Changes to Portfolio Management Team of the underlying fund of M84 Franklin US Government

31 July 2019

Friends Provident International Limited (“Friends Provident International”) has been notified by Franklin Templeton Investments (“The Company”) of upcoming changes to the portfolio management team of the underlying fund of M84 Franklin US Government. These changes will become effective from 15 October 2019 (the “Effective Date”).

The Company have confirmed:

“The adjustments to portfolio management assignments are focused on aligning portfolio managers responsible for the day-to-day management of the portfolios as well as recognizing the inclusion of quantitative insights into the investment process. This also represents a shift to a team-based approach in which portfolio managers have shared responsibility for management of their respective portfolios.

Portfolio management changes to existing strategies are focused on adding members to already well-established investment teams, bolstering the management of these portfolios. Many of these investment professionals have already been involved in the day-to-day management of the portfolios.”

Please see the table below for the portfolio management team changes of the underlying fund of M84 Franklin US Government, before and with effect from the Effective Date.

Portfolio Management Team before the Effective Date	Portfolio Management Team with effect from the Effective Date
Roger Bayston Paul Varunok	Paul Varunok Neil Dhruv * *The addition of Neil Dhruv will be effective from 22 October 2019, pending board approval.

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