Prepared for professional clients only

Citywire Alternative Ucits Retreat28-30 November 2012

Any views and opinions expressed within are those of the investment adviser, unless otherwise stated

A multi-boutique Investment management model encompassing investment skills of world class specialist asset managers

Total AUM US$1.4 trillion1

Institutional grade asset management, innovation and market leading intelligence

Each asset manager has its own proprietary investment processes

No ‘house view’ is imposed: there is no overall Chief Investment Officer

Each asset manager retains complete investment autonomy

An entrepreneurial, focused approach is encouraged

Each asset manager focuses solely on investment management

A great breadth and depth of expertise in every major asset class and sector

More than 275 institutional asset management product offerings

2

BNY Mellon Investment Management

1 As at 30 September 2012

BNY Mellon Investment ManagementOur world class specialist asset managers

3

1 AUM for The Alcentra Group, 2 A division of The Dreyfus Corporation, 3 Minority Owned, 4 AUM for The Newton Group, 5 WestLB Mellon Asset Management is wholly owned by the Bank of New York Mellon Corporation after the buyout of the remaining 50% of the 50:50 joint venture with WestLB AG in October 2012.Provisional AUM has been provided by each asset manager as at 30 September 2012. Total AUM, provided by the Bank of the New York Mellon Corporation, includes the asset managers outlined in this presentation as well as BNY Mellon Wealth Management, Ankura Capital and external data.

Global sub-investment grade debt asset management

US$15.1bn1

Brazilian multi-strategy; long/short; equity and fixed income strategies

US$6.4bn

Money market funds; full array of short duration strategies

US$321.6bn

Greater China capital market specialist

US$296mn

Active fundamental equity manager; core, growth & value styles; U.S., global and

world ex-domestic marketUS$42.3bn

Fund of hedge funds; non-proprietary manager of managers

US$4.8bn

Asian equities management

US$1.8bn

Leader in liability driven investment, fixed income, multi-asset, absolute return

style and specialist equity solutionsUS$302.2bn

Global multi-asset solutions and strategies ranging from indexing to

alternatives US$258.9bn

Active equity and bond, multi-asset, real-return and income solutions within a

global thematic frameworkUS$79.1bn4

Currency risk management; absolute return style strategies

US$40.1bn

Multi-strategy private equity investing; direct investment and fund-of-funds

US$10.4bn

Award-winning global, emerging markets and regional fixed income solutions

specialistUS$103.6bn

U.S. & Global real estate investment management

US$7.4bn

Global equity investment management

US$55.4bn

European fixed income and equities

US$29.5bn

2

3

3

5

Total AUM US$1.4 trillion

Colm McDonagh

FOR PROFESSIONAL CLIENTS ONLY, NOT TO BE DISTRIBUTED TO RETAIL CLIENTS

THIS DOCUMENT SHOULD NOT BE REPRODUCED IN ANY FORM WITHOUT PRIOR WRITTEN APPROVAL

A smoother path to long-term growth through an innovative approach to emerging market debt

5P3187

Insight Investment

• Autonomous asset manager owned by BNY Mellon

• Currently responsible for €225bn of assets

• Reputation for excellence in:

– active fixed income

– liability risk management

– active multi-asset and absolute return

• Highly-rated by leading investment consultants:

– ranked number one in investments for fixed income management in the Greenwich Associates 2011 survey

– ranked number one in investments for LDI in the Greenwich Associates 2011 survey

– ranked number one overall for LDI with UK consultants in the Greenwich Associates Survey 2012¹

Insight assets under management

Data as at 30 June 2012¹ Ranked first equalConstant exchange rate used as at 30 June 2012 as per BNYM TreasuryInsight’s assets under management are represented by the value of cash securities, liability benchmarks, and other economic exposure managed for clientsExcludes previous parent introduced assets prior to 2009

