Notice to unit-holders of the UCITS: introduction swing pricing

As indicated in an initial communication to unit-holders dated 1 April 2026, Dorval Asset Management has decided to supplement the redemption-capping mechanism (“gates”) already in place in the funds listed above by introducing a net asset value adjustment mechanism (“swing pricing”). These changes are not subject to approval by the Autorité des marchés financiers and require no action on your part.

This “swing pricing” mechanism will be introduced for all the mutual funds (“FCPs”) mentioned above with effect from 20 April 2026.

About the “swing pricing” mechanism

“Swing pricing” is a mechanism whereby the net asset value is adjusted upwards or downwards when the total net subscription/redemption orders from investors on a given valuation date exceed a pre-determined threshold set by the management company, so that the cost of rebalancing the portfolio to manage these inflows and outflows is borne by incoming or outgoing investors. This mechanism protects investors who remain in the fund.

The regulatory documents for these mutual funds are available on request from the management company: DORVAL ASSET MANAGEMENT, 111, boulevard Pereire – 75017 Paris, Tel: +33 (0)1 44 69 90 44, e-mail: informations@dorval-am.com, on its website www.dorval-am.com, which we invite you to consult, and from CACEIS Bank, Luxembourg Branch, 5 allée Scheffer, 2520 Luxembourg, Grand Duchy of Luxembourg.

Following on from this measure, we invite you to contact your usual representative, who remains at your disposal for any further information, and we remind you of the need and importance of reading the prospectus, the key information document (KID) and, where applicable, the fund’s SFDR pre-contractual annex for the fund in which you invest or intend to invest.