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4 Schroder ISF - Global Multi-Asset Income A Acc 施羅德環球基金系列 - 環球股債收息 A 類股份累積單位 As at 截至 29/06/2018 Important Information 重要事項 The fund invests primarily in equity and equity related securities, fixed income securities and alternative asset classes. For share classes with a general dividend policy, expenses will be paid out of capital rather than out of gross income. The amount of distributable income therefore increases and the amount so increased may be considered to be dividend paid out of capital. Share classes with a fixed dividend policy may pay out both income and capital in distributions. Where distributions are paid out of capital, this amounts to a return or withdrawal of part of your original investment or capital gains attributable to that and may result in an immediate decrease in the net asset value of shares. The fund invests in debt securities which may be subject to interest rate, credit and counterparty risks. The fund may invest in unrated and non-investment grade securities which are exposed to greater credit risks. The fund may invest in mortgage related and other asset backed securities that may be subject to interest rate, credit, valuation and liquidity risks. The fund's active management of currency positions may result in losses if the strategy/technique is not successful. The fund may use derivatives to meet its investment objective but does not intend to use derivatives extensively for investment purposes. Derivatives exposure may involve higher counterparty, liquidity and valuation risks. In adverse situations, the fund may suffer significant losses from their derivative usage for hedging. You should not make any investment decision solely based on this document. Please read the relevant offering document carefully for further fund details including risk factors. 基金主要投資於股本和股本相關證券 定息證券和另類資產類別 一般股息政策的股份類別, 支出將從資本而並非總收入中支付, 可分派收入因此增加, 而增加的部份可被視為從資本中支付的股息 定息政策的股份類別, 其股息可能同時由收入及資本中支付 從資本中支付的派息相當於從閣下原本投資的金額中, 或從該等金額賺取的資本收益中退回或提取部份款項, 可能導致每股資產淨值即時下跌 基金投資於債務證券或承受利率 信貸及交易對手方風險 基金可投資於未獲評級和不具投資級別的證券而承受較大的信貸風險 基金可投資於按揭相關及其他資產抵押證券而承受利率 信貸 估值和流動性風險 基金可因為其積極管理貨幣持倉策略 / 技巧不成功而引致虧損 基金可投資於金融衍生工具以達致投資目標, 但無意為投資目的而大量運用金融衍生工具 運用金融衍生工具可涉及較高的對手方 流通性及估值的風險 在不利的情況下, 基金可能會因為使用金融衍生工具作對沖之用而承受重大虧損 閣下不應僅倚賴本文件而作出任何投資決定 請詳閱有關銷售文件以得悉基金之詳情包括風險因素 Investment Objective 投資目標 The fund aims to provide an income distribution of 5% per annum and capital growth over a market cycle by investing in a diversified range of assets and markets worldwide. The fund aims to provide a volatility (a measure of how much the fund s returns may vary over a year) of between 5-7% per annum. 基金旨在通過投資於一系列多元化的環球資產和市場, 以提供每年 5% 的派息收入和在一個市場週期內的資本增值 基金旨在提供每年 5-7% 的波動性 ( 計算一年內基金回報可變化多少 ) Cumulative Performance 累積表現 (%) YTD Fund 基金 (%) Fund 基金 3 Mths 1 Yr 3 個月 1 年 年初至今 Geographical Breakdown 地區資產分佈 (%) North America 北美 Emerging Markets 新興市場 Europe 歐洲 UK 英國 8.73 Asia Pacific Asia Pacific 3.40 Japan 日本 2.83 Others 其他 3.04 Industry Breakdown 行業資產分佈 (%) Government 政府 Diversified Financials 多元化金融服務 Energy 能源 7.31 Consumer Discretionary 非必需消費品 6.47 Info. Technology 資訊科技 5.05 Health Care 健康護理 4.92 Telecom. services 電訊服務 4.37 Consumer Staples 基本消費品 4.28 Others 其他 Cash & Cash Equivalents 現金及現金等值 Yrs 3 年 5 Yrs 5 年 Annual Return 基金總回報 (%) Since Launch 自設立日起 Fund 基金 Top Holdings 主要投資 (%) United States Treasury 5.5% 15/08/ United States Treasury 4.75% 15/02/ United States Treasury 5% 15/05/ United States Treasury 4.375% 15/02/ United States Treasury 4.5% 15/05/ United States Treasury 4.5% 15/02/ United States Treasury 6.25% 15/05/ United States Treasury 6.125% 15/08/ United States Treasury 5.25% 15/11/ United States Treasury 6.125% 15/11/ Asset Class 資產分佈 (%) Equity 股票 US High Yield 美國高收益債券 EM USD Sovereign 新興市場美元主權債券 Government Bonds 政府債券 7.73 US Investment Grade 美國投資級別債券 5.87 EM Local Currency 新興市場當地貨幣債券 5.76 EM USD Corporates 新興市場美元企業債券 5.47 Securitised Debt 證券化債務 4.43 Others 其他 8.71 Cash & Income 現金及收益 9.06 Key Information 基金資料 Unit NAV 單位資產淨值 Hi/Lo (Past 12 mths) 最高 / 最低 ( 過去十二個月 ) Annualised Return (3 yrs) 年度回報率 (3 年 ) Annualised Volatility (3 yrs) 年均相對波幅 (3 年 ) Beta (3 yrs) 貝他 (3 年 ) Sharpe Ratio (3 yrs) 夏普比率 (3 年 ) USD ( 美元 ) USD / ( 美元 ) 1.54% 4.65% N/A 0.02 Initial Charge up to 首次認購費上限 5.00% Management Fee 管理年費 1.25% p.a. Fund Manager 基金經理 Launch Date 推出日期 Fund Size 資產值 (million 百萬元 ) Financial Year End 財政年度結算日 Schroders InvestLink Code 施羅德資訊通 編號 Share Class Available 可認購單位類別 A Acc - USD (A 類累積 - 美元 ) A Dis - USD (A 類收息 - 美元 ) A Acc - HKD (A 類累積 - 港元 ) A Dis - HKD (A 類收息 - 港元 ) A Dis - AUD Hedged (A 類收息 - 澳元對沖 ) A Acc - EUR Hedged (A 類累積 - 歐元對沖 ) A Dis - EUR Hedged (A 類收息 - 歐元對沖 ) A Acc - GBP Hedged (A 類累積 - 英鎊對沖 ) A Dis - GBP Hedged (A 類收息 - 英鎊對沖 ) Distribution Frequency 派息次數 N/A M N/A M M N/A Q N/A M TM èmorningstar Rating 晨星星號評級 Aymeric Forest & Team 04/12 USD3, ( 美元 ) 31/ Bloomberg Ticker 彭博代碼 SCHGMAA LX SCHGMIA LX SCHAHKA LX SCHAHKI LX SCGMAUD LX SCGMAHA LX SCGMAHI LX SCHAHAG LX SCGMAGD LX ISIN CODE ISIN 號碼 LU LU LU LU LU LU LU LU LU Schroder International Selection Fund is referred to as Schroder ISF. Source : Schroders. NAV-NAV in USD with net income re-invested. The Fund size quoted includes all classes of the Fund. Investment involves risks. Past performance is not indicative of future performance. Please refer to the relevant offering documents for fund details including risk factors. This material, including the website, is issued by Schroder Investment Management (Hong Kong) Limited and has not been reviewed by the SFC. Distribution Frequency: M = Monthly; Q = Quarterly; S = Semi-annual; A = Annual; N/A = Not applicable èmorningstar, Inc. All Rights Reserved. Morningstar Rating (TM) as at 29/06/2018. 資料來源 : 施羅德投資 基金表現以資產淨值價 ( 美元 ) 計算, 收益再投資 本基金之資產值已涵蓋其所有類別 投資涉及風險 過往表現未必可作日後業績的準則 詳情 ( 包括風險因素 ) 請參閱有關銷售文件 本文件及網站由施羅德投資管理 ( 香港 ) 有限公司刊發並未受香港證監會檢閱 派息次數 : M = 每月 ; Q = 每季 ; S = 每半年 ; A = 每年 ; N/A = 不適用 èmorningstar 版權所有 晨星星號評級數據截至 29/06/2018 Download the offering documents here 從此處下載銷售文件

