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Change of Objective - Schroder ISF Asian Bond Absolute Return Fund

The board of directors of the Schroder International Selection Fund has decided to amend the investment objective and to change the methodology for calculating the global risk exposure of the Schroder ISF Asian Bond Absolute Return Fund with effect from 2 April 2012.

The amended investment objective will be as follows (the amendment is indicated in bold type):


"To provide an absolute return of capital growth and income primarily through investment in a portfolio of bonds and other fixed and floating rate securities issued by governments, government agencies, supra-national and corporate issuers in Asia excluding Japan. As part of its primary objective, the Fund also has the flexibility to implement long and short active currency positions either via currency forwards or via the above instruments."


The current Annual Management Charge will remain unchanged.


For full details of the changes please see the Schroder notification opposite.


A client communication has been issued to all Preference, Kudos, Prosper, Quantum, Paragon, Oracle and LifePlan policyholders, or appointed investment advisers, affected by the changes with a copy to their servicing financial adviser. Sample letters can be viewed opposite.