32 38 40 4557 68

90109

134

208225

0

25

50

75

100

125

150

175

200

225

250

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Q22012

€bn

6P3187

Insight emerging market debt

Colm McDonaghHead of Emerging Market Debt

7P3187

Absolute versus long only

What Insight believes

• Not all countries are improving at the same time, at the same rate

• Being structurally long risk in EM local rates makes little sense if real rates are negative

• Flexibility to determine the best risk/reward between external debt and local currency debt, is essential

• Active currency management is better than no management

• Timing of allocation is a key driver for long only strategies, that is significantly reduced for Absolute strategies

• Risk management is a central driver of portfolio construction

Source: Bloomberg, Insight. Data as at 15 November 2012

EM Bond Index long term performance charts

0

100

200

300

400

500

600

700

800

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

Inde

x le

vel (

reba

sed

to 1

00)

EMBIGD - External debtGBI-EM GD - local market (UNHEDGED)CEMBI BD - External corporate

8P3187

Emerging market asset class is actually a composition of many risks

Source: Insight. Data as at 31 August 2012

External sovereign debt total return: decomposition Local sovereign debt total return: decomposition

-40.0

-30.0

-20.0

-10.0

0.0

10.0

20.0

30.0

40.0

50.0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 YTD¹

%

Carry UST Spread Residual Return

-15.0

-10.0

-5.0

0.0

5.0

10.0

15.0

20.0

25.0

30.0

2003 2004 2005 2006 2007 2008 2009 2010 2011 YTD¹

%

Carry FX Yield Compression Return

US Treasury risk? Currency risk?

9P3187

Traditional investor considerations

• Timing allocation: key to investment experience

• Cyclical market (spread compression/ correction): at what point of the cycle do you allocate?

• Sub-asset allocation: local/external/currency?

– Mex USD 10yr: 2.53%

– Mex Govt 10yr: 5.39%

– Mex CDS: 105bp

– USD/MXN: 13.20

• Liquidity: varying levels

• Long only, across entire investment universe, makes little sense

Source: Bloomberg, Insight. Data as at 31 October 2012.

EM External government debt yield pickup to UST

Real rates

Mex USD 10yr

Mex Govt 10yr

Mex CDS

USD/MXN

10P3187

Growth of an asset classDepth and diversity increasing

Source: Bloomberg. Data as at 31 December 2011.

Growth in EM share of global currency turnover:Growth in total debt outstanding

Daily average turnover

11P3187

Impact of quantitative easing (‘QE’) on emerging market debt

Source: Insight and Bloomberg. As at 31 August 2012

EM currency move from July 2008 to November 2012

12P3187

Return driven primarily by yield

Changes in index yields

• External government debt -74bp

• Corporate debt -74bp

• Corporate HY debt +33bp

• Local government debt -39bp

Current yields

• External government debt 4.6%

• Corporate debt 4.86%

• Corporate HY debt 7.84%

• Local government debt 5.82%

Source: Insight and Bloomberg. As at September 2012

EM return drivers since the start of QE2November 2010 to September 2012

-15

-10

-5

0

5

10

15

Government debt Corporate debt Local currencydebt

Corporate HY

% re

turn

Carry Yield compression FX

13P3187

Outlook for 2013Behaviour will not be uniform across all asset classes

• Wide dispersion in performance, search for yield to continue (further compression from sub IG names)

• Developed markets want to depreciate versus EM currencies, and by implication reduce EM current account surpluses

• EM policy mix becomes more unorthodox to prevent excessive capital inflows, protect against higher inflation, and insulate consumers/ companies from currency volatility

• Bank deleveraging means more bond issuance, which at present is met by supportive QE environment

• Policy effectiveness, or lack thereof, has increasing political implications

¹ Source: Insight and Bloomberg as at 25 September 2012

02468

10121416

Investment grade High Yield High Beta

%

Govt Debt Corporate Local

EM yields (simple average)

