Risk Discipline in Emerging Markets – What the Asian AI Correction Tells Us

RAM (LUX) Systematic Funds — Emerging Markets Equities Fund is a Sub-Fund of RAM (Lux) Systematic Funds, a Luxembourg SICAV with registered office: 14 Boulevard Royal, L-2449 Luxembourg, approved by the CSSF and constituting a UCITS (Directive 2009/65/EC). Mediobanca Management Company S.A., 2 Boulevard de la Foire 1528, Luxembourg, is the Management Company. The Sub-Fund is registered for distribution in: AT, DE, BE, CH, DK, ES, FI, FR, GB, IT, NL, LUX, NO, SE, PT. Not all share classes are registered in all countries.

This marketing document is only provided for information purposes to professional clients, and it does not constitute an offer, investment advice or a solicitation to subscribe shares in any jurisdiction where such an offer or solicitation would not be authorised or it would be unlawful. In particular, the Funds are not offered for sale in the United States or its territories and possessions, nor to any US Person (citizens or residents of the United States of America).

This document is confidential and is intended only for the use of the person to whom it was delivered; it may not be reproduced or distributed.

There is no guarantee that the holdings shown will be held in the future. The investment described concerns the acquisition of shares in the Sub-Fund and not in a specific underlying asset.

Past performance is not a guide to current or future results. There is no guarantee to get back the full amount invested. The performance data do not take into account fees and expenses charged on subscription and redemption of shares nor any taxes that may be levied. As a subscription fee calculation example, if an investor invests EUR 1000 in a fund with a subscription fee of 5%, the investor will pay to his financial intermediary EUR 50.00 on the investment amount, resulting with a subscribed amount of EUR 950.00 in fund shares. In addition, potential account keeping costs (by investor’s custodian) may reduce the performance. Some shares in the Sub-Fund apply a performance fee. Leverage intensifies the risk of potential increased losses or returns.

The Management Company may decide to terminate the marketing arrangement in place in any given country in accordance with Article 93a of Directive 2009/65/EC.

Changes in exchange rates may cause the NAV per share in the investor's base currency to fluctuate.

Particular attention is paid to the contents of this document but no guarantee, warranty or representation, express or implied, is given to the accuracy, correctness or completeness thereof.

Prior to any transaction, clients should check whether it is suited to their personal situation, and analyse the specific risks incurred, especially financial, legal and tax risks, and consult professional advisers if necessary.

Please refer to the Key Investor Information Document and prospectus with special attention to the risk warnings before investing. This Sub-Fund is classified as article 8 SFDR. For further information on ESG, please refer to: https://ram-ai.com/regulatory-information and the relevant Sub-Fund webpage, section "Sustainability-related disclosures".

The prospectus, constitutive documents and financial reports are available in English and French while PRIIPs KID are available in the relevant local languages. These documents can be obtained, free of charge, from the SICAVs’ and Management Company’s head office and www.ram-ai.com, its representative and distributor in Switzerland, RAM Active Investments S.A. and the relevant local representatives in the distribution countries.

Issued in Switzerland by RAM Active Investments S.A. which is authorised and regulated in Switzerland by the Swiss Financial Market Supervisory Authority (FINMA). Issued in the European Union and the EEA by the authorised and regulated Management Company, Mediobanca Management Company S.A. 2 Boulevard de la Foire, 1528, Luxembourg, Grand Duchy of Luxembourg.

The source of the above-mentioned information (except if stated otherwise) is RAM Active Investments and the date of reference is the date of this document.

Local Information by country

Austrian Investors on www.ram-ai.com or from Mediobanca Management Company S.A., 2 boulevard de la foire 1528, Grand-Duché de Luxembourg

Belgian Investors This document is not addressed to Belgian investors. Please consult the relevant document making a request to Mediobanca Management Company S.A., 2 boulevard de la foire 1528, Grand-Duché de Luxembourg or via www.ram-ai.com

Portuguese Investors on www.ram-ai.com or from the local Marketing Entity: BEST - Banco Electrónico de Serviço Total, S.A., Praca Marquês de Pombal, 3 - 3° 1250 Lisboa, Portugal

Spanish Investors RAM (LUX) SYSTEMATIC FUNDS (870); on www.ram-ai.com or from the appointed distributor Allfunds Bank SA Calle Estafeta 6 - Complejo Plaza de la Fuente, Edificio 3, La Moraleja, Spain

Swiss Investors The fund’s documents can be obtained, free of charge, from www.ram-ai.com, and the Swiss representative and paying agent. Swiss representative: RAM Active Investments S.A., Rue du Rhône 8, 1204 Geneva / Swiss paying agent: Caceis Bank Montrouge - succursale de Nyon, Route de Signy 35, CH-1260 Nyon

Finnish, Norwegian and Dutch Investors on www.ram-ai.com

German Investors on www.ram-ai.com or from Mediobanca Management Company S.A., 2 boulevard de la foire 1528, Grand-Duché de Luxembourg

Swedish Investors on www.ram-ai.com or from the Paying Agent SKANDINAVISKA ENSKILDA BANKEN AB, Stjärntorget 4, SE-169 79 Solna, Sweden

United Kingdom Investors on www.ram-ai.com or from the local Facilities Agent Société Générale Securities Services Custody London - 12 Primrose Street, London EC2A 2EG

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