NEUBERGER BERMAN INVESTMENT FUNDS PLC Registered Office

70 Sir John Rogerson’s Quay Dublin 2, Ireland

An umbrella fund with segregated liability between sub-funds

Directors: Gráinne Alexander, Tom Finlay, Michelle Green (UK), Naomi Daly and Alex Duncan (UK) Companies Registration Office Number 336425

The directors of Neuberger Berman Investment Funds plc (the “Directors”) accept full

responsibility for the accuracy of the information contained in this circular and confirm, having

made all reasonable enquiries, that, to the best of their knowledge and belief, there are no

other facts, the omission of which would make any statement misleading.

This circular is important and requires your immediate attention. If you are in doubt as to the

action you should take you should seek advice from your stockbroker, bank manager, solicitor,

accountant, tax adviser or other independent financial adviser. If you have sold or transferred

all of your Shares please pass this circular at once to the purchaser or transferee or to the

stockbroker, bank or other agent through whom the sale or transfer was effected for

transmission to the purchaser or transferee as soon as possible.

This circular has not been reviewed by the Central Bank of Ireland (the “Central Bank”) and it is

possible that changes thereto may be necessary to meet the requirements of the Central Bank.

The Directors are of the opinion that there is nothing contained in this circular or in the

proposals detailed herein that conflicts with the applicable regulations or guidance issued by

the Central Bank.

20 December 2019

Dear Shareholder

NEUBERGER BERMAN CHINA EQUITY FUND (THE “PORTFOLIO”)

NEUBERGER BERMAN INVESTMENT FUNDS (THE “COMPANY”)

We are writing to you in your capacity as a Shareholder in the Portfolio, which is a sub-fund of the

Company. The purpose of this circular is to notify you of changes to the Company and to the Portfolio,

which will be reflected in revised versions of the Company’s Irish prospectus and in the supplement for

the Portfolio, which are expected to be noted by the Central Bank on or about 18 February 2020 (the

“Effective Date”).

Unless otherwise indicated, all capitalised terms shall have the same meaning as otherwise described

in the Company’s Irish prospectus dated 2 September 2019 (the “Prospectus”), the Company’s

Singapore prospectus dated 15 November 2019 and in the supplement for the Portfolio dated 2

September 2019 (the “Supplement”).

Changes to the Portfolio’s Supplement

It is proposed to make a number of changes to the Portfolio and we have included an extract from the

revised draft of the Supplement which has been marked-up against the current Supplement to show all

changes that are proposed to be made at Appendix III for your review, together with a summary of

these changes in Appendix I.

Changes to the Company’s Prospectus

In addition, it is also proposed to make a number of changes to the Company’s Prospectus and we

have also included a summary of these changes in Appendix II for your information.

Please note that further amendments may be made to the Prospectus and Supplement following the

date of this circular in order to address the Central Bank’s comments which arise during its review of

the revised documents. Once noted, the revised Prospectus and Supplement may be inspected at the

registered office of the Administrator during normal business hours on any Dealing Day or at the

registered office of the Singapore Representative during normal Singapore business hours. Finally, the

costs incurred in relation to the changes discussed above will be borne by the Investment Manager.

Should you have any queries in relation to this matter, please do not hesitate to contact your sales representative, or contact the Singapore Representative at +65 66453786 or Level 15, 10 Collyer Quay, Ocean Financial Centre, Singapore 049315.

Director, for and on behalf of

Neuberger Berman Investment Funds plc

APPENDIX I – SUMMARY OF CHANGES TO THE SUPPLEMENT

As referred to in the circular, the following changes with respect to the Portfolio are expected to take

effect on the Effective Date, subject to the Central Bank’s approval.

I. Updates to the Portfolio’s Investment Approach

In light of the revised question and answers document published by the European Securities

and Markets Authority (“ESMA”) which introduced new disclosure requirements (the “ESMA

Q&A”) to be included in KIIDs concerning the use of benchmarks, the Supplement has been

updated to include further information on the Portfolio’s use of its Benchmark. The

“Investment Approach” section within the Supplement has been updated to provide the

following:

The Portfolio is actively managed and does not intend to track the Benchmark, which is

included here for performance comparison purposes and because the Portfolio will use the

Benchmark as a universe from which it will select the investments that it makes in accordance

with its investment objective and policies. The Portfolio may not hold all or many of the

Benchmark’s components.”