14P3187

Absolute Insight Emerging Market Debt Fund

• Targets absolute returns

– captures returns and manages downside risks

• ‘Best ideas’ portfolio with long and short exposures

• Launched 2007, AUM US$ 600+ million (over $1.5bn in total Absolute EM strategies)

• Investment universe is “go anywhere” across emerging markets:

– local government

– external government

– local corporate

– external corporate

– CDS/IRS

– Currency

Fund facts

• Daily dealing

• Fees: 1% annual management charge plus 10% performance fee payable only once the return is ahead of cash

• Minimum investment: £3,000

• UCITS structure

• USD, EUR and GBP share classes

15P3187

Absolute Insight Emerging Market Debt FundPortfolio performance and statistics

Source: Insight and Bloomberg, as at 31 October 2012Indices: External government = JPM EMBI GD; Local government = JPM GBI EM GD (unhedged, USD)* Annualised return since 28 February 2007. Since inception volatility based on bi-monthly pricing points¹ To end 30 September 2012 and priced monthlyInsight fund returns are gross of fees and in sterling terms. Index returns are in local currency termsPast performance is not a guide to future performance

Return (%)

Volatility (%)

Return (%)

Volatility (%)

Sharpe ratio

Return (%)

Volatility (%)

Sharpe ratio

Return (%)

Volatility (%)

Sharpe ratio

Return (%)

Volatility (%)

Sharpe ratio

Return (%)*

Volatility (%)

Sharpe ratio

Absolute Insight Emerging Market Debt Fund 11.8 2.8 1.0 3.2 0.1 10.5 3.1 3.2 29.9 3.9 7.4 -11.9 7.2 -2.4 6.8 5.9 0.7

JPMorgan EMBI GD 15.3 3.2 7.3 4.6 1.4 12.2 4.5 2.6 29.8 5.2 5.5 -12.0 14.0 -1.3 9.3 8.4 0.8

JPMorgan GBI-EM 12.7 9.6 -1.8 10.9 -0.2 15.7 9.9 1.5 22.0 12.9 1.6 -5.2 16.5 -0.6 10.2 11.9 0.7

HFR Global Hedge Fund index 2.2 2.3 -8.9 3.9 -2.5 4.7 3.0 1.4 13.2 3.0 4.0 -23.3 6.8 -4.3 -2.3 6.3 -0.7

HFR Total EM index¹ 3.1 n/a -5.9 9.7 -0.7 17.1 11.2 1.5 24.0 6.9 3.5 -25.1 14.2 -2.2 4.0 11.0 0.1

Since inception2011 2009 20082010YTD

16P3187

Absolute Insight Emerging Market Debt FundAims to capture some upside, protect downside

• Portfolio construction of longs and shorts can lower volatility, and reduce “allocation timing risk”

• “Best ideas” approach (not influenced by benchmark exposures and weightings)

• Risk aversion episodes offer large opportunities for those with cash

How is it done?

• Derivatives allow hedging and/or outright short positions

• Flat position, when appropriate

• Manage risk closely

Historic fund positioning

Data as at 30 September 2012

-60

-40

-20

0

20

40

60

80

100

Jul-0

9A

ug-0

9S

ep-0

9O

ct-0

9N

ov-0

9D

ec-0

9Ja

n-10

Feb-

10M

ar-1

0A

pr-1

0M

ay-1

0Ju

n-10

Jul-1

0A

ug-1

0S

ep-1

0O

ct-1

0N

ov-1

0D

ec-1

0Ja

n-11

Feb-

11M

ar-1

1A

pr-1

1M

ay-1

1Ju

n-11

Jul-1

1A

ug-1

1S

ep-1

1O

ct-1

1N

ov-1

1D

ec-1

1Ja

n-12

Feb-

12M

ar-1

2A

pr-1

2M

ay-1

2Ju

n-12

Jul-1

2A

ug-1

2S

ep-1

2

%

Historic Cash Position (%) Historic Short Position (%) Historic Long position (%)

