MERGER - TAKEOVER of the DORVAL MANAGEURS EUROPE FUND by the DORVAL DRIVERS EUROPE FUND***

***This fund is currently not registered in Italy, but it will be registered before the merger takes place.

ISIN codes:

R* unit: FR0011038785 I** unit: FR0011059302 N* unit: FR0013300225 Q* unit: FR0013392248

*This unit class is not registered in Italy.
**This unit class is reserved for qualified investors in Italy.

What changes will be made to your Fund?

On 20 January 2025, the management company, DORVAL ASSET MANAGEMENT, decided on the merger/acquisition of the DORVAL MANAGEURS EUROPE (“DME”) Fund by the DORVAL DRIVERS EUROPE** (“DDE”) Fund 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 planned merger/acquisition is therefore intended to streamline the funds so as to achieve a level of assets under management per fund that is conducive to maximising the efficiency of the management and marketing operations. This operation is thus being carried out in the interest of unitholders, allowing them to benefit from attentive management under improved economic conditions.

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

** This fund is currently not registered in Italy, but it will be registered before the merger takes place.

When will this (these) operation(s) take place?

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

Please note that for the smooth execution of these operations, you will not be able to subscribe to new units or request the redemption of your units from 20/06/2025 after 1 pm until 26/06/2025 at 1 pm. As the Fund is valued on a daily basis, the last net asset value on which subscriptions or redemptions may be executed before the merger operation, will be that dated 26/06/2025.

**If you do not agree with these changes, you can proceed with the redemption of your units at any time without charge, insofar as the UCITS does not charge an exit fee.

What is the impact of this (these) change(s) on the risk/return profile of your investment?

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

What is the impact of this (these) operation(s) on your taxation?

The taxation applicable to the Fund remains unchanged. Any divestment is subject to the capital gains tax regime applicable to disposals of securities.

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

Key elements to remember for the investor

Merger/acquisition operations will be subject to audit by the statutory auditor, pursuant to Article 411-48 of the AMF General Regulation. The report issued by the statutory auditor may be obtained, upon request, from DORVAL ASSET MANAGEMENT.

We remind all unitholders that it is important to read the PRIIPS KID and the prospectus of DORVAL MANAGEURS EUROPE in order to have complete information on the costs and risks of the Fund. These documents are available free of charge, on request and using any means of communication, from our company. They are available at www.dorval-am.com.

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

Thank you once again for the trust you place in us.