Annual Fund Options Fund Code Management Charge Fund Type Page!!!"!

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3 Fund Information=! NEW! NEW! NEW! NEW! Fund Information! April AGS/FC/04/ Q Aviva offers a wide range of funds that are customised for your individual investment needs. Whichever you choose from within our fund range, Aviva invests directly into the particular underlying fund managed by top asset management company. Therefore, the performance of the funds under Aviva Global Series is the same as that of the underlying funds. ^îáî~!"#$%&'()*+,-./012345*#$67%&89 ^îáî~!"#$%!"#$%!"&'() *+,-./,-012# ^îáî~!"#$%&'()*+$%&'! Annual Fund Options Fund Code Management Charge Fund Type Page!!!"! Aberdeen Global - Asia Pacific Fund A2 H % Regional Equity Funds 10! J=!"#= ^O!"# Aberdeen Global - Australasian Equity Fund A-2 H % Regional Equity Funds 10!=J=!"# ^JO!"# Aberdeen Global - China Opportunities Fund A2 H % Single Country Equity Funds 17!=J=!"# ^O!"#$% Aberdeen Global - India Opportunities Fund A2 H % Single Country Equity Funds 17!=J=!"# ^O!"#$% ABN AMRO Consumer Goods Fund A-USD H % Global Equity Funds 6!"#$ % ^=J!"# ABN AMRO Funds - Energy Fund A H % Sector Funds 25! J! ^! ABN AMRO Funds - Euro Bond Fund A H % Bond Funds 27!=J=!"# ^! ABN AMRO Funds - Global Bond Fund A H % Bond Funds 27!=J=!"# ^! ABN AMRO Funds - Global Emerging Markets Bond Fund A H % Bond Funds 27!=J=!"#$%&'= ^! ABN AMRO Funds - Interest Growth Fund (Euro) A H % Money Market Funds 33! J!=E F ^!"# ABN AMRO Funds - Interest Growth Fund (USD) A H % Money Market Funds 33! J!=E F ^!"# ABN AMRO Materials Fund A-USD H % Global Equity Funds 6!"#$% ^=J!"# ABN AMRO Utilities Fund A-USD H % Global Equity Funds 6!"#$% ^=J!"# AllianceBernstein - Global Balanced Portfolio A H % Asset Allocation / Balanced Fund 32 J!"#$% ^! L! AllianceBernstein - Global Conservative Portfolio A H % Asset Allocation / Balanced Fund 32 J!"#$% ^! L! AllianceBernstein - Global Equity Blend Portfolio A H % Global Equity Funds 6 J!"#$% ^!"# Allianz GIS RCM Hong Kong Fund - Class A H % Single Country Equity Funds 17!"# J==^!"#$% Allianz GIS RCM Oriental Income Fund - Class A H % Regional Equity Funds 10!"#$% J=^!"# Allianz GIS RCM Thailand Fund - Class A H % Single Country Equity Funds 18!"# J==^!"#$% Allianz GIS RCM Total Return Asian Equity Fund - Class A H % Regional Equity Funds 10!"#$%&'( J=^!"# AXA World Funds - Framlington Global Technology A Cap H % Global Equity Funds 7!"#=J=!"#$=E^ F!"# 1

4 Annual Fund Options Fund Code Management Charge Fund Type Page!!!"! NEW! NEW! NEW! AXA World Funds - Framlington Health A Cap H % Sector Funds 25!"#=J=!"=E^ F! Baring Global Umbrella Fund - Baring Eastern Europe Fund H015(USD ) 1.50% Regional Equity Funds 11!"#$% J=!"# H074(EUR F!"# Baring High Yield Bond Fund H % Bond Funds 27!"#$%&! Baring International Umbrella Fund - Baring Hong Kong China Fund H % Single Country Equity Funds 18!"#$%=J=!"#$%!"#$% Baring Korea Trust H % Single Country Equity Funds 18!"#!"#$% CAAM Funds - Aqua Global C Acc H % Global Equity Funds 7! `^^j!=j=!"#=e =` F!"# CAAM Funds - ASEAN New Markets C Acc H % Regional Equity Funds 11! `^^j!=j=!"#$%=e ` F!"# CAAM Funds - Emerging Europe C Acc H % Regional Equity Funds 11! `^^j!=j=!"#=e =` F!"# CAAM Funds - Korea C Acc H % Single Country Equity Funds 18! `^^j! J=!=E =` F!"#$% CAAM Funds - Thailand C Acc H % Single Country Equity Funds 19! `^^j! J=!=E =` F!"#$% Fidelity Funds - Australia Fund A Acc AUD H % Single Country Equity Funds 19!=J=!=^= = =!"#$% Fidelity Funds - European Aggressive Fund A H % Regional Equity Funds 12!=J=!"# ^!"# Fidelity Funds - European Growth Fund A H % Regional Equity Funds 12!=J==!"# ^!"# Fidelity Funds - European High Yield Fund A H % Bond Funds 28!=J=!"#$ ^! Fidelity Funds - European Smaller Companies Fund A H % Regional Equity Funds 12!=J=!"#$% ^!"# Fidelity Funds - Global Technology Fund A H % Sector Funds 26!=J=!"# ^! Fidelity Funds - Growth & Income Fund A H % Global Equity Funds 7!=J=! ^!"# Fidelity Funds - Pacific Fund A H % Regional Equity Funds 12!=J=!" ^!"# Fidelity Funds - Taiwan Fund A H % Single Country Equity Funds 19!=J=! ^!"#$% Fidelity Funds - US Dollar Bond Fund A H % Bond Funds 28!=J=!"# ^! First State Global Umbrella Fund plc - First State China Growth Fund I H % Single Country Equity Funds 19!"#$%&'()=J=!"#$% f!"#$% First State Global Umbrella Fund plc - First State Hong Kong Growth Fund I H % Single Country Equity Funds 19!"#$%&'()=J=!"#$% f!"#$% First State Global Umbrella Fund plc - First State Singapore and Malaysia Growth Fund - Class I H % Regional Equity Funds 12!"#$%&'()=J=!"#$% J f!"# Franklin Biotechnology Discovery Fund A H %* Sector Funds 26!"#$%&'()* ^! Franklin Floating Rate Fund Plc A H %* Bond Funds 28!"#$%&' ^! Franklin High Yield Fund A H %* Bond Funds 28!"#$% ^! Franklin Mutual Beacon Fund Class A Acc H %* Regional Equity Funds 13!"#$%&'=^=E F!"# 2

5 Fund Information=! Annual Fund Options Fund Code Management Charge Fund Type Page!!!"! NEW! NEW! Franklin U.S. Equity Fund A H %* Single Country Equity Funds 20!"#$%&' ^!"#$% Henderson Horizon Asia-Pacific Property Equities Fund A2 H % Regional Equity Funds 13!"#=J=!"#$% ^O!"# Henderson Horizon Continental European Equity Fund A2 H % Regional Equity Funds 13!"#=J=!"#$% ^O!"# Henderson Horizon Fund - Absolute Return Fixed Income Fund Class A2 Acc H % Bond Funds 29!"#=J=!"#$%=^O=E F! Henderson Horizon Fund Japanese Equity Fund A2 H % Single Country Equity Funds 20!"#=J=!"# ^O!"#$% Henderson Horizon Global Property Equities Fund A2 H % Global Equity Funds 7!"#=J=!"#$% ^O!"# Henderson Horizon Pan European Property Equities Fund A2 H % Sector Funds 26!"#=J=!"#$% ^O! HSBC GIF Chinese Equity Fund AD H % Single Country Equity Funds 20!"#$% ^a!"#$% HSBC GIF Euroland Equity Fund AD H % Regional Equity Funds 13!"#$%& ^a!"# HSBC GIF Hong Kong Equity Fund PD H % Single Country Equity Funds 20!"#$% ma!"#$% HSBC GIF Indian Equity Fund AD H % Single Country Equity Funds 21!"#$% ^a!"#$% HSBC GIF Thai Equity Fund AD H % Single Country Equity Funds 21!"#$% ^a!"#$% Invesco Asia Infrastructure Fund A Acc H % Regional Equity Funds 14!"#$% ^=E F!"# Invesco Emerging Markets Bond Fund A H % Bond Funds 29!"#$%&' ^! Invesco Global Health Care Fund A H % Sector Funds 26!"#$% ^! Invesco Japanese Small/ Mid Cap Equity Fund A H % Single Country Equity Funds 21!"#$% ^!"#$% Invesco Korean Equity Fund A H % Single Country Equity Funds 22!"# ^!"#$% Invesco PRC Equity Fund A H % Single Country Equity Funds 22!"# ^!"#$% Investec Global Strategy Fund Limited - Global Bond Fund A H % Bond Funds 29!"#$%&'()=J=!"# ^! Investec Global Strategy Fund Limited - Global Energy Fund A H % Commodity Equity Funds 24!"#$%&'()=J=!"# ^!"# Investec Global Strategy Fund Limited - Global Equity Fund A H % Global Equity Funds 8!"#$%&'()=J=!"# ^!"# Investec Global Strategy Fund Limited - Global Strategic Equity Fund A H % Global Equity Funds 8!"#$%&'()=J=!"#$% ^!"# Investec Global Strategy Fund Limited - Global Strategic Income Fund A H % Bond Funds 29!"#$%&'()=J=!"#$% ^! Investec Global Strategy Fund Limited - High Income Bond Fund (Euro) A H % Bond Funds 30!"#$%&'()=J=!"#$E F ^! Investec Global Strategy Fund Limited - Sterling Bond Fund A H % Bond Funds 30!"#$%&'()=J=!"# ^! Man AHL Diversified Futures Ltd H % Alternative Investments 34! 1 MLIIF Global SmallCap Fund A2 H % Global Equity Funds 8 N!"#$%&' ^O!"# 3