II. Benchmark Name Change

The name of the benchmark for the Portfolio is changing from “MSCI China Index (USD Net

Total Return)” to “MSCI China Net Index (Total Return, USD)”. For the avoidance of doubt,

this is a change of the name of the Benchmark only and not a change in the Benchmark.

III. Updates to the Portfolio’s Instruments / Asset Classes

The “Instruments and Asset Classes” section within the Supplement has been updated to

provide that the Portfolio may utilise repurchase agreements and reverse repurchase

agreements (“Repo Contracts”) as well as securities lending agreements for efficient portfolio

management purposes, subject to the conditions and limits set out in the Central Bank UCITS

Regulations and as set out below. The maximum proportion of the Portfolio’s Net Asset Value

that can be subject to Repo Contracts is 10% and the expected proportion of the Portfolio’s

Net Asset Value that will be subject to Repo Contracts is 3%. The maximum proportion of the

Portfolio’s Net Asset Value that can be subject to securities lending agreements is 50% and

the expected proportion of the Portfolio’s Net Asset Value that will be subject to securities

lending agreements is 0-10%. All revenues from the use of Repo Contracts and/or securities

lending agreements, net of direct and indirect operational costs, will be returned to the

Portfolio. Full details of any revenue earned and the direct and indirect operational costs and

fees incurred with respect to the use of Repo Contracts and/or securities lending agreements

for the Portfolio will be included in the Company’s annual financial statements.

IV. Updates to Disclose Important Information for Investors in Hong Kong

As this Portfolio has been authorised for sale in Hong Kong and is registered with the Hong

Kong Securities and Futures Commission, the following disclosure has been included in the

Supplement to meet local regulatory requirements:

“As the Portfolio has been authorised for public offer in Hong Kong, the Hong Kong Securities

and Futures Commission (“HKSFC”) requires the Company to classify the Portfolio on the

basis of its expected maximum net derivative exposure (“NDE”). The HKSFC requires the

NDE to be calculated in accordance with the HKSFC’s Code on Unit Trusts and Mutual Funds

and the requirements and guidance issued by the HKSFC, which may be updated from time to

time. This requires the Company to convert all FDI acquired for investment purposes that

would generate incremental leverage at the portfolio level of the Portfolio into their equivalent

positions in the underlying assets. Applying these requirements, the Portfolio’s NDE is

expected to be less than 50% but the actual level may be higher than the expected level in

exceptional circumstances, for example when there are sudden movements in markets and/or

investment prices.

For the avoidance of doubt, complying with the HKSFC’s requirements to classify the Portfolio

on the basis of its NDE does not amend the investment objectives or policies or otherwise

impact the management of the Portfolio or its use of FDI, as the requirements are solely to

measure the Portfolio’s expected use of FDI, as described above, using the HKSFC’s

methodology and disclose the results.”

APPENDIX II – SUMMARY OF CHANGES TO THE PROSPECTUS

As referred to in the circular, the following changes with respect to the Prospectus are also expected

to take effect at the Effective Date, subject to the approval of the Central Bank:

I. Amendments to include Sustainable Investment Criteria Disclosures

The Prospectus has been updated to include a new disclosure detailing the Investment

Manager’s sustainable investment criteria which includes details on the Investment Manager’s

controversial weapons policy, sustainable exclusions policy and enhanced sustainable

exclusions policy.

By way of background, as part of the Investment Manager’s environmental, social and

governance (“ESG”) commitment, the Investment Manager may assess securities in relation

to their exposure to and the management of ESG risks to a certain degree. ESG represents

governance, (being the way in which the company is run), environmental issues, (such as the

impact on natural resources), and social issues (such as human rights). The Prospectus has

been updated to provide further details on the Investment Manager’s controversial weapons

policy which is currently in place and applied to each of the sub-funds of the Company,

including the Portfolio. In addition, the Prospectus has been updated to disclose information

on the Investment Manager’s sustainable exclusion policy and enhanced sustainable

exclusion policy which may be applied to certain sub-funds of the Company and will be

disclosed in the relevant supplement for that sub-fund, if applicable. For the avoidance of

doubt, we can confirm that the Investment Manager’s sustainable exclusion policy and

enhanced sustainable exclusion policy will not be applied to the Portfolio’s investment

process.

