Pleiade 5 is a fund of funds exclusively invested in Exane AM's range of long/short equity funds. The weightings of the underlying funds are expected to be relatively stable. However, these weightings can be adjusted as a function of both market opportunities and each fund's degree of risk and correlation characteristics. No fund may represent more than 20% of the net assets. The total exposure of Pleiade 5 will be adapted to market conditions in order to remain within the Fund's volatility objective. In the interest of transparency, Pleiade 5 can also be regarded as a highly diversified long/short fund benefiting from the expertise of all the Fund management teams and comprising more than 250 positions at its inception. Like each of the Funds in the Exane AM range, Pleiade 5 benefits from rigorous risk monitoring procedures supported by the Exane group's 15 years of experience in this area.