25 April 2024

Luxembourg, 25 of April 2024

Dear Shareholder,

Within the framework of its development strategy, Crédit Mutuel Alliance Fédérale has reviewed the organisation of its asset management divisions, which will group third party asset management structures into a multi specialist, client-centric model.

The first step in constructing this new business line was to gather all the asset management structures1 under a single holding company, Groupe La Française, thereby sharing a common governance, operations platform and IT. These operations were completed in early 2024.

The Company’s board of directors (the "Board") hereby informs you that one of the next steps is the absorption of La Française Asset Management (“LFAM”), the Company’s current management company by Crédit Mutuel Asset Management, (“CMAM”), a management company incorporated under French law with registered office situated at 4 rue Gaillon, F-75002 Paris, France, and authorised to act as management company of undertaking for collective investment in transferable securities (“UCITS”) under Directive 2009/65/EC and as management company of alternative investment funds (“AIF”) under Directive 2011/61/EU, in order to create a single management company associating their shared expertise in listed assets (fixed income, diversified and equities) with over €86 billion in assets under management (proforma as at 31/12/2023). This management structure will offer investors, across all segments, a wider range of investment solutions, based namely on an integrated extra-financial expertise, consistent with the ambitions of a sustainable asset manager.

1 Crédit Mutuel Alliance Fédérale's management companies: Crédit Mutuel Asset Management, La Française Asset Management, La Française Systematic Asset Management, La Française REM, CIC Private Debt, Crédit Mutuel Impact, Cigogne Management, Crédit Mutuel Gestion, New Alpha Asset Management. Only BLI - Banque de Luxembourg Investments, CIC Market Solutions and Dubly Transatlantique Gestion will remain associated with their current shareholders given the near-exclusive and operational links that exist.

As consequence of the Merger, CMAM will become the new management company of the Company with effective date on the 1st of May 2024 (the “Merger”).

The change of management company will have no impact on the management of the Company’s assets or on its shareholders. The agreements with the current service providers will be fully taken over by CMAM. As such, BNP Paribas, Luxembourg Branch will remain the Company’s depositary, administration agent and registrar and transfer agent. Each sub-fund within the Company will continue to be managed by the same appointed investment manager.

The change of management company will not result in any fee increases and costs relating to the change of management company will not be borne by the Company and its shareholders.

Should you require further information, please contact your financial advisor or local distributor.

Yours faithfully,

On behalf of the Board

The prospectus, the key information documents, the articles of association as well as the annual and semi-annual reports may be obtained free of charge from the representative.

Representative in Switzerland

ACOLIN Fund Services AG, Leutschenbachstrasse 50, 8050 Zurich

Paying agent in Switzerland

NPB Neue Privat Bank AG, Limmatquai 1/am Bellevue, P.O. Box, 8024 Zurich

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