons, legal persons,
investors who are associates or employees of the financial Group where S.A.I. ERSTE
belongs; such fees may go down to zero according to the type of investor, the amount invested
and the investment term.
For investments in fund shares which are part of the individual investment portfolios managed
by S.A.I. ERSTE, the subscription fee is zero.
For holders of individual investment portfolios managed by S.A.I. ERSTE who decide to
transfer their portfolios in part or in full for the purpose of investment in Fund shares, the
subscription fee is zero
When another fund which is subject to direct or delegated management by S.A.I. ERSTE or by
any other company to which S.A.I. ERSTE is linked by joint management or control or by any
direct or indirect significant equity holding makes investments in the shares of the Fund, no
subscription fees will apply.
S.A.I. ERSTE may offer subscription fee discounts, according to the type of investor, the
amount invested and the investment term. This type of discount involves no other additional
costs for the Fund.
Subscription fees are collected by S.A.I. ERSTE.

The subscription fee is considered in determining the issue price, according to the formula:

Issue price = NAVS × (1+c%)

where c% is the subscription price expressed as a percentage.

Consequently, the sum paid by investors as subscription fee may be determined according
to the formula:

Subscription fee (RON) = Sum paid by investors x c%

1+c%
B. The redemption fee

The Fund charges no redemption fee.

3.7.1 Other fees and costs

3.7.2.1 The fees charged by the asset management company

As of the date of this Prospectus authorisation, the management fee is 1% p.a., i.e.
0.0833/month of the average value of total assets managed in the respective month.

The maximum management fee may be 1.5% p.a.

The management fee may go up and down, but may not exceed the maximum limit; changes
in the management fee should be notified to the Authority within 10 days and become effective
on the date when the relevant notice to investors is published in the daily newspaper indicated
in this Prospectus. S.A.I. ERSTE may decide to raise the maximum limit of the management
fee, provided that authorisation is received from the Authority and the change becomes
effective within no less than 10 days after publication of the notice to investors.
When determining the management fee charged by S.A.I. ERSTE to the Fund in case of
investments in other CIUs managed by S.A.I. ERSTE, the principle of avoidance of double
charge will apply; thus, the management fee charged by S.A.I. ERSTE to the CIU will be
deducted from the management fee charged by S.A.I. ERSTE to the Fund.

The sums determined in accordance with the formula below will be considered daily in the
calculation of Fund assets.

Fund management fee = F% * ATF

CIU management fee = B% * ATB

Fund management fee (considering deduction) =

where:

OPC (CIU) - CIU managed by S.A.I. ERSTE where the Fund invests;

F% - management fee expressed as a percentage and charged to the Fund;

ATF - total Fund assets against which the Fund management fee is determined;

B% - management fee expressed as a percentage and charged by the CIU where the
Fund invests;

ATBi - total assets of the CIU where the Fund invests, used for the determination of the CIU
management fee;

Nr. TitluriOPC - number of shares held by the Fund in the CIU;

n - number of CIUs where the Fund invests.

S.A.I. ERSTE may offer investors refunds from the management fee collected, according to the
type of investor, the amount invested and the investment term. This type of refund involves no
other additional costs for the Fund.

3.6.2.2. The fees charged by the Depositary

For services provided pursuant to the Depositary Agreement, the Depositary is entitled to the
following types of fees:
A. depositary fee
B. custody fee

