ABF Pan Asia Bond Index Fund (2821) An ETF listed on the Stock Exchange of Hong Kong

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1 Important information: ABF Pan Asia Bond Index Fund ( PAIF ) is an exchange traded bond fund which seeks to provide investment returns that corresponds closely to the total return of the Markit iboxx ABF Pan-Asia Index ( Index ), before fees and expenses, and its return may deviate from that of the Index. PAIF primarily invests in local currency government and quasi-government bonds in eight Asian markets, comprising of China, Hong Kong, Indonesia, Korea, Malaysia, Philippines, Singapore and Thailand. Investment involves risks, including risks of exposure to bonds in both developed and emerging Asia markets. Investors may lose part or all of their investments. The trading price of PAIF may differ from the underlying net asset value per share. PAIF may not be suitable for all investors. Investors should not invest based on this marketing material only. Investors should read the PAIF s prospectus, including the risk factors, take into consideration of the product features, their own investment objectives, risk tolerance level etc and seek independent financial and professional advices as appropriate prior to make any investment. ABF Pan Asia Bond Index Fund (2821) An ETF listed on the Stock Exchange of Hong Kong

2 ABF Pan Asia Bond Index Fund (PAIF) Stock Code: 2821 HK Asian local currency bonds, an emergent asset class Asian local currency bonds characterize an emergent asset class that provides opportunities to participate in the growth of rising Asian economies. Asian local currency bonds have almost tripled in size in the past five years to a market capitalization of over US$6.2 trillion, which is approximately 7% of the world s bond market 1. The continued growth of this regional asset class is driven by positive qualitative and quantitative catalysts such as the sound macroeconomic policies, attractive fundamentals, growing currency reserves and improved creditworthiness of governmental debt in the region. The ABF Pan Asia Bond Index Fund (PAIF), a fixed income exchange traded fund (ETF) listed on the Hong Kong Stock Exchange (2821 HK), provides exposure to this growing regional asset class with the opportunity for two sources of return regular current income and the potential for currency appreciation. PAIF accomplishes this through strategic investments in the sovereign bonds of eight rapidly developing Asian economies, which include China (access to China s interbank market by general investors had been unavailable until the launch of PAIF), Hong Kong, Indonesia, Korea, Malaysia, Philippines, Singapore and Thailand. The following report outlines: 1) The growing opportunities in the Asian local currency bond asset class 2) The benefits of investing in PAIF 3) The benefits of gaining exposure through an ETF

3 Why Asian local currency bonds? Strong growth trends in Asia Robust fundamentals: Buoyed by favorable demographics, strengthening domestic demand and increased global competitiveness, Asian economies are exhibiting strong growth trends while more developed nations have recently shown signs of contraction (see Figure 1). Figure 2: Fiscal deficits as percent of GDP favor Asian economies % Policy reforms: Structural reforms and prudent policies have led to greater stability and sustainability of growth even during troughs in the global economic cycle. Currency development: Structural trade surpluses and growth differentials with industrialized nations are expected to exert upward pressure on currencies over the medium to long-term Japan United States Ireland United Kingdom Greece Spain Portugal France Malaysia Thailand Italy Philippines China Indonesia Germany South Korea Hong Kong Singapore 15 1 FORECAST Source: IMF 212 projections except for surplus countries - South Korea, Hong Kong and Singapore (211 data from Bloomberg). Figure 3: PAIF constituent country snapshot Markit iboxx ABF Pan-Asia Index constituent snapshot 5 Country Currency Estimated 211 GDP (%) 1-Year Bond Yield (%) Credit rating China CNY AA China, People s Republic of European Union Newly industrialized Asian economies ASEAN-5 Major advanced economies (G7) Source:IMF, World Economic Outlook Database, October 212 (estimates starts 212) Indonesia IDR BBB- Malaysia MYR A Hong Kong HKD 5..6 AAA Singapore SGD AAA Improving fixed income landscape in Asia Balancing budget: Sound policies and prudent fiscal spending have positioned Asian bonds well relative to highly indebted developed nations (see Figure 2). Growing depth in bond markets: Increasing size, depth and liquidity of bond markets are accompanying the region s rapid expansion. Philippines PHP BBB- Korea KRW AA Thailand THB A- Source: GDP- IMF estimates - World Economic Outlook Database Oct 212. Yields and Credit Rating: Bloomberg, Highest Local Currency Long Term Debt Rating (S&P, Moody s and Fitch), as of December 212. Shifting fundamentals: Deteriorating fiscal positions among developed markets are pushing investors to seek alternative exposures (i.e. towards more stable Asian sovereigns).

