Annapurna Sub-Fund, a sub-fund of Pilatus SICAV p.l.c. is licensed by the Malta Financial Services Authority as a Professional Investor Fund which is available to Qualifying Investors.

Investment Objective
The Investment Objective of the Sub-Fund is to achieve long-term absolute returns under all market conditions. There is no guarantee that the investment objective of the Sub-Fund will be achieved and investment results may vary substantially over time.

Investment Policies
The Investment Manager will seek to attain the Sub-Fund’s Investment Objective by investing primarily in immovable property situated in Italy or in real estate rights and options linked to them. The Sub-Fund will in the short to medium term have a diversified portfolio of immovable property situated in prime locations throughout Italy.

The Sub-Fund will target residential, commercial and industrial immovable property that requires renovation with a view to renovating and selling the property in the shortest possible time-frame. The renovation of the immovable property will be conducted by developers appointed by the Company.

Exposure to immovable property may be achieved either directly or through SPVs established by the Company in respect of the Sub-Fund for the purposes of acquiring such Annapurna Sub-Fund Offering Supplement immovable property. The SPVs will generally be funded through a combination of equity and debt.
Uninvested cash may be held on deposit in a bank account in the name of the Sub-Fund. When appropriate the Sub-Fund may also employ leverage through borrowing either directly or through the SPVs.


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Definition of Qualified Investor as per Art. 10 CISA :

Paragraph 3

regulated financial intermediaries such as banks, securities traders, fund management companies and asset managers of collective investment schemes, as well as central banks; regulated insurance institutions; public entities and retirement benefits institutions with professional treasury operations; companies with professional treasury operations; By closing this window you accept the above conditions.

Paragraph 3bis

High-net-worth individuals may declare in writing that they wish to be deemed qualified investors. In addition, the Federal Council may make such persons’ suitability as qualified investors dependent on certain conditions, specifically technical qualifications

Paragraph 3ter

Investors who have concluded a written discretionary management agreement as defined in Article 3 Paragraph 2b and c are deemed qualified investors
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