6 Annual Fund Options Fund Code Management Charge Fund Type Page!!!"! NEW! 2 MLIIF Latin American Fund A2 H % Regional Equity Funds 14 O! "#$ ^O!"# 3 MLIIF New Energy Fund A2 H % Commodity Equity Funds 24 P!"#$ ^O!"# 4 MLIIF US Dollar High Yield Bond Fund A2 H % Bond Funds 30 Q!"#$%&' ^O! 5 MLIIF World Energy Fund A2 H % Commodity Equity Funds 24 R!"#$% ^O!"# 6 MLIIF World Gold Fund A2 H % Commodity Equity Funds 24 S!"#$# ^O!"# 7 MLIIF World Mining Fund A2 H % Commodity Equity Funds 25 T!"#$% ^O!"# 4 NEW! New Star European Growth Fund H % Regional Equity Funds 14!"#$%!"# New Star Global Emerging Markets Fund H % Global Equity Funds 8!"#$%&'!"# New Star Japan Recovery Fund H % Single Country Equity Funds 22!"#$%!"#$% New Star UK Dynamic Fund - GBP Class Acc H % Single Country Equity Funds 23!"#$% J=!"#!"#$% New Star US Opportunities Fund H % Single Country Equity Funds 23!"#$%!"#$% PIMCO Global Real Return Fund - Class H Retail H % Bond Funds 30 PIMCO!"#$% J=!=e! PIMCO High Yield Bond Fund - Class H Retail H % Bond Funds 31 PIMCO!"#$ J=!=e! PIMCO Total Return Bond Fund - Class H Retail H % Bond Funds 31 PIMCO!"#$ J=!=e! Pioneer Funds - Emerging Markets Bond A H %** Bond Funds 31!=J=!"# ^! Pioneer Funds - Top European Players A H %** Regional Equity Funds 15!=J=!"# ^!"# Schroder International Selection Fund Asian Bond A1 H %** Bond Funds 31!"#$%&=J=! ^N! Schroder International Selection Fund Asian Equity Yield A1 H %** Regional Equity Funds 15!"#$%&=J=!"# ^N!"# Schroder International Selection Fund BRIC (Brazil, Russia, India, China) A1 H %** Global Equity Funds 9!"#$%&=J=!E!"# $% &'F= ^N!"# Schroder International Selection Fund Emerging Asia A1 H %** Regional Equity Funds 15!"#$%&=J=! ^N!"# Schroder International Selection Fund Emerging Markets A1 H %** Global Equity Funds 9!"#$%&=J=! ^N!"# Schroder International Selection Fund EURO Corporate Bond A1 H %** Bond Funds 32!"#$%&=J=!"# ^N! Schroder International Selection Fund EURO Liquidity A1 H %** Money Market Funds 33!"#$%&=J=! ^N!"# Schroder International Selection Fund Hong Kong Equity A1 H %** Single Country Equity Funds 23!"#$%&=J=! ^N!"#$% Schroder International Selection Fund Latin American A1 H %** Regional Equity Funds 15!"#$%&=J=! ^N!"# Schroder International Selection Fund US Dollar Liquidity A1 H %** Money Market Funds 33!"#$%&=J=! ^N!"# Templeton Asian Growth Fund A H %* Regional Equity Funds 15!"#$%& ^!"#

7 Fund Information=! Annual Fund Options Fund Code Management Charge Fund Type Page!!!"! Templeton Emerging Markets Fund A H %* Global Equity Funds 9!"#$%& ^!"# Templeton European Fund A H %* Regional Equity Funds 16!"#$ ^!"# Templeton Global Fund A H %* Global Equity Funds 9!"#$%& ^!"# Templeton Latin America Fund A H %* Regional Equity Funds 16!"#$%& ^!"# Value Partners Classic Fund B H % Regional Equity Funds 16!"# _!"# Value Partners Intelligent Funds - China Convergence Fund H % Regional Equity Funds 16!"#$%=J=!"#!"# Fund Type Index =!"# Fund Type Index =!"# Global Equity Funds mks=j=mkv Bond Funds mkot=j=mkpo!"#! Regional Equity Funds mknm=j=mkns Asset Allocation / Balanced Fund mkpo!"#!=l=! Single Country Equity Funds mknt=j=mkop Money Market Funds mkpp!"#$%!"# Commodity Equity Funds mkoq=j=mkor Alternative Investments mkpq!"#! Sector Funds mkor=j=mkos Fund Manager Overview mkpr=j=mkqp!!"# 1 With effect from 28 April 2008, the fund name will be changed to BlackRock Global Funds - Global SmallCap Fund A2. OMMU Q OU =!"#$%&'()*+,-+./01 ^O 2 With effect from 28 April 2008, the fund name will be changed to BlackRock Global Funds - Latin American Fund A2. OMMU Q OU =!"#$%&'()*+,-./0 ^O 3 With effect from 28 April 2008, the fund name will be changed to BlackRock Global Funds - New Energy Fund A2. OMMU Q OU =!"#$%&'()*+,-./ ^O 4 With effect from 28 April 2008, the fund name will be changed to BlackRock Global Funds - US Dollar High Yield Bond Fund A2. OMMU Q OU =!"#$%&'()*+,-./0123 ^O 5 With effect from 28 April 2008, the fund name will be changed to BlackRock Global Funds - World Energy Fund A2. OMMU Q OU =!"#$%&'()*+,-./0 ^O 6 With effect from 28 April 2008, the fund name will be changed to BlackRock Global Funds - World Gold Fund A2. OMMU Q OU =!"#$%&'()*+,-./ ^O 7 With effect from 28 April 2008, the fund name will be changed to BlackRock Global Funds - World Mining Fund A2. OMMU Q OU =!"#$%&'()*+,-./0 ^O * Annual Management Charge includes the annual fund management fee plus maintenance fee.!"#$%& '!"()*"+ ** Annual Management Charge includes the annual fund management fee plus distribution fee.!"#$%& '!"()*"+ The funds will normally be valued on each business day, but if not, they will at least be valued once a month.!"#$%&'()*(+,$-"./ Aviva will be the legal and proprietary owner of all units acquired under the funds of Aviva Global Series. You shall have no legal or beneficial interest in the assets representing the funds. ^îáî~!"#$%&'#()*+,-. ^îáî~!"#$%&'()*+,-./ 01232" Fund investment returns may fluctuate and are not guaranteed. Past performance is not indicative of future performance. No representation, warranty or guarantee concerning the performance, return and / or profitability of the Policy (or underlying investments) is given by Aviva whether orally or in writing.!"#$%$&'()*+,-./ :;<. ^îáî~!"#$e!f!"#$ L!"!"#$%&'( )*+ The profit or loss in transactions in foreign currency denominated contracts will be affected by fluctuations in currency rates where there is a need to convert from the currency denomination of the contract to another currency.!"#$%&'()#$*+,-./ #$,7/89:;<= Each investment fund is subject to market, interest rate and exchange rate fluctuations. The value of investments and their yields may go down as well as up. For further details and charges, please refer to the particular prospectus or documents of the respective underlying funds, which will be made available by Aviva. These funds are issued through Aviva Global Series. For details, please refer to the principal brochure of Aviva Global series.!"#$%#!&'()*+,-.#/0120(34-5&!67#89:;<;=>?@ab(cd#8e-fgh?@a!"#$!"#%& ^îáî~!"#$% ^îáî~!"#$%&'()*+,-./0123 ^îáî~!"#$%&'() The Company reserves the right to amend the fund information (including adjusting the Annual Management Charge) in the future upon giving three months' notice or such shorter period as approved by the Securities and Futures Commission.!"#$%&'()*+,-E!"#$%&'()F!"#$%&'() *+,-./01%23/04 The Company reserves the right to terminate any of the funds in the future upon giving three months' notice or such shorter period as approved by the Securities and Futures Commission.!"#$%&'()*+,-./ :;<=>?@A5BC?@D For details of the borrowing power and investment restrictions of the funds, please refer to the prospectus of the underlying funds which will be made available by Aviva.!"#$%&'()*+,-./!"0123, ^îáî~ 5