17P3187

Investment teamExtensive resources and experience

Specialisation Name Pre insight Insight Industry start dainsight start date Total At Insight Pre-InsightHead of Fixed Income Adrian Grey 7.20 17.97 1 Aug 1987 10 Oct 1994 22 15 7Portfolio Managers Colm McDonagh 12.18 3.90 1 Sep 1996 1 Nov 2008 13 1 12

Rodica Glavan 7.01 5.82 01/12/1999 01/12/2006 11 3 8Robert Simpson 0.07 6.35 01/09/2005 28/09/2005 4 4 0

Analyst Oliver Williams 2.61 0.71 01/06/2009 09/01/2012 4 4 0Wider team Gareth Colesmith 0.00 14.10 24 Aug 1998 24 Aug 1998 12 12 0Head of Credit Alex Veroude 9.84 5.24 1 Sep 1997 1 Jul 2007 13 3 10Credit Strategy Praveen Telang 2.16 1.57 1 Jan 2009 1 Mar 2011 19 7 12Analysts David Averre 16.67 7.41 1 Sep 1988 1 May 2005 15 5 10

Cathy Braganza 18.30 0.03 1 Jun 1994 13 Sep 2012Charles-Henri Boivin 5.76 1.73 1 Apr 2005 4 Jan 2011 5 0 5Simon Cooke 0.00 1.06 5 Sep 2011 5 Sep 2011Jeremy Deacon 18.51 2.24 1 Jan 1992 30 Jun 2010 10 0 10Uli Gerhard 13.84 1.07 1 Nov 1997 1 Sep 2011Shaheer Guirguis 6.84 5.07 1 Nov 2000 1 Sep 2007 9 2 7Alex Moss 13.18 10.91 1 Sep 1988 1 Nov 2001 16 8 8Eleanor Price 11.63 5.62 1 Jul 1995 12 Feb 2007 15 3 12Tristan Teoh 5.94 0.38 1 Jun 2006 8 May 2012 15 0 14Lionel Trigalou 3.21 11.70 1 Nov 1997 15 Jan 2001 12 9 3Anna Stevens 0.00 5.99 1 Oct 2006 1 Oct 2006 3 3 0Sunil Patel 0.00 4.07 1 Sep 2008 1 Sep 2008 1 1 0Robert Sawbridge 0.00 3.40 1 Sep 2008 1 Sep 2008 3 3 0Ranbir Singh Lakhpuri 6.08 5.41 1 Apr 2001 1 May 2007 9 3 6Lorraine Specketer 4.67 5.24 1 Nov 2002 1 Jul 2007 7 3 5

Product Specialists Emma Du Haney 21.18 3.82 1 Oct 1987 1 Dec 2008 22 1 21April LaRusse 16.68 4.07 1 Jan 1992 1 Sep 2008 18 1 17Alison Arthurs 2.25 5.07 1 Jun 2005 1 Sep 2007 5 2 2Monique Carter 3.50 5.24 1 Jan 2004 1 Jul 2007

Dealers Paul Rochester 20.76 5.07 1 Dec 1986 1 Sep 2007 23 2 21Paul Sharp 12.93 15.99 1 Nov 1983 4 Oct 1996 26 13 13Angie Hart 0.01 17.07 1 Sep 1995 4 Sep 1995 14 14 0Joe Hazelwood 10.84 2.24 1 Sep 1999 30 Jun 2010 8 0 8

0 5 10 15 20 25 30 35Years' experience

Insight

Pre insight

As at September 2012

18P3187

Investment processUniverse of instruments to access the best ideas

Derivatives

CDS and CDX to hedge or to take active risksInterest rate swaps to take views on rising or falling rates or bond yields

