Common use of Please note that Clause in Contracts

Please note that. Sterling Class C Shares are available only to a company which is an associate company or to other collective investment schemes managed by the ACD or a company which the ACD deems to be an associate company. • Sterling Class R Shares are available only to Intermediate Unitholders or where the deal has been arranged by a financial adviser. Where a purchase by a Shareholder of Sterling Class R Shares has been arranged by a financial adviser the ACD will maintain a record of that financial adviser linked to their account with the ACD. If a Shareholder of Class R Shares has their financial adviser removed from their account (whether at the request of the Shareholder or the financial adviser, or as a result of the financial adviser no longer being authorised by the FCA), the ACD reserves the right at its absolute discretion to switch those Shares to Class A Shares within the same sub- fund. Shareholders should note that the ongoing charge of Class A Shares is greater than that of Class R Shares. • Shares denominated in currencies other than Sterling can normally only be bought and sold via the M&G Securities International Nominee Service (see 14.2). • Sterling Class I and I-H Shares, and Class C and Class C-H Shares denominated in currencies other than sterling are available to distributors, platforms and other forms of intermediary who operate written fee based arrangements with their clients, to companies which the ACD deems to be associate companies and with other institutional investors in accordance with the terms of their agreements with the ACD. Existing Shareholders in the Class C and I Shares, who held such Shares as at 23 November 2015 but no longer comply with the above, can continue to hold such Shares and will be able to apply in accordance with existing arrangements for additional subscriptions in Class C and I Shares which they hold. Changes to such arrangements will revert to the terms detailed above.

Please note that. Sterling Class C Shares are available only to a company which is an associate company or to other collective investment schemes managed by the ACD or a company which the ACD deems to be an associate company. • Sterling Class R and R-H Shares are available only to Intermediate Unitholders or where the deal has been arranged by a financial adviser. Where a purchase by a Shareholder of Sterling Class R Shares has been arranged by a financial adviser the ACD will maintain a record of that financial adviser linked to their account with the ACD. If a Shareholder of Class R Shares has their financial adviser removed from their account (whether at the request of the Shareholder or the financial adviser, or as a result of the financial adviser no longer being authorised by the FCA), the ACD reserves the right at its absolute discretion to switch those Shares to Class A Shares within the same sub- fundSub-Fund. Shareholders should note that the ongoing charge of Class A Shares is greater than that of Class R Shares. • Shares denominated in currencies other than Sterling can normally only be bought and sold via the M&G Securities International Nominee Service (see 14.2). • Sterling Class I and I-H Shares, and Class C and Class C-H Shares denominated in currencies other than sterling Sterling are available to to: - Eligible Counterparties, investing for their own account; and - other collective investment schemes; and - distributors, platforms and other forms of intermediary who operate written fee based arrangements agreements with their clients to provide advisory or discretionary portfolio management services and do not receive any fee rebates from the ACD. For these clients, to minimum subscription limits will not be applied. - companies which the ACD deems to be associate companies of such companies and with other institutional investors in accordance with the terms of their agreements with the ACD. • Existing Shareholders in the Class C and I Shares, who held such Shares as at 23 November 2015 12 January 2018 but no longer comply with the aboveforegoing, can continue to hold such Shares and will be able to apply in accordance with existing arrangements for additional subscriptions in Class C and I Shares which they hold. Changes to such arrangements will revert to the terms detailed above.

