French turmoil and a hawkish cut: Why Euro Bonds stay positive

IMPORTANT INFORMATION

Marketing communication related to Generali Investments SICAV, a Luxembourg UCITS-SICAV, and its Sub-fund, Euro Bond, (“the Fund”) - Only intended for professional investors in Italy, France, Austria, Germany, Spain, Portugal, Luxembourg, where the Fund is registered for distribution - Not for U.S. Persons – Before making any investment decision, please consider all characteristics, objectives, risks and costs in the Key Information Document (KID) available in one of the official languages of your country and the Prospectus available in English upon request free of charge to the Management Company, Generali Investments Luxembourg S.A., 4 Rue Jean Monnet, L-2180 Luxembourg, Grand Duchy of Luxembourg, e-mail address: GILfundInfo@generali-invest.com or at www.generali-investments.lu, where you can also find a summary of your investor rights (in English or in an authorized language). The Management Company may decide to terminate the agreements made for the marketing of the Fund in your country. Issued/sourced by Generali Investments Luxembourg S.A., Luxembourg UCITS Management Company of the Fund and Generali Asset Management S.p.A. Società di gestione del risparmio, Italian asset management company, appointed as marketing promoter of the Fund in the EU/EEA countries (Via Niccolò Machiavelli 4, Trieste, 34132, Italia).

Euro Bond - The objective is to outperform J. P. Morgan EMU Index, the Benchmark, by investing in quality debt securities denominated in Euro. The Fund shall invest at least 70% of its net assets in debt securities denominated in Euro with Investment Grade Credit Rating. The product is actively managed in reference to the Benchmark. The Investment Manager has full discretion over the composition of the portfolio and therefore its composition may deviate from the Benchmark. Inherent risk of the Fund (non-exhaustive list): Credit risk - Derivative risk: when using derivatives, the use of leverage may increase the potential risk of loss - Sustainable finance risk - The product may invest in securities rated below investment grade, which present greater risk of loss to principal and interest than higher-quality securities - Risk of capital loss: this is not a guaranteed product. Investors may risk losing part or all of their initial investment. Returns may increase or decrease as a result of currency fluctuations. Main costs (not an exhaustive list as per the KID dated 1 January 2024): (Illustrative institutional class: ISIN LU0145476148 – countries of registration AT, CH, CZ, DE, ES, FR, GB, IT, LU, NL, PT, SG, SK). Entry costs: none. Exit costs: none. The percentage of entry and exit fees is based on the NAV. Management fees and other administrative costs: 0.6% per year of the value of your investment (consisting of 0.4% max. of Management fees per year). This is an estimate based on actual costs over the last year. Transaction costs: 0.1% per year of the value of your investment. This is an estimate of the costs incurred when buying and selling the underlying investments for the product. Performance fee: none. Valuation of the Net Asset Value (NAV): Daily. This is not an exhaustive list of the risks and costs. Other risks and costs apply, differ per share class and are subject to change. All the costs are detailed in the Prospectus and Key Information Document (KID), that are available at: https://www.generali-investments.lu/products/LU0145476148. The future performance is subject to taxation, which depends on the personal situation of each investor and which may change in the future.

This marketing communication is not intended to provide an investment, tax, accounting, professional or legal advice and does not constitute an offer to buy or sell the Funds or any other securities that may be presented. Any opinions or forecasts provided are as of the date specified, may change without notice, may not occur and do not constitute a recommendation or offer of any investment. Past or target performance do not predict future returns. There is no guarantee that positive forecasts will be achieved in the future. The value of an investment and any income from it may go down as well as up and you may not get back the full amount originally invested. The future performance is subject to taxation, which depends on the personal situation of each investor and which may change in the future. Please liaise with your Tax adviser in your country to understand how your returns will be impacted by taxes. The existence of a registration or approval does not imply that a regulator has determined that these products are suitable for investors. It is recommended that you carefully consider the terms of investment and obtain professional, legal, financial and tax advice where necessary before making a decision to invest in a Fund.

Before making any investment decision, please consider all characteristics, objectives, risks and costs in the Key Information Documents (KIDs) available in one of the official languages of your country, the Prospectus available in English (not in French) and its SFDR Appendix upon request free of charge to the Management Company, Generali Investments Luxembourg S.A., 4 Rue Jean Monnet, L-2180 Luxembourg, Grand Duchy of Luxembourg, e-mail address: GILfundInfo@generali-invest.com or at www.generali-investments.lu, where you can also find a summary of your investor rights (in English or in an authorized language) in the section “About us/Generali Investments Luxembourg”. The Management Company may decide to terminate the agreements made for the marketing of the Fund in your country. This document is issued by Generali Investments Luxembourg S.A. Generali Investments Luxembourg S.A. authorized as a UCITS Management Company and Alternative Investment Fund Manager (AIFM) in Luxembourg, regulated by the Commission de Surveillance du Secteur Financier (CSSF) - CSSF code: S00000988, LEI: 222100FSOH054LBKJL62, and Generali Asset Management S.p.A. Società di gestione del risparmio authorized as Italian asset management company, regulated by Bank of Italy and appointed as marketing promoter and global distributor of the Funds in the EU/EEA countries where the Funds are registered for distribution - (Via Niccolò Machiavelli 4, Trieste, 34132, Italia - C.M. n°: 15376 - LEI: 549300LKCLUOHU2BK025). Entity responsible for distribution in Portugal : Banco Best is a credit institution registered with the Banco de Portugal and CMVM (Portuguese Securities Market Commission - CMVM under no. 20161271), authorised to perform banking activities to provide the service of investment referred to in a) of the Article 290 no. 1, Securities Code.

Generali Investments is a trademark of Generali Asset Management S.p.A. Società di gestione del risparmio, Generali Investments Luxembourg S.A. and Generali Investments Holding S.p.A. - Sources (unless otherwise specified): Generali Asset Management S.p.A. Società di gestione del risparmio- This document may not be reproduced (in whole or in part), circulated, modified or used without prior written permission.