Credit Market update

WARNING
ADVERTISING COMMUNICATION. Please refer to the KID/prospectus before making any final investment decision. This promotional document may not be reproduced in whole or in part without prior authorization from the management company. It does not constitute a subscription offer or investment advice. The information contained in this document may be incomplete and is subject to change without notice. The management company may decide at any time to cease marketing in your country. Investors can access a summary of their rights in French at the following link (paragraph 6 "Summary of investors' rights"): https://www.carmignac.fr/fr_FR/article-page/informations-reglementaires-3862. The decision to invest in the promoted fund should take into account all its characteristics and objectives, as described in its prospectus. The reference to certain securities or financial instruments is given by way of illustration to highlight certain securities that are or have been present in the portfolios of the Funds in the Carmignac range. It is not intended to promote direct investment in these instruments, and does not constitute investment advice. The Management Company is not prohibited from trading in these instruments prior to the publication of this communication. The portfolios of the Carmignac Funds are subject to change at any time. Carmignac Portfolio Credit is a sub-fund of SICAV Carmignac Portfolio, an investment company incorporated under the laws of Luxembourg in accordance with the UCITS Directive. Past performance is no guarantee of future results. They are net of fees (excluding any entry fees applied by the distributor). Performance may vary upwards or downwards due to currency fluctuations, for units that are not hedged against currency risk. Access to the Fund may be restricted to certain persons or countries. In particular, it may not be offered or sold, directly or indirectly, to or for the account of a "U.S. person" as defined by U.S. Regulation S and/or FATCA. The Fund presents a risk of capital loss. Risks, current fees and other charges are described in the KID (Key Information Document). The Fund's prospectus, KID and annual reports are available at www.carmignac.fr and on request from the Management Company. The KID must be given to the subscriber prior to subscription.