8 Global Equity Funds Investment Objective Global Equity Funds NEW ABN AMRO Consumer Goods Fund A - USD Fund Code : H114 Currency : USD Risk Level : 4 The fund seeks high total return from an actively managed portfolio of consumer goods sector transferable equities from markets worldwide. NEW ABN AMRO Materials Fund A - USD Fund Code : H113 Currency : USD Risk Level : 5 The fund seeks high total return from an actively managed portfolio of materials sector transferable equities from markets worldwide. NEW ABN AMRO Utilities Fund A - USD Fund Code : H112 Currency : USD Risk Level : 4 The fund seeks high total return from an actively managed portoflio of utilities sector transferable equities from markets worldwide. AllianceBernstein - Global Equity Blend Portfolio A Fund Code : H102 Currency : USD Risk Level : 4 Valuation Day : Every Business Day Annual Management Charge : 1.70%^ ^ Annual Management Charge includes 0.10% of the Management Company Fee The Portfolio seeks to achieve long-term growth of capital by investing in a portfolio of equity securities. The strategy is designed for investors who seek equity returns but also want broad diversification of related risks across styles, capitalisation and geographic regions. A portfolio of ACMBernstein. AllianceBernstein is the trading name of this mutual investment fund (fonds commun de placement) organised under the laws of Luxembourg, while its legal name is ACMBernstein. 6

9 Global Equity Funds AXA World Funds - Framlington Global Technology A Cap - Fund Code : H103 Currency : USD Risk Level : 4 Valuation Day : Every Business Day Annual Management Charge : 1.75% The objective of the Framlington Global Technology Fund is to achieve long term capital growth. The Investment Manager will seek to achieve the objectives of the Framlington Global Technology by investing permanently at least two thirds of the total assets of the Framlington Global Technology in equities and equities related instruments issued by companies engaged in research, design and development of technologies in all sectors, including information technology and internet, and in companies manufacturing and distributing products and/or providing services resulting from such research, design and development worldwide. CAAM Funds - Aqua Global C Acc Fund Code : H105 Currency : EUR Risk Level : 3 The Fund seeks to provide its shareholders with a long-term capital growth by investing principally in company being active in the "water" sector. Investments are made following a selection process that applies precise financial criteria on a range of companies firstly sorted by InspireInvest, a company which holds an expertise on the sector of water and its stakes. InspireInvest provides the investment manager in particular with a database containing descriptions of companies whose turnover is structured to at least 25% of activities linked to the "water" sector. Fidelity Funds - Growth & Income Fund A Fund Code : H017 Currency : USD Risk Level : 3 Valuation Day : Every Business Day Annual Management Charge : 1.25% The fund will be managed with a more conservative approach towards seeking high current income and capital growth primarily through investment in a combination of equities and bonds. This fund will appeal to investors seeking regular income and moderate capital growth but who prefer a lower level of risk than that normally associated with equity investment only. Henderson Horizon Global Property Equities Fund A2 Fund Code : H106 Currency : USD Risk Level : 4 Valuation Day : Every Business Day Annual Management Charge : 1.20% The investment objective of the Global Property Equities Fund is to seek long-term capital appreciation by investing in the quoted equity securities of companies or Real Estate Investment Trusts (or its equivalents) listed or traded on a regulated market which derive the main part of their revenue from the ownership, management and/or development of real estate, throughout the world. The Fund is denominated in US$. 7

10 Global Equity Funds Investec Global Strategy Fund Limited - Global Equity Fund A Fund Code : H047 Currency : USD Risk Level : 3 The Fund aims to achieve capital growth through the international allocation and management of investments based on an assessment of the outlook for economic growth, interest rates, exchange rates and individual companies. Investec Global Strategy Fund Limited - Global Strategic Equity Fund A Fund Code : H082 Currency : USD Risk Level : 3 The Fund aims to provide long-term capital growth primarily through investment in companies from around the world, which are expected to enhance underlying profitability and shareholder value through operational or structural improvements to their businesses. MLIIF Global SmallCap Fund A2 Fund Code : H108 Currency : USD Risk Level : 4 With effect from 28 April 2008, the fund name will be changed to BlackRock Global Funds - Global SmallCap Fund A2. The Global SmallCap Fund seeks to maximise total return. The Fund invests globally at least 70% of its total net assets in the equity securities of smaller capitalisation companies. Smaller capitalisation companies are considered companies which, at the time of purchase, form the bottom 30% by market capitalisation of global stock markets. Although it is likely that most of the Fund's investments will be in companies located in the developed markets of North America, Europe and the Far East, the Fund may also invest in the developing markets of the world. Currency exposure is flexibly managed. New Star Global Emerging Markets Fund Fund Code : H061 Currency : USD Risk Level : 4 Valuation Day : Every Business Day Annual Management Charge : 1.75% The Sub-Fund aims to achieve long term capital growth principally through investment in companies located or listed in less developed countries, considered by the Investment Manager to be "emerging markets" or in the opinion of the Investment Manager deriving a preponderant part of their income therefrom and in debt securities (usually unrated) of corporate and sovereign issuers located in emerging market regions. 8

11 Global Equity Funds Schroder International Selection Fund BRIC (Brazil, Russia, India, China) A1 Fund Code : H099 Currency : USD Risk Level : 5 Valuation Day : Every Business Day Annual Management Charge : 2.00% To provide capital growth primarily through investment in equity securities of Brazilian, Russian, Indian and Chinese companies. Schroder International Selection Fund Emerging Markets A1 Fund Code : H086 Currency : USD Risk Level : 5 Valuation Day : Every Business Day Annual Management Charge : 2.00% The Fund aims to provide capital growth primarily through investment in equity securities of emerging markets companies. Templeton Emerging Markets Fund A Fund Code : H034 Currency : USD Risk Level : 5 Valuation Day : Every Business Day Annual Management Charge : 2.10% The Fund s investment objective is long-term capital growth. It seeks to achieve by investing in equity securities and debt obligations issued by corporations and governments of developing or emerging nations. Templeton Global Fund A Fund Code : H031 Currency : USD Risk Level : 3 The Fund s investment objective is long-term capital growth. It seeks to achieve by investing in equity and debt obligations of companies and governments of any nation. 9

12 Regional Equity Funds Regional Equity Funds Aberdeen Global - Asia Pacific Fund A2 Fund Code : H094 Currency : USD Risk Level : 4 Valuation Day : Every Business Day Annual Management Charge : 1.75% The Fund aims to pursue long term total return primarily through investment in equities and equity-related securities of corporations which are registered in Asia-Pacific countries (excluding Japan), or companies which derive a significant proportion of their assets there. NEW Aberdeen Global - Australasian Equity Fund A-2 Fund Code : H115 Currency : AUD Risk Level : 5 The Fund's investment objective is long-term capital growth primarily through investment in equities and equity-related securities of corporations registered in Australia or New Zealand, or companies that derive a significant proportion of their revenues or profits from Australia and New Zealand or have a significant portion of their assets there. The base currency of the Fund is Australian Dollars. Allianz GIS RCM Oriental Income Fund - Class A Fund Code : H010 Currency : USD Risk Level : 3 To provide investors with long-term capital appreciation and income through investment in debt, convertible bonds and high yielding securities of companies in the Asia Pacific region. Allianz GIS RCM Total Return Asian Equity Fund - Class A Fund Code : H077 Currency : USD Risk Level : 4 Valuation Day : Every Business Day Annual Management Charge : 1.75% To provide investors with long-term capital appreciation and income through investment in high yielding or undervalued securities of companies in Asia excluding Japan. 10