Local government

Brazilian government in BRL

External corporate

Corporate bonddenominated in foreign currency

i.e. Cemex in USD

EM currencies to hedge or as active position

CurrencyExternal government

Govt bond denominated in foreign currency

i.e. Brazil govt in USD

Corporate bond denominated in the local currency

i.e. Gazprom in Rubles

Local corporate

• Six ways to best express views in the Fund

• Proprietary models used to value instruments by country e.g. yield curves, historic spreads, CDS versus cash basis

• Some external quantitative models used (Autobahn, and JPM DataQuery)

19P3187

Multi dimensional risk framework

TradingRisk controlPortfolio monitoring

ThinkFolio& ARA

EM Cross-asset

Stop-loss proceduresEM Risk Metrics

• We use a blend of market-leading external and internal proprietary systems for managing portfolio risk

• Country “risk” bucket

• Stop-loss review

• Single EM currency 10% NAV

20P3187

UCITS structure: can it work?

Cayman

• Typically multiple leverage

• Investors have limited liquidity

• Large range of investment instruments (private deals, distressed, structures)

• Higher fees

UCITS

• VaR versus commitment approach

• Daily liquidity pros and cons

• Balance sheet treatment of swaps/CDS

• Dublin versus Luxembourg

21P3187

Summary

Outlook 2013 asset performance to be far more diverse than previous years

Financial repression has created some distortions, that may unwind

Approach The fund contains the best ideas across the emerging market universe and is structured to share in market upside while limiting the downside risk

USP Good performance with low volatility:

– strength of investment process

– strong risk controls

– key beneficiary of the Insight’s fixed income investment framework

Benchmark 3 month USD Libid

Team Colm McDonagh, Rodica Glavan, Robert Simpson and Oliver Williams

Fund assets $593m

Total EMD assets $2,206m

As at 31 October 2012

Appendix

23P3187

Insight emerging market debt team

Colm McDonagh – Head of Emerging Fixed IncomeColm joined Insight in October 2008 as Head of Emerging Market Fixed Income. Prior to Insight, Colm was a partner at Hydra Capital Management Ltd, an emerging market fixed income boutique he joined in January 2006, where he managed both alternative and traditional emerging market strategies. He was Head of Global Emerging Market Debt at Aberdeen Asset Management until November 2005, responsible for total return and income funds for institutional and retail clients. He has invested across the entire spectrum of the asset class including government, corporate, local currency and defaulted instruments. Colm began his investment career as an Emerging Market Eurobond trader in 1996 at Bank of America. He graduated with a Bachelor of Business and Legal Studies honours degree in Finance and Law from University College Dublin.

Rodica Glavan – Portfolio Manager, Fixed IncomeRodica joined Insight as an emerging market debt portfolio manager in December 2006. Before joining Insight, she worked at Schroder Investment Management Limited (Schroders), London for two years managing emerging markets for their global portfolios. Rodica started her career in 1999 as a sovereign analyst for emerging markets at Schroders in New York. Rodica holds a BBA degree in Economics and Finance from University of Alaska Anchorage, USA. She also holds the Investment Management Certificate from the UK Society of Investment Professionals, and speaks four languages.

Robert Simpson – Portfolio Manager, Fixed IncomeRobert joined Insight in September 2005 as part of the graduate trainee programme. He initially spent time with the institutional business development team and in December 2005 transferred to the fixed income team to take up a role assisting in the management of emerging market debt portfolios. Robert holds a BSc honours degree in Pharmacology and a Masters in Finance and Economics, both from the University of Manchester. Robert holds the Investment Management Certificate from the CFA Society of the UK and is also a CFA Charterholder.

Oliver Williams – Analyst, Fixed IncomeOliver joined Insight in January 2012 as a Graduate within the Fixed Income Group assisting the Emerging Market Debt Team in all activities required for the daily management of all emerging market funds. Prior to joining Insight, Oliver worked as a Performance Analyst at UBS Global Asset Management. He holds a BSc honours degree in Mathematical Sciences from the University of Bath.