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6 施羅德環球基金系列可變資本投資有限公司 5, rue Höhenhof, L-1736 Senningerberg Grand Duchy of Luxembourg 電話 : 傳真 : 此乃重要函件, 務請閣下垂閱 閣下如對本函件的內容有任何疑問, 應尋找獨立專業顧問的意見 施 羅德環球基金系列的董事就本函件所載資料之準確性承擔全部責任, 並在作出一切合理查詢後確認, 盡其所知所信, 本函件並無遺漏足以令本函件的任何陳述具誤導成分的其他事實 親愛的股東 : 施羅德環球基金系列 ( 本公司 ) 貨幣對沖股份類別 本公司為其子基金 ( 各基金 ) 提供各種貨幣的股份, 以協助股東管理其所承擔的匯率變動風險 考慮到為貨幣對沖股份類別提供貨幣對沖服務所涉及的成本及努力, 本公司董事會已決定自 2018 年 3 月 30 日起 ( 生效日期 ), 就所有貨幣對沖股份類別徵收年率最高達每股資產淨值 0.03% 的費用 ( 對沖費 ) 對沖費將支付給提供貨幣對沖服務的本公司管理公司 Schroder Investment Management (Luxembourg) S.A.( 管理公司 ) 各基金貨幣對沖股份類別的全年經常性開支比率會因徵收對沖費而增加 請參閱本函附錄, 以了解各基金 貨幣對沖股份類別估計的全年經常性開支比率 各基金所有其他主要特點, 包括應向各基金收取的其他費用及各基金的風險概況將維持不變 徵收對沖費 將不會導致管理各基金的營運及 / 或方式發生任何變動, 亦不會對現有股東的權利或利益造成重大損害 本公司的香港發售文件 ( 包括發行章程, 香港說明文件及產品資料概要 ) 將在適當時間修訂, 以反映上述 變更 香港發售文件可於 1 免費索取, 或向本公司位於香港金鐘道 88 號太古廣 場二座 33 字樓的香港代表人, 施羅德投資管理 ( 香港 ) 有限公司 ( 代表 ) 要求查閱 我們希望在此等更改後, 閣下仍將選擇投資於各基金的貨幣對沖股份類別, 但如閣下有意在生效日前將閣 2 下在各基金的持股贖回或轉換至本公司獲證券及期貨事務監察委員會 ( 證監會 ) 認可子基金的非貨幣對沖股份類別, 則閣下可於 2018 年 3 月 29 日 ( 包括該日 ) 下午 5 時正 ( 香港時間 ) 交易截止時間前任何時間進行有關贖回或轉換 我們將根據本公司發行章程的條款免費執行閣下的贖回或轉換指示, 惟在 1 該網站未經證監會審閱 2 證監會的認可並非對計劃作出推薦或認許, 亦非對計劃的商業利弊或其業績表現的保證 證監會的認可不表示計劃適合所有投資者, 或認許計 劃適合任何特定投資者或某類別投資者 R.C.S. Luxembourg B For your security telephone conversations may be recorded

7 第 2 頁, 共 6 頁 某些國家, 當地付款代理人 往來銀行或類似代理人可收取交易費用 當地代理人亦可實施一個較上述 時間為早的當地交易截止時間, 故請與該等代理人確定, 以確保閣下的指示可於 2018 年 3 月 29 日下午 5 時正 ( 香港時間 ) 交易截止時間前送抵在香港的代表 作出此等更改的費用, 包括監管及股東通訊的費用將由管理公司承擔 閣下如有任何疑問或需要更多資料, 請聯絡閣下常用的專業顧問或代表 ( 地址為香港金鐘道 88 號太古廣 場二座 33 字樓 ) 或致電施羅德投資熱線電話 (+852) 查詢 Cord Rodewald 授權簽署 Alastair Woodward 授權簽署 謹啟 2018 年 2 月 28 日

8 第 3 頁, 共 6 頁 附錄 基金股份類別現時全年經常性估計全年經常性開支比 開支比率 3 率 ( 反映徵收對沖費 ) 4 亞洲債券 A 類別 ( 歐元對沖累積 ) 1.62% 1.65% A1 類別 ( 歐元對沖累積 ) 2.02% 2.05% A1 類別 ( 歐元對沖收息 ) 2.02% 2.05% A 類別 ( 英鎊對沖收息 ) 1.62% 1.65% 亞洲股息 A 類別 ( 歐元對沖收息 ) 1.97% 2.00% A 類別 ( 澳元對沖收息 ) 1.97% 2.00% A1 類別 ( 歐元對沖收息 ) 2.47% 2.50% 亞幣債券 A 類別 ( 歐元對沖收息 ) 1.26% 1.29% 亞洲總回報 A 類別 ( 歐元對沖累積 ) 1.87% 1.90% 新興市場 A 類別 ( 歐元對沖累積 ) 1.88% 1.91% A 類別 ( 澳元對沖累積 ) 1.88% 1.91% 新興市場債券 A 類別 ( 歐元對沖收息 ) 1.87% 1.90% A 類別 ( 歐元對沖累積 ) 1.87% 1.90% A1 類別 ( 歐元對沖累積 ) 2.27% 2.30% A1 類別 ( 歐元對沖收息 ) 2.27% 2.30% A 類別 ( 英鎊對沖收息 ) 1.87% 1.90% A 類別 ( 澳元對沖累積 ) 1.87% 1.90% A1 類別 ( 澳元對沖收息 ) 2.27% 2.30% 新興市場股債收息 A 類別 ( 歐元對沖收息 ) 1.66% 1.69% A 類別 ( 澳元對沖收息 ) 1.66% 1.69% 歐元企業債券 A 類別 ( 歐元對沖累積 ) 1.05% 1.08% A 類別 ( 美元對沖累積 ) 1.05% 1.08% 歐元股票 A 類別 ( 美元對沖累積 ) 1.85% 1.88% A 類別 ( 英鎊對沖累積 ) 1.85% 1.88% 歐洲股息 A 類別 ( 美元對沖收息 ) 1.87% 1.90% 歐洲小型公司 A 類別 ( 美元對沖累積 ) 1.87% 1.90% 3 全年經常性開支比率是根據截至 2017 年 6 月 30 日的半年度年率化費用計算, 每年均可能有所變動 4 全年經常性開支比率為估計數字, 是根據截至 2017 年 6 月 30 日的半年度年率化費用 ( 經調整以反映生效日期起對沖費的徵收 ) 計算 實際數 字可能與此估計數字不同, 每年均可能有所變動 為免生疑問, 對沖費將不會超過年率每股資產淨值 0.03%

9 第 4 頁, 共 6 頁 環球債券 A 類別 ( 歐元對沖收息 ) A 類別 ( 歐元對沖累積 ) A1 類別 ( 歐元對沖累積 ) A1 類別 ( 歐元對沖收息 ) A 類別 ( 美元對沖累積 ) 環球城市房地產股票 # A 類別 ( 歐元對沖累積 ) A1 類別 ( 歐元對沖累積 ) 環球氣候變化策略 A 類別 ( 歐元對沖累積 ) A1 類別 ( 歐元對沖累積 ) 環球企業債券 A 類別 ( 歐元對沖收息 ) A 類別 ( 歐元對沖累積 ) A1 類別 ( 歐元對沖累積 ) A1 類別 ( 歐元對沖收息 ) A 類別 ( 澳元對沖累積 ) A1 類別 ( 澳元對沖收息 ) 環球信貸存續期對冲 A 類別 ( 美元對沖收息 ) A 類別 ( 美元對沖累積 ) A1 類別 ( 美元對沖累積 ) 環球收息債券 A 類別 ( 澳元對沖收息 ) A 類別 ( 歐元對沖累積 ) A 類別 ( 歐元對沖收息 ) A 類別 ( 英鎊對沖收息 ) 環球股息 A 類別 ( 歐元對沖收息 ) A 類別 ( 歐元對沖累積 ) A1 類別 ( 歐元對沖收息 ) A 類別 ( 澳元對沖收息 ) 環球能源 A 類別 ( 歐元對沖累積 ) 環球股票 A 類別 ( 澳元對沖累積 ) 環球黃金 A 類別 ( 歐元對沖累積 ) A 類別 ( 英磅對沖收息 ) 環球高收益 A 類別 ( 歐元對沖收息 ) 0.95% 0.98% 0.95% 0.98% 1.50% 1.53% 1.50% 1.53% 0.95% 0.98% 1.86% 1.89% 2.36% 2.39% 1.87% 1.90% 2.37% 2.40% 1.05% 1.08% 1.05% 1.08% 1.50% 1.53% 1.50% 1.53% 1.05% 1.08% 1.50% 1.53% 1.09% 1.12% 1.09% 1.12% 1.54% 1.57% 1.49% 1.52% 1.49% 1.52% 1.49% 1.52% 1.49% 1.52% 1.86% 1.89% 1.86% 1.89% 2.36% 2.39% 1.86% 1.89% 1.86% 1.89% 1.63% 1.66% 1.88% 1.91% 1.88% 1.91% 1.30% 1.33% # 本基金並非獲證監會根據 房地產投資信託基金守則 認可的基金

