I. Amendment to the investment objective and policy of the Sub-Fund.

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1 BBVA Durbana International Fund Société d investissement à capital variable 20, boulevard Emmanuel Servais, L-2535 Luxembourg Grand Duchy of Luxembourg R.C.S. Luxembourg B This letter (the Letter ) is sent to you as a shareholder of BBVA Durbana International Fund BBVA Multi-Asset Defensive Eur Fund. It is important and requires your immediate attention. If you are in any doubt as to the action to be taken, you should immediately consult your stockbroker, bank manager, lawyer or attorney or other professional adviser. Luxembourg, 7 June 2017 Dear Shareholder, We are writing to you as a shareholder of BBVA Durbana International Fund BBVA Multi-Asset Defensive Eur Fund (the Sub-Fund ), a sub-fund of BBVA Durbana International Fund (the "SICAV"). We are pleased to inform you that the board of directors of the SICAV (the Board ) has decided to amend the investment objective and policy of the Sub-Fund and the calculation of the global exposure. I. Amendment to the investment objective and policy of the Sub-Fund. The amendment aims at providing the possibility for the Sub-Fund to invest up to 100% of the Sub-Fund s portfolio in assets issued or guaranteed by one single public issuer in accordance with investment restrictions in the prospectus of the SICAV (the Prospectus ). Further, the section Investment Objective and Policy of the section relating to the Sub-Fund in Appendix I Sub-Funds in Issue of the Prospectus (the Sub-Fund Section ) is updated with the additional regulatory disclosures required under Regulation (EU) 2015/2365 of the European Parliament and of the Council of 25 November 2015 on transparency of securities financing transactions and of reuse and amending Regulation (EU) No 648/2012 on the recourse by the Sub-Fund to total return swaps and repurchase and reverse repurchase agreements. The section Investment Objective and Policy relating to the Sub-Fund, in the Appendix of the Prospectus currently reads as follows: The Sub-Fund seeks to provide capital appreciation through a flexible investment approach focused on diversification and risk control. 1

2 For this purpose it will invest its assets directly or indirectly in a global portfolio composed of fixed income, floating rate notes, equity securities and convertible bonds. The portfolio can also invest in UCITS or UCIs with absolute return innovative strategies such as volatility or relative value strategies (including equity market neutral, convertible arbitrage, event driven), fixed income strategies (including asset backed securities and mortgage backed securities, fixed income arbitrage) or commodity strategies (including multi-strategy). The Sub-Fund may follow commodity strategies (including multistrategy) by investing up to 10% in derivatives on financial commodity indices complying with articles 8 and 9 of the Commission Directive 2007/16/EC of 19th March 2007, as amended from time to time, and as implemented in Luxembourg law. The Sub-Fund will invest a maximum 30% of its portfolio in equity securities. The remaining assets will be invested in fixed income securities. The Sub-Fund will invest no more than 20% of its portfolio in asset backed securities and mortgage backed securities. The Sub-Fund may have exposure to currencies other than Euro and USD. Investments in deposits, cash, cash equivalents or Money Market Instruments may be held on an ancillary basis. Financial derivative instruments may be used for hedging or efficient portfolio management purposes. These financial derivative instruments may include, but are not limited to, total return swaps, futures, options, contracts for difference, forward contracts on financial instruments. The underlyings of such financial derivative instruments may include financial indices, interest rates, foreign exchange rates or currencies. The Sub-Fund may also use financial techniques and instruments such as entering into repurchase agreements and reverse repurchase agreements in accordance with the provisions of section "Techniques and instruments relating to Transferable Securities and Money Market Instruments" or into similar techniques to manage the liquidity of the portfolio. The Sub-Fund will invest more than 10% of its net assets in units / equities of other UCITS or UCIs, including ETFs, which are in line with this investment strategy. As a result of the here above described amendments to the investment policy of the Sub- Fund, the section Investment Objective and Policy relating to the Sub-Fund, in the Appendix of the amended Prospectus will henceforth read as follows: The Sub-Fund seeks to provide capital appreciation through a flexible investment approach focused on diversification and risk control. For this purpose it will invest its assets directly or indirectly in a global portfolio composed of fixed income, floating rate notes, equity securities and convertible bonds. The portfolio can also invest in UCITS or UCIs with absolute return innovative strategies such as volatility or relative value strategies (including equity market neutral, convertible arbitrage, event driven), fixed income strategies (including asset backed securities and mortgage backed securities, fixed income arbitrage) or commodity strategies (including multi-strategy). The Sub-Fund may follow commodity strategies (including multi-strategy) by investing up to 10% in 2