24P3187

Fund characteristics

Credit rating split¹

Data as at 31 October 2012¹ Gross weight

Regional spilt

Data as at 31 October 2012

AAA - AA-12.8%

A+ - BBB+18.2%

BBB - BBB-28.5%

BB+ - BB-18.6%

B+ - B-20.8%

CCC+ - D1.1%

24.9%

30.2%

14.1%

5.7%

-4.3%

-8.7%

-4.3%

-23.3%-30%

-20%

-10%

0%

10%

20%

30%

40%

Latam Europe MiddleEast/Africa

Asia Index

Long Short

25P3187

Investment processIdea generation

External government CDS External

corporateLocal government Currency

26P3187

Risk framework and key internal risk limits

Exposure internal limits

• Gross exposure 200% NAV

• Net exposure 100% NAV

DV01 limits

• +/- 500 at portfolio level

• +/- 150 per country

Currency exposure internal limits (gross)

• Single emerging market currency 10% NAV

Diversification measures

• Each country generally represents a separate ‘risk bucket’

• Limits apply on risk at individual country level and at aggregate portfolio level

Stop-loss mechanisms

• Stop-loss review triggers apply to each country risk bucket

• 3% monthly stop-loss applies at aggregate portfolio level

• 2% stop think

Internal limits are set by the Absolute Return Investment Committee (ARIC) and may be subject to change from time to time

Name and title Telephone Email

Hilary Lopez +44 (0) 20 7163 3854 hilary.lopez@bnymellon.com

Mark McPartlin +44 (0) 20 7163 3855 mark.mcpartlin@bnymellon.com

Paul Eady, Client Services +44 (0) 20 7163 3856 paul.eady@bnymellon.com

Meena Banwatt, Marketing +44 (0) 20 7163 2877 meena.banwatt@bnymellon.com

27

BNY Mellon Investment ManagementSpecialist Investments

Please note that telephone calls may be recorded for monitoring and training purposes.

This is a financial promotion for Professional Clients and distributors only. This is not intended as investment advice. Past performance is not a guide to future performance. The value of investments and the income from them is not guaranteed and can fall as well as rise due to stock market and currency movements. When you sell your investment you may get back less than you originally invested. You should read the Prospectus and Key Investor Information Document (KIID) for each fund in which you want to invest. The Prospectus and KIID can be found at www.insightinvestment.com. All information relating to Insight Investment Management (Global) Limited (Insight) and Absolute Insight Emerging Market Debt Fund has been prepared by Insight for presentation by BNY Mellon Asset Management International Limited (BNYMAMI). Any views and opinions contained in this document are those of Insight as at the date of issue; are subject to change and should not be taken as investment advice. BNYMAMI and its affiliates are not responsible for any subsequent investment advice given based on the information supplied. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation and may also be used as a generic term to reference the corporation as a whole or its various subsidiaries. All rankings based on worldwide assets under management for The Bank of New York Mellon Corporation as at 31 December 2010, unless otherwise stated. Provisional AUM has been provided by each investment manager as at 30 Spetember2012. Total AUM, provided by the Bank of the New York Mellon Corporation, includes the investment managers outlined in this presentation as well as BNY Mellon Wealth Management, Ankura Capital and external data. The Bank of New York Mellon Corporation holds over 90% of the parent holding company of Alcentra group, 90% of The Boston Company Asset Management, LLC, a 19.9% minority interest in The Hamon Investment Group Pte Limited, the parent company of Blackfriars Asset Management Limited, Hamon Asset Management Limited and HamonAsian Advisors Limited, through which Hamon offers investment services in the US, a 20% minority interest in Siguler Guff & Company LLC and certain related entities and owns 100% of WestLB Mellon Asset Management. BNY Mellon Beta & Transition Management is a division of The Bank of New York Mellon, a wholly-owned banking subsidiary of The Bank of New York Mellon Corporation. BNY Mellon Cash Investment Strategies is a division of The Dreyfus Corporation. AUM outlined for Newton represents the aggregate AUM of the following affiliated companies: Newton Investment Management Limited, Newton Capital Management Limited, Newton International Investment Management Limited and Newton Fund Managers (CI) Limited. BNY Mellon ARX is the brand used to represent the Brazilian investment capabilities of BNY Mellon ARX Investimentos Ltda. This document may not be used for the purpose of an offer or solicitation in any jurisdiction or in any circumstances in which such offer or solicitation is unlawful or not authorised.This document should not be published in hard copy, electronic form, via the web or in any other medium accessible to the public, unless authorised by BNYMAMI to do so. No warranty is given as to the accuracy or completeness of this information and no liability is accepted for errors or omissions in such information. Absolute Insight Emerging Market Debt Fund is a sub-fund of Absolute Insight Funds p.l.c., an ICVC with segregated liability between sub funds incorporated in Ireland under registered number 431087 and authorised by the Central Bank of Ireland. IIFM is the Investment Manager and Distributor. The sub-investment manager and Administrative Support Provider of the sub-funds is IIMG.

