Standard Life (Asia) Limited (662679) is registered in Hong Kong at 12/F, Lincoln House, Taikoo Place, 979 King’s Road, Quarry Bay, Hong Kong. Authoirsed by the Insurance Authority of Hong Kong to write Class A, Class C and Class I long term business in Hong Kong.

標準人壽保險(亞洲)有限公司(662679)的註冊公司地址為香港鰂魚涌英皇道 979 號太古坊林肯大厦 12 樓，其已獲香港的保險業監管局授權於香港承保 A 類、C 類及 I 類之長期業務。

Date: 28 May 2020

Private and confidential

Policy Plan: [Name of the Policy Plan] (the “Plan”)

Policy Number: [Policy Number of the Policy Holder] Dear Valued Customer,

As an important notice, please read this letter carefully and seek independent professional advice should you

have any questions about the content. Standard Life (Asia) Limited accepts responsibility for the accuracy of

the content of this letter.

Various changes to the underlying funds corresponding to the following investment choices of AB FCP I and

AB SICAV I

Unless otherwise specified herein, capitalised terms used in this letter shall have the meaning outlined in the Prospectus

of AB FPC I & AB SICAV I (collectively, the “Prospectus”).

Reference Code Name of Investment Choices

01KE AB FCP I – American Income Portfolio – A2 - EUR

02KU AB FCP I – American Income Portfolio – A2 - USD

07KE AB FCP I – Global High Yield Portfolio – A2 - EUR

08KU AB FCP I – Global High Yield Portfolio – A2 - USD

14KU AB FCP I – Japan Strategic Value Portfolio – A - USD

03KE AB FCP I – Short Duration Bond Portfolio – A2 - EUR

04KU AB FCP I – Short Duration Bond Portfolio – A2 - USD

06KU AB SICAV I – All Market Income Portfolio – A2X - USD

09KE AB SICAV I – India Growth Portfolio – A - EUR

10KU AB SICAV I – India Growth Portfolio – A - USD

11KE AB SICAV I – International Health Care Portfolio – A - EUR

12KU AB SICAV I – International Health Care Portfolio – A - USD

(Each an “Investment Choice” and collectively, the “Investment Choices”)

We have been informed by the board of managers of AllianceBernstein (Luxembourg) S.à r.l and the board of directors

of AB SICAV I (collectively, the “Boards”) of the following changes to the underlying funds corresponding to the

Investment Choices (each an “Underlying Fund” and collectively, the “Underlying Funds”). As the unitholders of the

Investment Choice(s), the following changes applicable to the Underlying Fund(s) may have implications for your

investment.

2

I. Changes to the Underlying Funds

1. Swing Pricing Policy

Due to the impact of the COVID-19 crisis on the financial markets, the Boards have decided to temporarily adjust the

current swing pricing policy of the Underlying Funds as disclosed in the current Prospectus.

Swing pricing aims to minimise the impact to existing investors from the dilution effects that may occur through large

purchases or redemptions of shares of the Underlying Funds or when the actual cost of purchasing or selling the

underlying assets of the Underlying funds deviates from the valuation of the assets in the Underlying Funds due to

dealing charges, taxes and any spread between the buying and selling prices of the underlying assets. The recent and

unprecedented financial market conditions linked to the COVID-19 crisis led to a widening of bid/offer spreads of certain

securities such as fixed income securities and consequently higher transaction costs.

To ensure that the remaining investors of relevant Underlying Funds are not impacted by the current transaction costs

linked to the COVID-19 crisis, the Boards have decided to inform investors that the swing pricing adjustment may exceed

the 2% quoted in current disclosure. The Boards are of the opinion that the above-mentioned change is in the best

interests of the investors of the Underlying Funds. This change took effect from 6 April 2020.

As such, please be advised that the language, “The swing pricing adjustment will generally not exceed 2% of the

original Net Asset Value of a Portfolio” currently in the Prospectus is not changing at this point in time but will be

reviewed and potentially amended in the future.

