The Fund is invested primarily in the Aberdeen Standard Investments Global SICAV Absolute Return Strategies Fund.

Benefits of investing in the Aberdeen Standard Global Absolute Return Strategies Fund

• Potential for positive investment returns - GARS targets positive returns irrespective of market conditions.

• Smoother investment journey - GARS aims to deliver long-term, equity-level returns but with lower risk than equity-only investing.

• Experienced team - GARS is managed by our experienced and award-winning multi-asset-investing team, comprising over 30 skilled and experienced investment professionals.

• Genuine diversification - GARS invests in a wide range of strategies across asset classes in order to generate positive returns irrespective of market direction. As a result, GARS offers extensive portfolio diversification and flexibility.

Investor suitability

The Fund is only available to institutional and individual investors who are Wholesale Clients (in Australia) or Wholesale Investors (in New Zealand).

About the Fund

The Aberdeen Standard Global Absolute Return Strategies Fund is invested primarily in the Standard Life Investments Global SICAV Absolute Return Strategies Fund (the "fund) which aims to provide positive investment returns in all market conditions over the medium to long term.

The primary investment objective of the fund is to deliver a positive absolute return over the medium to long term in all market conditions. The fund is actively managed, with a wide investment remit to target a level of return over rolling three-year periods equivalent to cash plus five per-cent a year, gross of fees. It exploits market inefficiencies through active allocation to a diverse range of market positions. The fund uses a combination of traditional assets (such as equities and bonds) and investment strategies based on advanced derivative techniques, resulting in a highly diversified portfolio. The fund can take long and short positions in markets, securities and groups of securities through derivative contracts.

The value of investments within the fund can fall as well as rise and is not guaranteed - you may get back less than you pay in. The fund may use derivatives for the purpose of efficient portfolio management and to meet its investment objective. The value of overseas assets held in the fund may rise and fall as a result of exchange rate fluctuations.

Global Absolute Return Strategies

The Global Absolute Return Strategies (GARS) portfolio aims to give investors positive investment returns in all market conditions. We seek to provide the same returns that have historically been achieved by conventional long-term equity investment, but with less uncertainty than equity-only investing.

GARS targets cash* +5% each year (gross of fees) over rolling three-year periods. This is consistent with the long-term return available from equities and we expect to achieve this target with only one-third to one-half of the volatility of equities.

To achieve its objectives, GARS seeks to attain genuine diversification by actively allocating to a wide range of asset class exposures. So, as well as traditional investments in equities, fixed income and real estate, GARS can seek returns from currencies, interest rates and volatility.

Additionally, GARS can use advanced investment strategies such as relative value and directional returns. These strategies can help us make money even if markets are falling. In this way, we aim to enhance the return potential and provide investors with a smoother investment journey. We select strategies freely across geographies and markets, investing where we find the best return prospects within our robust risk constraints.

How we invest your money

Investments held

The Aberdeen Standard Global Absolute Return Strategies Fund ("the Fund) will invest in the Australian Dollar Hedged Share Class of the Standard Life Investments Global SICAV Global Absolute Return Strategies Fund ("Underlying Fund) and may hold up to 5% of its assets in cash.

The Fund invests in:

• unlisted international equities (units in the Underlying Fund) (95-100%); and

• cash equivalent investments (0-5%).

The Underlying Fund may invest in:

• over-the-counter Derivatives;

• equities related investments;

• exchanged traded Derivatives;

• fixed interest securities;

• cash equivalent investments; and

• other investments (including eligible transferable securities, and undertakings for collective investment).

Other than the limits imposed by UCITS Regulations, the Underlying Fund does not have explicit limits on the above investments. In practice, limits on the above investment are determined in consideration of Underlying Fund's liquidity requirements and risk profile.

The Underlying Fund uses Exchange Traded and Over the Counter Derivatives including short selling to achieve its investment objectives. At present the Fund and Underlying Fund do not intend to borrow except for short-term cash management purposes.

The strategy will produce investment returns through dynamic allocation to a wide range of return seeking investment opportunities in traditional and advanced asset classes, and also separately exploits security selection expertise. The Underlying Fund routinely uses a variety of conventional derivatives for investment, liquidity, efficiency and hedging purposes and may take both long and short positions.