The Fund may not be registered for sale in all markets. This document is issued in the UK and in mainland Europe (excluding Germany) by BNY Mellon Asset Management International Limited. BNY Mellon Asset Management International Limited, BNY Mellon Centre, 160 Queen Victoria Street, London EC4V 4LA. Registered in England No. 1118580. Authorised and regulated by the Financial Services Authority.

In Germany, this document is issued by WestLB Mellon Asset Management KapitalanlagegesellschaftmbH, which is regulated by the Bundesanstalt für Finanzdienstleistungsaufsicht. WestLB Mellon Asset Management is wholly owned by The Bank of New York Mellon Corporation. If WestLB Mellon Asset Management Kapitalanlagegesellschaft (WMAM KAG) receives any rebates on the management fee of investment funds or other assets, WMAM KAG undertakes to fully remit such payment to the investor, or the Fund, as the case may be. If WMAM KAG performs services for an investment product of a third party, WMAM KAG will be compensated by the relevant company. Typical services are investment management or sales activities for funds established by a different investment management company. Normally, such compensation is calculated as a percentage of the management fee of the respective fund, calculated on the basis of such product’s fund volume managed or distributed by WMAM KAG. The amount of the management fee is published in the prospectus of the respective fund. Any compensation paid to the WMAM KAG does not increase the management fee of the relevant fund. A direct charge to the investor is prohibited. The information given herein constitutes information within the meaning of § 31 sub-section 2 WpHG (German Securities Trading Act). In Dubai, United Arab Emirates, this document is issued by the Dubai branch of The Bank of New York Mellon, which is regulated by the Dubai Financial Services Authority.If this document is used or distributed in Hong Kong, it is issued by BNY Mellon Asset Management Hong Kong Limited, whose business address is Level Suites 1201 - 05, Level 12, Three Pacific Place, 1 Queen's Road East, Hong Kong. BNY Mellon Asset Management Hong Kong Limited is regulated by the Hong Kong Securities and Futures Commission and its registered office is at 6th floor, Alexandra House, 18 Chater Road, Central, Hong Kong.In Singapore, this document is issued by The Bank of New York Mellon, Singapore Branch for presentation to professional investors. The Bank of New York Mellon, Singapore Branch, One Temasek Avenue, #02-01 Millenia Tower, Singapore 039192. Regulated by the Monetary Authority of Singapore. In Singapore, this document is to be distributed to Institutional Investors (as defined in the Securities and Futures Act, Chapter 289 of Singapore) only.

Unless otherwise stated, BNY Mellon Asset Management International Limited and all investment managers contained within are ultimately owned by The Bank of New York Mellon Corporation.ICVC and unit trust investments should not be regarded as short-term and should normally be held for at least five years.

CP9236-22-11-2012(1W)

Important information

28