Changes to the supplement of Carmignac Credit Opportunities

R.C.S. Luxembourg : B285278

25 July 2025,

This document is important and requires your attention. If you are in doubt as to the action you should take, please seek advice from your professional advisors, such as solicitor, accountant or independent financial advisor. This document is not required to be and has not been reviewed by the Central Bank of Ireland (the “Central Bank”).

Unless otherwise indicated, capitalised terms in this document shall have the same meaning as described in the prospectus for the ICAV (the “Prospectus”) and the supplement for the Sub-Fund (the “Supplement”).

Dear Shareholder,

We would like to thank you for the trust you have placed in us. We are honoured to count you among the Shareholders of “CARMIGNAC ALTS ICAV” (the “ICAV”).

We are writing to you as a Shareholder of Carmignac Credit Opportunities (the “Sub-Fund”), a sub- fund of the ICAV, to notify you of the following proposed updates to the Supplement, which are subject to the approval of the Central Bank. Please note that these changes are not deemed by Carmignac Gestion Luxembourg S.A. (the “Manager”) to be material and Shareholder approval is not required or being sought.

The ICAV has revised the methodology used to calculate performance fees across applicable Share Classes. This change follows a comprehensive review and consultation with the Administrator and Depositary.

Under the revised methodology:

• A 20% Performance Fee will be charged to the annual performance of each Share Class, but only on the portion of performance that exceeds both:

a) the High Water Mark (HWM), and

b) a newly introduced Hurdle Rate, which is based on the relevant risk-free rate for each currency.

The Hurdle Rate is defined as follows:

• EUR Share Classes: €STER capitalized (floored at zero)
• USD Share Classes: SOFR capitalized (floored at zero)
• CHF Share Classes: SARON capitalized (floored at zero)

The purpose of the proposed change is to enhance transparency for Shareholders. Accordingly, it is proposed to update the Supplement to reflect the revised methodology.

To enhance transparency and Shareholder protection, it is proposed to update the Supplement to explicity state that the Management Fees for all Share Classes of the Sub-Fund are capped at a maximum of 1.5% of the NAV. Details of the Management Fees are set out in Supplement in the section entitled Fees and Expenses – Management Fees.

This amendment serves as a clarification, as the Management Fees were already set at 1.5% per annum but without this explicit maximum for the I Share (and for the B share but as of December 31st 2025). Consequently, the Manager may receive reduced Management Fees.

The implementation dates for this change are as follows:

• For I share classes: effective August 2025;
• For B share classes: effective after 31 December 2025 or such time as the Investment Limit of €100,000,000 (as defined in the addendum in respect of the Class B Shares of the Sub- Fund) has been reached, whichever occurs first.

Changes to take effect

The changes are considered by the Manager, in conjunction with the Investment Manager and the Directors, to be in the best interests of Shareholders as a whole. The changes will be effective upon noting of an updated Supplement by the Central Bank which is expected to take place on or around 31 July 2025 (the “Effective Date”). The change to the revised performance fee calculation method will not be implemented in practice until the Effective Date.

A copy of the updated Supplement may be obtained, free of charge, upon request at the registered office of the ICAV.

If you have any questions regarding the above changes, please do not hesitate to contact the Manager, the Investment Manager or your financial advisor, tax adviser or legal adviser, as appropriate.

If you are a Carmignac distribution partner and your clients have questions about this, please contact your local professional-client representative.

Yours faithfully,
Carmignac Gestion Luxembourg S.A.