Letter to unitholders of Carmignac China New Economy

Dear Sir/Madam,

We would like to thank you for the trust you have placed in us. We are honoured to count you among the unitholders of the Carmignac China New Economy fund (hereinafter “the Fund”).

We are writing to inform you of an important upcoming change to the Fund:

• With the agreement of the Carmignac Portfolio SICAV’s Board of Directors, Carmignac Gestion and Carmignac Gestion Luxembourg have decided to streamline their fund offering.

• Carmignac Portfolio China New Economy (the “Merging Fund”), a sub-fund of the Luxembourg Carmignac Portfolio SICAV, will be merged into your Carmignac China New Economy fund (the “Receiving Fund”), a French FCP.

• Your investment will not be affected because you are invested in the French fund, into which the Luxembourg fund is being merged to. This merger will mainly affect investors in the Luxembourg fund, as their shares will be converted into units in your French fund.

• This change will take effect from 23 October 2025.

Without prejudice to the requirements of this notice and within free redemption/conversion rights, the merger will go ahead automatically and is not subject to your prior approval or consent.

The merger is a “cross-border” merger as provided by articles 37 and seq. of Directive 2009/65/EC (UCITS IV directive). It involves two UCITS that are governed by different countries’ legislation.

The two funds share the same investment objective and are overseen by the same portfolio management team from the Carmignac group. They are managed according to the same investment strategy, but their assets under management are relatively modest. We therefore believe that it makes financial sense to streamline the fund range and ensure that the resources are allocated wisely, whilst guaranteeing investors exposure to a vehicle that has the same investment objective and approach.

Any income accumulated by the Merging Fund will be included in its final NAV and will be reflected in the NAV of the Receiving Fund’s unit classes after the merger has occured.

The management companies will bear the legal, advisory and administrative fees as well as the expenses associated with the preparation and completion of the merger. The Merging Fund bears the costs of transferring the assets of the Merging Fund to the Receiving Fund.

The merger is not expected to have a significant impact on the portfolio of the Receiving Fund, as the two funds’ portfolios are largely identical. No rebalancing of the Receiving Fund’s portfolio is planned as a result of the merger, either before or after it takes effect.

Receiving Fund subscriptions, conversions and redemptions will not be suspended, so the ability to subscribe, convert or redeem shares in the Receiving Fund will not be affected.

If you do not agree to these changes, you may redeem your units free of charge, apart from any taxes or levies and excluding any local transaction fees that may be charged by local intermediaries for their own
benefit, independent of the Management Company, until 18:00 (CET) on 15 October 2025.

In light of the above, the management companies – with the agreement of the Carmignac Portfolio SICAV’s Board of Directors – believe the merger to be in investors’ best interest.

The CSSF approved this merger on 13 August 2025. It will take effect on 23 October 2025. Exchange ratios will be based on the net asset values¹ of 22 October 2025, published on 23 October 2025.

The merger will take effect on 23 October 2025.

• Change in risk/return profile: No
• Increase in risk profile: No
• Potential increase in fees: No
• Extent of change in risk/return profile: No

There is no impact on your tax situation because you are invested in the French fund, into which the Luxembourg fund is being merged. As a result, there is no effect on your investment.

There will be no change to your fund. Please note that your fund’s assets under management will increase as new investments and cash are added.

This document is important and requires your attention. If you have any queries or questions, please consult your usual advisor, who can provide you with any additional information you require.

Please also note the importance of reading the Key Information Document (KID) before making any investment decision.

The statutory auditor’s merger report, the prospectus, the key information documents, the articles of association, as well as the latest annual report and, if published, the subsequent semi-annual report, are
available in French and in the official language of each country where your Fund is registered, free of charge, at the Fund’s registered office, from the management company CARMIGNAC GESTION, Société Anonyme, 24 Place Vendôme, 75001 Paris, France and on the website www.carmignac.com.

The net asset values are published on www.carmignac.com and www.fundinfo.com.

Yours faithfully,

Christophe Peronin
General Manager

APPENDIX 1 – Example of how the exchange ratio is calculated

The exchange ratio used for the merger, expressed to three decimal places, will be as follows for each share and unit class:

Net asset value¹ per A EUR Acc or F EUR Acc share in the CARMIGNAC PORTFOLIO CHINA NEW ECONOMY fund / Net asset value per A EUR Acc or F EUR Acc unit of the CARMIGNAC CHINA NEW ECONOMY fund

Thus calculated, and with units of the Receiving fund, Carmignac China New Economy, being expressed to five decimal places, no balance will be payable to holders (no fractions).

Example of how the exchange ratio is calculated using the net asset values of A EUR Acc units in the Carmignac China New Economy fund (here, the net asset values used are those of 11 June 2025):

A person holding 1 A EUR Acc share in Carmignac Portfolio China New Economy, valued at €2,047.23, when 1 A EUR Acc unit in Carmignac China New Economy is valued at €106.37.

The shareholder who has €2,047.23 representing 1 A EUR Acc share of the Carmignac Portfolio China New Economy fund will still have €2,047.23 after the merger, but this will now represent 19.246 A EUR Acc units of the Carmignac China New Economy fund (i.e. 2,047.23/106.37 = 19.246).