Notice to Unitholders of Challenge Funds

 MEDIOLANUM BEST BRANDS
(the “Fund”)

(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 Fund, wishes to notify Unitholders of Challenge Euro Bond Fund, Challenge Euro Income Fund, Challenge International Income Fund, Challenge International Bond Fund and Challenge Solidity & Return (the “Sub-Funds”) of the permanent removal of the performance fee for the L and S Classes of the Sub-Funds, as applicable.

The Manager wishes to notify Unitholders of Challenge Euro Bond Fund (the “Euro Bond Fund”) of a lifting of the existing temporary management fee waivers for the L and S Classes of the Euro Bond Fund (previously notified to you), with effect from on or about 1 April 2026.

To offset the impact of the lifting of the above management fee waivers, the Manager wishes to inform Unitholders of the Euro Bond Fund of a permanent reduction in the management fee for the L and S Classes of the Euro Bond Fund, as follows, with effect from on or about 1 April 2026:

L Class will be reduced by 45bps (from 1.25% to 0.80%); and

S Class will be reduced by 65bps (from 1.45% to 0.80%).

The Manager wishes to notify Unitholders of Challenge Euro Income Fund (the “Euro Income Fund”) of a permanent reduction in the management fee for the S Class of the Euro Income Fund by 20 bps (from 1.25% to 1.05%), with effect from on or about 1 April 2026.

The Manager wishes to remind Unitholders of Euro Income Fund of the existing temporary management fee waiver of 30 bps for the S Classes of the Euro Income Fund (previously notified to you). As such, the management fee for the S Classes of the Euro Income Fund shall be 0.75%, with effect from on or about 1 April 2026.

The Manager wishes to notify Unitholders of Challenge International Income Fund (the “International Income Fund”) of a permanent reduction in the management fee for the S Classes of the International Income Fund by 20 bps (from 1.25% to 1.05%), with effect from on or about 1 April 2026.

The Manager wishes to notify Unitholders of Challenge International Bond Fund (the “International Bond Fund”) of a permanent reduction in the management fee for the S Classes of the International Bond Fund by 20 bps (from 1.45% to 1.25%), with effect from on or about 1 April 2026.

The Manager wishes to remind Unitholders of International Bond Fund of the existing temporary management fee waiver of 10 bps for the L and S Classes of the International Bond Fund (previously notified to you). As such, the management fee for the S Classes of the International Bond Fund shall be 1.15%, with effect from on or about 1 April 2026.

The Manager wishes to notify Unitholders of Challenge Solidity & Return (the “Solidity & Return Fund”) of a permanent reduction in the management fee for the S Class of the Solidity & Return Fund by 20 bps (from 1.50% to 1.30%), with effect from on or about 1 April 2026.

The Manager wishes to notify Unitholders of Challenge Liquidity US Dollar Fund (the “Liquidity US Dollar Fund”) of a permanent reduction in the management fee for the S Class of the Liquidity US Dollar Fund by 10 bps (from 0.90% to 0.80%), with effect from on or about 1 April 2026.

For the avoidance of doubt, please note that existing temporary performance fee / investment management fee / cash management fee waivers (previously notified to you) shall remain in place until such time as further notified to you.

The S and L Classes Information Cards to the Prospectus will be updated to reflect the above removal of performance fee and reductions in management fee on or about 1 April 2026, a copy of which will be available at http://www.mifl.ie/products/challenge-funds.

Mediolanum International Funds Limited

24 March 2026