4 What does PAIF provide investors? Triple-play: two sources of return and access to a growing region Regular current income (Yield): As of 31 December 212, PAIF has made regular coupon payments that were higher than those of most developed nations, which may be beneficial to investors looking for a regular stream of income. Potential for currency appreciation: While Asian local currencies tend to be more volatile when compared to their developed market counterparts, strong trends like growing domestic demand, capital inflows and strengthening fiscal policies in Asia suggest the potential for capital gains from currency appreciation. PAIF, which invests in bonds denominated in eight local currencies, captures these opportunities. Diversified play on Asian growth trends: As indicated in Figure 1, Asian economies are expected to outperform on a global scale. PAIF provides access to these economic growth trends of eight countries in the Asian region. Figure 4: Multiple sources of return, from 7 July 25 to 31 December 212* Markit iboxx ABF Pan-Asia Index Coupon and Price Returns Currency Return (%) CNY HKD IDR KRW MYR PHP SGD THB 5-5 Coupon and Price Returns 3.25% 4.33% 15.28% 5.59% 4.4% 12.1% 3.6% 4.54% Currency 3.86%.4%.19% -.28% 2.93% 4.25% 4.47% 4.15% Total Return 7.24% 4.38% 15.5% 5.29% 7.46% 16.77% 8.24% 8.88% Market Exposure 16.86% 19.7% 5.82% 17.21% 1.54% 5.2% 15.76% 9.54% Return Contribution 1.21%.86%.95% 1.8%.77%.89% 1.33%.85% * Annualized returns since inception of PAIF (7 July 25). Time-weighted average market exposure since inception. Estimated contributions only based from historical index exposure and total returns. Source: Markit and SSgA, as of 31 December 212. Multi-dimensional portfolio diversification with PAIF Asset class diversification: Fixed income investments can provide significant diversification benefits to multi-asset class portfolios. Figure 5, which shows the risk return benefits across several asset classes, suggests that Asian local currency bonds provide the most efficient return per unit of risk assumed as measured by the Sharpe Ratio. Diversification within fixed income: In addition to granting investors the potential to realize higher current income, because interest rates fluctuate from country to country, an allocation to emerging Asian bonds can temper the impact of downturns in developed bond markets. Currency diversification: PAIF provides diversified exposure to a number of local currencies, providing risk mitigation to volatility amongst individual currencies. Regional country diversification: With exposure to local currency bonds across the Asian region, investors gain exposure to the positive growth trends and fundamentals that underlie the development of these economies. In addition, as PAIF provides exposure across eight Asian countries, investors are able to gain diversified access to eight different yield curves.

5 Figure 5: Investment profile comparison suggests Asian local currency bonds provide most efficient return for risk For the period 1 Jan 23 to 31 Dec 212 Asian Local Currency Bonds European Government Bonds US Treasuries Emerging Market Equities US Equities Annualized Return 7.51% 7.25% 4.79% 13.85% 4.7% Annual Standard Deviation 5.91% 11.64% 4.71% 24.2% 14.76% Sharpe Ratio Beta to S&P Source: Calculated by SSgA with data from Markit, JP Morgan, Citigroup and Bloomberg for Jan 23 to Dec 212 period. Indices used (from left to right): Markit iboxx ABF Pan-Asia Index, JP Morgan GBI-EMU Index, Citigroup U.S. Treasury Index, MSCI EM and S&P 5. Note: Returns are in US dollar terms, unhedged. Risk free rate used for Sharpe Ratio calculations is based on the JP Morgan 1-month LIBOR Index returns. Note: Returns are in US dollar terms, unhedged. Risk free rate used for Sharpe Ratio calculations is based on the JP Morgan 1-month LIBOR Index returns. PAIF employs intelligent indexing to optimize exposure Current conditions have exposed the inherent structural bias to overweight countries with high levels of debt associated with the traditional market capitalization approach. The Markit iboxx ABF Pan-Asia Index takes this into consideration and thus utilizes an alternative approach which is comprised of three factors in determining index weightings across Asian government borrowers: 1) Size of the country s bond market Figure 6: PAIF s underlying index methodology provides built-in diversification mechanism % ) Country s sovereign debt rating 3) Investability Indicator (previously 2 factors - overall liquidity and market functionality) China Hong Kong Indonesia Market Cap Weight South Korea Malaysia Philippines Singapore Markit iboxx ABF Pan-Asia Index Weight Thailand From the graphical comparison on the right, it can be seen that using market weights alone to determine country weightings would result in an index that has 73.5% invested in China and Korea, which many investors would consider too highly concentrated in terms of risk. On the other hand, taking liquidity, credit ratings and investability into consideration produces index allocations that are more balanced, diversified and investable as shown in Figure 6. Source: Markit, SSgA calculations, as of 31 December 212.

