Changes to the prospectus of Carmignac Portfolio

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 Portfolio” (the “Company”).

By virtue of your investment in any of the Sub-Funds of “Carmignac Portfolio” indicated below (each, the “Sub-Fund”), this notice is of relevance to you.

This notice is for your attention but no action is required. In case of any questions when receiving this notice, please consult your professional adviser.

The Board of Directors resolves to convert the X EUR Acc shares of the Sub-Fund “Inflation Solution” into B EUR Acc shares.

B EUR Acc shares are reserved for early investors, allowing them to invest in the Sub-Fund with reduced management fees. This share is available to institutional investors (as defined in the Prospectus) authorized by the management company on a discretionary basis, with a minimum investment of EUR 1,000,000. Subscriptions to this share are only possible until the net assets attributable to this share class reach EUR 100,000,000. Once this threshold is reached, all subscriptions from new investors will be rejected. Subscriptions made by Carmignac Group to this share class are exempt from the calculation of the EUR 100,000,000 threshold and from any limitation.

The existing X EUR Acc shares will be converted and the new B EUR Acc shares will be included in the shareholder's portfolio. This conversion has no impact on the rights and obligations of investors, as subscriptions by existing investors remain permitted even after reaching the above-mentioned threshold.

The abovementioned change will take place on 12 September 2025.

The Board of Directors resolves to rename the existing “Income A EUR”, “Income E EUR” and “Income F EUR” shares. These will be called “inc” shares, with the letter “M” or “Q” added to indicate the frequency of the income payments.

Existing Income shares will be renamed and the new name will appear in the shareholder’s portfolio as shown in Appendix 1. This name change has no impact on the rights and obligations of the investors.

The abovementioned change will take place on 12 September 2025.

Yours faithfully,

Mark DENHAM
Chairman of the Board of Directors