A. The depositary fee, whose value depends on the amount of assets entrusted for
safekeeping, has a maximum value equal to 0.03%/month of the average monthly Net Asset
value considered for the Determination of Fees (NADF), defined as:
NADF = Discounted value of total assets – Income tax (when appropriate) - Redemptions
payable (when appropriate) – Financial audit fees – Estimated expenses, as detailed in the
Prospectus approved by the Authority – Expenses in the previous months (depositary and
custody fee, management fee, income tax) – Subscription fees (when appropriate).
Depositary fees will change starting with the month immediately following the month when the
average monthly Net Asset value considered for the Determination of Fees (NADF) has reached
the thresholds indicated in the Depositary Agreement.
B. Custody fees are charged as follows:
B.1. fees charged for the safekeeping of financial instruments traded on regulated
markets in Romania:
a. financial instruments safekeeping: maximum 0.1% p.a. of the monthly average value of
the relevant securities portfolio, denominated in the currency of the Fund;
b. settlement of transactions in financial instruments (transfers, DVPs): maximum RON 10
Ron/transaction + Central Depository fee;
c. corporate actions:
(i) notice of General Shareholder Meetings: RON 15 / notice;
(ii) payouts (such as, without limitation, dividends, coupons, principal reimbursement): RON
15 /payout;
(iii) Voting in General Shareholder Meetings: RON 200 / General Meeting + attendance costs
d. other fees: maximum RON 20 + central securities depository fee/transaction.
B.2. fees charged for the safekeeping of financial instruments issued/kept on foreign markets:
a. financial instruments safekeeping: maximum 0.55%/p.a. of the monthly average value of
the relevant securities portfolio, denominated in the currency of the Fund;
b. settlement of transactions in financial instruments (transfers, DVPs): maximum EUR
200/transaction;
c. corporate actions:
(i) notice of General Shareholder Meetings, upon request: EUR 5 / notice;
(ii) payouts (such as, without limitation, dividends, coupons, principal reimbursement): EUR
10 / payout;
(iii) tax reclaim: 50 EUR+ third party fees;
(iv) other corporate events (including, without limitation, dividend reinvestment, squeeze out,
takeover bids, conversion): EUR 75 + third party fees
d. other fees
o Settlement instruction cancellation/amendment: EUR 5 / transaction;
o Settlement of transactions executed via the Erste Group Bank Trading Desk, having Erste
Group Bank as counterparty: free of charge
B.3. fees charged for the safekeeping of Government securities – local market – SAFIR:
a) Settlement of transactions in financial instruments:

(i) DVP, RVP, REPO: RON 79 / transactions

(ii) FOP: RON 95 / transaction
b) Fees charged for ancillary services:

o Corporate actions (e.g. coupon, maturity payments): RON 10/ action;

o Pledge: RON 160/ action ;
o Replacement of pledged financial instrument (ISIN): RON 95 / action.

The Depositary will release the securities in the Fund’s portfolio only upon receipt of
applicable instructions from S.A.I. ERSTE, specifically under the following circumstances:
a) on settlement date, upon the sale of financial instruments on a delivery versus payment basis;
b) as a result of instructions from appointed receivers in case of merger and dissolution;
c) as a result of setting up collaterals for transactions executed by the Fund, under applicable law;
d) in case of loans granted by the Fund, in accordance with this Prospectus.

With regard to the securities in the Fund’s portfolio which are settled within a clearing, settlement
and depository system, the Depositary will release/receive the said securities only on a
delivery/receipt versus payment basis.
3.6.2.3. Other costs incurred by the Fund
a) fees payable to brokers and other direct or indirect transaction costs;
b) account turnover fees and other bank fees and commissions;
c) interest expenses for loans made by the Fund under the legal provisions in force;
d) tariffs and charges payable to the Authority;
e) expenses incurred for the issuance of Fund documents (e.g. expenses related to the publication of
the notices and reports required by the legal regulations in force, etc.);
f) financial audit fees;
g) sums repayable under lending arrangements executed in accordance with the legal provisions in
force;
h) the value of shares cancelled (at redemption price) but not yet paid out to investors;
i) expenses related to the preparation and sending by way of durable media of confirmations
concerning the issuance/cancellation of shares following the processing of subscription/redemption
requests, no later than on the first business day after relevant issuance/cancellation;
j) expenses incurred for the preparation and sending of documents to investors for income tax
purposes.

Expenses are booked on a daily basis taking into consideration the following:

a) expense allocation should not cause significant fluctuations in the net asset value per share;
b) expenses (i.e. management fees and depositary fees) are planned on a monthly basis,
considered on a daily basis in the determination of net asset value and reconciled at the end of
the month;
c) expenses (i.e. issuance expenses, expenses other than indicated above) are estimated on
a daily basis, booked and reconciled on a regular basis.

Start-up costs, as well as marketing and advertising expenses related to the Fund
are the responsibility of S.A.I. ERSTE.

3.7. Fund merger and dissolution

A. Open-end investment fund merger and spin-off
Open-end investment funds may merge by:
a) acquisition of one or more funds by another fund;
b) establishing a new fund through the amalgamation of two or more funds.

