Notification of changes to the underlying fund of R98 Janus Henderson Horizon China

20 March 2020

We are writing to you as your policy holds units in the Friends Provident International Limited (“Friends Provident International”) mirror fund named above.

We have been notified by Janus Henderson Investors (“The Company”) of the upcoming change of Co-Portfolio Manager of the underlying fund of R98 Janus Henderson Horizon China. This change will take effect from 28 August 2020 (the “Effective Date”).

Please see the below which has been taken directly from the investor letter provided by the Company:

"After 19 years at Janus Henderson, Charlie Awdry (Co-Portfolio Manager of the China Opportunities Fund/Horizon China Fund) has decided to take a career break. Charlie will leave the firm on 28 August and will be available to help with the transition of his responsibilities in the interim period.

May Ling Wee will assume the role of lead fund manager on the Janus Henderson China Opportunities Fund which she has managed, alongside Charlie, since 2015. Andrew Gillan, Head of Asia (ex-Japan) and Alex Crooke, Co-Head of Equities, will continue to have strategic input into the fund.

The investment process will remain unchanged as May Ling has co-managed the fund for the last 4 years with Charlie.

We are at final stages of a recruitment search to appoint a Co-Portfolio Manager on the fund to support May Ling and the China portfolio managers are supported by a team of 5 investment analysts and 4 other regional portfolio managers covering China and Asian markets."

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