10 第 5 頁, 共 6 頁 A 類別 ( 歐元對沖累積 ) A1 類別 ( 歐元對沖累積 ) A1 類別 ( 歐元對沖收息 ) A 類別 ( 澳元對沖收息 ) A1 類別 ( 澳元對沖收息 ) 環球通貨膨脹連繫債券 A 類別 ( 美元對沖累積 ) A1 類別 ( 美元對沖累積 ) 環球股債收息 A 類別 ( 歐元對沖收息 ) A 類別 ( 歐元對沖累積 ) A1 類別 ( 歐元對沖累積 ) A1 類別 ( 歐元對沖收息 ) A 類別 ( 英鎊對沖收息 ) A 類別 ( 英鎊對沖累積 ) A 類別 ( 澳元對沖收息 ) 環球持續增長 A 類別 ( 歐元對沖累積 ) A 類別 ( 歐元對沖收息 ) 日本股票 A 類別 ( 歐元對沖累積 ) A1 類別 ( 歐元對沖累積 ) A 類別 ( 美元對沖累積 ) A1 類別 ( 美元對沖累積 ) 日本優勢 A 類別 ( 歐元對沖累積 ) A1 類別 ( 歐元對沖累積 ) A 類別 ( 美元對沖累積 ) A1 類別 ( 美元對沖累積 ) 日本小型公司 A 類別 ( 歐元對沖累積 ) A 類別 ( 美元對沖累積 ) 環球計量精選價值 A 類別 ( 歐元對沖累積 ) 策略債券 A 類別 ( 歐元對沖收息 ) A 類別 ( 歐元對沖累積 ) 1.30% 1.33% 1.75% 1.78% 1.75% 1.78% 1.30% 1.33% 1.75% 1.78% 0.95% 0.98% 1.50% 1.53% 1.58% 1.61% 1.58% 1.61% 2.08% 2.11% 2.08% 2.11% 1.58% 1.61% 1.58% 1.61% 1.58% 1.61% 1.69% % % % % 1.63% 2.35% 2.38% 1.60% 1.63% 2.35% 2.38% 1.86% 1.89% 2.36% 2.39% 1.86% 1.89% 2.36% 2.39% 1.87% 1.90% 1.87% 1.90% 1.60% 1.63% 1.30% 1.33% 1.30% 1.33% 5 全年經常性開支比率為估計數字, 是根據截至 2017 年 6 月 30 日的半年度年率化費用 ( 經調整以反映 2017 年 11 月 2 日起管理費的降低 ) 計算 實際數字可能與此估計數字不同, 每年均可能有所變動 6 全年經常性開支比率為估計數字, 是根據截至 2017 年 6 月 30 日的半年度年率化費用 ( 經調整以反映 2017 年 11 月 2 日起管理費的降低及生效 日期起對沖費的徵收 ) 計算 實際數字可能與此估計數字不同, 每年均可能有所變動 為免生疑問, 對沖費將不會超過年率每股資產淨值 0.03%

11 第 6 頁, 共 6 頁 A1 類別 ( 歐元對沖累積 ) A1 類別 ( 歐元對沖收息 ) A 類別 ( 英鎊對沖收息 ) 英國股票 A 類別 ( 歐元對沖累積 ) A 類別 ( 美元對沖累積 ) 美元債券 A 類別 ( 歐元對沖收息 ) A 類別 ( 歐元對沖累積 ) A1 類別 ( 歐元對沖收息 ) A 類別 ( 英鎊對沖收息 ) 美國大型股 A 類別 ( 歐元對沖累積 ) A1 類別 ( 歐元對沖累積 ) 美國中小型股票 A 類別 ( 歐元對沖累積 ) A1 類別 ( 歐元對沖累積 ) 1.75% 1.78% 1.75% 1.78% 1.30% 1.33% 1.60% 1.63% 1.60% 1.63% 0.95% 0.98% 0.95% 0.98% 1.50% 1.53% 0.96% 0.99% 1.60% 1.63% 2.35% 2.38% 1.85% 1.88% 2.35% 2.38%

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13 產品資料概要施羅德環球基金系列 - 環球股債收息 發行人 :Schroder Investment Management (Luxembourg) S.A 年 7 月 本概要提供本基金的重要資料, 是銷售文件的一部分 請勿單憑本概要作投資決定 資料便覽 管理公司 : Schroder Investment Management (Luxembourg) S.A. 投資經理 : Schroder Investment Management Limited( 英國, 內部委任 ) 存管處 : J.P. Morgan Bank Luxembourg S.A. 全年經常性開支比率 *: A 類別 ( 澳元對沖收息 ) 1.60% A 類別 ( 港元累積 ) 1.60% A 類別 ( 歐元對沖累積 ) 1.60% A 類別 ( 港元收息 ) 1.59% A 類別 ( 歐元對沖收息 ) 1.60% A 類別 ( 美元累積 ) 1.60% A1 類別 ( 歐元對沖累積 ) 2.10% A 類別 ( 美元收息 ) 1.59% A1 類別 ( 歐元對沖收息 ) 2.10% A1 類別 ( 美元累積 ) 2.09% A 類別 ( 英鎊對沖累積 ) 1.60% A1 類別 ( 美元收息 ) 2.09% A 類別 ( 英鎊對沖收息 ) 1.60% A 類別 ( 人民幣對沖收息 ) 1.60% 交易頻密程度 : 基本貨幣 : 派息政策 : 每日 美元 A A1 和 D 累積股份類別 - 不會派發股息, 但會將股息再投資於基金 A A1 和 D 收息股份類別 - 董事會一般可酌情決定是否作出任何派息, 惟採取 固定派息政策的收息股份類別須受下文的披露規定 派息可從資本中扣除, 從而減低基金的資產淨值 1

14 施羅德環球基金系列 - 環球股債收息 就採取固定派息政策的收息股份類別而言, 每股派息金額計算如下 : 派息率 全年派息次數 於紀錄日的每股資產淨值 採取固定派息政 策的收息股份類別的詳情載於下文 : 固定收息股份類別 貨幣 全年派息次數 派息率 A 類別 ( 美元收息 ) 美元 每月 (12 次 ) 每年 5.0% A1 類別 ( 美元收息 ) 美元 每月 (12 次 ) 每年 5.0% A 類別 ( 英鎊對沖收息 ) 英鎊 每月 (12 次 ) 每年 5.0% A 類別 ( 港元收息 ) 港元 每月 (12 次 ) 每年 5.0% A 類別 ( 人民幣對沖收息 ) 人民幣 每月 (12 次 ) 每年 5.0% 投資者應注意, 正派息收益率並不意味正回報 董事會將定期檢討固定收息股 份類別及保留作出更改的權利 財政年終結日 : 最低投資額 : 12 月 31 日 A A1 和 D 股份類別 : 首次投資 -1,000 歐元或 1,000 美元 ( 或其等值 ); 額外 認購 -1,000 歐元或 1,000 美元 ( 或其等值 ) * 全年經常性開支比率是根據截至 2017 年 12 月 31 日的年度費用計算, 每年均可能有所變動 註 : 截至本文件日期, 本基金的 D 類股份並不向香港公眾發售 本基金是什麼產品? 基金為施羅德環球基金系列旗下的一項子基金, 施羅德環球基金系列以互惠基金形式在盧森堡成立, 監管機構為盧森 堡金融業管理局 (Commission de Surveillance du Secteur Financier) 目標及投資策略投資目標基金旨在通過投資於一系列多元化的環球資產和市場, 以提供每年 5% 的派息收入和在一個市場週期內的資本增值 基金旨在提供每年 5-7% 的波動性 ( 計算一年內基金回報可變化多少 ) 儘管基金旨在提供每年 5% 的派息收入, 基金不保證就收息股份類別能達致此派息率 投資政策基金將最少三分之二的資產直接或間接通過衍生工具投資於股本和股本相關證券 定息證券和另類資產類別 由於基金不受指數約束, 故此不會參考指數來管理 基金可將超過 50% 的資產投資於低於投資級別的 ( 定息和浮息 ) 證券 ( 按標準普爾評級為信貸評級低於投資級別, 或其他信貸評級機構的任何同等級別的證券 ), 及未獲評級的證券 基金可將超過 50% 的資產投資於新興市場債務 ( 定息和浮息 ) 證券 基金可投資的另類資產類別包括房地產 基建 私募股權 商品 貴金屬和另類投資基金 基金可將最多 10% 的資產投資於開放式投資基金 基金的資產抵押證券和按揭抵押證券將不會超過淨資產的 20% 2

