Ninety One Merger - UK Alpha Fund into UK Franchise Fund

Please note that the UK Franchise Fund was called the UK Equity Income Fund but changed its name to the UK Franchise Fund effective date: 23rd January 2026 i.e. the same day as the Merger.

On 12th November 2025, Ninety One Fund Managers UK Limited issued a circular to shareholders in the UK Alpha Fund, together with a notice of an EGM regarding the proposed merger of the UK Alpha Fund into the UK Franchise Fund. This merger was approved by shareholders at the EGM held on 11th December 2025. 

· Dealing in the UK Alpha Fund ceased after the last VP at 12 noon on 22nd January 2026.

· The final accounting period for the UK Alpha Fund ended at 12 noon on 23rd January 2026, and the fund is XD at this point (investors on the register at that time qualified for any available income distribution). The merger took place after the fund was ‘XD’ at 12.01 pm on 23rd January 2026.

· Dealing in the shares allocated as a result of the merger into the UK Franchise Fund commenced on 26th January 2026.

No contract notes are sent confirming the merger transactions, but a confirmation letter will be sent to shareholders within twenty-one days of the merger and details of the number of shares which were held in the UK Alpha Fund together with the number of new shares allocated in the UK Franchise Fund will be available to view via Distributor Online (‘DOLR’) from 26 January 2026. The merger circular can be obtained on our website here:

https://ninetyone.com/-/media/documents/2025/91-oeic-fund-series-i-uk-alpha-fund-merger-proposal-1125-en.pdf

The merger ratio can be found here:

https://ninetyone.com/-/media/documents/2026/91-oeic-merger-ratios-uk-alpha-fund-23jan26-en.pdf