Notice to Unitholders of Challenge Fund and Best Brands Funds

MEDIOLANUM BEST BRANDS

CHALLENGE FUNDS

GAMAX FUNDS FCP

(together the “Funds”)

(UCITS authorised by the Central Bank of Ireland pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011, as amended)

NOTICE TO UNITHOLDERS

Mediolanum International Funds Limited (the “Manager”), manager of the Funds, wishes to notify Unitholders of the Funds of the following changes in respect of the relevant sub-funds of the Funds, as appropriate.

Changes to the Hurdle Rates for Fixed Income and Multi-Asset Funds

As detailed in the Prospectuses of the Funds, the Manager is entitled to a performance fee in respect of each Class of Units in issue at the Valuation Day prior to the Calculation Date equal to a percentage of the amount by which the Net Asset Value per Unit of each Class of Units (before the deduction of the applicable performance fee and adjustment for any distributions) exceeds the Performance Target Value as at the Valuation Day prior to the Calculation Date.

In a given Calculation Period, the Performance Target Value for each Class of Units is defined as being equal to the high-water mark increased by the relevant hurdle rate (“Hurdle Rate”) for that Calculation Period only.

For the purpose of the calculation of the performance fee, the current Hurdle Rates as set out in the relevant Class Information Cards to the Prospectuses will be amended to reflect that the Hurdle Rate for Fixed Income sub-funds will be 3% (in place of 1%) and for Multi-Asset sub-funds will be 4% (in place of 3%).

The Manager deems the changes to the Hurdle Rates appropriate in light of current market rates and in to be in the best interests of Unitholders of the Fixed Income and Multi-Asset sub-funds. The effect of the changes to the Hurdle Rates is that a higher performance must be achieved in any given Calculation Period (the first being from January 1 to 31 December 2024) before a performance fee is potentially payable to the Manager, in accordance with the performance fee calculation, as set out in the Prospectuses.

Subject to regulatory approval, the effective date of these changes will be 1 January 2024 (the “Effective Date”).

The Class Information Cards to the Prospectuses will be updated to reflect the above changes on or about the Effective Date, a copy of which will be available at www.mifl.ie. Unless otherwise stated, terms defined herein shall have the same meaning as set out in the Prospectuses.

Mediolanum International Funds Limited

18 December, 2023