15 施羅德環球基金系列 - 環球股債收息 投資經理現時無意將基金超過 10% 的資產淨值投資於任何單一國家發行或保證, 但信貸評級低於投資級別的證券 基金可經滬港股票市場交易互聯互通機制及深港股票市場交易互聯互通機制 ( 統稱 互聯互通機制, 詳述於香港說明文件標題為 互聯互通機制 一節 ) 直接投資於中國 A 股 基金亦可透過投資於金融工具 ( 例如中國市場連接產品 ) 以及透過合格境外機構投資者或人民幣合格境外機構投資者持有的額度, 投資於連接中國的其他基金, 尋求間接投資於中國 A 股 基金目前不擬 (i) 經互聯互通機制將超過基金資產淨值的 5% 投資於中國 A 股及 (ii) 將基金資產淨值的 10% 或以上直接及間接投資於中國 A 股及中國 B 股 基金可投資於任何國家 ( 包括新興市場國家 ) 地區或行業的資產淨值的有關部分並不受任何限制 基金對於其可投資的公司的市值不受任何限制 基金可投資於貨幣市場工具和持有現金 在特殊情況下 ( 例如 : 股災或重大危機 ), 基金可暫時將其最多 100% 的資產淨值投資於諸如銀行存款 存款證 商業票據及國庫券等流動資產作現金流管理 金融衍生工具的運用基金可為達致投資增益 減低風險或更有效地管理基金, 運用長倉和短倉的金融衍生工具 ( 包括總回報掉期 ) 如基金運用總回報掉期及差價合約, 總回報掉期及差價合約的相關投資為基金依照投資目標和投資政策可以投資的工具 具體而言, 總回報掉期及差價合約可被用於取得股本和股本相關證券 定息和浮息證券及商品指數的長倉和短倉 對總回報掉期及差價合約的總投資將不超過資產淨值的 30%, 並且預期維持在資產淨值的 0% 至 20% 內 在特定情況下, 該比例可能更高 金融衍生工具可透過 ( 包括但不限於 ) 貨幣 房地產 基建和商品投資於一系列廣泛的資產類別 該等金融衍生工具包括但不限於場外交易及 或交易所買賣的期權 期貨 認股證 掉期 遠期合約, 及 或以上組合 然而, 基金無意為投資目的而大量運用金融衍生工具 本基金有哪些主要風險? 投資涉及風險 請參閱銷售文件, 了解風險因素等資料 1. 股票投資風險基金於股本證券的投資, 須承受股票市值可跌可升的風險 影響股價的因素很多, 例如投資情緒 政治環境和經濟環境的改變 發行商特定因素 區域性或環球性的經濟不穩 貨幣和利率的浮動 如股價下跌, 基金的資產淨值亦可能受負面影響 3

16 施羅德環球基金系列 - 環球股債收息 2. 有關投資於債務證券的風險 - 信貸和對手方風險 - 投資於債務證券承受發行商的信貸 / 違約風險, 可能對證券的結算造成不利影響 - 利率風險 - 投資於基金承受利率風險 一般來說, 利率下跌時債務證券的價格會上升, 而利率上升則價格會下跌 - 低於投資級別和未獲評級的債務證券 - 投資於低於投資級別或未獲評級的定息證券, 與擁有較高評級證券相比, 一般承受較高程度的對手方風險 信貸風險 波動性風險 流動性風險和本金及利息虧損的風險 - 信貸評級風險 - 由信貸評級機構給予的信貸評級受若干限制, 不可在所有時間保證證券和 / 或發行商的信譽 - 信貸評級被降低的風險 - 債務證券或其發行商的信貸級別可能在後來被降級 當被降級, 基金的價值可能受負面影響 基金經理未必即時出售該等證券, 基金或會因而承受額外損失的風險 - 流動性和波動性風險 - 未上市 未獲評級或未有活躍交易的證券的流動性偏低和波動性偏高 該等證券的價格或會承受波動 該等證券的買賣差價或會偏高, 基金在出售該等工具時可能會產生重大的交易成本, 甚至可能蒙受損失 - 估值風險 - 對基金的投資進行的估值或涉及含糊和主觀的決定 假如該等估值原來是不正確的, 可能影響基金的資產淨值計算 3. 主權債務風險基金投資於若干發展中國家和已發展國家的政府或其代理發行或保證的債務可能承受政治 社會及經濟風險 政府機構如期償還到期本金和利息的能力或意願受多種因素影響 當政府機構對其主權債務違約, 主權債務持有人 ( 包括基金 ) 或會被要求參與該等債務重組, 額外借款給相關政府機構 基金可能在該等事件中蒙受重大損失 4. 新興和較落後市場的風險 - 基金可投資於新興和較落後市場 投資於新興和較落後市場涉及的風險較投資於已發展國家的證券為高, 例如擁有權及保管權風險 政治和經濟風險 市場及結算風險 流動性及波動風險 法律及監管風險 執行及交易對手方風險 貨幣風險, 以及潛在匯出投資收入和資金的風險 基金的每股資產淨值亦可能負面地受影響, 投資者繼而蒙受損失 - 此外, 非居民收取利息和資本增益的課稅在新興和較落後市場之間亦有差異, 在某些情況可能相對性較高 稅法和程序定義亦可能較為模糊, 該法律可能容許稅務有追溯效力 基金可需繳交當地稅項, 而此等稅項在進行投資活動或資產估值時未有計算入內 4

17 施羅德環球基金系列 - 環球股債收息 5. 按揭相關及其他資產抵押證券資產抵押證券可能非常不流通, 並易於出現大幅價格波動 此等工具或須較其他債務證券承受較高的信貸 流動性及利率風險 資產抵押證券通常面臨延遲和預付風險及未能履行與相關資產有關的支付責任之風險, 可能對證券的回報造成不利影響 6. 金融衍生工具基金可投資於金融衍生工具以達致特定投資目標 不保證該等金融衍生工具的表現會為該基金帶來正面影響 投資於金融衍生工具或須承受高度的資本虧損風險 涉及金融衍生工具的風險包括信貸風險和對手方風險 流動性風險 估值風險 波動性風險 場外交易市場交易風險, 以及對沖風險 金融衍生工具的槓桿元素 成份可導致虧損顯著多於基金投資於金融衍生工具的金額 基金不保證市場能提供理想的對沖工具, 或對沖技術可以達到預期效果 在不利的情況下, 基金使用的對沖工具可能無效, 並可能因而蒙受重大虧損 7. 集中地理地區 基金投資於集中地理地區或會承受較投資於採用較多元化的投資組合 策略的基金為高的風險 基金的價值可能較容易受影響著相關地理地區的不利經濟 政治 政策 外匯 流動性 稅務 法律或監管事件所影響 8. 小型公司風險 相對其他基金, 投資於小型公司的基金價值波動可能較大, 以及可能比投資於大型公司更容易受不利發展所影響 在跌市時, 小型公司的證券會變得流動性較低, 價格可於短期內大幅波動, 且買賣差價大 9. 有關派息的風險 - 就採取一般派息政策的收息股份類別而言, 支出將從資本 ( 非收入 ) 中支付, 可分派收入因此而增加, 而增加的部份可被視為從資本中支付的股息 資本增長將減慢, 在低資本增長時期或會出現資本侵蝕 - 採取固定派息政策的收息股份類別將基於一個固定金額或每股資產淨值的一個固定百分比派息 因此, 派發固定股息之股份類別, 其股息款項可能同時由收入及資本中支付, 或未必將股份類別賺到的大部份投資收入完全派發 - 投資於採取固定派息政策的收息股份類別不是儲蓄帳戶或定息派付投資的替代選擇 採取固定派息政策的收息股份類別所支付的派息百分比與此等股份類別或有關基金的預期或過往收入或回報並不相關 因此, 派息可高於或低於已實際變現的收入及回報 - 採取固定派息政策的收息股份類別將繼續在有關基金錄得負回報或虧損的期間派息, 此舉將進一步減少有關採取固定派息政策的收息股份類別的資產淨值 在極端情況下, 投資者未必能取回原本的投資額 5

