Notification of changes to R12 DWS Global Agribusiness

10 January 2019

Friends Provident International Limited (“Friends Provident International”) has been informed by Deutsche Asset Management S.A. (“The Company”) of various changes to the underlying fund into which R12 DWS Global Agribusiness invests. Please see below for details of the various changes and the Effective Dates.

Below are the key areas for your attention that we have extracted from the shareholder circular of the underlying fund of R12 DWS Global Agribusiness.

Management company name change of the underlying fund of R12 DWS Global Agribusiness

Deutsche Asset Management S.A. is currently the management company of the underlying fund of R12 DWS Global Agribusiness. With effect from 01 January 2019, the denomination of Deutsche Asset Management S.A. has been changed to DWS Investments S.A.

Amendment of borrowing restrictions of the underlying fund of R12 DWS Global Agribusiness

Currently, the underlying fund of R12 DWS Global Agribusiness could borrow up to 10% of its net assets if the borrowing was temporary and the borrowing proceeds were not used for investment purposes.

With effect from 01 February 2019, the option to borrow will be less restricted and a borrowing of up to 10% of the underlying fund’s net assets shall be possible provided that such borrowing is temporary.

Reduction of maximum flat fee in relation to securities lending transactions, and reverse repurchase and repurchase agreement transactions of the underlying fund of R12 DWS Global Agribusiness

Currently, the management company may receive a maximum flat fee for initiating, preparing and implementing securities lending transactions and reverse repurchase agreements transactions of up to 40% of the income from these transactions.

With effect from 01 February 2019, the maximum flat fee the management company may receive will be reduced to one-third of the income from such transactions.

Should you have any questions regarding these changes, please contact International Funds & Investments.