13 Regional Equity Funds Baring Global Umbrella Fund - Baring Eastern Europe Fund Fund Code : H015 Currency : USD Risk Level : 5 The investment objective of the Fund is to achieve long-term capital appreciation through investment in a diversified portfolio of securities of issuers located in or with a significant exposure to the emerging markets of Europe. Investors should be aware of the additional risks associated with funds which invest in emerging and developing markets. Baring Global Umbrella Fund - Baring Eastern Europe Fund Fund Code : H074 Currency : EUR Risk Level : 5 The investment objective of the Fund is to achieve long-term capital appreciation through investment in a diversified portfolio of securities of issuers located in or with a significant exposure to the emerging markets of Europe. Investors should be aware of the additional risks associated with funds which invest in emerging and developing markets. CAAM Funds - ASEAN New Markets C Acc Fund Code : H110 Currency : USD Risk Level : 4 Valuation Day : Every Business Day Annual Management Charge : 1.60% The Fund seeks to achieve a long term capital growth by means of investments in companies from ASEAN countries with a special focus on Vietnam (contingent on the development of Vietnam stock markets). CAAM Funds - Emerging Europe C Acc Fund Code : H097 Currency : EUR Risk Level : 5 Valuation Day : Every Business Day Annual Management Charge : 1.60% The Fund seeks to provide its shareholders with a medium-term increase in the capital invested by virtue of investments in a selection of securities diversified both at geographic and sector level, representative of companies legally established in the emerging countries of Europe, or having their principal activity there. Investments shall give preference to equities, but may include warrants and other similar securities; the securities shall be quoted locally or on the developed markets (ADR or GDR). The Portfolio shall invest at least two thirds of its net assets in the shares of companies established in the emerging countries of Europe. 11

14 Regional Equity Funds Fidelity Funds - European Aggressive Fund A Fund Code : H018 Currency : EUR Risk Level : 4 The fund invests principally in equity securities of European companies. Following an aggressive approach, the manager is free to select any company regardless of size or industry. Typically, the fund will concentrate its investments in a more limited number of companies and therefore the resulting portfolio will be less diversified. This will suit investors prepared to accept the higher risk associated with this type of investment. Fidelity Funds - European Growth Fund A Fund Code : H079 Currency : EUR Risk Level : 3 The fund invests principally in equity securities quoted on European stock exchanges. Fidelity Funds - European Smaller Companies Fund A Fund Code : H080 Currency : EUR Risk Level : 5 The fund invests principally in equity securities of small and medium-sized European companies. Fidelity Funds - Pacific Fund A Fund Code : H022 Currency : USD Risk Level : 4 The fund invests principally in an actively managed portfolio of equities in countries having a Pacific sea coast, primarily Japan, South East Asia and the United States of America. NEW First State Global Umbrella Fund plc - First State Singapore and Malaysia Growth Fund - Class I Fund Code : H118 Currency : USD Risk Level : 5 The Fund invests primarily in securities issued by companies that are listed, traded or dealt in on Regulated Markets in Singapore or Malaysia or companies that are listed, traded or dealt in on another Regulated Market but that are incorporated in, have substantial assets in, or derive significant revenues from operations in Singapore or Malaysia. 12

15 Regional Equity Funds NEW Franklin Mutual Beacon Fund Class A Acc Fund Code : H117 Currency : USD Risk Level : 3 The Fund's investment objective is capital appreciation, with income as its secondary objective. It seeks to achieve by primarily investing in common stocks, preferred stocks, and debt securities convertible into common or preferred stock. It may invest in the securities of companies involved in mergers, consolidations, liquidations and reorganizations. No more than 30% of the Fund's net assets will be invested in securities of non-u.s. issuers. Henderson Horizon Asia-Pacific Property Equities Fund A2 Fund Code : H107 Currency : USD Risk Level : 4 Valuation Day : Every Business Day Annual Management Charge : 1.20% The investment objective of the Asia-Pacific Property Equities Fund is to seek long-term capital appreciation by investing at least 75% of its total assets in the quoted equities of companies or Real Estate Investment Trusts (or its equivalents) having their registered office in the Asia-Pacific Region and listed or traded on a regulated market, which derive the predominant part of their revenue from the ownership, management and/or development of real estate in the Asia-Pacific Region. The Fund is denominated in US$. Henderson Horizon Continental European Equity Fund A2 Fund Code : H037 Currency : EUR Risk Level : 4 Valuation Day : Every Business Day Annual Management Charge : 1.20% The investment objective of the Continental European Equity Fund is to seek long term capital appreciation by investing at least 75% of its total assets in equity securities of companies having their registered office in the EEA in a variety of sectors within Europe, excluding the United Kingdom. The Fund is denominated in. HSBC GIF Euroland Equity Fund AD Fund Code : H111 Currency : EUR Risk Level : 3 The Fund seeks long-term capital growth by investing at least two-thirds of its total non-cash assets in a well-diversified portfolio of investments in equity and equity equivalent securities of companies which have their registered office in, and with an official listing on a major stock exchange or other regulated market of any European Monetary Union (EMU) member country. Initially this will be the 12 member countries but if others join the EMU in the future then investments in these countries may also be considered. Whilst there are no capitalisation restrictions, it is anticipated that the Fund will seek to invest primarily in larger, established companies. The Fund may also invest in financial derivative instruments such as futures, options and swaps (including, but not limited to, credit default swaps) and in other currency and equity derivatives. The Fund intends to use such financial derivative instruments inter alia, for the purposes of managing market exposure and currency positioning but also to enhance return when the investment adviser believes the investment in financial derivative instruments will assist the Fund in achieving its investment objectives. The global exposure relating to the use of financial derivative instruments shall not exceed the total net asset value of the Fund. The global exposure relating to financial derivative instruments will be calculated using a Valueat-Risk approach. 13

16 Regional Equity Funds NEW Invesco Asia Infrastructure Fund A Acc Fund Code : H120 Currency : USD Risk Level : 4 NEW MLIIF Latin American Fund A2 Fund Code : H121 Currency : USD Risk Level : 5 Valuation Day : Every Business Day Annual Management Charge : 1.75% With effect from 28 April 2008, the fund name will be changed to BlackRock Global Funds - Latin American Fund A2. The Latin American Fund seeks to maximise total return. The Fund invests at least 70% of its total net assets in the equity securities of companies domiciled in, or exercising the predominant part of their economic activity in, Latin America. New Star European Growth Fund Fund Code : H060 Currency : EUR Risk Level : 3 Valuation Day : Every Business Day Annual Management Charge : 1.75% The Sub-Fund aims to achieve long term capital growth principally through investment in companies located or listed in Europe (excluding the United Kingdom) or in the opinion of the Investment Manager deriving a preponderant part of their income from Europe (excluding the United Kingdom). 14

17 Regional Equity Funds Pioneer Funds - Top European Players A Fund Code : H062 Currency : USD Risk Level : 4 Valuation Day : Every Business Day Annual Management Charge : 2.00% The objective of this Sub-Fund aims to achieve capital appreciation over the medium to long-term by investing at least twothirds of its net assets in a diversified portfolio of equities and equity-linked securities issued by mid and/or large cap companies established in, operating in or deriving a significant portion of their revenue from Europe. This Sub-Fund is not sector specific and can invest in a broad range of sectors and industries. It seeks to add value by investing in a selective range of opportunities identified by the Investment Manager as having strong growth attraction based on company fundamentals. Schroder International Selection Fund Asian Equity Yield A1 Fund Code : H085 Currency : USD Risk Level : 3 Valuation Day : Every Business Day Annual Management Charge : 2.00% The Fund aims to provide a total return primarily through investment in equity and equity related securities (e.g. options and warrants) of Asian companies which offer attractive yields and sustainable dividend payments. Schroder International Selection Fund Emerging Asia A1 Fund Code : H066 Currency : USD Risk Level : 5 Valuation Day : Every Business Day Annual Management Charge : 2.00% The Fund aims to provide capital growth primarily through investment in equity securities of companies in the emerging economies of Asia. Schroder International Selection Fund Latin American A1 Fund Code : H068 Currency : USD Risk Level : 5 Valuation Day : Every Business Day Annual Management Charge : 2.00% The Fund aims to provide capital growth primarily through investment in equity securities of Latin American companies. Templeton Asian Growth Fund A Fund Code : H033 Currency : USD Risk Level : 4 Valuation Day : Every Business Day Annual Management Charge : 1.85% The Fund seeks to achieve long term capital appreciation by investing primarily in equity and equity related securities of companies which derive a significant proportion of their profits or have their area of primary activity in Asian countries (excluding Australia, New Zealand and Japan). 15