18 施羅德環球基金系列 - 環球股債收息 - 投資者應注意, 正派息收益率並不意味正回報 此外, 採取固定派息政策的收息股份類別並不分派固定金額, 而不變的百分比會導致當有關採取固定派息政策的收息股份類別的資產淨值偏高時, 絕對派息將會較高, 以及當有關採取固定派息政策的收息股份類別的資產淨值偏低時, 絕對派息將會較低 - 閣下應注意從資本中支付的派息, 即相當於從閣下原本投資的金額中, 或從該等金額賺取的任何資本收益中退回或提取部份款項, 所以, 該等派息可能導致每股資產淨值即時下跌 - 貨幣對沖股份類別的參考貨幣與基金的基本貨幣的利率差別可能對貨幣對沖股份類別的派息及資產淨值造成不利影響, 導致從資本中支付的派息增加, 使資本被侵蝕的程度較其他非貨幣對沖股份類別為高 10. 有關對沖股份類別的風險 - 對於股份類別之管理公司可將該等股份類別的股份全部對沖基金貨幣的情況下, 將不會考慮基金組合內進行的貨幣投資或貨幣對沖交易 貨幣對沖股份類別之目的以減少股份類別和基金基本貨幣之間匯率浮動之影響, 就基金之投資提供業績回報 然而, 基金運用之對沖策略不保證一定有效 - 當進行該類對沖時, 此種對沖的影響將反映於資產淨值, 從而反映於該種股份類別的表現 同樣, 由於該等對沖交易而引致的任何開支將由開支所涉及的股份類別承擔 - 懇請注意, 參考貨幣相對於有關基金貨幣的價值不論下跌或上升, 均可訂立該等對沖交易, 因此當進行有關對沖, 即可大幅保障有關股份類別投資者避免基金貨幣相對參考貨幣的價值下跌, 惟亦會限制投資者享有基金貨幣升值之利 - 進行貨幣對沖不保證能完全消除就參考貨幣的貨幣風險 11. 貨幣風險資產和股份類別可以美元以外的貨幣為計算單位, 部分或會不能自由兌換 基金可能因持有證券的貨幣 股份類別參考貨幣和美元之間的匯率變動及匯率控制而遭受不利影響, 使基金所有股份類別承受匯率浮動和貨幣風險 對於對沖該等外匯 / 貨幣風險, 基金或會難以或未能作出 12. 人民幣的貨幣風險及人民幣股份類別相關風險 - 人民幣現時不可自由兌換, 須遵守外匯管制政策及限制 - 無法保證人民幣不會貶值 人民幣的任何貶值可負面地影響投資者於以人民幣定值股份類別的投資價值 6

19 施羅德環球基金系列 - 環球股債收息 - 人民幣股份類別參考境外人民幣 ( CNH ) 而非境內人民幣 ( CNY ) 的價值計值 CNH 及 CNY 雖屬相同貨幣, 但以不同的利率交易 CNH 與 CNY 的任何分別可能負面地影響投資者 - 並非以人民幣為基本貨幣的投資者, 在投資人民幣股份類別時可能須將港幣或其他貨幣兌換為人民幣, 其後亦須將贖回人民幣所得款項及 / 或人民幣派息 ( 如有 ) 兌換為港幣或該等其他貨幣 因此視乎人民幣兌港幣或其他貨幣的匯率走勢而定, 投資者將須承擔貨幣匯兌成本並可能帶來損失 - 在極端市況下, 以人民幣支付贖回款項及 / 或派息可能因人民幣的外匯管制和限制而延遲 本基金過往的業績表現如何? 9% 6% 3% 0% -3% -6% -9% 7.4% 5.8% 5.5% 2.8% % 註 - 往績並非預測日後業績表現的指標 投資者未必能取回全部投資本金 - 基金業績表現以歷年末的資產淨值作為比較基礎, 股息會滾存再作投資 - 上述數據顯示基金的 A 類別 ( 美元累積 ) 總值在有關曆年內的升跌幅度 業績表現以美元計算, 當中反映出基金的持續費用, 但不包括基金可能向閣下收取的認購費及贖回費 - 如年內沒有顯示有關的業績表現, 即代表當年沒有足夠數據用作提供業績表現之用 - 基金發行日 : A 類別 ( 美元累積 ) 發行日 : 管理公司視 A 類別 ( 美元累積 )( 即以基金的基本貨幣計值的零售股份類別 ) 為基金的最適合代表股份類別 註 : 這些年度的業績表現乃在不再適用的情況下取得的 在這些年度, 基金出現重大變更, 即投資目標及政策變更和費用下調 本基金有否提供保證? 本基金並不提供任何保證 閣下未必能取回投資本金 7

20 施羅德環球基金系列 - 環球股債收息 投資本基金涉及哪些費用及收費? 閣下或須繳付的收費 基金股份交易或須繳付以下費用 費用 金額 股份類別 A A1 D 認購費 ( 首次認購費 ) 以認購總金額之 5.00% 為上限 以認購總金額之 4.00% 為上限 無 轉換費不多於轉換股份價值的 1.00% 贖回費 無 基金持續繳付的費用 以下收費將從基金總值中扣除, 閣下的投資回報將會因而減少 每年收費率 ( 佔基金總值百分比 ) 股份類別 A A1 D 管理費 1.25% 1.25% 1.25% 存管費不多於 0.005% 業績表現費 ( 表現費 ) 無 行政費不多於 0.25% 分銷費無 0.50% 1.00% 保管服務費不多於 0.3% 交易費用 ( 由存管處徵收 ) 每宗交易不多於 150 美元 會計及估值服務費不多於 0.015% 註 : 截至本文件日期, 本基金的 D 類股份並不向香港公眾發售 其他費用 閣下進行基金股份交易或須繳付其他費用 有關由基金繳付的費用, 請參閱銷售文件 8

21 施羅德環球基金系列 - 環球股債收息 其他資料 - 施羅德投資管理 ( 香港 ) 有限公司在基金每個交易日交易截止時間 ( 即香港時間下午 5 時正 ) 或之前直接或經配售商收妥的認購或贖回要求, 一般按隨後釐定的基金相關資產淨值執行 閣下作出認購或贖回指示前, 請向閣下的配售商查問其內部的交易截止時間, 因其交易截止時間可能會較基金的為早 - 列載所有可供認購之收息股份類別的派息次數和計算股息基準的股息一覽表, 以及採取 (i) 不固定派息政策或 (ii) 固定派息政策並從資本中支付股息之各收息股份類別過去 12 個月的股息成份 ( 即從資本和可分派淨收入支付派息的百份比 ), 可向施羅德投資管理 ( 香港 ) 有限公司索取及瀏覽施羅德網站 ( - 供香港投資者認購的其他股份類別的業績表現上載至網站 - 基金在每一交易日計算基金資產淨值及刊登股份價格, 並上載至網站 該網站未經證監會審閱 重要提示 閣下如有疑問, 應諮詢專業意見 證監會對本概要的內容並不承擔任何責任, 對其準確性或完整性亦不作出任何陳述 9

22 Important Information: 1. The fund invests primarily in equity and equity related securities, fixed income securities and alternative asset classes. 2. For share classes with a general dividend policy, expenses will be paid out of capital rather than out of gross income. The amount of distributable income therefore increases and the amount so increased may be considered to be dividend paid out of capital. Share classes with a fixed dividend policy may pay out both income and capital in distributions. Where distributions are paid out of capital, this amounts to a return or withdrawal of part of your original investment or capital gains attributable to that and may result in an immediate decrease in the net asset value of shares. 3. The fund invests in debt securities which may be subject to interest rate, credit and counterparty risks. The fund may invest in unrated and non-investment grade securities which are exposed to greater credit risks. 4. The fund may invest in mortgage related and other asset backed securities that may be subject to interest rate, credit, valuation and liquidity risks. 5. The fund s active management of currency positions may result in losses if the strategy/technique is not successful. 6. The fund may use derivatives to meet its investment objective but does not intend to use derivatives extensively for investment purposes. Derivatives exposure may involve higher counterparty, liquidity and valuation risks. In adverse situations, the fund may suffer significant losses from their derivative usage for hedging. You should not make any investment decision solely based on this document. Please read the relevant offering document carefully for further fund details including risk factors. Schroder ISF Global Multi-Asset Income Go global, enjoy multi-asset income opportunities beyond Asia 31 May, 2018