II. Amendments to the Risk Disclosures

The “Risk Disclosures” section of the Prospectus has been amended to include new additional

risk disclosures in relation to the use of a downside protection strategy, the cessation of

LIBOR, business development companies, risks of investing in bail-in bonds and the impact of

fees on investment returns and the ability of a Portfolio to meet any benchmark

outperformance target set. In addition, a number of the existing risk disclosures have been

updated to include further information on the applicable risks set out in the Prospectus. Each

of the risk tables in the supplements for the sub-funds of the Company (including in the

Supplement) have been updated to include these additional risk factors within the risk table

and they have been flagged as being applicable to the relevant sub-fund, where necessary.

III. Amendments to the Subscription and Redemption Disclosures

The “Subscription and Redemptions” section of the Prospectus has been updated to provide

that Directors may, in their absolute discretion, amend the Initial Offer Price in respect of a

Class, provided that notice of any such change is provided to all subscribers for such Class

before the end of the relevant Initial Offer Period.

IV. Amendments to the Publication of Net Asset Value Disclosure

The “Publication” section within the “Determination of Net Asset Value” section of the

Prospectus has been updated to provide that the Net Asset Value per Share may also be

published by the Administrator on Bloomberg rather than in the Financial Times.

V. Amendments to the Termination of Portfolios or Share Classes Disclosure

The “Termination of Portfolios or Share Classes” section of the Prospectus has been provided

to provide the following:

“Any unclaimed termination proceeds of a Portfolio may be paid into court at the expiration of

12 months, or if impossible, impractical or the Company otherwise determines it to be

inappropriate to do so (for whatever reason), may be paid to charity at the expiration of 3

years, from the date of Portfolio termination, subject to the right of Depositary to deduct

therefrom any expense that it may incur in making such payment. During such period as

unclaimed termination proceeds are held on behalf of the Company, Shareholders who are

entitled to the relevant part of the unclaimed termination proceeds may make a claim to the

Company or the Administrator for payment of its entitlement and will be paid upon provision of

all required information and/or documents as required by the Company and/or the

Administrator.”

VI. Amendments to the Conflicts of Interest Disclosure

The “Conflicts of Interest” section within the “General” section of the Prospectus has been

updated to provide that, where the Investment Manager allocates brokerage business to

brokers who have provided such research and assistance to the Company and/or other

accounts for which the Investment Manager exercises investment discretion, this will only be

permitted provided that (i) the transaction execution is consistent with best execution

standards (as described in the Prospectus) and brokerage rates are not in excess of

customary institutional full-service brokerage rates; and (ii) the availability of soft commission

arrangements is not the sole or primary purpose to perform or arrange transaction with such

broker or dealer.

VII. Amendments to the Share Class Information Disclosures

The “Classes” section within the “Share Class Information” section of the Prospectus has been

updated to delete reference to the ability to create I25 Classes as one of the Categories of

Classes offered in each of the sub-funds of the Company and reference to these I25 Classes

has been deleted from each supplement for the sub-funds of the Company (including the

Supplement). In addition, the “Minimum Initial Subscription and Minimum Holding Amounts”

section within the “Share Class Information” section of the Prospectus has been updated to

reduce the minimum holding amounts for I2, I3, I4 and I5 Classes to the following amounts:

VIII. Amendments to the Other Important Information for Investors Disclosures

The “Other Important Information for Investors” section of the Prospectus has been updated to

include a number of new selling restrictions for investors in Brunei, New Zealand and

Thailand.

IX. Consistency Amendments and Passage of Time Changes

Finally, please note that a number of additional minor amendments, including consistency

changes and clarifications along with some passage of time changes, have been made to the

Prospectus and carried across to the Supplement, where required.

