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Dear «Salute»

Investec UK Alpha – Investment Objective and Policy Change

I am writing to you because you are an investor in the Investec UK Alpha fund. Investec Fund Managers Limited has told us that the investment objective and policy of the fund will change from Friday 7 April 2017.

Why is the change happening?

Investec want to make the following changes to the investment objective and policy of the Investec UK Alpha fund, which they believe will be of benefit to shareholders:

• The addition of an aim in the investment objective to provide an income return alongside the primary aim, which is to continue to provide long-term capital growth.

• The removal of the reference to the fund’s investments being ‘concentrated’ in the fund’s investment objective.

• The removal of the reference to the fund investing in derivatives in the fund’s investment objective.

• The removal of wording referring to the fund not being dominated by a specific investment style in the fund’s investment policy.

The investment objective and policy change is subject to shareholder approval, so if it isn’t approved we will write to you to let you know.

How will this change affect my investment?

The investment objective and policy change will not affect the value of your fund holding or, in the fund manager’s opinion, its risk profile. The fund objectives are shown overleaf for you to compare.

What action do I need to take?

You do not need to take any action unless you want to make an alternative choice from our extensive range of funds. Please speak to your financial adviser before making any investment decisions or if you have any questions about this change.

For any other questions you can call our Customer Service Centre on freephone <insert telephone number> or email us at , but please remember we are not authorised to give you any investment advice.

Yours sincerely

Anthony Scammell

Head of Customer Experience

If you have an authorised financial adviser, we have made a copy of this letter available for them to view online.

Current objective / New objective
To achieve long term capital growth primarily through investment in a concentrated portfolio of equities issued by UK companies and in derivatives the underlying assets of which are equities issued by UK companies. The fund will be managed actively with a long term investment horizon.
The fund invests into a relatively small number of assets, or into individual countries or a specific market sector. Such concentrated portfolios give rise to more risk than where investments are spread across a larger number of assets, countries or market sectors.
The fund, or some of its underlying assets, may hold derivatives for investment purposes, or borrow to invest ('gearing'), and the nature of these investments can lead to a higher volatility in the price of the fund. In addition, the fund may have some exposure to credit risk if a provider of derivatives fails to honour their obligation.
Some of the investments in the fund can be difficult to sell at times, which could affect the price of units/shares. / To achieve long term capital growth and provide income primarily through investment in a portfolio of equities issued by UK companies. The fund will be managed actively with a long term investment horizon and will focus on stocks believed to offer above average opportunities for total returns.
The fund invests into a relatively small number of assets, or into individual countries or a specific market sector. Such concentrated portfolios give rise to more risk than where investments are spread across a larger number of assets, countries or market sectors.
The fund, or some of its underlying assets, may hold derivatives for investment purposes, or borrow to invest ('gearing'), and the nature of these investments can lead to a higher volatility in the price of the fund. In addition, the fund may have some exposure to credit risk if a provider of derivatives fails to honour their obligation.
Some of the investments in the fund can be difficult to sell at times, which could affect the price of units/shares.