23 The Schroder ISF Global Multi-Asset Income offers you an investment choice to enjoy income^ as well as growth, from a globally diversified portfolio that primarily invests in high income bonds and high dividend yielding equities. The fund will draw on the rich experience and proven expertise of our investment teams who will actively manage the fund to maximise yield and total potential returns in all seasons. Why invest in the Schroder ISF Global Multi-Asset Income? Fixed payout of 5% p.a. (Applicable to A Dis share class USD/HKD/GBP Hedged. Dividend may be paid out of capital pay attention to important information 2 )^ With the primary objective of maximising sustainable yield, the fund intends to make a fixed payout of 5% per annum^. The payout will primarily come from a portfolio of global high income bonds and high dividend yielding equities, selected for the quality and reliability of their income. High dividend stocks are relatively attractive High dividend stocks offer investors not only a higher yield, but also better valuation and quality relative to the broad equity market. The more stable earnings and cash-flows of high dividend stocks also provide investors with better investment opportunities. In addition, despite the possibility of higher interest rates, political uncertainty is likely to put a cap on bond yields. As such, the demand for income is here to stay, providing long-term support for high dividend equity strategy over the medium to long-term. Characteristics Income Valuation Quality High dividend stocks are relatively more attractive than broad equity market Metric Dividend Yield Price-to-earnings + Return on Equity + Consensus FY1 Price-to-earnings Source: MSCI, FactSet, as of 29 March MSCI ACWI High Dividend Yield 3.8% 14.6x 17.7% MSCI AC World Index 2.4% 23.4x 17.3% Enjoy the growth of alternative assets The fund can invest in alternative assets such as infrastructure, preferred securities, property, mortgage-backed securities (MBS), asset-backed securities (ABS) and municipal bonds. These assets ensure diversification and improve sustainability of the fund s income, and offer potential growth for investors. Flexibility to invest in alternative assets Infrastructure Mortgage-backed Securities (MBS) Preferred Securities Asset-backed Securities (ABS) Property Municipal Bonds Active asset allocation to maximise yield and total returns The current asset allocation range in global high income bonds (20 90%), global high dividend yielding equities (10 50%), alternative assets (0 20%) and cash (0 20%) 1 gives the fund manager flexibility to achieve the fund s objective of achieving yield and maximising total returns during different phases of the economic cycle. We also implement active downside risk management aiming to protect the fund s value during volatile markets without sacrificing the income earned from the underlying assets. Allocation % Global Equities 10 50% A wide range of asset classes provide flexibility in asset allocation Global Bonds 20 90% 0 20% 0 20% Equities Bonds Alternative Assets Cash 1 The exact asset allocation may deviate from the range mentioned above without prior notice to investors, please refer to the relevant offering document for details. 1

24 Schroder ISF Global Multi-Asset Income Fund Features A Distribution share class offers a fixed payout^ (for details refer to table below) Capture growth potential through investment in high income bonds and high dividend yielding equities around the world Enjoy the growth of alternative assets Active asset allocation to manage risk Distribution Policy and Frequency Share Classes A Dis - USD A Dis - HKD A Dis - GBP Hedged A Dis - AUD Hedged A Dis - EUR Hedged A Acc - USD A Acc - HKD A Acc - EUR Hedged Share Classes ISIN Code Bloomberg Ticker LU SCHGMIA LX LU SCHAHKI LX LU SCGMAGD LX Fixed, 5% p.a. Monthly LU SCGMAUD LX Variable LU SCHGMAA LX N/A LU SCGMAHA LX N/A Distribution Policy LU SCGMAHI LX Variable LU SCHAHKA LX N/A A Acc - GBP Hedged LU SCHAHAG LX N/A Dividend Distribution Record^ A Dis - USD A Dis - HKD A Dis - GBP Hedged A Dis - AUD Hedged A Dis - EUR Hedged Geographical Breakdown Asset Type Distribution Per Share Distribution Frequency Fixed, 5% p.a. Monthly Fixed, 5% p.a. Monthly Price on Record Date Monthly Quarterly N/A N/A N/A N/A Last Record Date Upcoming Distribution Record Date of Distribution Share Classes Note: The distribution record date may subject to change. 30/05/ /05/ /05/ /05/ /03/ /06/ /07/ /08/2018 North America Emerging Markets Europe UK Asia Pacific ex-japan Japan Others Equity US High Yield EM Local Currency EM USD Sovereign Government Bonds EM USD Corporates Infrastructure Securitised Debt Others Cash & Income Weights (%) Weights (%) Top Holdings ExxonMobil 0.7 United States Treasury 4.375% 15/02/ United States Treasury 4.75% 15/02/ United States Treasury 4.5% 15/02/ United States Treasury 6.125% 15/08/ United States Treasury 5.5% 15/08/ United States Treasury 4.5% 15/05/ United States Treasury 5% 15/05/ United States Treasury 5.25% 15/11/ United States Treasury 6.25% 15/05/ Fund Performance Cumulative Performance (%) Fund Annual Return (%) Fund Key Information Fund Objective Unit NAV (Class A Acc) Hi / Lo (past 12 mths, Class A Acc) Fund Manager Launch Date Fund Size (Million) Initial Charge up to (Class A) Management Fee (Class A) Dealing Frequency Financial Year End YTD mth The fund aims to provide an income distribution of 5% per annum and capital growth over a market cycle by investing in a diversified range of assets and markets worldwide. The fund aims to provide a volatility (a measure of how much the fund s returns may vary over a year) of between 5-7% per annum. USD USD / Aymeric Forest & Team 18/04/2012 USD 4, % 1.25% p.a. Daily 31/12 The Fund Offers an Investment Choice for Investors Who wish to enjoy a fixed payout^ and long-term potential of capital appreciation look for active asset management that aims to maximise yield and total returns over an economic cycle are positive on the potential growth around the world 7.4 Weights (%) 21.4 Note: Investors should consider your own investment objective and risk tolerance level and seek independent professional advice. 1Yr Yrs 2.6 5Yrs Since Launch Schroder International Selection Fund is referred to as Schroder ISF. ^ In respect of AUD Hedged and EUR hedged distribution units, there is neither a guarantee that such distributions will be made nor will there be a target level of distribution payout. The manager will make distributions in respect of distribution units. The manager has the sole and absolute discretion to vary the rate and/or frequency of distributions, subject to one month s prior notice to the relevant unitholders. Distribution yield is not indicative of the return of the fund. Distributions may be paid from capital of the fund. Investors should note that where the payment of distributions are paid out of capital, this represents and amounts to a return or withdrawal of part of the amount you originally invested or capital gains attributable to that and may result in an immediate decrease in the value of units. For details of the distribution policy and frequency of all share classes, please refer to the Distribution Policy & Frequency table. All fund information as at 31/05/2018, Source: Schroders. Fund performance based on Class A Acc; NAV-NAV in USD with net income re-invested. The fund size quoted includes all classes of the fund. Investment involves risks. Past performance is not indicative of future performance. Please refer to the relevant offering documents for fund details including risk factors. This material, including the website, is issued by Schroder Investment Management (Hong Kong) Limited and has not been reviewed by the SFC. Management Company: Schroder Investment Management (Luxembourg) S.A., 5, rue Höhenhof, L-1736 Senningerberg, Grand Duchy of Luxembourg Supervisory Authority: Commission de Surveillance du Secteur Financier, 110, route d Arlon, L-2991 Luxembourg 2

25

26 Schroder International Selection Fund Société d Investissement à Capital Variable 5, rue Höhenhof, L-1736 Senningerberg Grand Duchy of Luxembourg Tel: Fax: IMPORTANT: This letter is important and requires your immediate attention. If you have any questions about the content of this letter, you should seek independent professional advice. The directors of Schroder International Selection Fund accept full responsibility for the accuracy of the information contained in this letter and confirm, having made all reasonable enquiries, that to the best of our knowledge and belief there are no other facts the omission of which would make any statement misleading. 28 February 2018 Dear Shareholder, Schroder International Selection Fund (the Company ) Currency Hedged Shares The Company offers shares in its sub-funds (the Funds ) in a range of currencies to assist Shareholders in managing their exposure to changes in exchange rates. Given the cost and effort involved in offering a currency hedging service on currency hedged Share Classes, the board of directors of the Company has decided to introduce a fee on all currency hedged Share Classes (the Hedging Charge ) of up to 0.03% per annum of the net asset value per share with effect from 30 March 2018 (the Effective Date ). The Hedging Charge will be payable to the Company's management company, Schroder Investment Management (Luxembourg) S.A. (the Management Company ), which provides the currency hedging service. The ongoing charge figures of the currency hedged Share Classes of the Funds will increase as a result of the introduction of the Hedging Charge. Please refer to the Appendix to this letter for the estimated ongoing charge figures of the currency hedged Share Classes of the Funds. All other key features of the Funds, including other fees chargeable in respect of the Funds and the risk profile of the Funds, will remain the same. The introduction of the Hedging Charge will not result in any change in the operation and/or manner in which the Funds are being managed and will not materially prejudice the rights or interests of the existing Shareholders. The Hong Kong offering documents of the Company (comprising the Prospectus, Hong Kong Covering Document and Product Key Facts Statements) will be revised in due course to reflect the above changes. The Hong Kong offering documents are available free of charge at 1 or upon request from the Hong Kong Representative of the Company, Schroder Investment Management (Hong Kong) Limited (the Representative ) at Level 33, Two Pacific Place, 88 Queensway, Hong Kong. We hope that you will choose to remain invested in the currency hedged Share Classes of the Funds following these changes, but if you wish to redeem your holding or to switch into a non-currency hedged Share Class of the Funds authorized by the Securities and Futures Commission ( SFC ) 2 before the Effective Date you may do so at any time up to and including the deal cut-off at 5:00 p.m. Hong Kong time on 29 1 This website has not been reviewed by the SFC. 2 SFC authorization is not a recommendation or endorsement of a scheme nor does it guarantee the commercial merits of a scheme or its performance. It does not mean the scheme is suitable for all investors nor is it an endorsement of its suitability for any particular investor or class of investors. R.C.S. Luxembourg B For your security telephone conversations may be recorded