Category

Currency

Minimum Holding Amount

I2, I3, I4 and I5

AUD

BRL

CAD

CHF

CLP

CNY

DKK

EUR

GBP

HKD

ILS

JPY

NOK

NZD

SEK

SGD

USD

ZAR

10,000

25,000

10,000

10,000

5,000,000

100,000

50,000

10,000

10,000

100,000

50,000

1,000,000

50,000

10,000

50,000

10,000

10,000

100,000

APPENDIX III – MARKED-UP EXTRACT OF THE SUPPLEMENT

Neuberger Berman China Equity FundAn investment in the Portfolio should not constitute a substantial proportion of an investment portfolio andmay not be appropriate for all investors. The Portfolio will not use FDI extensively or primarily for investmentpurposes.Investment Objective Achieve an attractive level of total return (income plus capital appreciation) from theGreater China equity market.Investment Approach The Portfolio will invest primarily in equity and equity-linked securities which are listed ortraded on Recognised Markets and issued by companies that: are incorporated or organized under the laws of, or that have a principal office in, the PRC,Hong Kong SAR, Macau SAR or Taiwan (the “Greater China Region”); generally derive a majority of their total revenue or profits from (a) goods that areproduced or sold, (b) investments made, or (c) services performed, in the GreaterChina Region; or generally hold a majority of their assets in the Greater China Region (each a “Greater China Company”).The Portfolio may also invest in hybrid securities and equity-related securities, such asconvertible debentures, convertible preferred stock, debt instruments with warrantsattached, including FDI, which are issued by or give exposure to the performance ofGreater China Companies.For the avoidance of doubt, the Portfolio may invest in securities as described herein andwhich are issued by or give exposure to Greater China Companies listed or traded onRecognised Markets located outside of the Greater China Region, including, withoutlimitation, in the United States, the United Kingdom, Singapore and Japan.The Portfolio will invest primarily in mid and large capitalisation companies.The Sub-Investment Manager employs a research intensive, fundamental-driven andbottom-up approach. Ongoing assessments of macroeconomic and market factorsaugment the stock-picking discipline. The investment approach is discretionary in natureand is designed to consider multiple drivers and investment strategies over different timehorizons.The Portfolio is primarily constructed by taking under and overweight positions to themarket bBenchmark. Decisions on whether the Portfolio’s positions will be under- oroverweight relative to the benchmark are primarily driven by valuation, quality of valuationand macroeconomic factors, including such variables as opportunities for growth,competitive advantages and risk characteristics, over short-, medium- and long-terminvestment horizons but the requirements of the Central Bank in respect of concentration limitsas set out in the “Investment Restrictions” section will supersede these factors where relevant.As at 31 March 2017October 2019, the Portfolio’s exposure to China A Shares and ChinaB Shares is approximately 2817% of the Portfolio’s Net Asset Value. Until further guidanceis received in respect of the Chinese taxation position (as described in greater detail under“Investing in the PRC and the Greater China Region” and “Taxation in the PRC” in the“Investment Risks” section), the Portfolio will process all subscription and redemption requestsbased upon Net Asset Value calculations, determined with a provision for withholding tax of 10%on all dividend income received.The Portfolio may have or may be expected to have medium to high volatility due to itsinvestment policies or portfolio management techniques.The Portfolio is actively managed and does not intend to track the Benchmark, which isincluded here for performance comparison purposes and because the Portfolio will use theBenchmark as a universe from which it will select the investments that it makes inaccordance with its investment objective and policies. The Portfolio may not hold all ormany of the Benchmark’s components.Benchmark The MSCI China Net Index (USD Net Total Return, USD) is a capitalisation weightedindex, which can vary in its number of constituent stocks and is designed to measureperformance of the broad economy of the PRC through changes in the aggregate market148571983.1<<DMS.DocIdFormat>>

