NOTICE TO SHAREHOLDERS OF THE SUB-FUND NEXT AM FUND – TENDANCE FINANCE UK > UK

01 April 2022

This content is for professional investors only as defined by the MiFID.

Dear shareholder,

In compliance with the ESMA guidelines on performance fees in UCITS and certain types of AIFs published on 3 April 2020 (the “ESMA Guidelines”), the Company’s board of directors informs you that the prospectus of the Company (the “Prospectus”) has been updated in order to take into account the requirements of the ESMA Guidelines.

The paragraphs describing the performance fee in the Prospectus have been redrafted as follows:

“In addition, the Investment Manager is entitled to receive an annual performance fee equal to:

Class A: 20% of the performance with high-water mark
Class B* : 20% of the performance over 5% with high-water mark
Class C: 20% of the performance with high-water mark
Class P* : None

* The share class is not registered in UK

There is a performance of the Net Asset Value per Share of a considered Class of the Sub-Fund if and only if there is an increase of the Net Asset Value per Share of this Class of the Sub-Fund compared to its reference Net Asset Value at the beginning of the calculation period which is the highest Net Asset Value end of period ever registered ("Reference Net Asset Value").The first Reference Net Asset Value of the Sub-Fund was on the last Net Asset Value in December 2013.

The reference period for the performance of the Fund is from the 1st trading day of January to the last trading day of December, for each calendar year.

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