Investors will be notified once the Boards have decided to return to the original maximum swing pricing adjustment

disclosed in the current Prospectus through a notice published on the website of AllianceBernstein

www.alliancebernstein.com.hk.*

* Please note that this website has not been reviewed by the SFC and may contain information on funds not authorised

by the SFC.

2. Addition of Benchmark Information

The Boards have approved the inclusion of benchmark information described below in response to new regulatory

guidance on benchmark disclosures promulgated by the European Securities and Markets Authority (ESMA) on 29

March 2019 and subsequent guidance from the Commission de Surveillance du Secteur Financier (CSSF).

For the avoidance of doubt, all Underlying Funds remain actively managed and the addition of the benchmark

information does not change the investment objective, policies, or strategy, or how the Underlying Funds are managed.

For each of the Underlying Funds, the respective Investment Objective and Policies section has been updated to reflect

the Underlying Funds’ respective benchmark(s) as well as certain information related to the benchmark including how

the benchmark is used. There has been an enhancement of disclosure on the existing policy as to whether and to what

degree the Investment Manager is constrained by the benchmark when implementing the respective investment strategy

of the Underlying Funds.

Additionally, the relevant Product Key Facts Statement (“KFS”) of the respective Underlying Funds will be updated to

reflect such use of benchmarks in accordance with local requirements.

Finally, the Boards believe this additional information is in the best interest of investors as it provides investors with

additional information on how the Underlying Funds and the Investment Manger use benchmarks.

II. Changes to certain Underlying Funds

1. Update to the Investment Manager’s Use of Affiliates

In response to CSSF circular 18/698, the Boards believe that additional language should be added to the Hong Kong

Offering Documents (the “HKOD”) of the Underlying Funds, comprising the Prospectus, the Additional Information for

Hong Kong Investors and the KFS, to clearly outline that the Investment Manager’s use of affiliates, all wholly-owned

subsidiaries within AB Group, when implementing the respective investment strategy of the Underlying Funds should

be described as sub-delegation of investment management functions.

In particular, The Boards believe that it would be beneficial to the investors of the Underlying Funds if the Investment

Manager, as part of its global investment management model for providing investment management services to the

Underlying Funds, may sub-delegate certain investment management functions to entities within AB Group and such

entities may, as the case may be, have investment discretion when implementing the investment strategy for a

respective portfolio in conjunction with the Investment Manager.

3

From 29 May 2020 (the “Effective Date”) onwards, the following entities will be appointed as the Investment Manager’s

delegate (the “Investment Manager’s Delegate”) of the following Underlying Funds.

Reference Code Name of Investment

Choices

Name of Underlying Funds Investment Manager’s

Delegate

14KU AB FCP 1 – Japan

Strategic Value Portfolio

– A - USD

AB FCP 1 – Japan Strategic

Value Portfolio

AllianceBernstein (Japan) Ltd.

03KE AB FCP 1 – Short

Duration Bond Portfolio –

A2 - EUR

AB FCP 1 – Short Duration

Bond Portfolio

AllianceBernstein Limited

04KU AB FCP 1 – Short

Duration Bond Portfolio –

A2 - USD

09KE AB SICAV 1 – India

Growth Portfolio – A -

EUR

AB SICAV 1 – India Growth

Portfolio

AllianceBernstein (Singapore)

Ltd.

10KU

AB SICAV 1 – India

Growth Portfolio – A -

USD

06KU AB SICAV 1 – All Market

Income Portfolio – A2X -

USD

AB SICAV 1 – All Market

Income Portfolio

AllianceBernstein Limited

Implication of changes

For the avoidance of doubt, there is no change to how the Underlying Funds are managed. In particular, the Investment

Manager has used, and continues to use, the same global investment management model for providing investment

management services to the Underlying Funds. There will not be any changes to the operation and/or manner in which

the relevant Underlying Funds are being managed and there will be no change to the risks applicable to the relevant

Underlying Funds. The fee level / cost in managing the relevant Underlying Funds remain unchanged. The arrangement

will not materially prejudice the rights or interests of the relevant Underlying Funds’ existing investors. Additionally, a

sub-delegation agreement between the Investment Manager and each of the Investment Manager’s Delegate will be

put in place.

