Changes to the underling fund of P69 BlackRock Sustainable Energy

Changes to the investment objectives and policies of the underlying fund of P69 BlackRock Sustainable Energy

To maximise total return by investing globally at least 70% of the Fund’s total assets in the equity securities of sustainable energy companies. Sustainable energy companies are those which are engaged in alternative energy and energy technologies including: renewable energy technology; renewable energy developers; alternative fuels; energy efficiency; enabling energy and infrastructure.

The Fund will not invest in companies that are classified in the following sectors (as defined by Global Industry Classification Standard): coal and consumables; oil and gas exploration and production; and integrated oil and gas. The assessment of the level of engagement in each activity or sector may be based on percentage of revenue, a defined total revenue threshold, or any connection to a restricted activity regardless of the amount of revenue received. The companies are rated by the Investment Adviser based on their ability to manage the risks and opportunities associated with alternative energy and energy technologies and their environmental, social and governance ("ESG") risk and opportunity credentials, such as their leadership and governance framework, which is considered essential for sustainable growth, their ability to strategically manage longer-term issues surrounding ESG and the potential impact this may have on a company's financials.

The Fund adopts a "best in class" approach to sustainable investing. This means that the Fund selects the best issuers (from an ESG perspective) for each relevant sector of activities (without excluding any sector of activities). More than 90% of the issuers of securities the Fund invests in are ESG rated or have been analysed for ESG purposes.

The Investment Adviser believes that the Fund’s investment policy is broadly consistent with SDG7 and SDG13 of the United Nations Sustainable Development Goals (SDG), though the SDGs do not form part of the investment selection criterion or objective of the Fund.

In assessing whether a security or issuer is a sustainable energy company, the Investment Adviser will take into account a range of data sources, including but not limited to proprietary and purchased research, external ESG ratings, and engagement with the issuers.

The Fund may also invest in emerging markets (such as Brazil, South Africa and South Korea). Subject to applicable regulatory restrictions and internal guidelines, the remaining 30% may be invested in financial instruments of companies or issuers of any size in any sector of the economy globally such as equity securities consistent with the Fund’s objective and cash.

The Fund may also invest in emerging markets (such as Brazil, South Africa and South Korea). Subject to applicable regulatory restrictions and internal guidelines, the remaining 30% may be invested in financial instruments of companies or issuers of any size in any sector of the economy globally such as equity securities consistent with the Fund’s objective and cash.

The Fund’s exposure to contingent convertible bonds is limited to 5% of its total assets.

The Fund may use derivatives for hedging, efficient portfolio management and investment purposes.

The Fund may use derivatives for investment purposes and for the purposes of efficient portfolio management. Any ESG rating or analyses referenced above will apply only to the underlying securities of derivatives used by the Fund.

The Fund is actively managed. The Investment Adviser has discretion to select the Fund’s investments and is not constrained by any benchmark in this process.

In the opinion of the Investment Adviser, the MSCI All Countries World Index (MSCI ACWI) is a fair representation of the Fund’s investment universe and should be used by investors to compare the performance of the underlying fund of the Affected Investment-linked Fund. The MSCI ACWI measures the performance of large and mid-capitalisation stocks across developed and emerging markets countries.

The weighted average ESG rating of the Fund will be higher than the ESG rating of the MSCI ACWI after eliminating at least 20% of the least well-rated securities from the index.