Notice to shareholders - Carmignac Portfolio China New Economy

Dear Shareholder,

We would like to thank you for the trust you have placed in us. We are honored to count you amongst the shareholders of the Sub-Fund “Carmignac Portfolio China New Economy”.

By virtue of your investment in the Sub-Fund “Carmignac Portfolio China New Economy”, this notice is relevant to you.

We recommend that you review this notice carefully. If you agree with the notice, no additional action is required from your side at this time. In case of any questions upon receipt of this notice, please consult your professional adviser.

We would like to inform you that the Board of Directors of Carmignac Portfolio (the “Company”) has decided to merge the Sub-Fund “Carmignac Portfolio China New Economy” (“the Absorbed Sub-Fund”) into the French Fund “Carmignac China New Economy” (“the Receiving Fund”).

The merger will take place on 23 October 2025.

As part of this transaction, you will cease to hold the shares in the Absorbed Sub-Fund and obtain shares in the Receiving Sub-Fund. The Absorbed Sub-Fund and the Receiving Fund are almost identical as they follow the same investment strategy, investing mainly in Greater China equities whilst being managed by the same Carmignac portfolio management team.

This notice is only of relevance for you if you are an investor of the Sub-Fund “China New Economy”. This notice has been issued and sent to you in order to provide and the most accurate information on the merger to enable you to make an informed judgement of the impact of the merger on your investment.

Without prejudice to notice requirements and within free redemption/conversion rights, the merger will be processed automatically, and it is not subject to your prior approval or consent.

We also kindly draw your attention to the key investor information (“KID”) of the Receiving Fund and desirability of reading it as it provides more information on the features of the Receiving Fund and the manner of its operation.

You should note that the merger may have tax consequences. You are invited to consult your tax adviser in respect to the impact following the merger and the potential changes (if any) to the tax treatment of your investment, specific to your individual circumstances.

Should you disagree with the proposed merger, you have the right to request the redemption of the shares you own free of charge until 15 October 2025 as further detailed in this notice.

Please note that for the merger to proceed smoothly, the subscriptions to new shares as well as conversions and redemptions will be suspended after 15 October 2025, as further detailed in this notice. In case of any questions when reading this notice, please consult your professional adviser.

Yours faithfully,

Mark DENHAM
Chairman