Expenses associated with this notification and updates to the HKOD of the Underlying Funds (including the costs of

preparing and printing the revised HKOD as well as legal fees to the foregoing), amounted to approximately US$30,000

(applicable to AB SICAV 1 – India Growth Portfolio – A – EUR / AB SICAV 1 – India Growth Portfolio – A – USD / AB

SICAV 1 – All Market Income Portfolio – A2X - USD ) and US$20,000 ( applicable to AB FCP 1 – Japan Strategic Value

Portfolio – A - USD / AB FCP 1 – Short Duration Bond Portfolio – A2 – EUR / AB FCP 1 – Short Duration Bond Portfolio

– A2 - USD ) will be borne by and shared equally between the relevant Underlying Funds.

2. Change Risk Measurement Methodology

With effect from the Effective Date, the risk measurement methodology for certain following Underlying Funds will

change as follows:

Reference

Code

Name of Investment

Choices

Name of Underlying

Funds

Current Risk

Measurement

Methodology

New Risk

Measurement

Methodology

14KU

AB FCP 1 – Japan

Strategic Value Portfolio –

A - USD

AB FCP 1 – Japan

Strategic Value Portfolio

Relative VaR Commitment

09KE AB SICAV 1 – India

Growth Portfolio – A -

EUR

AB SICAV 1 – India

Growth Portfolio

Relative VaR

Commitment

10KU AB SICAV 1 – India

Growth Portfolio – A -

USD

4

11KE AB SICAV 1 –

International Health Care

Portfolio – A - EUR

AB SICAV 1 –

International Health Care

Portfolio

Relative VaR

Commitment

12KU AB SICAV 1 –

International Health Care

Portfolio – A - USD

The Board believes the new risk management methodology for each Underlying Fund is a better and more accurate

measurement for global exposure / describing how the Underlying Funds use financial derivate instruments. In addition,

the risk profile of each Underlying Fund remains unchanged,

The HKOD of the Underlying Funds will be amended to reflect the change mentioned above.

Actions to take

You do not have to take any action if you wish to remain invested in the Investments Choices regardless of the above

changes. Otherwise you may wish to consider switching the units of the Investments Choices or redirect future regular

premiums/contributions (if applicable) to other investment choice(s) through the usual application procedure. No

switching fee(s) will be incurred under the current fee structure of your policy.

Investment involves risks. For details regarding the Plan, the investment choices available under the Plan and the

underlying funds corresponding to such investment choices (including, without limitation, the investment objectives and

policies, risk factors and charges), please refer to the latest offering documents of the Plan (in particular the document

named “Investment Choices Brochure”) and the offering documents of the underlying funds, all of which are available

from us upon request and free of charge. You may also visit our website at www.standardlife.hk for investment choices

details.

If you need further assistance, feel free to contact your financial adviser or our Customer Service Department on +852

2169 0300, Monday to Friday, from 9:00 a.m. to 5:30 p.m.

Yours faithfully,

Customer Service Department

Standard Life (Asia) Limited

5

私人及機密

保單計劃 ： [保單計劃名稱] (「計劃」)

保單編號 ： [保單持有人的保單編號]

親愛的客戶

此乃重要通知，請細閱本函件內容，如對其內容有任何疑問應諮詢獨立專業人士之意見。

有關連繫至聯博 AB FCP I 及 AB SICAV I 下投資選擇之若干修訂

除另有規定外，本信件內所用的詞彙與聯博AB FCP I 及AB SICAV I的認購章程（「認購章程」）中所用者具相同的涵義。

參考編號 投資選擇名稱

01KE 聯博美元收益基金 - A2 股 - 歐元

02KU 聯博美元收益基金 - A2 股 - 美元

07KE 聯博環球高收益基金 - A2 股 - 歐元

08KU 聯博環球高收益基金 - A2 股 - 美元

14KU 聯博日本策略價值基金 - A 股 - 美元

03KE 聯博短期債券基金 - A2 股 - 歐元

04KU 聯博短期債券基金 - A2 股 - 美元

06KU 聯博跨領域收益基金 - A2X - 美元

09KE 聯博 - 印度增長基金 - A 股 - 歐元

10KU 聯博 - 印度增長基金 - A 股 - 美元

11KE 聯博 - 國際健康護理基金 - A 股 - 歐元

12KU 聯博 - 國際健康護理基金 - A 股 - 美元

(各稱為「投資選擇」，統稱為「該等投資選擇」)