18 Regional Equity Funds Templeton European Fund A Fund Code : H032 Currency : EUR Risk Level : 4 The Fund s investment objective is long-term capital growth. It seeks to achieve by investing in equity and debt obligations issued by European corporations and governments. Templeton Latin America Fund A Fund Code : H035 Currency : USD Risk Level : 5 Valuation Day : Every Business Day Annual Management Charge : 1.90% The Fund seeks to achieve long term capital appreciation by investing primarily in equity and as an ancillary matter, in debt securities of issuers located in the Latin American region. Value Partners Classic Fund B Fund Code : H072 Currency : USD Risk Level : 5 Valuation Day : Weekly Annual Management Charge : 1.25% Performance fee**: 15% p.a. of profit high-on-high To achieve a consistent return through investing in stocks that trade at deep discounts to their intrinsic values in the Asia- Pacific region. The Manager applies a disciplined approach that places emphasis on fundamental value. Value Partners Intelligent Funds - China Convergence Fund* * Fund Code : H073 Currency : USD Risk Level : 5 Valuation Day : Bi-weekly Annual Management Charge : 1.25% Performance fee**: 15% p.a. of profit high-on-high To provide long-term capital appreciation (in US dollar terms) by investing primarily in A, B and H shares. A shares ("A Shares") and B shares ("B Shares") are shares listed on the Shanghai Securities Exchange and the Shenzhen Stock Exchange in the People s Republic of China ("PRC"). A Shares are quoted in Renminbi and B Shares are quoted in US dollars and Hong Kong dollars. H shares ("H Shares") are shares listed on the Hong Kong Stock Exchange and are denominated in Hong Kong dollars. The investment in A shares is subject to a maximum exposure of 35% of the Fund s non-cash assets. Apart from A, B and H Shares, the Manager may also invest (to a lesser extent) in shares of China-related companies listed on the stock exchanges in Hong Kong or on recognised stock exchanges in other jurisdictions and in China-related fixed income securities. Chinarelated companies are considered by the Manager to be companies which have the majority of their assets situated in, or the majority of their income derived from operations in, Hong Kong and/or elsewhere in Greater China. 16

19 Single Country Equity Funds Single Country Equity Funds Aberdeen Global - China Opportunities Fund A2 Fund Code : H001 Currency : USD Risk Level : 5 Valuation Day : Every Business Day Annual Management Charge : 1.75% The Fund aims for capital growth by investing in companies which are domiciled in China or either invest in, or trade with, China. The Fund will invest mainly in companies which invest in or trade with China or are domiciled in China. As the stock markets in China develop the Fund will increasingly invest directly in companies which are domiciled in China, but always within the investment limits set out in the investment restrictions. Distributable income will not be a consideration when investments are made. Aberdeen Global - India Opportunities Fund A2 Fund Code : H002 Currency : USD Risk Level : 5 Valuation Day : Every Business Day Annual Management Charge : 1.75% India Opportunities Fund aims to achieve long term capital appreciation by investing in the equity of companies which are incorporated in India or which derive significant revenue or profit from India. Dividend yield from the Fund will be of secondary importance. A flexible approach to the investment parameters will be taken in order to optimise growth potential from the portfolio of investments and to minimise the risks typical of emerging market investment and specifically in relation to liquidity and settlement issues. As a result, the Manager intends to invest in India through the following methods: (i) investing in companies listed on the Indian stock exchanges; (ii) investing in Indian securities listed on other international stock exchanges, such as GDRs and (iii) investing in companies listed on other international exchanges which derive significant revenue from or profit from India. Allianz GIS RCM Hong Kong Fund - Class A Fund Code : H008 Currency : USD Risk Level : 5 Valuation Day : Every Business Day Annual Management Charge : 2.00% To provide investors with long-term capital appreciation by investing principally in Hong Kong. 17

20 Single Country Equity Funds Allianz GIS RCM Thailand Fund - Class A Fund Code : H009 Currency : USD Risk Level : 5 Valuation Day Every Business Day Annual Management Charge 2.00% To provide investors with long-term capital appreciation by investing principally in Thailand. Baring International Umbrella Fund - Baring Hong Kong China Fund Fund Code : H016 Currency : USD Risk Level : 5 Valuation Day : Every Business Day Annual Management Charge : 1.25% The objective for the Fund is to achieve long-term capital growth through investment in Hong Kong and China equity markets. The Managers may also invest in companies incorporated in Taiwan or quoted on the Taiwan stock exchange or in companies that have significant proportion of their assets or other interests in Taiwan. Baring Korea Trust Fund Code : H014 Currency : GBP Risk Level : 5 The investment objective of the Trust is to achieve capital growth by investing directly or indirectly in securities of Korean companies or other entities or subsidiaries of Korean companies and securities listed or traded on the Korean securities markets. CAAM Funds - Korea C Acc Fund Code : H091 Currency : USD Risk Level : 5 Valuation Day : Every Business Day Annual Management Charge : 1.60% The Fund seeks to achieve long-term capital growth and it is intended that principally all investments made by the Portfolio will consist of listed equity securities of Korean Companies. The Investment Adviser will select a diversified range of listed equities reflecting the broad spectrum of the Korean economy. The Portfolio will principally consist of the securities of those companies that the Investment Adviser considers to have potential for earnings growth and the management and financial resources to achieve it. Particular emphasis will be placed on small and medium sized companies. It is intended that the assets of the Portfolio should be invested principally in equity securities. The Portfolio may however hold, on an ancillary basis, liquid assets. 18

21 Single Country Equity Funds CAAM Funds - Thailand C Acc Fund Code : H090 Currency : USD Risk Level : 5 Valuation Day : Every Business Day Annual Management Charge : 1.60% The Fund seeks to provide long-term capital growth. The Portfolio provides a means to investors to participate in the development of the equity market of Thailand. The amounts invested in the Portfolio will accordingly be invested principally in Thailand equity securities listed on the Stock Exchange of Thailand (SET). The Investment Adviser will select between listed securities those reflecting ultimately the Thailand economy. The Portfolio will consist principally in shares of companies that the Investment Adviser considers will have significant potential growth in profits and sufficient management and financial resources to achieve this growth. The Portfolio may, on an ancillary basis, hold liquid assets. NEW Fidelity Funds - Australia Fund A Acc AUD Fund Code : H116 Currency : AUD Risk Level : 4 The fund invests principally in Australian equity securities. Fidelity Funds - Taiwan Fund A Fund Code : H075 Currency : USD Risk Level : 5 The fund invests principally in Taiwanese equities. First State Global Umbrella Fund plc - First State China Growth Fund I Fund Code : H023 Currency : USD Risk Level : 5 Valuation Day : Every Business Day Annual Management Charge : 2.00% The Fund invests primarily in securities issued by companies with either assets in, or revenues derived from the People's Republic of China that are listed, traded or dealt in on Regulated Markets in China, Hong Kong, Taiwan, the U.S. or in a member state of the OECD. First State Global Umbrella Fund plc - First State Hong Kong Growth Fund I Fund Code : H024 Currency : USD Risk Level : 5 The Fund invests primarily in securities listed on the Stock Exchange of Hong Kong Limited or securities issued by such companies which in the Investment manager's opinion have significant assets, business, production activities, trading or other business interests in Hong Kong and traded on regulated markets. 19

