+++++++++++++++++++++++DIFC Employee Workplace Savings Plan

Zurich Workplace Solutions (Middle East) Limited is incorporated in the Dubai International Financial Centre (Registration No. 3595) and is regulated by the Dubai Financial Services Authority.

Agenda

02 Saving For Your Future

03 Your DEWS Investments

04 Next Steps

05 Tools & Support

06 Any Questions?

01 DEWS Plan Overview

DEWS Plan Overview

What is the change?Amendment to DIFC Employment Law

EOSB accrues until 31 Jan 2020

31 Jan 2020 1 Feb 2020

EOSB Accrual ‘Defined benefit’

TimelineFuture date

Employee

leaves

employment,

they receive:

EOSB

Calculated per current

employment law for

services until 31-Jan,

calculated on last

drawn salary.

+

Fund value

Contributions

plus growth

For employees:

• With less than 5 years service, EOSB will be

calculated @ 21 days for every year of

service

• With more than 5 years service, EOSB will be

calculated @ 30 days for every year of

service

Defined contributions held in trust

For employees:

• With less than 5 years service,

contributions will be made every month

@5.83% of basic salary

• With more than 5 years service,

contributions will be made every month

@8.33% of basic salary

Amended employment law

How will EOSB calculations be done?

Who is eligible to be enrolled?

Employees outside DIFC

• UAE employees may be enrolled but be mindful of Federal Labor Law requirements

• Employers with employees from elsewhere (such as Secondees) based in DIFC do not have to

enroll DEWS, but could opt-in

In principle, all DIFC-based employers and employees will be subject to the changeover from the

existing Gratuity Payment regime – save for Exempted Employees, no option to opt-out for

Employer or Employee

Exempted Employees include: (i) GPSSA citizens (ii) Art 4(2) Employees (Secondment, Govt

employees, Presidential exemption) (iii) under notice on 01/02/20 or under a fixed contract that

ends within 3 mths (iv) Equity Partners

Those who are not in receipt of a basic salary do not have to enroll into DEWS, but can opt in. It

also means those on unpaid leave, sabbatical etc are not entitled to mandatory contributions

Employees on probation should be enrolled after successful completion of probation with back

payment from start date.

One year rule for eligibility no longer applies. Employees are eligible from start of employment.

DIFC Employee Workplace Savings (DEWS) Plan

The DEWS Plan is a progressive end-of-service benefits plan introduced within the DIFC to restructure the current defined benefit plan into a funded and professionally-managed, defined contribution plan.

✓ The DEWS service providers have been chosen through a competitive RFP process.

✓Combined experience of over 150 years.

✓ Best-in-class solution, overseen by an independent Supervisory Board.

✓Operator & Administrator are Dual-regulated.

The DEWS Panel of Experts

The Operator / Master Trustee

The DEWS Operating Model

OPERATOR /

MASTER TRUSTEE

• The DEWS Plan is the only plan that is fully compliant with DFSA and DIFCA regulations*

• The DEWS Plan is held in trust

• Your contributions are visible 24/7 via your own personal online account

• Transparent fee structure

• Extensive employee support

• A range of cost-effective investment options (including Shariah compliant options)

• The opportunity for reward - gross target returns 2.8% to 6.8% per annum**

• The ability to make additional ‘DEWS booster’ savings

• Possibility for accrued EOSB transfer

• A secure way to nominate your beneficiaries

• DEWS is a long-term saving solution that offers a number of options upon leaving service

The DEWS Advantage

* Accurate as at 29/01/20** Median expected target return (absolute) p.a.

5 years service

Statutory mandatory contributions that your employer must make are as follows:

5 years service

5.83% of basic salary

8.33% of basic salary

Although your contributions may be calculated in AED, they will always be paid into DEWS in USD at a rate of USD 1 to AED 3.675.

This is because all investment funds are USD denominated and it provides you with greater flexibility when leaving service and returning to your home country.

You earn AED 8,000 basic salary per monthYou have been in service for 2 years and 6 monthsYour employer pays AED 466.40 per month into DEWS

Example 1

(AED 8,000 / 100 * 5.83)

You earn AED 12,000 basic salary per monthYou have been in service for 7 years and 2 monthsYour employer pays AED 999.60 per month into DEWS

Example 2

(AED 12,000 / 100 * 8.33)

Contributions

• There is no minimum level for voluntary contributions and the maximum level is 100% of your total salary

• There are no restrictions on the frequency of the contributions you can make into DEWS

• Additional voluntary contributions are subject to the discretion and approval of your employer

• Can be withdrawn whilst in employment

If making additional voluntary contributions is right for you, here’s what to do:

Contact your HR/Finance Team

Advise them of the amount or % and

frequency you wish to contribute

Your employer will deduct from your salary & pay the

contributions directly into DEWS

The DEWS Booster

Held in the employee’s name, managed by the employee.