我們接獲AllianceBernstein (Luxembourg) S.à r.l 的管理會及AB SICAV l 的董事會（統稱為「董事會」）通知就有關連繫至投資選擇的相連基金（各稱為「該相連基金」，統稱為「該等相連基金」）已作出若干修訂。作為該(等)投資選擇的單位持有人，以下有關該(等)相連基金的修訂也可能對您的投資產生影響。

I 有關該等相連基金之變更

1. 波動定價政策

由於2019冠狀病毒病危機造成的特殊市場情況，董事會已決定暫時調整當前認購章程所披露該等相連基金現時的波動定價政策。

波動定價旨在盡量減少攤薄效應對現有投資者的影響。攤薄效應可能因大量購買或贖回該等相連基金股份或當由於交易費用、稅項及相關資產的購買及出售價格之間出現任何差價而令購買或出售該等相連基金相關資產的實際成本偏離該等相連基金此等資產的估值時發生。近期前所未有的金融市況與2019冠狀病毒病危機相關，導致固定收益證券等若干證券的買賣差價不斷擴闊，交易成本因而增加。

為了確保相關基金其餘投資者不受與2019冠狀病毒病危機相關的當前交易成本的影響，董事會已決定通知投資者，波動定價調整可超過當前披露所報的2%。董事會認為，上述更改符合該等相連基金投資者的最佳利益。該更改已於2020年4

月6日生效。

請注意，認購章程內當前所載「波動定價調整一般將不會超過基金的原先資產淨值的2%。」的字句在現時並無更改，但在日後會予以檢討並可能作出修改。

一旦董事會決定恢復當前認購章程所披露的原先最高波動定價調整，將透過於AllianceBernstein的網站www.alliancebernstein.com.hk發佈通知告知投資者。*

*此網站未經證監會審閱，並可能含有未經證監會認可的基金資料。

6

2. 新增基準資料

董事會已因應歐洲證券和市場管理局（ESMA）於2019年3月29日頒佈的有關基準披露的新監管指引及盧森堡金融業監管委員會（CSSF）隨後頒佈之指引，批准納入下文所述的基準資料。

為免生疑問，所有該等相連基金均採取主動式管理，新增基準資料不會改變該等相連基金的投資目標、政策或策略，或管理方式。

就每一相連基金而言，各自的投資目標及政策章節均已作出更新，以反映該等相連基金各自的基準及有關基準的若干資料（包括如何運用基準）。有關投資管理人於實施該等相連基金各自的投資策略時是否受限於基準及受限的程度的現有政策之披露亦已加強。

此外，各相連基金的相關產品資料概要（「產品資料概要」）將予以更新，以反映根據當地要求運用相關基準。

最後，董事會相信，鑑於此額外資料可為投資者提供更多有關該等相連基金及投資管理人如何運用基準的資料，因此符合投資者的最佳利益。

II 有關若干相連基金之變更

1. 更新投資管理人對聯屬公司之運用

因應盧森堡金融業監管委員會（CSSF）18/698號公告，董事會認為應對相連基金的香港發售文件（「香港發售文」）（包括認購章程、致香港投資者的補充資料及產品資料概要）新增額外資料，以明確概述投資管理人於實施相連基金各自的投資策略時運用聯屬公司、聯博集團內所有全資附屬公司應被說明為投資管理職能之再轉授。

特別是，董事會認為，倘若投資管理人（作為其向相連基金提供投資管理服務的全球投資管理模型的一部分）可將若干投資管理職能再轉授予聯博集團內的各個實體及該等實體（視乎情況而定）可連同投資管理人在為有關相連基金實施投資策略時擁有投資酌情權，相連基金的投資者受惠。

自2020年5月29日（「生效日期」）起，以下實體將獲委任為下列相連基金的投資管理人的受委人（「投資管理人的受委人」）：

參考編號 投資選擇名稱 相連基金名稱 投資管理人的委託人

14KU 聯博日本策略價值基金 - A 股 - 美元 聯博日本策略價值基金 AllianceBernstein (Japan) Ltd.