6 Why invest through an Exchange Traded Fund (ETF)? ETFs offer many advantages over traditional mutual funds: Tradability Cost efficiency Transparency Diversification Easy and convenient to buy and sell, just like stocks Low management fees and trading costs Continuous pricing calculated regularly during trading hours A single purchase allocates your investment across the underlying assets About State Street Global Advisors State Street Global Advisors (SSgA) is a global leader in asset management, entrusted with more than US$2.1 trillion 2 in assets from corporations, endowments and foundations, third party asset gatherers, pension funds and sovereign wealth funds. These sophisticated institutions rely on SSgA s disciplined, precise investment process, combined with a powerful global investment platform, to give them access to every major asset class, capitalization range and style. As the asset management business of State Street Corporation, one of the world s leading providers of financial services to institutional investors, SSgA s global reach extends to 1 global investor centers and offices in 29 cities worldwide. SSgA combines a depth of expertise with advanced research capabilities to manage client-focused solutions, including broad based to highly specialized passive and active strategies. SSgA has also attained ETF industry leadership, including first-to-market launches with gold, international real estate and fixed income and sector ETFs. For more information, please visit 3 or call customer hotline Source: Asian Development Bank, November 212; HSBC, December This AUM includes the assets of the SSgA's Gold ETF (approx. US$72.2 billion as of December 31, 212), for which State Street Global Markets, LLC, an affiliate of State Street Global Advisors, serves as the marketing agent. 3 This website is not authorized by the Securities and Futures Commission ("SFC") and it may contain information relating to the investment funds which are not authorized by SFC. ETFs trade like stocks, are subject to investment risk, fluctuate in market value and may trade at prices above or below the ETFs net asset value. Brokerage commissions and ETF expenses will reduce returns. Frequent trading of ETF s could significantly increase commissions and other costs such that they may offset any savings from low fees or costs. This document is issued by State Street Global Advisors Singapore Limited and has not been reviewed by the Securities and Futures Commission of Hong Kong ( SFC ). It may not be reproduced, distributed or transmitted to any person without express prior permission. This document and the information contained herein may not be distributed and published in jurisdictions in which such distribution and publication is not permitted. Nothing contained here constitutes investment advice nor should be relied on as such. The past performance of PAIF is not necessarily indicative of its future performance. Investors should read the prospectus including the risks factors carefully before deciding to purchase units in PAIF. The prospectus for PAIF is available and may be obtained from State Street Global Advisors Singapore Limited (the Manager) and authorized participants. The value of PAIF and the income from them, if any, may fall or rise. The semi-annual distributions are dependent on PAIF s performance and are not guaranteed. Redemption of PAIF s units could only be executed in substantial size through designated dealers and the listing of PAIF on the Stock Exchange of Hong Kong (Stock Exchange) does not guarantee a liquid market for the units, and PAIF may be delisted from the Stock Exchange. PAIF has been authorized for purchase in Hong Kong by the SFC, but such authorization does not imply official recommendation. PAIF may use or invest in financial derivatives. The Markit iboxx ABF Pan-Asia Index referenced herein is the property of Markit Indices Limited and is used under license. The PAIF is not sponsored, endorsed, or promoted by Markit Indices Limited or any of its members. All information provided herein regarding JPMorgan Index products (referred to herein as Index or Indices ), including without limitation, the levels of the Indices, is provided for informational purposes only and nothing herein constitutes, or forms part of, an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction, or a valuation or price for any product referencing the Indices. Nor should anything herein be construed as a recommendation to adopt any investment strategy or as legal, tax of accounting advice. Additional information regarding the JP Morgan Indexes may be found on 3 CITIGROUP is a registered trademark and service mark of Citigroup Inc. or its affiliates and is used and registered throughout the world. The Citigroup U.S. Treasury Index is owned and maintained by Citigroup Index LLC ( Citigroup ). Citigroup Index LLC All rights reserved. Source: MSCI. Neither MSCI nor any other party involved in or related to compiling, computing or creating the MSCI data makes any express or implied warranties or representations with respect to such data (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such data. Without limiting any of the foregoing, in no event shall MSCI, any of its affiliates or any third party involved in or related to compiling, computing or creating the data have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages. No further distribution or dissemination of the MSCI data is permitted without MSCI express written consent. Standard & Poor's S&P5 is a registered trademark of Standard & Poor's Financial Services LLC. 212 State Street Corporation All rights reserved IBGAP-874

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