Carmignac Gestion Luxembourg is seeking CSSF
approval for an extension of its agreement to management company status. This
will allow the Luxembourg subsidiary to become the manager of the Carmignac
Portfolio SICAV and to expand the activity of its branches beyond their current
role as local marketers.

As part of this development, Carmignac Gestion has appointed
two of its senior managers, Eric Le Coz and Davide Fregonese, as managing directors
of the Luxembourg management company, jointly with Antoine Bruneau, currently
group financial controller.

Le Coz will continue to lead product development at
group level and remains a member of the investment and strategic development committees,
and of the board of directors.

Fregonese will continue to lead client development
at group level. He remains a member of the strategic development committee and
of the board of directors.