Merger by acquisition involves the transfer of all the assets of one or several open-end investment
funds to another fund referred to as the acquiring fund, and results in the dissolution of the acquired
fund/funds.

Merger by amalgamation involves the establishment of a new open-end investment fund to which the
merging funds transfer all their assets and results in the dissolution of all the merging funds.

The merger of two or several open-end investment funds takes place at the initiative of the asset
management companies involved. The sole objective of the asset management companies is to
protect the interests of investors in the funds involved to the merger.

The asset management companies will give notice to the Authority concerning their intention to merge
the funds, accompanied by a draft of the merger agreement and a certificate of incumbency issued by
the depositary, indicating the number of investors and the net asset value of the funds involved in the
merger. Within maximum 30 days from the submission of the said documents, the Authority will issue
a decision to suspend the issuance and redemption of the shares of the funds involved in the merger,
except for full redemptions of such fund shares, until such time as merger proceedings are completed,
but no longer than 90 days from suspension.
The suspension decision will become effective 30 days after the date when the decision was
communicated to the asset management companies involved. Within five days from the said
communication date, the asset management companies will publish and provide the Authority with
evidence of publication of the notice concerning the merger and the suspension date for the issuance
and redemption of the shares of the funds involved in the merger. For the purposes of investor
protection, the merger notice will indicate that there is no guarantee that resulting shares will have the
same value as before the merger.

The asset management companies will pay out all the redemption requests filed in the period between
the publication of the merger notice and the entry into force of the suspension of the issuance and
redemption of the shares of the funds involved in the merger, as the provisions laid down in art. 110(3)
and (4) of Regulation no. 9/2014 do not apply.

In the case of merger by acquisition, the Authority will withdraw the authorisation of the acquired fund,
while the acquiring fund will continue to pursue business in accordance with the regulations in force.

In the case of mergers by amalgamation, the Authority will withdraw the authorisation of the funds
involved in the merger, while the resulting fund. All merging funds will be under the management of the
same asset management company.

On the business day immediately following the merger, the asset management company of the fund
resulting from the merger will provide the Authority with a certificate of incumbency issued by the
depositary with regard to the status of the resulting fund; this certificate will be similar to the certificate
provided upon filing the merger notice.

The share conversion calculation date is the merger date.

When the funds involved in the merger proceedings have different depositaries, the
aforementioned certificate will be accompanied by a handover protocol executed upon
transfer of the assets of the open-end investment funds involved to the depositary of the
resulting fund.

Spin-off is prohibited.

B. Transfer of fund assets and shares

The companies involved in the merger should adopt identical valuation criteria for the same type of
financial instruments which are the assets of the funds involved. Such criteria should be identical to
those applicable to the resulting fund.

No additional cost will be incurred by investors as a result of mergers.

The appropriateness and reliability of the valuation criteria and of the fund share conversion rate will
be assessed by financial auditors who are members of the Romanian Chamber of Financial Auditors
(“C.A.F.R.”).

C. Fund liquidation
The Authority will withdraw the authorisation of the Fund under the following circumstances:
a) at the request of S.A.I. ERSTE, when the value of the assets no longer provide economic
substance to continue business;
b) when no asset management company could be appointed following withdrawal of the
authorisation for the current asset management company.
The request referred to in indent a) above will be filed with the Authority together with resolution
of the Supervisory Board within two business days from the date of the Supervisory Board
meeting. The resolution will comprise the following information:
a) solid grounds for the decision to dissolve the Fund;
b) the holdings of the Fund (i.e. information concerning the number of investors and net asset
value, including net asset value per unit), as certified by the depositary;
c) the auditor’s report concerning the assets and liabilities of the open-end investment fund;
d) the notice to investors concerning the dissolution of the open-end investment fund;
e) the schedule (timetable) for the dissolution process.

Within 15 days from filing the documents above, the Authority will issue a suspension decision, while
also approving the notice to investors which will be published at least on the S.A.I. ERSTE website as
well as in the daily newspaper indicated herein, on the day immediately following receipt of the
suspension decision from the Authority. The suspension of Fund share issuance and redemption as
part of the Fund liquidation proceedings will entail no redemption rights for investors.