27 Page 2 of 5 March We will execute your redemption or switch instructions in accordance with the provisions of the Company's Prospectus, free of charge, although in some countries local paying agents, correspondent banks or similar agents might charge transaction fees. Local agents might also have a local deal cut-off which is earlier than that described above, so please check with them to ensure that your instructions reach the Representative in Hong Kong before the deal cut-off at 5:00 p.m. Hong Kong time on 29 March Costs of making these changes including regulatory and shareholder communication costs will be borne by the Management Company. If you have any questions or would like more information, please contact your usual professional advisor or the Representative at Level 33, Two Pacific Place, 88 Queensway, Hong Kong or calling the Schroders Investor Hotline on (+852) Yours faithfully, Cord Rodewald Authorised Signatory Alastair Woodward Authorised Signatory

28 Page 3 of 5 Appendix Fund Share Classes Current ongoing charge figures over a year 3 Asian Bond Absolute Return Class A EUR Hedged Acc 1.62% 1.65% Class A1 EUR Hedged Acc 2.02% 2.05% Class A1 EUR Hedged Dis 2.02% 2.05% Class A GBP Hedged Dis 1.62% 1.65% Asian Dividend Maximiser Class A EUR Hedged Dis 1.97% 2.00% Class A AUD Hedged Dis 1.97% 2.00% Class A1 EUR Hedged Dis 2.47% 2.50% Asian Local Currency Bond Class A EUR Hedged Dis 1.26% 1.29% Asian Total Return Class A EUR Hedged Acc 1.87% 1.90% Emerging Markets Class A EUR Hedged Acc 1.88% 1.91% Class A AUD Hedged Acc 1.88% 1.91% Emerging Markets Debt Absolute Return Emerging Multi-Asset Income Class A EUR Hedged Dis 1.87% 1.90% Class A EUR Hedged Acc 1.87% 1.90% Class A1 EUR Hedged Acc 2.27% 2.30% Class A1 EUR Hedged Dis 2.27% 2.30% Class A GBP Hedged Dis 1.87% 1.90% Class A AUD Hedged Acc 1.87% 1.90% Class A1 AUD Hedged Dis 2.27% 2.30% Class A EUR Hedged Dis 1.66% 1.69% Class A AUD Hedged Dis 1.66% 1.69% EURO Corporate Bond Class A EUR Hedged Acc 1.05% 1.08% Class A USD Hedged Acc 1.05% 1.08% EURO Equity Class A USD Hedged Acc 1.85% 1.88% Class A GBP Hedged Acc 1.85% 1.88% European Dividend Class A USD Hedged Dis 1.87% 1.90% Maximiser * European Smaller Class A USD Hedged Acc 1.87% 1.90% Companies Global Bond Class A EUR Hedged Dis 0.95% 0.98% Class A EUR Hedged Acc 0.95% 0.98% Class A1 EUR Hedged Acc 1.50% 1.53% Class A1 EUR Hedged Dis 1.50% 1.53% Class A USD Hedged Acc 0.95% 0.98% Global Cities Real Estate Class A EUR Hedged Acc 1.86% 1.89% Estimated ongoing charge figures over a year taking into account the introduction of the Hedging Charge 4 3 The ongoing charges figure is based on the annualised expenses for the interim period ended 30 June This figure may vary from year to year. 4 The ongoing charges figure is an estimate based on the annualized expenses for the interim period ended 30 June 2017 with adjustments to reflect the introduction of the Hedging Charge with effect from the Effective Date. The actual figure may be different from this estimated figure and may vary from year to year. For the avoidance of doubt, the Hedging Charge will not exceed 0.03% per annum of the net asset value per share. The name Dividend Maximiser refers to the investment objective of the fund to enhance the fund dividend by generating extra income from selling covered call options on the underlying equity portfolio and this may reduce the potential capital growth and future income of the fund. It does not suggest that the manager would aim at seeking the highest possible dividends for the fund. The fund is not authorized by the SFC under the Code on Real Estate Investment Trusts.

29 Page 4 of 5 Global Climate Change Equity Class A1 EUR Hedged Acc 2.36% 2.39% Class A EUR Hedged Acc 1.87% 1.90% Class A1 EUR Hedged Acc 2.37% 2.40% Global Corporate Bond Class A EUR Hedged Dis 1.05% 1.08% Class A EUR Hedged Acc 1.05% 1.08% Class A1 EUR Hedged Acc 1.50% 1.53% Class A1 EUR Hedged Dis 1.50% 1.53% Class A AUD Hedged Acc 1.05% 1.08% Class A1 AUD Hedged Dis 1.50% 1.53% Global Credit Duration Hedged Class A USD Hedged Dis 1.09% 1.12% Class A USD Hedged Acc 1.09% 1.12% Class A1 USD Hedged Acc 1.54% 1.57% Global Credit Income Class A AUD Hedged Dis 1.49% 1.52% Class A EUR Hedged Acc 1.49% 1.52% Class A EUR Hedged Dis 1.49% 1.52% Glass A GBP Hedged Dis 1.49% 1.52% Global Dividend Maximiser * Class A EUR Hedged Dis 1.86% 1.89% Class A EUR Hedged Acc 1.86% 1.89% Class A1 EUR Hedged Dis 2.36% 2.39% Class A AUD Hedged Dis 1.86% 1.89% Global Energy Class A EUR Hedged Acc 1.86% 1.89% Global Equity Class A AUD Hedged Acc 1.63% 1.66% Global Gold Class A EUR Hedged Acc 1.88% 1.91% Class A GBP Hedged Dis 1.88% 1.91% Global High Yield Class A EUR Hedged Dis 1.30% 1.33% Class A EUR Hedged Acc 1.30% 1.33% Class A1 EUR Hedged Acc 1.75% 1.78% Class A1 EUR Hedged Dis 1.75% 1.78% Class A AUD Hedged Dis 1.30% 1.33% Class A1 AUD Hedged Dis 1.75% 1.78% Global Inflation Linked Bond Class A USD Hedged Acc 0.95% 0.98% Class A1 USD Hedged Acc 1.50% 1.53% Global Multi-Asset Income Class A EUR Hedged Dis 1.58% 1.61% Class A EUR Hedged Acc 1.58% 1.61% Class A1 EUR Hedged Acc 2.08% 2.11% Class A1 EUR Hedged Dis 2.08% 2.11% Class A GBP Hedged Dis 1.58% 1.61% Class A GBP Hedged Acc 1.58% 1.61% Class A AUD Hedged Dis 1.58% 1.61% Global Sustainable Growth Class A EUR Hedged Acc 1.69% % 6 Class A EUR Hedged Dis 1.69% % 6 Japanese Equity Class A EUR Hedged Acc 1.60% 1.63% Class A1 EUR Hedged Acc 2.35% 2.38% 5 The ongoing charges figure is an estimate based on the annualized expenses for the interim period ended 30 June 2017 with adjustments to reflect the reduction of management fee with effect from 2 November The actual figure may be different from this estimated figure and may vary from year to year. 6 The ongoing charges figure is an estimate based on the annualized expenses for the interim period ended 30 June 2017 with adjustments to reflect the reduction of management fee with effect from 2 November 2017 and the introduction of the Hedging Charge with effect from the Effective Date. The actual figure may be different from this estimated figure and may vary from year to year. For the avoidance of doubt, the Hedging Charge will not exceed 0.03% per annum of the net asset value per share.

