Merger of “Flexible Allocation 2024” into “Flexible Bond” in 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”).

This document is important and requires your attention. By virtue of your investment in the sub-fund
Carmignac Portfolio Flexible Bond, this notice is of relevance to you.

In case of any questions when receiving this notice, please consult your professional adviser.

We would like to inform you that the Board of Directors of the Company has resolved to merge the assets and liabilities of the sub-funds Carmignac Portfolio Flexible Allocation 2024, a sub-fund not authorized for offering to non-qualified investors in Switzerland, and Carmignac Portfolio Flexible Bond (“Flexible Bond”).

The sub-fund “Flexible Bond” will continue to operate normally, and the current investors of this subfund will not be impacted.

This notice is only relevant for you if you are an investor of the sub-fund “Flexible Bond”. This notice is issued and sent to you to provide appropriate and 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 free redemption/conversion rights, the merger will be processed automatically, and it is not subject to your prior approval or consent.

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

The merger will take place on 19 November 2024.

Shareholders, who do not accept this merger, have a right to redeem their shares free of charge within thirty (30) days following the publication of this notice.

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

Yours faithfully,

Mark DENHAM
Chairman of the Board of Directors