Employer absolved of any future liability to top up the end of service benefit in line with final basic salary.

Employee entitled to benefit from any investment gain and responsible for any investment loss.

With consent

No change to the current arrangement

The employer will arrange payment to the employee upon termination of service in the usual way and in line with final basic salary and calculations will be worked up to 31st January 2020.

No action

Held in the employer’s name, managed by the employer.

Employer retains the future liability to top up the end of service benefit in line with final basic salary.

Employer can use DEWS as an investment platform and withdraw funds to pay levers.

Without consent

Accrued EOSB transfer

• One savings pot – see your entire end of service benefit combined

• Simplicity – keeping investments simple

• Governance – a governed structure that works for employees

• Innovation – forward-thinking experts who drive change & innovation

• Peace of mind – the security that your benefits are held in trust for you

• Certainty – with the current EOSB regime you know your benefit and when it can be taken, however there is no opportunity for investment

• Investment risk – you may see a lesser return that what your salary increases were over the same period – equally investment growth may exceed salary increases

• Inflation – you may benefit from inflation protection as the current regime bases benefits on final basic salary, however your investment may also outperform inflation

Accrued EOSB transfer – a balanced view

Voluntary employee monthly contributions

“DEWS booster”

Total value of your savings

Employer statutory minimum

contributions

<5 years service = 5.83% and >5 years service = 8.33%

Plus accrued EOSB transfer (if applicable)

Any potential investment growth less

any charges

Understanding your total DEWS savings

✓You can take smaller payments and manage your needs better

✓Continue to benefit from investment growth

✓Manage your account online and make changes to your investments

✓You can close your DEWS account and withdraw your total savings pot

Full withdrawal

✓Not forced to leave the market at an undesirable time

✓Continue to benefit from any investment growth

✓Manage your account online and make changes to your investments

Remain invested

• Your payment can be made to any bank account held in your name

• We can transfer both locally and internationally

• Due diligence will be required to support your withdrawal request

• Bank charges will be borne by the recipient

• You are solely responsible for any tax liability and/or declarations relating to your DEWS payment

Remember…Partial withdrawal

Leaving service

Nominating beneficiaries and death in service

• Nominate multiple beneficiaries through the DEWS online portal

• Assign different percentages to each individual

• Amend your beneficiaries as often as you like

• Nominations held securely and in the strictest confidence

• In the unfortunate event of your death, your nomination will be considered by Equiom, the Operator/Master Trustee, when distributing the value of your DEWS account.

Saving For Your Future

• Life expectancy across

the globe has increased by five years since 2000,

the fastest rise in lifespans

since the 1960s.*

+5

It’s important to think about how long your savings will need to last.

Life expectancy at birth, both sexes:

<50 50-59.9 60-69.9 70-79.9 80-87 Data not available N/A applicableSource: World Health StatisticsNote: WHO Member States with a population of less than 90,000 in 2015 were not included in the analysis

People are living longer

0

10

20

30

40

50

60

70

80

90

100

2020 2022 2024 2026 2028 2030

USD89.63 – inflation at 1%

USD80.43 – inflation at 2%

USD58.47 – inflation at 5%

Inflation can reduce both the value of your savings and the value of your income in the future.USD 100 now is likely to be worth less in the future.

Inflation

Values are provided for illustrative purposes only, sourced from Fintrend.com

Your end of service and/or

retirement may be a long way

off, but the best time to plan is

now.

Ask yourself…

What do my savings look like today?

When do I plan to leave service and/or retire and what are my plans following this?

What savings will I need to have in order to supportmy family and our future plans?

Will my company’s EOSB contributions alone give me the income and security I need?

Can I afford to save a little bit more each month?

How much money do I need to save to sustain my lifestyle when I return to my home country?