22 Single Country Equity Funds Franklin U.S. Equity Fund A Fund Code : H030 Currency : USD Risk Level : 5 The Fund's primary objective is to seek capital appreciation by investing in US equity securities, including common and preferred stocks, or securities convertible into common stocks, as well as American Depository Receipts and American Depository Shares that are listed on the major US stock exchanges. Henderson Horizon Fund Japanese Equity Fund A2 Fund Code : H036 Currency : USD Risk Level : 4 Valuation Day : Every Business Day Annual Management Charge : 1.20% The investment objective of the Japanese Equity Fund is to seek long-term capital appreciation by investing in Japanese companies across a variety of sectors, providing investors with diversification across large and small companies. The Fund is weighted towards large capitalisation companies, but the Fund may also invest in smaller companies where particular value has been identified. The Fund may invest in OTC markets. Such markets are geographically de-centralised and may be operated and regulated differently from other markets and accordingly may be subject to slightly more risks. The Fund is denominated in US$. HSBC GIF Chinese Equity Fund AD Fund Code : H081 Currency : USD Risk Level : 5 The Fund seeks long-term capital growth by investing at least two thirds of its non-cash assets in a diversified portfolio of investments in equity and equity equivalent securities of companies registered in, and with an official listing on a major stock exchange or other regulated market of China, including Hong Kong SAR, as well as those with companies which carry out a preponderant part of their business activities in China. There are no capitalization restrictions, and it is anticipated that the Fund will seek to invest across a range of capitalizations. HSBC GIF Hong Kong Equity Fund PD Fund Code : H038 Currency : USD Risk Level : 5 Valuation Day : Every Business Day Annual Management Charge : 1.00% The Fund seeks long-term capital growth by investing at least two thirds of its non-cash assets in a well diversified portfolio of investments in equity and equity equivalent securities of companies which have their registered office in, and with an official listing on a major stock exchange or other regulated market of Hong Kong SAR as well as those companies which carry out a preponderant part of their business activities in Hong Kong SAR. Whilst there are no capitalization restrictions, it is anticipated that the Fund will seek to invest primarily in larger, established companies. 20

23 Single Country Equity Funds HSBC GIF Indian Equity Fund AD Fund Code : H039 Currency : USD Risk Level : 5 The Fund seeks long-term capital growth by investing at least two thirds of its non-cash assets in a diversified portfolio of investments in equity and equity equivalent securities of companies which have their registered office in, and with an official listing on a major stock exchange or other regulated market of India, as well as those which carry out a preponderant part of their business activities in India. Whilst there are no capitalization restrictions, it is anticipated that the Fund will seek to invest across a range of market capitalizations with a bias to medium and large companies. HSBC GIF Thai Equity Fund AD Fund Code : H040 Currency : USD Risk Level : 5 The Fund seeks long-term capital growth by investing at least two-thirds of its non-cash assets in a well-diversified portfolio of investments in equity and equity equivalent securities of companies which have their registered office in, and with an official listing on a major stock exchange or other regulated market of Thailand as well as those companies which carry out a preponderant part of their business activities in Thailand. There are no capitalization restrictions and it is anticipated that the Fund will seek to invest across a range of capitalizations. Invesco Japanese Small/ Mid Cap Equity Fund A Fund Code : H046 Currency : USD Risk Level : 5 The Fund aims to achieve long-term capital growth by investing in small to medium sized Japanese companies. The Investment Adviser will seek to achieve the investment objective by investing primarily in equity and equity related securities (including warrants and convertible securities however, no more than 10% of the net asset value of the Fund may be invested in warrants) of small to medium sized Japanese companies. For the purposes of this Fund, Japanese companies are companies which are incorporated, operating or listed in Japan or which derive a substantial amount of income from Japan. 21

24 Single Country Equity Funds Invesco Korean Equity Fund A Fund Code : H045 Currency : USD Risk Level : 5 Valuation Day : Every Business Day Annual Management Charge : 2.00% To achieve long-term capital growth by investing directly or indirectly in securities of Korean companies or other entities or subsidiaries of Korean companies and securities listed or traded on the Korean securities markets. The Manager will seek to achieve the investment objective by investing primarily in equity or equity-related securities (including warrants and convertible securities however, no more than 10% of the net asset value of the Fund may be invested in warrants). The Fund may invest in the securities of investment funds which provide access to certain markets where there are currently restrictions on foreign investment or where the Manager perceives that such funds provide other investment opportunities. Invesco PRC Equity Fund A Fund Code : H042 Currency : USD Risk Level : 5 Valuation Day : Every Business Day Annual Management Charge : 2.00% The Fund aims to achieve long-term capital growth by investing in transferable securities of companies with substantial exposure to mainland China. The Manager will seek to achieve the investment objective by investing at least 70% of the Fund's total assets (after deducting ancillary liquid assets) in equity or equity-related transferable securities of such companies. The following are considered companies with substantial exposure to mainland China: (i) companies having their registered office in the People's Republic of China, (ii) companies with their registered office outside the People's Republic of China carrying out their business activities predominantly in the People's Republic of China, or (iii) holding companies, the interests of which are predominantly invested in companies with registered office in the People's Republic of China. Up to 30% of the total assets of the Fund may be invested in aggregate in cash and cash equivalents, equity and equity related securities issued by companies or other entities not meeting the above requirements or in debt securities (including convertible bonds) of PRC issuers. New Star Japan Recovery Fund Fund Code : H057 Currency : USD Risk Level : 4 Valuation Day : Every Business Day Annual Management Charge : 1.75% The Sub-Fund aims to achieve long term capital growth principally through investment in companies located or listed in Japan or in the opinion of the Investment Manager deriving a preponderant part of their income in Japan. 22

25 Single Country Equity Funds NEW New Star UK Dynamic Fund - GBP Class Acc Fund Code : H122 Currency : GBP Risk Level : 5 Valuation Day : Every Business Day Annual Management Charge : 1.75% The Sub-Fund aims to achieve long term capital growth principally through investment in a portfolio of equities and up to one-third of the Sub-Fund's assets in a portfolio of equity-related securities of companies located or listed in the United Kingdom or in the opinion of the Investment Manager deriving a preponderant part of their income in the United Kingdom. New Star US Opportunities Fund Fund Code : H058 Currency : USD Risk Level : 3 Valuation Day : Every Business Day Annual Management Charge : 1.75% The Sub-Fund aims to achieve long term capital growth principally through investment in companies located or listed in the United States or Canada or in the opinion of the Investment Manager deriving a preponderant part of their income from the United States or Canada. Schroder International Selection Fund Hong Kong Equity A1 Fund Code : H069 Currency : HKD Risk Level : 5 Valuation Day : Every Business Day Annual Management Charge : 2.00% The Fund aims to provide capital growth primarily through investment in equity securities of Hong Kong SAR companies. 23

26 Commodity Equity Funds Commodity Equity Funds Investec Global Strategy Fund Limited - Global Energy Fund A Fund Code : H083 Currency : USD Risk Level : 4 The Fund aims to achieve capital growth by investing in the equity instruments of internationally quoted companies throughout the world involved in the exploration, production or distribution of oil, gas and other energy sources. In addition, investments may also be made in companies which service the energy industry. MLIIF New Energy Fund A2 Fund Code : H056 Currency : USD Risk Level : 5 Valuation Day : Every Business Day Annual Management Charge : 1.75% With effect from 28 April 2008, the fund name will be changed to BlackRock Global Funds - New Energy Fund A2. The New Energy Fund seeks to maximise total return. The Fund invests globally at least 70% of its total net assets in the equity securities of companies whose predominant economic activity is in the alternative energy and energy technology sectors. Emphasis may be given to renewable energy, automotive and on-site power generation, energy storage and enabling energy technologies. MLIIF World Energy Fund A2 Fund Code : H109 Currency : USD Risk Level : 5 Valuation Day : Every Business Day Annual Management Charge : 1.75% With effect from 28 April 2008, the fund name will be changed to BlackRock Global Funds - World Energy Fund A2. The World Energy Fund seeks to maximise total return. The Fund invests globally at least 70% of its total net assets in the equity securities of companies whose predominant economic activity is in the exploration, development, production and distribution of energy. Additionally, the Fund may invest in companies seeking to develop and exploit new energy technologies. MLIIF World Gold Fund A2 Fund Code : H053 Currency : USD Risk Level : 5 Valuation Day : Every Business Day Annual Management Charge : 1.75% With effect from 28 April 2008, the fund name will be changed to BlackRock Global Funds - World Gold Fund A2. The World Gold Fund seeks to maximise total return. The Fund invests globally at least 70% of its total net assets in the equity securities of companies whose predominant economic activity is gold-mining. It may also invest in the equity securities of companies whose predominant economic activity is other precious metal or mineral and base metal or mineral mining. The Fund does not hold physical gold or metal. 24