Please note that. Sterling Class C Shares are available only to a company which is an associate company or to other collective investment schemes managed by the ACD or a company which the ACD deems to be an associate company. • Sterling Class R Shares are available only to Intermediate Unitholders or where the deal has been arranged by a financial adviser. Where a purchase by a Shareholder of Sterling Class R Shares has been arranged by a financial adviser the ACD will maintain a record of that financial adviser linked to their account with the ACD. If a Shareholder of Class R Shares has their financial adviser removed from their account (whether at the request of the Shareholder or the financial adviser, or as a result of the financial adviser no longer being authorised by the FCA), the ACD reserves the right at its absolute discretion to switch those Shares to Class A Shares within the same sub- fund. Shareholders should note that the ongoing charge of Class A Shares is greater than that of Class R Shares. • Shares denominated in currencies other than Sterling can normally only be bought and sold via the M&G Securities International Nominee Service (see 14.2). • Sterling Class I and I-H Shares, and Class C and Class C-H Shares denominated in currencies other than sterling are available to to: - Eligible Counterparties, investing for their own account; and - other collective investment schemes; and - distributors, platforms and other forms of intermediary who operate written fee based arrangements with their clients to provide advisory or discretionary portfolio management services and do not receive any fee rebates from the ACD. For these clients, to minimum subscription limits will not be applied; - companies which the ACD deems to be associate companies of such companies and with other institutional investors in accordance with the terms of their agreements arrangements with the ACD. Existing Shareholders in the Class C and I Shares, who held such Shares as at 23 November 2015 30 January 2018 but no longer comply with the aboveforegoing, can continue to hold such Shares and will be able to apply in accordance with existing arrangements for additional subscriptions in Class C and I Shares which they hold. Changes to such arrangements will revert to the terms detailed above. • Class J Shares are only available to the following investors: - Eligible Counterparties, investing for their own account; and - other collective investment schemes; and - distributors and other forms of intermediary, who operate fee based arrangements with their clients to provide advisory or discretionary portfolio management services and do not receive any fee rebates from the ACD; and - companies which the ACD deems to be associate companies and with other investors in accordance with the terms of their agreements with the ACD. The ACD shall not pay any fee rebates on the Class J Shares to investors. Such investors will only be able to invest in Class J Shares if they: - have entered into a specific prior written agreement with the ACD (where the Class J Shares are held via an Intermediate Unitholder, the end investor must have entered such agreement with the ACD) and; - have a significant investment in the Fund as determined on a case to case basis by the ACD. Where an investor’s holding in the Share class falls below a level determined solely by the ACD, the ACD reserves the right at its absolute discretion to: - reject any new subscriptions in the Class J shares; and - switch any remaining Class J Shares to Sterling Class I Shares, or Class C Shares denominated in currencies other than Sterling, as appropriate within the Fund. • Class Z Shares are only available at the ACD’s discretion. Class Z Shares would then be available for investors who are eligible for the Sterling Class I Shares and Class C Shares denominated in currencies other than sterling, but only once the investor has entered into a prior written fee paying arrangement with the ACD. These shares are designed to accommodate an alternative charging structure under whereby the annual fee, normally charged to the class and then passed on in the share price, is instead administratively levied and collected directly from the investor.

Please note that. Sterling Class C Shares are available only to a company which is an associate company or to other collective investment schemes managed by the ACD or a company which the ACD deems to be an associate company. • Sterling Class R and R-H Shares are available only to Intermediate Unitholders or where the deal has been arranged by a financial adviser. Where a purchase by a Shareholder of Sterling Class R Shares has been arranged by a financial adviser the ACD will maintain a record of that financial adviser linked to their account with the ACD. If a Shareholder of Class R Shares has their financial adviser removed from their account (whether at the request of the Shareholder or the financial adviser, or as a result of the financial adviser no longer being authorised by the FCA), the ACD reserves the right at its absolute discretion to switch those Shares to Class A Shares within the same sub- fundSub-Fund. Shareholders should note that the ongoing charge of Class A Shares is greater than that of Class R Shares. • Shares denominated in currencies other than Sterling can normally only be bought and sold via the M&G Securities International Nominee Service (see 14.2). • Sterling Class I and I-H Shares, and Class C and Class C-H Shares denominated in currencies other than sterling Sterling are available to distributors, platforms and other forms of intermediary who operate written fee based arrangements with their clients, to companies which the ACD deems to be associate companies and with other institutional investors in accordance with the terms of their agreements with the ACD. • Existing Shareholders in the Class C and I Shares, who held such Shares as at 23 November 2015 but no longer comply with the above, can continue to hold such Shares and will be able to apply in accordance with existing arrangements for additional subscriptions in Class C and I Shares which they hold. Changes to such arrangements will revert to the terms detailed above.