value of the largest stocks representing all major industries. Investors should note that thePortfolio does not intend to track this index, which is included here for performancecomparison purposes only.Shareholders in a Class which is denominated in a currency other than the Base Currencyshould note that, where available, it may be more meaningful to compare the performanceof such Class against a version of this index which is denominated in the relevant Classcurrency.Base Currency US Dollars (USD).Instruments / AssetClasses The Portfolio can invest in or be exposed to the following types of assets.Equity and Equity-linked Securities. The Portfolio will invest in equity and equity-linkedsecurities which are listed or traded on Recognised Markets and may, subject to a limit of10% of its NAVNet Asset Value, invest in unlisted transferable securities which giveexposure to Greater China Companies.The Portfolio may also, up to a limit of 33% of its NAVNet Asset Value, invest in hybridsecurities and equity-related securities, such as convertible debentures, convertiblepreferred stock, debt instruments with warrants attached, including FDI. Any such debtinstruments may be issued by corporate or government issuers, may be rated or unrated(although not more than 30% of NAVNet Asset Value will be invested in debt instrumentswhich are rated below investment grade) and may have fixed or floating interest rates.These may also include cash or cash equivalents (including but not limited to treasury bills)and short term fixed income securities.Financial Derivative Instruments (“FDI”). The Portfolio may, subject to the conditionsand limits imposed by the Central Bank as set out in the Prospectus and in thisSupplement, use FDI for investment and efficient portfolio management purposes,including, without limitation: Future contracts may be used to hedge against market risk or to gain exposure to anunderlying market. Forward contracts may be used to hedge or to gain exposure to an increase in thevalue of an asset, currency, commodity or deposit. Options may be used to hedge or to achieve exposure to a particular market instead ofusing a physical security. Swaps (including “swaptions”) may be used to achieve a profit as well as to hedge existinglong positions.As the Portfolio may purchase FDI generally using only a fraction of the assets that wouldbe needed to purchase the relevant securities directly, the remainder of the assetsallocated to the Sub-Investment Manager may be invested in the other types of securitieslisted above. The Sub-Investment Manager may therefore seek to achieve greater returnsby purchasing FDI and investing the remaining assets in such other securities to addexcess return. The Portfolio may be leveraged as a result of its investments in FDI butsuch leverage will not exceed the Portfolio’s Net Asset Value at any time.Repo Contracts and Securities Lending Agreements. Repo Contracts and SecuritiesLending Agreements may be used subject to the conditions and limits set out in theProspectus.Securities FinancingTransactions The Portfolio will not utilise total return swaps, securities lending, repurchase and reverserepurchase agreements or margin lending.Stock Connects The China Securities Regulatory Commission and the Securities and Futures Commissionof Hong Kong have approved programs which establish mutual stock markets accessbetween the PRC and Hong Kong, namely the Stock Connects. The Sub-InvestmentManager may pursue the Portfolio’s investment objective by investing up to 100% of thePortfolio’s Net Asset Value directly in certain eligible China A Shares via the StockConnects.The Shanghai Stock Connect is a securities trading and clearing linked program developedby the SEHK, the SSE and ChinaClear, with the aim of achieving mutual stock marketaccess between the SEHK and the SSE. The Shenzhen Stock Connect is a securities248571983.1<<DMS.DocIdFormat>>

trading and clearing linked program developed by the SEHK, the SZSE and ChinaClear,with the aim of achieving mutual stock market access between the SEHK and the SZSE.Each of the Shanghai Stock Connect and Shenzhen Stock Connect comprises aNorthbound Trading Link and a Southbound Trading Link. Under the Northbound TradingLink, Hong Kong and overseas investors (including the Portfolio), through their Hong Kongbrokers and a securities trading service company established by the SEHK, may tradeeligible shares listed on the SSE and the SZSE by routing orders to the SSE and the SZSErespectively.Eligible securitiesHong Kong and overseas investors will be able to trade certain SSE Securities. Eligiblesecurities under the Northbound Trading Link of the Shanghai Stock Connect include allthe constituent stocks from time to time of the SSE 180 Index and SSE 380 Index, and allthe SSE-listed China A Shares that are not included as constituent stocks of the relevantindices but which have corresponding H-Shares listed on the SEHK, except the following:SSE-listed shares which are not traded in CNY; andSSE-listed shares which are included in the “risk alert board”.Eligible securities under the Northbound Trading Link of the Shenzhen Stock Connectinclude any constituent stock of the SZSE Component Index and the SZSE Small/Mid CapInnovation Index which has a market capitalisation of CNY6 billion or above and all SZSE-listed shares of companies which have issued both China A Shares and China H Shares.At the initial stage of the Northbound Trading Link of Shenzhen Stock Connect, tradingshares that are listed on the ChiNext Board of SZSE under the Northbound Trading Linkwill be limited to institutional professional investors, as defined in the relevant Hong Kongrules and regulations.It is expected that the list of eligible securities will be subject to review and may changefrom time to time.If an eligible security ceases to be classified as such, Hong Kong and overseas investors(including the Portfolio) will only be allowed to sell holdings of such Security but will berestricted from buying any more of such Eligible Security.Trading dayInvestors (including the Portfolio) are only allowed to trade through the Stock Connects ondays on which both markets (i.e. both the SEHK and the SSE for trading through ShanghaiStock Connect) are open for trading, and banking services are available in both markets onthe corresponding settlement days.Trading quotaTrading under the Stock Connects is subject to the Daily Quota. Northbound tradingthrough each Stock Connect is subject to a separate set of Daily Quotas. The Daily Quotalimits the maximum net buy value of cross-boundary trades under each of the StockConnect per day. The Northbound Daily Quota for each Stock Connect is currently set atCNY52 billion.The SEHK will monitor the quota and publish the remaining balance of the NorthboundDaily Quota at scheduled times on the SEHK’s website. The Daily Quota may change fromtime to time without prior notice and investors should refer to the SEHK’s website and otherinformation published by the SEHK for up-to-date information.Settlement and CustodyThe HKSCC will be responsible for the clearing, settlement and the provision of depository,nominee and other related services of the trades executed by Hong Kong marketparticipants and investors.348571983.1<<DMS.DocIdFormat>>

