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Notice to Unitholders of Gamax Funds FCP

Mediolanum International Funds Limited

4th Floor, The Exchange, Georges Dock, IFSC, Dublin 1, Ireland

NOTICE TO UNITHOLDERS OF GAMAX FUNDS FCP

The board of directors (the “Board of Directors”) of Mediolanum International Funds Limited, the management company (the “Management Company”) of Gamax Funds FCP (“Gamax Funds”), would like to inform you that with effect as of 19 May 2021 the following amendments will be made in the prospectus of Gamax Funds (the “Prospectus”

I.Amendments to the chapter 5. “Taxes and costs” of the Prospectus

The wording concerning exchange of information on reportable cross-border arrangements, for the purposes of the Luxembourg law of 25 March 2020 (the “DAC 6 Law”) implementing Council Directive (EU) 2018/822 of 25 May 2018 amending Directive 2011/16/EU as regards mandatory automatic exchange of information in the field of taxation in relation to reportable cross-border arrangements, have been inserted as further described in the Prospectus.

II.Amendments to the chapter 6.3. “Portfolio Manager” of the Prospectus

For multi-manager Fund of Gamax Funds, portions of the assets may be allocated to one or more portfolio co-managers (the "Portfolio Co-Managers") selected and appointed by the Management Company. The Management Company remains responsible for monitoring the Fund’s overall investment performance, rebalancing the Fund’s portfolio allocation, monitoring the risk management framework implemented at the level of each Portfolio Co-Manager and the Fund’s overall compliance with applicable investment restrictions.

No additional fees shall be borne by the unitholders further to the appointment of such Portfolio Co-Manager(s).

III.Amendments to the chapter 6.6 “Sales agents” of the Prospectus

Given that the Management Company will act as Global Distributor of the Gamax Funds and may appoint one or more sales agents to distribute on its behalf units in one or more Classes of one or more Funds, the respective wording has been inserted in the chapter 6.6 “Sales agents” as further described in the Prospectus.

IV.Amendments to the chapter 6.15 Anti-Money Laundering and Countering Terrorist Financing Measures

The wording concerning the compliance with the Luxembourg regulation concerning Anti-Money Laundering and Countering Terrorist Financing Measures has been inserted as further described in the Prospectus.

V.Amendments to the Funds' annexes

The “Investment and distribution policy” section of the Funds' annexes will be amended to reflect that the Funds' investment objective will be pursued by appointing the Portfolio Co-Managers as further described in the Prospectus.

The Management Company may replace one or several Portfolio Co-Managers from time to time if deemed to be in the best interest of the unitholders. Any such replacement will be subject to the CSSF’s prior approval.

The current appointment of the respective Fund’s Portfolio Manager, if any, will not be affected by this amendment.

Furthermore, the “Performance fee” section of the Funds' annexes will be amended to reflect that in calculating the Performance Target Value, adjustments will also be made to prevent any distortions due to subscriptions and redemptions as further described in the Prospectus.

VI.Formal amendments to the Prospectus

The following formal changes to the Prospectus will be implemented:

a.Review of definitions and style

Minor and consistency tidy up changes will be implemented throughout the Prospectus.

b.Update of the section “Portfolio managers”

The references of Portfolio Co-Managers have been inserted in the section.

c.Update of the sections “Sales agent in the Federal Republic of Germany”, “Information agent in the Federal Republic of Germany”, “Sales agent/information agent in Austria” and “Paying agent in Austria”

Sections “Sales agent in the Federal Republic of Germany”, “Information agent in the Federal Republic of Germany”, “Sales agent/information agent in Austria” and “Paying agent in Austria” will be deleted from the Prospectus.

d.Update of the section “Board of Directors of the management company”

The composition of the Board of Directors of the Management Company has been updated in the sub section “Members of the Board of Directors”.

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Capitalized terms not defined herein have the meaning as set forth in the Prospectus.

In accordance with the provisions of the Prospectus, affected unitholders of the Fund disagreeing with the changes described under points II. and V. above may redeem their units of the respective sub-fund at the applicable net asset value per unit free of any charge from the date of this notice and until 19 May 2021.

An updated version of the Prospectus, dated May 2021, will be made available at the registered office of the Management Company.

Dublin, 13 April 2021

The Board of Directors