Within 5 business days from the commencement date of the suspension, as indicated in the Authority
decision referred to above, S.A.I. ERSTE will request the Authority to withdraw the Fund’s
authorisation, based on the following documents and information:
a) the up-to-date holdings of the Fund on the suspension commencement date referred to above (i.e.
information concerning the number of investors and net asset value, including net asset value per
share), as certified by the depositary;
b) the financial auditor’s report concerning the current assets and liabilities of the Fund.

Within maximum 15 business days from the day when the Authority communicates the decision to
withdraw the Fund’s authorisation, S.A.I. ERSTE will conclude an agreement with a financial auditor
who is a member of C.A.F.R. and will act as trustee in the Fund’s dissolution. The agreement will
comprise the duties and responsibilities of the trustee, in accordance with the provisions laid down in
Law no. 297/2004 and the implementing regulations thereof. A copy of the agreement signed following
the review of at least 3 competing bids to ensure the lowest price will be transmitted to the Authority.

The fundamental duty of the trustee is to act in the best interest of shareholders.

The trustee’s fee will be paid from the proceeds resulting from the sale of Fund assets.

The trustee may conclude agreements with other natural or legal persons to the purpose of gaining
assistance and expertise for the fulfilment of duties and responsibilities, while holding direct liability for
the manner in which the said natural or legal persons discharge their duties. All subcontractors, as well
as their duties or responsibilities will be indicated in the agreement concluded between the asset
management company and the trustee. All subcontractor fees and other costs will be paid from the
trustee’s own fee.

The trustee will foreclose all the Fund’s assets and take all necessary measures for the preservation
thereof. The trustee will retain copies of all the Fund’s accounting records and books of accounts kept
by the asset management company and the depositary.

Within maximum 20 business days from signing the agreement, the trustee will make a
complete inventory of all the assets and liabilities of the Fund and prepare an inventory report
comprising, without limitation:

a) a valuation of all assets at market value, as well as a valuation of all current liabilities of the
Fund;

b) a list of all shareholders, the number and value of shares held by each such shareholder prior
to dissolution;

c) a schedule of the dates when assets are sold and resulting proceeds are paid out.
The report will be sent to the asset management company and the Authority within maximum 48
hours from preparation, and will be published in the Authority’s Journal.

The trustee will choose a bank based in Romania or the Romanian branch of a foreign bank of
sound reputation and financial standing in order to open an account for the sole purpose of
depositing the proceeds derived from the Fund’s dissolution. The trustee will be the only
person entitled to operate the account.

The trustee will complete the dissolution process within maximum 60 business days from
publication of the inventory report. The trustee must sell the assets of the open-end investment
fund at maximum market value. The trustee may request the Authority to extend the 60 day
period referred to above by a maximum of 30 days, for the purpose of selling the assets.

Following receipt of requests for full redemption, only the Fund’s net asset value will be the
subject of the legal requirements concerning determination, certification and publication. When
the asset management company decides not to pursue withdrawal of the Fund’s authorisation,
the Fund’s net asset value per share will be equal to the last NAVS determined by S.A.I.
ERSTE and certified by the Depositary.

Following liquidation of all assets, the trustee will pay out all the costs related to the Fund’s
dissolution, as well as any other outstanding liabilities of the Fund, and will record all the
amounts expensed from the sales proceeds. Then, the trustee will distribute resulting
proceeds to fund shareholders, in accordance with the dates scheduled in the inventory
report, but no later than 10 business days from the completion of dissolution proceedings. Net
sums will be distributed solely based on the number of fund shares held by each investor on the
date when dissolution proceedings are initiated, according to the principle of equal and fair
treatment of all investors, and subject to no other criteria.

In the event that the payment of the amounts due to some shareholders is deemed impossible, the
trustee will retain the said amounts to the bank account referred to above, for an undetermined period
of time. The said bank account will be set up in the form of a non-interest bearing, zero fee escrow
account opened with a credit institution licensed by the NBR or with the branch of a credit institution
licensed in another Member State.

The trustee will provide the said credit institution with the identification data of all the investors whose
sums are deposited in the respective global account, as well as with information on the updated
account balance of each such investor.

The trustee’s creditors will not be able to start legal proceedings with respect to the sums deposited in
the bank account above. The trustee will advise the credit institution of the said prohibition at the time
when the bank account is opened.