The China A Shares traded through the Stock Connects are issued in scripless form, soinvestors do not hold any physical China A Shares. Hong Kong and overseas investorswho have acquired Eligible Securities through Northbound trading should maintain theEligible Securities with their brokers’ or custodians’ stock accounts with CCASS.Corporate actions and shareholders’ meetingsNotwithstanding the fact that the HKSCC does not claim proprietary interests in the EligibleSecurities held in its omnibus stock account in ChinaClear, ChinaClear as the shareregistrar for SSE and SZSE-listed companies will still treat HKSCC as one of theshareholders when it handles corporate actions in respect of such Eligible Securities.HKSCC monitors the corporate actions affecting Eligible Securities and keeps the relevantbrokers or custodians participating in CCASS (“CCASS participants”) informed of all suchcorporate actions that require CCASS participants to take steps in order to participate inthem.SSE and SZSE-listed companies usually announce their annual general meeting /extraordinary general meeting information about one month before the meeting date. A pollis called on all resolutions for all votes. HKSCC will advise CCASS participants of allgeneral meeting details such as meeting date, time, venue and the number of resolutions.Foreign shareholding restrictionsThe CSRC stipulates that, when holding China A Shares through the Stock Connects,Hong Kong and overseas investors are subject to the following shareholding restrictions: Single foreign investors’ shareholding by any Hong Kong or overseas investor in aChina A Share must not exceed 10% of the total issued shares; and Aggregate foreign investors’ shareholding by all Hong Kong and overseas investors ina China A Share must not exceed 30% of the total issue shares.Should the shareholding of a single investor in a China A Share listed company exceed theabove restriction, the investor would be required to unwind his position on the excessiveshareholding according to a last-in-first-out basis within a specific period. The SSE, theSZSE and the SEHK will issue warnings or restrict the buy orders for the related China AShares if the percentage of total shareholding is approaching the upper limit.CurrencyHong Kong and overseas investors will trade and settle Eligible Securities in CNY only.Hence, the Portfolio will need to use CNY to trade and settle Eligible Securities.Further information about the Stock Connects is available online at the website:http://www.hkex.com.hk/Mutual-Market/Stock-ConnectInvestment Restrictions The Portfolio invests directly in the China A Share market through the Stock Connectsas described above and indirectly, mainly through investments in equity linkedproducts issued by international investment banks and through transferable securitieswhich may be issued by entities which are managed by affiliates of the InvestmentManager. The Portfolio may invest directly in the China B Share market. The Portfolio will invest at least 70% of its Net aAssets Value in China A, B or Hshares, red chips, or other securities listed or traded on a recognised market whichgenerally derive a majority of their total revenue or profits from (a) goods that areproduced or sold, (b) investments made, or (c) services performed, in China, orgenerally hold a majority of their assets in China. The Portfolio may also invest up to 10% of its Net Asset Value in other collectiveinvestment schemes, which may be managed by the Sub-Investment Manager or itsaffiliates and which will comply with both the “Investment Restrictions” section of theProspectus and the UCITS Regulations. The Portfolio may invest up to 10% of its nNet aAssets Value in securities that areissued or guaranteed by a single sovereign issuer that are below investment grade.448571983.1<<DMS.DocIdFormat>>

