Unitholders’ Notices

Challenge - Notice to Energy Equity Fund/Financial Equity Fund & Technology Equity Fund Unitholders

June 17th 2021

CHALLENGE 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 CHALLENGE Funds (the “Fund”), wishes to notify Unitholders of the Sub-Funds listed below (together the “Sub-Funds”) of changes to the name of each of the Sub-Funds with effect from on or about 14 July, 2021 (the “Effective Date”).

Existing Name of Sub-Fund New Name of Sub-Fund
CHALLENGE Energy Equity Fund CHALLENGE Energy Equity Evolution
CHALLENGE Technology Equity Fund CHALLENGE Technology Equity Evolution
CHALLENGE Financial Equity Fund CHALLENGE Financial Equity Evolution

The Manager believes the new names of the Sub-Funds better reflect the long-term nature of the investment objectives of the Sub-Funds (i.e. long-term capital appreciation).

In addition, the Manager wishes to notify Unitholders in CHALLENGE Energy Equity Fund of a non- material change of investment policy whereby the Sub-Fund, in addition to its primary investment in or exposure to the energy sector (as detailed below), may also invest in or take exposures to equities and equity related securities issued by companies not operating in the energy sector or related industries, including but not limited to non-energy related sub-sectors of the utilities sector such as water utilities. The Sub-Fund’s primary investments and exposures will be equities and equity related securities issued by companies operating in the energy sector or related industries in addition to energy related sub-sectors of the utilities sector such as electric utilities, gas utilities and multi-utilities (whereby a company operates in more than one utility sub-sector).

The Prospectus of the Fund will be updated to reflect the above changes on the Effective Date, a copy of which will be available at http://www.mifl.ie/products/challenge-funds.

Mediolanum International Funds Limited

17 June, 2021