27 Commodity Equity Funds Sector Funds MLIIF World Mining Fund A2 Fund Code : H054 Currency : USD Risk Level : 5 Valuation Day : Every Business Day Annual Management Charge : 1.75% With effect from 28 April 2008, the fund name will be changed to BlackRock Global Funds - World Mining Fund A2. The World Mining Fund seeks to maximise total return. The Fund invests globally at least 70% of its total net assets in the equity securities of mining and metals companies whose predominant economic activity is the production of base metals and industrial minerals such as iron ore and coal. The Fund may also hold the equity securities of companies whose predominant economic activity is in gold or other precious metal or mineral mining. The Fund does not hold physical gold or metal. Sector Funds ABN AMRO Funds - Energy Fund A Fund Code : H089 Currency : USD Risk Level : 5 The Fund seeks high total return from an actively managed portfolio of energy sector Transferable Equities from markets worldwide. The Fund's Investment Manager looks for companies primarily engaged in the extraction, production, refining, distribution and/or transportation of oil and gas products. In examining individual securities, it bases buy and sell decisions on such factors as a company's financial strength, competitive position, profitability, growth prospects and quality of management. Examples of industries in which the Fund typically invests include oil, gas and other industries supporting these. It may invest no more than 20% of its total net assets in emerging markets. AXA World Funds - Framlington Health A Cap - Fund Code : H104 Currency : USD Risk Level : 4 Valuation Day : Every Business Day Annual Management Charge : 1.75% The objective of the Framlington Health Fund is to achieve long term capital growth. The Investment Manager will seek to achieve the objectives of the Framlington Health Fund by investing permanently at least two thirds of the total assets of the Framlington Health Fund in equities and equities related instruments issued by companies engaged in healthcare and medical services and product worldwide. Investments will be in producers of pharmaceuticals, biotechnology firms, medical device and instrument manufacturers, distributors of healthcare products, care providers and managers and other healthcare services companies. 25

28 Sector Funds Fidelity Funds - Global Technology Fund A Fund Code : H019 Currency : EUR Risk Level : 5 The fund aims to provide investors with long-term capital growth, principally through investment in the equity securities of companies throughout the world that have, or will, develop products, processes or services that will provide, or will benefit significantly from, technological advances and improvements. Franklin Biotechnology Discovery Fund A Fund Code : H027 Currency : USD Risk Level : 5 The Fund s investment objective is to seek capital appreciation. It seeks to achieve by primarily investing in equity securities of biotechnology companies and discovery research firms located in the US and other countries and to a lesser extent in debt securities of any type of foreign or US issuers. Henderson Horizon Pan European Property Equities Fund A2 Fund Code : H084 Currency : EUR Risk Level : 3 Valuation Day : Every Business Day Annual Management Charge : 1.20% The investment objective of the Pan European Property Equities Fund is to seek long-term capital appreciation by investing at least 75% of its total assets in quoted equity securities of companies or Real Estate Investment Trusts (or its equivalents) having their registered office in the EEA listed or traded on a regulated market, which derive the main part of their revenue from the ownership, management and/or development of real estate in Europe. The Fund is denominated in. Invesco Global Health Care Fund A Fund Code : H043 Currency : USD Risk Level : 3 Valuation Day : Every Business Day Annual Management Charge : 2.00% The Fund aims to achieve long-term capital growth by investing in healthcare companies throughout the world. The Manager will invest principally in four different sectors of the healthcare market, these being pharmaceuticals, biotechnology, healthcare services and medical technology and supplies. The Manager will seek to achieve the investment objective by investing primarily in equity or equity related securities. At least 70% of the Fund's total assets (without taking into account ancillary liquid assets) will be invested in healthcare companies throughout the world. 26

29 Bond Funds Bond Funds ABN AMRO Funds - Euro Bond Fund A Fund Code : H005 Currency : EUR Risk Level : 2 Valuation Day : Every Business Day Annual Management Charge : 0.90% The Fund seeks total return (measured in Euro) from an actively managed portfolio of Euro-denominated Transferable Debt Securities using such strategies as securities selection and credit and duration management. ABN AMRO Funds - Global Bond Fund A Fund Code : H004 Currency : USD Risk Level : 2 Valuation Day : Every Business Day Annual Management Charge : 0.90% The Fund seeks total return (measured in USD) from an actively managed portfolio of Transferable Debt Securities of worldwide issuers using such strategies as securities selection, credit and duration management and active currency management. ABN AMRO Funds - Global Emerging Markets Bond Fund A Fund Code : H006 Currency : USD Risk Level : 3 Valuation Day : Every Business Day Annual Management Charge : 1.25% The Fund seeks total return (measured in USD) from an actively managed portfolio of Transferable Debt Securities of emerging markets issuers worldwide. The reference currency of the Fund is USD, as mentioned above in brackets in the name of the Fund. Such reference currency is used for performance measurement and accounting purposes and it may differ from the investment currency. Baring High Yield Bond Fund Fund Code : H078 Currency : USD Risk Level : 2 Valuation Day : Every Business Day Annual Management Charge : 1.00% The objective of the Fund is to achieve a high yield, both in terms of total return and current yield, by investing in a prudently diversified portfolio of emerging markets (developing countries) and US corporate bonds. The vast majority of such bonds do not carry investment grade ratings and investors are therefore warned that investment in the Fund carries a higher risk than that associated with traditional bond funds. 27

30 Bond Funds Fidelity Funds - European High Yield Fund A Fund Code : H021 Currency : EUR Risk Level : 2 Valuation Day : Every Business Day Annual Management Charge : 1.00% The fund seeks to maximise total return (current income and capital appreciation) through primarily investing in highyielding European corporate bonds. The type of debt securities in which the fund will invest will be subject to high risk, will not be required to meet a minimum rating standard and may not be rated for creditworthiness by any internationally recognised rating agency. Fidelity Funds - US Dollar Bond Fund A Fund Code : H020 Currency : USD Risk Level : 2 Valuation Day : Every Business Day Annual Management Charge : 0.75% The fund invests principally in US Dollar denominated debt securities. Franklin Floating Rate Fund Plc A Fund Code : H028 Currency : USD Risk Level : 2 Valuation Day : Every Business Day Annual Management Charge : 1.10% The Fund seeks to provide investors with high current income and preservation of capital with floating interest rates investing primarily in floating rate or variable rate in senior secured corporate loans or debt securities. Franklin High Yield Fund A Fund Code : H029 Currency : USD Risk Level : 3 Valuation Day : Every Business Day Annual Management Charge : 1.20% The Fund's primary objective is to earn a high level of current income, with capital appreciation as a secondary objective, but only when consistent with its principal objective. The Fund will seek to achieve these objectives by investing primarily in fixed income debt securities of US or non-us issuers that, in the judgment of the Fund Manager, offer the highest yield available without excessive risk at the time of purchase. 28

31 Bond Funds NEW Henderson Horizon Fund - Absolute Return Fixed Income Fund Class A2 Acc Fund Code : H119 Currency : EUR Risk Level : 2 Valuation Day : Every Business Day Annual Management Charge : 0.75% The investment objective of the Absolute Return Fixed Income Fund is to generate positive returns by taking strategic and tactical positions worldwide in government bonds, corporate bonds and currencies within both developed and emerging markets. By absolute return it is meant that the Fund aims to return not only in excess of its benchmark but above zero in an "absolute" sense. Investors should however note that there is no guarantee that returns will be in excess of the benchmark or above zero in an absolute sense. The Fund may make use of one or a combination of the following instruments / strategies in order to achieve the Fund's objective: convertible bonds, bond futures, forward rate notes, forward foreign exchange contracts (including non-deliverable forwards allowing trading of currencies with restricted convertibility), fixed interest warrants, interest rate futures, options on bond futures, basket options and OTC swaps including interest rate swaps and credit default swaps. The Fund is denominated in. Invesco Emerging Markets Bond Fund A Fund Code : H044 Currency : USD Risk Level : 3 Valuation Day : Every Business Day Annual Management Charge : 1.00% The Fund aims to achieve a high income yield and long term capital appreciation by investing in debt securities and loans instruments of issuers in emerging market countries. Investec Global Strategy Fund Limited - Global Bond Fund A Fund Code : H048 Currency : USD Risk Level : 1 Valuation Day : Every Business Day Annual Management Charge : 1.00% The Fund aims both to provide income and to protect and maximise the real asset value of its investments in terms of their international purchasing power by means of the management and diversification of currency exposure and investment in fixed interest bearing securities of varying maturities. Investec Global Strategy Fund Limited - Global Strategic Income Fund A Fund Code : H050 Currency : USD Risk Level : 2 Valuation Day : Every Business Day Annual Management Charge : 1.00% The Fund has, as its primary objective, the generation of a high level of current income by means of investment in high yielding fixed or floating rate securities of varying maturities denominated in a spread of the world's major and minor traded currencies. 29