The Portfolio will not utilise total return swaps or margin lending.Risk Investment in the Portfolio carries certain risks which are described in greater detail inthe “Investment Risks” section of the Prospectus. While investors should read andconsider the entire “Investment Risks” section of the Prospectus, the risks summarisedin the following section, namely, “Market Risks: Risks relating to Emerging Markets”are particularly relevant to this Portfolio. These risks are not purported to beexhaustive and potential investors should review this Supplement and theProspectus in their entirety and consult with their professional advisers, beforemaking an application for Shares. Investors should refer to the Company’s risk management policy with respect to theuse of FDI contained in the RMP Statement. The Portfolio may be leveraged as a result of its investments in FDI but such leveragewill not exceed 100% of the Portfolio’s Net Asset Value, as measured using theCommitment Approach, at any time. The Investment Manager and the Sub-Investment Manager will take a disciplinedapproach to investing on behalf of the Portfolio by attempting to maintain a portfoliothat is typically diversified. The Investment Manager and the Sub-Investment Manager will use forward foreigncurrency exchange contracts in order to hedge currency risk. Investors should refer to the “Investment Risks” section in this Supplement in relation to therisks of investing in the PRC and the Greater China Region and the risks associated with theStock Connects.Typical Investor Profile The Portfolio may be suitable for investors who are prepared to accept the risks ofinvestment in the Greater China Region together with the use of FDI.Fees and ExpensesCategory Maximum Initial Charge Maximum Management fee Distribution FeeA, X 5.00% 1.85% 0.00%B, C2 0.00% 1.80% 1.00%C 0.00% 1.35% 1.00%C1 0.00% 1.85% 1.00%E 0.00% 1.80% 1.00%D, I, I2, I25, I3, I4,I5 0.00% 1.10% 0.00%M 2.00% 1.85% 1.00%P 5.00% 1.05% 0.00%T 5.00% 1.80% 0.00%U 3.00% 1.45% 0.00%Z 0.00% 0.00% 0.00%For details of the Administration Fees payable by the Portfolio, please see the “Administration Fees” heading inthe “Fees and Expenses” section of the Prospectus.Contingent deferred sales chargesContingent deferred sales charges will be payable in respect of the following Classes at the rates specified below,depending on the period that has elapsed since the issue of the Shares being redeemed and will be charged onthe lower of the Net Asset Value per Share on the relevant Dealing Day in respect of which the relevant Shareswere (i) initially subscribed or (ii) redeemed. Any such contingent deferred sales charges will be paid to therelevant Distributor or to the Investment Manager: Redemption Period in Calendar DaysClass ˂ 365 365 - 729 730 - 1094 1095 – 1459 ˃ 1459B 4% 3% 2% 1% 0%C, C1 1% 0% 0% 0% 0%C2 2% 1% 0% 0% 0%E 3% 2% 1% 0% 0%548571983.1<<DMS.DocIdFormat>>

Other important information for investors in Hong KongAs the Portfolio has been authorised for public offer in Hong Kong, the Hong Kong Securities and FuturesCommission (“HKSFC”) requires the Company to classify the Portfolio on the basis of its expected maximum netderivative exposure (“NDE”). The HKSFC requires the NDE to be calculated in accordance with the HKSFC’sCode on Unit Trusts and Mutual Funds and the requirements and guidance issued by the HKSFC, which may beupdated from time to time. This requires the Company to convert all FDI acquired for investment purposes thatwould generate incremental leverage at the portfolio level of the Portfolio into their equivalent positions in theunderlying assets. Applying these requirements, the Portfolio’s NDE is expected to be less than 50% but theactual level may be higher than the expected level in exceptional circumstances, for example when there aresudden movements in markets and/or investment prices.For the avoidance of doubt, complying with the HKSFC’s requirements to classify the Portfolio on the basis of itsNDE does not amend the investment objectives or policies or otherwise impact the management of the Portfolioor its use of FDI, as the requirements are solely to measure the Portfolio’s expected use of FDI, as describedabove, using the HKSFC’s methodology and disclose the results.648571983.1<<DMS.DocIdFormat>>