Investment Changes

If you have any further questions, please contact us on: 0354 300 2585 Opening times vary depending on your Investment team

Why are you changing the Investment Manager?

We are changing the investment manager so that all NatWest Group customers can benefit from the consistent application of Coutts & Company's asset management philosophy, and the expertise of it's investment professionals. As the NatWest Group's centre for expertise for investment business,we believe Coutts and Company is well placed to do this. We conducted a detailed review of the capabilities of Coutts and determined that it is a professional service provider with the expertise to provide the required services to the funds. As well,as part of making this decision, Coutts appointed Mercer Limited (Mercer), and independent investment consultancy firm, to evaluate it's investment process and they found that it was broadly fit for purpose.

Why are you changing the Depository?

We decided to change the depository and custodian as part of our periodic review of all outsourced services to ensure they are delivering in an efficient, controlled manner that provided value for money. Our formal tender and review process found that BNY Mellon would be able to provide cost, control and operational efficiency benefits; therefore we decided to appoint them.

How are the funds merging together?

ICVC	Existing Fund	New Fund

Inv Options

Adventurous Growth FundManaged Equity Growth FundBalanced Growth FundManaged Growth FundCautious Growth FundManaged Defensive FundIncome FundManaged Growth FundInv FundsBalanced FundManaged Growth FundGrowth FundUK Equity FundEquity Income FundUK Equity FundExtra Income FundGlobal Bond FundHigh Yield FundGlobal Bond FundInternational Growth FundManaged Equity Growth Fund

Will my fund(s) cost more?

No. One of the main reasons we are proposing the funds merger is to take advantage of economies of scale and pass those efficiencies onto investors in the form of lower charge for the Investment Options range of funds (EMS). For the Investment funds range, the charges following the merger will be similar. The New Investment Manager (who will be Coutts) will allocate investments to carefully selected external fund managers. In this way, investors will have access to a wider range of investments capability without a material difference between the costs of the Existing Funds and the New Funds. Additionally, all of the associated costs of the merger (e.g. sending out mail, running extraordinary general meeting, managing the transaction, etc) will be covered by RBS CIFL.

Will I be charged for the merger?

No. All of the associated costs of the merger (e.g. sending out mail, running extraordinary general meeting, managing the transaction, etc) will be covered by RBS CIFL.

How do I vote?

You can vote via post or in person; To vote through the mail, please fill out the relevant voting forms that you received in your mailing pack. You can elect an individual of your choice (including the meeting Chairman) to cast your vote(s) on your behalf. Please note: these must be returned in the provided pre-paid business reply envelope 48 hours before the meeting(s) in which you would like to vote. To vote in person, please attend the relevant meeting(s) based on your holdings on the 14th March 2019, at the Gogarburn Conference Centre. For security purposes. please let us know you are planning on attending in person by calling 0208 889 9203. The meetings will occur at the following times:

Equity Income Fund at 10:00am
Growth Fund at 10:20am
High Yield Fund at 10:40am
Extra Income Fund at 11:00am
Balanced Fund at 11:20am
International Growth Fund 11:40am
Income Fund at 12:00pm
Cautious Growth at 12:20pm
Balanced Growth Fund at 12:40pm
Adventurous Growth Fund at 01:00pm

Regardless of whether you vote via mail or in person, it is important to note that you do not need to cast all of your votes or cast them in the same way.

How does the vote work?

For each merger to proceed, at least 75% of those investors that decide to vote must approve the proposal. There is not a single vote per investor - rather, your vote will be weighted according to the number of shared you hold.

When will I know the result of the merger?

We will notify all customers of the result by post within one week of the meeting(s) on 14th March 2019. Additionally, we will post the result of the merrings online in advance of this mailing.

What happens if the merger goes ahead and I want to redeem my shares?

You may place a redemption request for any normal Dealing Day until 5 p.m. on 9th May 2019. Redemption will also be possible on any Dealing Day after the merger from 20th May 2019.

What are the tax implication(s) of the merger?

We do not expect that the merger will result in capital gains, UK stamp duty, or stamp duty reserve taxes. Additionally, we do not expect that there will be an impact on the tax treatment of any ISA currently invested in the Existing Funds. However, the above information does not constitute tax or legal advice. Tax implications depends on each individual investor's personal circumstances, including country of tax residence and investors and recommended to seek their own tax advice is unsure of their obligations.

When will you be able to tell me how many shares I have in the new fund?

You will be notified of the exact number of shares held in the New Funds in June 2019 as part of your normal half-yearly Valuation Statement.

How can I view the value of my investments online?

You can view the total value of your investments when logged in to Online Banking or our Mobile app.

When will I be able to view fund prices online?

Online valuations are currently unavailable which is why we're updating the tool on our website. This is due to go live towards the end of March 2019. If you'd like the latest share price, you can call us on 0345 300 2585. Alternatively, you can find the latest share price on the FT website which can be found here. Search for RBS and select your relevant fund.

Will my risk profile change?

We are slightly modifying the investment objectives and policies: however, they will remain largely in line with the previous objectives and policies. There will be no material difference between the risk and target profiles of the New Funds(s) versus the Existing Fund(s) and so risk profile will remain the same.

Can you still transfer my ISA wrapper to another provider?

If you wish to transfer the ISA wrapped to another provider before the merger, then you would need to do this by 5 p.m. on the 9th May, 2019. After that date, we will begin the merger process, at which point you will be unable to access the fund until the 20th May 2019, when we will continue with business as normal.

Who do I speak to about my investments?

Our contact numbers will not be changing, if you wish to continue dealing in the fund as usual, you can still contact on 0345 300 3585.

Where do I go if I want to complain?

You can contact us on 0354 300 2585, or write to us at: RBS Collective Investment Funds Limited, PO Box 9908, Chelmsford, CM99 2AF

If I sell my holding, how quick will I receive the money?

Monies can take up to 5 working days to be sent to you, this is dependant on the sale of the assets which your Fund is invested in. Please note when making a withdrawal we may needs to confirm your identity which may cause further delays. These checks are to ensure we are paying to the right person and to meet money laundering regulations.

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Investment Changes