30 Page 5 of 5 Class A USD Hedged Acc 1.60% 1.63% Class A1 USD Hedged Acc 2.35% 2.38% Japanese Opportunities Class A EUR Hedged Acc 1.86% 1.89% Class A1 EUR Hedged Acc 2.36% 2.39% Class A USD Hedged Acc 1.86% 1.89% Class A1 USD Hedged Acc 2.36% 2.39% Japanese Smaller Companies Class A EUR Hedged Acc 1.87% 1.90% Class A USD Hedged Acc 1.87% 1.90% QEP Global Active Value Class A EUR Hedged Acc 1.60% 1.63% Strategic Bond Class A EUR Hedged Dis 1.30% 1.33% Class A EUR Hedged Acc 1.30% 1.33% Class A1 EUR Hedged Acc 1.75% 1.78% Class A1 EUR Hedged Dis 1.75% 1.78% Class A GBP Hedged Dis 1.30% 1.33% UK Equity Class A EUR Hedged Acc 1.60% 1.63% Class A USD Hedged Acc 1.60% 1.63% US Dollar Bond Class A EUR Hedged Dis 0.95% 0.98% Class A EUR Hedged Acc 0.95% 0.98% Class A1 EUR Hedged Dis 1.50% 1.53% Class A GBP Hedged Dis 0.96% 0.99% US Large Cap Class A EUR Hedged Acc 1.60% 1.63% Class A1 EUR Hedged Acc 2.35% 2.38% US Small & Mid-Cap Equity Class A EUR Hedged Acc 1.85% 1.88% Class A1 EUR Hedged Acc 2.35% 2.38%

31 Schroder International Selection Fund Société d Investissement à Capital Variable 5, rue Höhenhof, L-1736 Senningerberg Grand Duchy of Luxembourg Tel: Fax: IMPORTANT: This letter is important and requires your immediate attention. If you have any questions about the content of this letter, you should seek independent professional advice. The directors of Schroder International Selection Fund accept full responsibility for the accuracy of the information contained in this letter and confirm, having made all reasonable enquiries, that to the best of our knowledge and belief there are no other facts the omission of which would make any statement misleading. 16 November 2017 Dear Shareholder, Schroder International Selection Fund Global Multi-Asset Income The board of directors of Schroder International Selection Fund (the Company ) has decided to clarify the investment policy of Schroder International Selection Fund Global Multi-Asset Income (the Fund ). The Fund currently has the ability to invest in excess of 50% of its assets in below investment grade fixed and floating rate securities. As the Fund does not invest in excess of 50% of its assets in such securities, the policy will be clarified to state that the Fund can invest up to 50% of its assets in below investment grade fixed and floating rate securities. All other key features of the Fund will remain the same. Any expenses incurred directly as a result of making this change will be borne by Schroder Investment Management (Luxembourg) S.A., the Company s management company. If you have any questions or would like more information, please contact your usual professional advisor or Schroder Investment Management (Hong Kong) Limited at Level 33, Two Pacific Place, 88 Queensway, Hong Kong or calling the Schroders Investor Hotline on (+852) Yours faithfully, Cord Rodewald Authorised Signatory Alastair Woodward Authorised Signatory R.C.S. Luxembourg B For your security telephone conversations may be recorded

32 PRODUCT KEY FACTS Schroder International Selection Fund Global Multi-Asset Income Issuer: Schroder Investment Management (Luxembourg) S.A. July 2018 This statement provides you with key information about this product. This statement is a part of the offering document. You should not invest in this product based on this statement alone. Quick facts Management company: Investment manager: Depositary: Schroder Investment Management (Luxembourg) S.A. Schroder Investment Management Limited, located in the United Kingdom, internal delegation J.P. Morgan Bank Luxembourg S.A. Ongoing charges over a year*: Class A AUD Hedged Dis 1.60% Class A HKD Acc 1.60% Class A EUR Hedged Acc 1.60% Class A HKD Dis 1.59% Class A EUR Hedged Dis 1.60% Class A USD Acc 1.60% Class A1 EUR Hedged Acc 2.10% Class A USD Dis 1.59% Class A1 EUR Hedged Dis 2.10% Class A1 USD Acc 2.09% Class A GBP Hedged Acc 1.60% Class A1 USD Dis 2.09% Class A GBP Hedged Dis 1.60% Class A RMB Hedged Dis 1.60% Dealing frequency: Base currency: Dividend policy: Daily USD A, A1 and D Accumulation share classes Dividend will not be distributed but will be reinvested into the fund. A, A1 and D Distribution share classes The board of directors generally has discretion as to whether or not to make any distribution save for the Distribution share classes with fixed dividend policy which are subject to the disclosures below. Distributions may be paid out of capital and reduce the fund s net asset value. 1

33 Schroder International Selection Fund Global Multi-Asset Income In respect of Distribution share classes with fixed dividend policy, the distribution amount per share is calculated as follows: dividend rate distribution frequency over a year net asset value per share on the record date. Details of the Distribution share classes with fixed dividend policy are set out below: Fixed Distribution Share Class Currency Distribution Frequency over a year Dividend Rate Class A USD Dis USD Monthly (12) 5.0% per annum Class A1 USD Dis USD Monthly (12) 5.0% per annum Class A GBP Hedged Dis GBP Monthly (12) 5.0% per annum Class A HKD Dis HKD Monthly (12) 5.0% per annum Class A RMB Hedged Dis RMB Monthly (12) 5.0% per annum Investors should note that a positive distribution yield does not imply a positive return. The board of directors will periodically review fixed distribution share classes and reserves the right to make changes. Financial year end of this fund: 31 December Minimum investment: A, A1 and D share classes: Initial EUR1,000 or USD1,000 (or equivalent); Subsequent investment EUR1,000 or USD1,000 (or equivalent) * The ongoing charges figure is based on the expenses for the year ended 31 December This figure may vary from year to year. Note: As of the date of this document, Class D shares of the fund are not being offered to the public in Hong Kong. What is this product? This is a sub-fund of Schroder International Selection Fund, a mutual fund domiciled in Luxembourg and its home regulator is Commission de Surveillance du Secteur Financier. Objectives and investment strategy Investment Objective The fund aims to provide an income distribution of 5% per annum and capital growth over a market cycle by investing in a diversified range of assets and markets worldwide. The fund aims to provide a volatility (a measure of how much the fund s returns may vary over a year) of between 5-7% per annum. Notwithstanding that the fund aims to provide an income distribution of 5% per annum, there is no guarantee that such dividend rate can be achieved in respect of the Distribution share classes. Investment Policy The fund invests at least two-thirds of its assets directly or indirectly through derivatives in equity and equity related securities, fixed income securities and alternative asset classes. As the fund is index-unconstrained it is managed without reference to an index. The fund may invest in excess of 50% of its assets in below investment grade (fixed and floating rate) securities (being securities with a credit rating below investment grade as measured by Standard & Poor s or any equivalent grade of other credit rating agencies) and unrated securities. The fund may invest in excess of 50% of its assets in emerging market debt (fixed and floating rate) securities. 2

34 Schroder International Selection Fund Global Multi-Asset Income The alternative asset classes which the fund may invest include real estate, infrastructure, private equity, commodities, precious metals and alternative investment funds. The fund may invest up to 10% of its assets in open-ended investment funds. Asset-backed securities and mortgage-backed securities will not exceed 20% of the net assets of the fund. It is the current intention of the investment manager that the fund will not invest more than 10% of its net asset value in securities issued by or guaranteed by any single country with a credit rating below investment grade. The fund may invest directly in China A-Shares via the Stock Connect and the Shenzhen-Hong Kong Stock Connect (collectively Stock Connect ) (as further described in the section headed Stock Connect in the Hong Kong Covering Document). Indirect exposure to China A-Shares may also be sought for the fund through investment in financial instruments such as China market access products and other funds with China access through quota held by Qualified Foreign Institutional Investors or Renminbi Qualified Foreign Institutional Investors. The fund does not currently intend to invest (i) more than 5% of the net asset value of the fund in China A-Shares via Stock Connect and (ii) 10% or more of the net asset value of the fund directly and indirectly in China A-Shares and China B-Shares. The fund is not subject to any limitation on the portion of its net asset value that may be invested in any country (including emerging market countries), region or sector. The fund is not subject to any limitation on the market capitalisation of the companies that it may invest in. The fund may invest in money market instruments and hold cash. Under exceptional circumstances (e.g. market crash or major crisis), the fund may be invested temporarily up to 100% of its net asset value in liquid assets such as bank deposits, certificates of deposit, commercial paper and treasury bills for cash flow management. Use of financial derivative instruments ( FDI ) The fund may use FDI (including total return swaps), long and short, with the aim of achieving investment gains, reducing risk or managing the fund more efficiently. Where the fund uses total return swaps and contracts for difference, the underlying consists of instruments in which the fund may invest according to its investment objective and investment policy. In particular, total return swaps and contracts for difference may be used to gain long and short exposure on equity and equity related securities, fixed and floating rate securities and commodity indices. The gross exposure of total return swaps and contracts for difference will not exceed 30% and is expected to remain within the range of 0% to 20% of the net asset value. In certain circumstances this proportion may be higher. FDI may be used to gain exposure to a wide range of asset classes including, but not limited to, currencies, estate, infrastructure and commodities. Such FDI include, but are not limited to, over-the-counter and/or exchange traded options, futures, warrants, swaps, forward contracts and/or a combination of the above. However, the fund does not intend to use FDI extensively for investment purposes. What are the key risks? Investment involves risk. Please refer to the offering document for details including the risk factors. 1. Equity investment risk Investment in equity securities is subject to the risk that the market value of the stocks may go down as well as up due to numerous factors such as changes in investment sentiment, political environment, economic environment, issuer-specific factors, regional or global economic instability, currency and interest rate fluctuations. If the market value of the stocks go down the net asset value of the fund may be adversely affected. 3