3 derivatives on financial commodity indices complying with articles 8 and 9 of the Commission Directive 2007/16/EC of 19th March 2007, as amended from time to time, and as implemented in Luxembourg law. The Sub-Fund will invest a maximum 30% of its portfolio in equity securities. The remaining assets will be invested in fixed income securities. The Sub-Fund will invest no more than 20% of its portfolio in asset backed securities and mortgage backed securities. The Sub-Fund may have exposure to currencies other than Euro and USD. The Investment Manager may also invest up to 100% of the Sub-Fund s portfolio in assets issued or guaranteed by one single public issuer in accordance with investment restriction (C) (6) under the section "Investment Restrictions". Investments in deposits, cash, cash equivalents or Money Market Instruments may be held on an ancillary basis. Financial derivative instruments may be used for hedging or efficient portfolio management purposes. These financial derivative instruments may include, but are not limited to, total return swaps, futures, options, contracts for difference, forward contracts on financial instruments. The underlyings of such financial derivative instruments may include financial indices, interest rates, foreign exchange rates or currencies. The Sub-Fund may invest in total return swaps with the following underlying: equity, fixed income, currency instruments, indices on equity, indices on fixed income, indices on UCITS and non-ucits, indices on credit risk, indices on interest rates, indices on exchange rates, indices of inflation, indices on commodities and indices of volatility (volatility of quoted shares, volatility of interest rates or volatility of exchange rates). The Sub-Fund may also use financial techniques and instruments such as entering into repurchase agreements and reverse repurchase agreements in accordance with the provisions of section "Efficient Portfolio Management Techniques" or into similar techniques to manage the liquidity of the portfolio. The assets of the Sub-Fund which may be subject to repurchase agreements and reverse repurchase agreements may be composed of short-term bank certificates, Money Market Instruments, bonds issued or guaranteed by a OECD member or by their local authorities or by supranational institutions and undertakings of a community, regional or worldwide nature, Money Market UCIs (with daily calculation and S&P AAA rated or equivalent), bonds issued by non-governmental issuers offering an adequate liquidity, shares listed or dealt on a regulated market of the European Union or on a stock exchange of a member state of the OECD, provided that they are included in a main index. 3

4 Type of transactions Total return swaps and other financial derivative instruments with the same characteristics Repurchase and reverse repurchase agreements Under normal circumstances, it is generally expected that the principal amount of such transactions will not exceed a proportion of the Sub-Fund s Net Asset Value indicated below. In certain circumstances this proportion may be higher. 10% 20 % 10% 20% The principal amount of the Sub-Fund s assets that can be subject to the transactions may represent up to a maximum of the proportion of the Sub- Fund s Net Asset Value indicated below. The Sub-Fund may incur fixed or variable brokerage fees and transaction costs upon entering into total return swaps and/or upon increasing or decreasing its notional amount as well as upon rebalancing cost for an index that is the underlying asset of such instruments where the rebalancing frequency is determined by the provider of the relevant index. The counterparties to such instruments do not have discretionary power over the composition or management of the investment portfolio of the Sub- Fund or over the underlying assets of such instruments. The Sub-Fund will not enter into (i) securities lending and securities borrowings and (ii) buy-sell back transactions or sell-buy back transactions. The Sub-Fund will invest more than 10 % of its net assets in units / equities of other UCITS or UCIs, including ETFs, which are in line with this investment strategy. II. Amendments to the calculation of the global exposure The Board has decided to amend the global exposure calculation method of the Sub- Fund to adopt a commitment conversion approach instead of the absolute Value-at-Risk methodology. This amendment results from the limited use of financial derivative instruments by the Sub-Fund, which does not justifies the use of the absolute Value-at- Risk methodology. As a consequence, the section Global Exposure of the Sub-Fund Section will be amended to read as follows: The method used to calculate the global exposure of this Sub-Fund is the CCM. These amendments will be effective as of 10 July 2017 (the "Effective Date"). 4

5 The amendments to the investment objective and policy of the Sub-Fund will not have an impact on the fees and expenses to be paid by the Sub-Fund. Shareholders may redeem their shares in the Sub-Fund or convert their shares into shares of another sub-fund of the SICAV having a similar investment policy than the Sub-Fund (subject to the eligibility criteria, minimum investment requirements or other restrictions applicable to the shares of that sub-fund), free of charge, for a period of one month commencing as from the date of this notice. The cut-off time for receiving these redemption or conversion orders is 15:00 CET on 7 July Copies of the draft prospectus may be obtained free of charge at the registered office of the SICAV upon request. 5