03KE 聯博短期債券基金 - A2 股 - 歐元 聯博短期債券基金

AllianceBernstein Limited

04KU 聯博短期債券基金 - A2 股 - 美元

09KE 聯博 - 印度增長基金 - A 股 - 歐元 聯博 - 印度增長基金

AllianceBernstein (Singapore)

Ltd.

10KU 聯博 - 印度增長基金 - A 股 - 美元

06KU 聯博跨領域收益基金 - A2X - 美元 聯博跨領域收益基金 AllianceBernstein Limited

變更的影響

為免生疑問，相連基金的管理方式並無變更。尤其是投資管理人曾運用並將繼續運用相同的全球投資管理模型向相連基金提供投資管理服務。相關相連基金的運作及／或管理方式不會有任何變動，相關相連基金的適用風險亦不會有任何變更。管理相關相連基金的費用水平／成本維持不變。有關安排將不會嚴重損害相關相連基金現有投資者的權利或權益。此外，投資管理人將與各投資管理人的受委人簽訂一份再轉授協議。

發佈本通知及更新相連基金香港發售文件所涉及的開支（包括編製及刊印經修訂香港發售文件的費用及與上述事宜相關的法律費用）約為 30,000 美元 (適用於聯博 - 印度增長基金 - A 股 - 歐元/聯博 - 印度增長基金 - A 股 - 美元

/聯博跨領域收益基金 - A2X - 美元) 及約為 20,000 美元(適用於聯博日本策略價值基金 - A 股 - 美元/ 聯博短期債券基金 - A2 股 - 歐元/聯博短期債券基金 - A2 股 - 美元)，將由相關相連基金承擔及平分。

7

2. 更改風險度量方法

由生效日期起， 若干基金的風險度量方法將更改如下：

參考編號 投資選擇名稱 相連基金名稱 現行風險度量方法

新的風險度量方法

14KU 聯博日本策略價值基金 - A 股 -

美元

聯博日本策略價值基金 相對VaR

承擔法

09KE 聯博 - 印度增長基金 - A 股 - 歐元

聯博 - 印度增長基金

相對VaR

承擔法

10KU 聯博 - 印度增長基金 - A 股 - 美元

11KE 聯博 - 國際健康護理基金 - A 股

- 歐元

聯博 - 國際健康護理基金

相對VaR

承擔法

12KU 聯博 - 國際健康護理基金 - A 股

- 美元

董事會認為每一相連基金新的風險管理方法是說明相連基金度量全球風險 / 如何運用金融衍生工具的更好及更準確的度量方式。

該等相連基金的香港發售文件將作出修訂，以反映上述更改。

應採取的行動

若您欲在上述變動後繼續投資該等投資選擇，您毋須採取任何行動。否則，您可透過一般的申請程序，要求將在該等投資選擇的單位或日後的定期保費/供款(如適用)轉至其他投資選擇。根據您保單內之現時收費基制，投資選擇的轉換將不會被收取任何轉換費用。

投資涉及風險，有關保單計劃、於保單計劃內可供銷售的投資選擇及連繫至投資選擇的相連基金的詳細資料(包括但不限於任何投資選擇的投資目標及政策，風險因素及費用)，您可參閱保單計劃的最新銷售文件(尤其是名為「投資選擇刊物」的文件 )及相連基金的銷售文件，這些文件可按要求向我們索取並不收取費用。亦可同時瀏覽我們的網頁

www.standardlife.hk。

如需進一步協助，請聯絡您的理財顧問，或致電+852 2169 0300 與客戶服務部聯絡，辦公時間為星期一至星期五，上午九時至下午五時三十分。

標準人壽保險(亞洲)有限公司

客戶服務部

謹啟

日期: 2020年5月28日