The trustee prepares the final report, comprising the outcomes of the dissolution process, the sums
distributed from the proceeds of asset sales and the manner of distribution, and will produce evidence
of payment. The final report will be sent to the Authority, and published in Ziarul Financiar as well as in
the Authority’s Journal. After all payments are made, the trustee will close down the bank account,
except in the event that the payment of the amounts due to some shareholders is deemed impossible,
and the provisions above regarding the escrow account apply.

All payments above will be deemed made in full when all sums owed to investors have been paid.
3.8. Taxation provisions applicable to the Fund
The Fund pays no tax on investment gains.

In the case of natural persons, the gain/loss resulted from the redemption of fund shares, determined
as the difference between the redemption price and the purchase price, is subject to the regulations in
force, namely the provisions set forth in Law no. 571/2003 (the Taxation Code), as amended and
supplemented, and the regulations issued by the Authority.

Natural person investors should declare and pay relevant income tax in accordance with the
provisions set forth in Law no. 571/2003 (the Taxation Code), as amended and supplemented.

In the case of legal persons, the gain/loss resulted from the redemption of fund shares, determined as
the difference between the redemption price and the purchase price, is treated as financial
revenue/loss and is subject to the provisions of the same law, i.e. Law no. 571/2003 (the Taxation
Code), as amended and supplemented.

Investors with no legal personality are subject to the applicable fiscal regime, in accordance with the
relevant legal provisions.

Other taxes and/or charges in accordance with the legal provisions implemented after the approval of
this Prospectus will be paid accordingly.
3.9. Auditor
The Fund’s auditor is PriceWaterhouseCoopers Audit S.R.L.

SECTION 4 Preparation and disclosure of accounting statements

Fund Reports
Subject to the regulations in force, the Fund’s half-yearly and annual reports are prepared by S.A.I.
ERSTE separately from its own reports, in accordance with the accounting regulations issued by the
Authority, subject to approval by the Ministry of Public Finance, and applicable to entities authorised,
regulated and supervised by the Authority.

Half-yearly reports are disclosed within the term set out in the applicable regulations issued by the
Authority, together with the Directors Report and the Fund’s trial balance and are published within 2
months from the closing of the half year under review.

The Fund’s annual reports will be accompanied by the Directors Report and the Auditor’s Report and
are published within 4 months from the closing of the year under review.

The account data in the annual reports are audited by PriceWaterhouseCoopers Audit S.R.L.

SECTION 5 Revenue calculation and distribution

The Fund’s revenues are determined on a daily basis as a result of developments in the value of
portfolio assets. The Fund pays out no dividends, and investment gains are reflected in the growth of
fund share values.

Interest paid on the Fund’s omnibus account balances is also included in the Fund’s revenue.

SECTION 7 Protection of individuals with regard to the processing of personal data. Disputes.
Force majeure.
Protection of personal data

The personal data of investors are processed by S.A.I. ERSTE in compliance with the provisions laid
down in Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on
the protection of natural persons with regard to the processing of personal data and on the free
movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation).
By accepting this Prospectus, I hereby declare that I have been advised of the mandatory personal
data protection information published at the following address: https://www.erste-am.ro/ro/informatii-
investitori/reglementari-legale/protectia-datelor-personale.

Disputes

Disputes/Disagreements in relation to the execution or interpretation of this Prospectus will be settled

out of court. When no such settlement is possible within maximum 30 days from occurrence,
disputes/disagreements will be escalated to competent courts.

The creditors of S.A.I. ERSTE or the Depositary may not claim payments from part or all of the Fund’s
assets.

Force majeure

Force majeure refers to events that are unpredictable, unsurpassable and beyond the control of the
parties, which causes total or partial default. The party claiming force majeure will be free from any
liability.

Past performance of the Fund is not a guarantee of future results.

Additional information or Fund documents are available free of charge at the headquarters of S.A.I.
ERSTE Asset Management SA in Bucharest, 92 Aviatorilor Blvd., district 1, tel.: 0372 269 999; fax:
0372 870 995; e-mail: office@erste-am.ro; website: www.erste-am.ro.

Any amendment to this Prospectus will be published in Ziarul Financiar.

The Rules of the Fund are an integral part of this Prospectus.

S.A.I. Erste Asset Management SA

Horia Braun Erdei _– Chairman of the Management Board / CEO

Alina Matei – Executive Officer