Planning ahead

Your DEWS Investments

DEWS investments

What is a fund?• It’s a way of pooling money together with other investors. • The fund invests your money in ‘assets’ – professionally-managed by a fund manager. • The fund manager is responsible for the purchase or sale of different types of assets and ensuring that the

fund's strategy is aligned to its investment objectives

What should I consider when choosing my investment funds?• What do you want your money to achieve?• How long are you investing for?• What level of investment risk would you be comfortable with?

How will my attitude to risk affect my choice of fund?You have to accept some level of risk when you make an investment but how much depends on what you want to achieve and how quickly you hope your money will grow. The tendency of a particular investment to rise and fall in value is reflected in its ‘volatility’. A more volatile investment will tend to see frequent and/or sharp rises and falls while a less volatile fund is likely to both rise and fall more slowly.

DEWS investments

What funds are available?Within DEWS there are a range of 5 risk profile funds that we will outline on the following slide. There will also be Shariah-compliant options.

Do I have to make an investment choice?No. Whilst we have a range of useful literature, guides, tools and calculators to support you should you wish to make an active investment decision, there is absolutely no requirement for you to do this. There is a default investment fund that has been proposed by Mercer, the Investment Adviser, and accepted by Equiom, the Operator/Master Trustee.

Can I switch my investments?Yes. You can switch your investments online via the DEWS portal free of charge, as often as you like. Please seek independent professional advice should you have any concerns regarding switching your investments.

Do investments offer a guarantee?No. Investments are not guaranteed and values may rise as well as fall. You may not get back the amount initially invested.

Risk vs. Return

DEWS risk profile investment options

DEWS default fund

Summary of investment offering

▪ 5 blended funds to deliver member outcomes

✓ Underlying passive funds

✓ Dynamic asset allocation overlay

✓ Gross target return range 2.8% to 6.8% per annum

✓ Fee range 1.26% - 1.33% of assets per annum (all inclusive)

✓ All investments are held in offshore assets (no investment in local assets

▪ Default fund

✓ Balanced fund

✓ Targeting average salary rise

▪ Cash option – safe, diversified

▪ 3 Growth funds targeting higher returns

▪ 3 Sharia individual managers options

✓ Equities 1.53% p.a. (all inclusive)

✓ Sukuk 1.68% p.a. (all inclusive)

✓ Cash 1.43% p.a. (all inclusive)

Next Steps

Timelines

What do you need to do?

Between now and 01-Feb

• Understand the changes to the law and what it means to you.

• Understand the benefits of making Voluntary Contributions

• Find out how you can make voluntary contributions.

• Use our tools to understand how DEWS can help you save for your future.

01-Feb onwards

• When you receive your Welcome email, login to the DEWS online portal.

• Verify contributions and track investment performance.

• Nominate your beneficiary(ies).

• Check out the various funds that are available on the platform.

• Manage your investments.

When you leave

• When you leave your employer, you will get an email from us. You can:

➢ Choose to remain invested without making further contributions or,

➢ Give us your withdrawal instructions.

Tools & Support

Welcome email to the DEWS plan

An engaging, informative introductory email for employees to kick start their journey with DEWS

Supporting youKnowledge Repository

Tailored online content to empower employees take control of their financial future

DEWS Employee digital brochure

Brochure to provide clear explanations about the plan

Multi lingual Tutorial videos

Help employees with each step of the DEWS process

Live chat

Post launch support

Service support via phone, email and in-person by a team of DIFC based experts

Booths within the DIFC

We currently have an interactive booth situated within the DIFC at:

• Marble Walk

Employee Engagement & Information sessions

We are hosting a series of Employee Engagement and Information Sessions throughout January and February 2020

Employee Engagement

Employee Portal & Dashboard

Smart Support – Coming Soon

Please contact your HR Team for information regarding your and/or your company’s enrolment into the DEWS Plan, requests for voluntary contributions, requests for accrued EOSB transfers, any change in personal details and any queries relating to contracts of employment.

If you have any questions relating to the DEWS plan, please visit our website or contact Zurich Workplace Solutions on:

Web: ZWS.zurich.aePhone: 800-DEWS – now liveE-mail: dews.support@zurich.comLive chat: available now

Our servicing team are based in the DIFC (UAE), therefore hours of operation are Sunday to Thursday, 8am – 5pm. We will endeavour to respond to emails within 24 hours

On the ground support

Any Questions?

+++++++++++++++++++++++Thank you for your participation

Zurich Workplace Solutions (Middle East) Limited is incorporated in the Dubai International Financial Centre (Registration No. 3595) and is regulated by the Dubai Financial Services Authority.

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