MERGER - ABSORPTION of the DORVAL MANAGEURS EUROPE mutual fund by the DORVAL DRIVERS EUROPE mutual fund

ISIN codes:

Share R: FR0011038785 Share I: FR0011059302 Share N: FR0013300225 Share Q: FR0013392248

What changes will be made to your fund?

On 20 January 2025, the management company, DORVAL ASSET MANAGEMENT, decided to merge/absorb the DORVAL MANAGEURS EUROPE mutual fund (‘DME’) into the DORVAL DRIVERS EUROPE mutual fund (‘DDE’) as part of a review of the management company's range of equity funds.

This merger is part of a review of the range of funds managed by the management company, DORVAL ASSET MANAGEMENT. The proposed merger/absorption is therefore intended to streamline the funds in order to achieve a level of assets under management per fund that maximises management and marketing efficiency. This operation is thus carried out in the interests of unitholders, enabling them to benefit from similar management under better economic conditions.

The changes made have a significant impact on the risk/return profile, as indicated below.

When will this transaction or these transactions take place?

**This transaction will take effect on 26/06/2025 on the net asset values dated 26/06/2025 and calculated on 27/06/2025.

Please note that to ensure these transactions run smoothly, you will not be able to subscribe for new units or request the redemption of your units from 20/06/20725 after 1 p.m. on 26/06/2025 until 1 p.m. As the fund is valued daily, the last net asset value on which subscriptions or redemptions can be executed before the merger will be that of 26/06/2025.

If you do not agree with these changes, you can redeem your units at any time at no cost, provided that the UCITS does not charge any exit fees.

How will this change affect the risk/return profile of your investment?

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

What is the impact of this or these transactions on your tax situation?

The tax treatment applicable to the fund remains unchanged. Any withdrawal is subject to the capital gains regime applicable to the sale of securities.

What are the main differences between the fund in which you currently hold units or shares and the future fund?

(see details below)

Key points for investors to remember

Mergers/takeovers will be subject to audit by the statutory auditor, in accordance with Article 411-48 of the AMF's General Regulations. The report issued by the statutory auditor can be obtained on request from DORVAL ASSET MANAGEMENT.

We remind all unitholders that it is important to read the PRIIPS KIID and the prospectus for DORVAL MANAGEURS EUROPE in order to obtain comprehensive information on the costs and risks of the mutual fund. These documents are available free of charge upon request from our company by any means. They are available on the website www.dorval-am.com.

We invite all unitholders to contact their usual advisor for any further information or clarification.