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Key Information Document

The performance, risk and cost calculations included in the attached Key Information Document (KID) follow the methodology prescribed by EU Regulation (Packaged Retail and Insurance-based Investment Products or PRIIPs), which was onshored following Brexit into the UK PRIIPs Regime, with minor divergences.  This methodology differs from other presentations of costs, for example the Ongoing Charges Figure (OCF) in the Company’s Annual Report & Accounts, which is based on advice from the Association of Investment Companies (AIC).  For further information on the different calculation of costs and charges figures and what is included in the varying approaches, please see the Ongoing Charges Figure / KID Methodology document under Shareholder Information > Regulatory Disclosures.

The performance and risk calculations presented in the KID are based on five years of historical daily share price returns and volatility as at 31 December 2021.  Investors should consider carefully whether the general market conditions and the Company’s specific share price behaviour over these five years is an appropriate basis for the KID’s illustrations of future performance scenarios and risk. 

Investors should remember that the share price of the Company may go down as well as up.  Past performance is not an indicator of future performance and investors may not get back the amount originally invested.

The cost disclosures in the KID differ from the presentation of the OCF which is based on the AIC assumptions of a static market without any transactions.  The Company also discloses an estimate of the ongoing costs incurred by underlying fund managers.  Both of these measures are included in the KID’s cost disclosures.  However, the KID is also required to include transaction costs, interest on borrowings and performance-related amounts (paid for performance above a hurdle).  Some of these additional costs are estimated using ‘notional’ or ‘hypothetical’ performance, for example, in situations where the Company has not invested in a fund for a full five years or the fund did not exist for this period. 

Investors are reminded that the Company’s NAV performance is net of all costs.  

Key Information Document