32 Bond Funds Investec Global Strategy Fund Limited - High Income Bond Fund (Euro) A Fund Code : H051 Currency : EUR Risk Level : 2 Valuation Day : Every Business Day Annual Management Charge : 1.00% The Fund aims to provide an income return in excess of prevailing short-term European interest rates and an opportunity for capital gains. It will hold a diversified portfolio of higher interest rate-bearing fixed interest securities, denominated in both major and emerging European currencies. Investec Global Strategy Fund Limited - Sterling Bond Fund A Fund Code : H049 Currency : GBP Risk Level : 1 Valuation Day : Every Business Day Annual Management Charge : 0.75% The Fund is designed to provide a level of Sterling income in excess of short-term Sterling deposit rates together with the opportunity for Sterling capital appreciation. The securities purchased are normally the Eurosterling and Sterling issues of international organisations and companies, on which interest is paid free of tax to non-residents of the UK and UK Government gilt-edged securities. Up to one third of the portfolio may be held in fixed interest securities denominated in currencies other than Sterling, with the relevant currency exposure hedged back into Sterling. MLIIF US Dollar High Yield Bond Fund A2 Fund Code : H055 Currency : USD Risk Level : 2 Valuation Day : Every Business Day Annual Management Charge : 1.25% With effect from 28 April 2008, the fund name will be changed to BlackRock Global Funds - US Dollar High Yield Bond Fund A2. The US Dollar High Yield Bond Fund seeks to maximise total return. The Fund invests at least 70% of its total net assets in high yield fixed income transferable securities denominated in U.S. dollars. The Fund may invest in the full spectrum of available fixed income transferable securities, including non-investment grade. Currency exposure is flexibly managed. PIMCO Global Real Return Fund - Class H Retail PIMCO Fund Code : H013 Currency : USD Risk Level : 2 Valuation Day : Every Business Day Annual Management Charge : 1.30% The Fund seeks to maximise real return, consistent with preservation of real capital and prudent investment management by investing primarily in inflation-indexed U.S. and non-u.s. FixedUSe Securities. 30

33 Bond Funds PIMCO High Yield Bond Fund - Class H Retail PIMCO Fund Code : H012 Currency : USD Risk Level : 2 Valuation Day : Every Business Day Annual Management Charge : 1.30% The Fund seeks to maximise total return, consistent with preservation of capital and prudent investment management by investing primarily in higher yielding Fixed Income Securities. PIMCO Total Return Bond Fund - Class H Retail PIMCO Fund Code : H011 Currency : USD Risk Level : 2 Valuation Day : Every Business Day Annual Management Charge : 1.25% The Fund seeks to maximise total return, consistent with preservation of capital and prudent investment management by investing primarily in Fixed Income Securities. Pioneer Funds - Emerging Markets Bond A Fund Code : H063 Currency : USD Risk Level : 3 Valuation Day : Every Business Day Annual Management Charge : 1.35% The objective of this Sub-Fund is to achieve capital appreciation over the medium to long-term by investing at least twothirds of its total assets in a diversified portfolio of debt securities issued by countries generally considered to be emerging markets or issued from any other country where the credit risk of such securities is linked to emerging markets. In addition, the Sub-Fund may also invest in corporate or governmental bonds issued by governments or companies domiciled in any country and with any or no rating. The Sub-Fund may invest in bonds cum warrants (subject to a limit of 25%). Equities and equity-related instruments may be held up to a maximum of 5% of the Sub-Fund. The Sub-Fund may invest in any currency of any International Monetary Fund member country but will predominantly invest in currencies of G8 member countries. The Sub-Fund may invest in debt securities in Russia. Schroder International Selection Fund Asian Bond A1 Fund Code : H065 Currency : USD Risk Level : 4 Valuation Day : Every Business Day Annual Management Charge : 1.75% The Fund aims to provide a return of capital growth and income primarily through investment in a portfolio of bonds and other fixed and floating rate securities issued by governments, government agencies, supra-national and corporate issuers in Asia excluding Japan. 31

34 Bond Funds / Asset Allocation / Balanced Fund Schroder International Selection Fund EURO Corporate Bond A1 Fund Code : H067 Currency : EUR Risk Level : 3 The Fund aims to provide a return of capital growth and income primarily through investment in a portfolio of bonds and other fixed and floating rate securities denominated in Euro issued by governments, government agencies, supra-national and corporate issuers. Asset Allocation / Balanced Fund / AllianceBernstein - Global Balanced Portfolio A Fund Code : H101 Currency : USD Risk Level : 3 ^ The Portfolio seeks to achieve the highest total return consistent with the Investment Manager's determination of reasonable risk. The strategy is designed for investors who seek a moderate tilt toward equity returns but also want risk diversification offered by debt securities and broad diversification of equity across styles, capitalisation and geographic regions. AllianceBernstein - Global Conservative Portfolio A Fund Code : H100 Currency : USD Risk Level : 2 Valuation Day : Every Business Day Annual Management Charge : 1.25%^ ^ Annual Management Charge includes 0.10% of the Management Company Fee The Portfolio seeks to achieve a high total return without, in the opinion of the Investment Manager, undue risk to principal. The strategy is designed for investors who seek some opportunities for equity returns if the related risks are broadly diversified and overall portfolio volatility reflects a preponderance of debt securities. 32

35 Money Market Funds Money Market Funds ABN AMRO Funds - Interest Growth Fund (Euro) A Fund Code : H096 Currency : EUR Risk Level : 1 Valuation Day : Every Business Day Annual Management Charge : 0.50% The Fund seeks to provide high regular growth that is consistent with capital preservation (measured in Euro) and high liquidity, using such strategies as securities selection, credit and duration management and active currency management. The reference currency of the Fund is Euro, as mentioned above in brackets in the name of the Fund, such reference currency is used for performance measurement and accounting purposes and it may differ from the investment currency. ABN AMRO Funds - Interest Growth Fund (USD) A Fund Code : H095 Currency : USD Risk Level : 1 Valuation Day : Every Business Day Annual Management Charge : 0.50% The Fund seeks to provide high regular growth that is consistent with capital preservation (measured in USD) and high liquidity, using such strategies as securities selection, credit and duration management and active currency management. The reference currency of the Fund is USD, as mentioned above in brackets in the name of the Fund, such reference currency is used for performance measurement and accounting purposes and it may differ from the investment currency. Schroder International Selection Fund EURO Liquidity A1 Fund Code : H071 Currency : EUR Risk Level : 1 Valuation Day : Every Business Day Annual Management Charge : 1.00% The Fund aims to provide liquidity and current income, to the extent consistent with the preservation of capital, primarily through investments in high quality short-term debt securities that are denominated in Euro, provided that (i) at the time of acquisition, the average initial or residual maturity of all such securities held in the portfolio does not exceed 12 months, taking into account any financial instruments connected therewith, or (ii) the terms and conditions governing those securities provide that the applicable interest rate is adjusted at least annually on the basis of market conditions. Schroder International Selection Fund US Dollar Liquidity A1 Fund Code : H070 Currency : USD Risk Level : 1 Valuation Day : Every Business Day Annual Management Charge : 1.00% The Fund aims to provide liquidity and current income, to the extent consistent with the preservation of capital, primarily through investments in high quality short-term debt securities that are denominated in US Dollars, provided that (i) at the time of acquisition, the average initial or residual maturity of all such securities held in the portfolio does not exceed 12 months, taking into account any financial instruments connected therewith, or (ii) the terms and conditions governing those securities provide that the applicable interest rate is adjusted at least annually on the basis of market conditions. 33

36 Alternative Investments Alternative Investments Man AHL Diversified Futures Ltd Fund Code : H052 Currency : USD Risk Level : 5 Valuation Day : Weekly Annual Management Charge : 3.00% Incentive Fees: 20% of net appreciation of net asset value, on high watermark basis The Fund seeks to achieve substantial absolute medium-term growth of capital while restricting the associated risk. The underlying investment programme seeks to capitalise primarily on upward and downward price trends in a diversified range of global stock index, bond, currency, short-term interest rate and commodity futures markets. The product offers the potential for returns independent of traditional forms of investment. Remark: For details about Incentive Fees, please refer to the respective fund prospectus. Remarks * The Company reserves the right to vary the redemption charges. ** For details about the performance charge, please refer to the respective fund explanatory memorandum. + Annual Management Charge includes the annual fund management fee plus maintenance fee. ++ Annual Management Charge includes the annual fund management fee plus distribution fee. 34

37 Fund Manager Overview Investment Experts Aberdeen International Fund Managers Limited (AIFML) Aberdeen International Fund Managers Limited is the Aberdeen Group's sales & marketing office in Hong Kong. It is also the global distributor and investment manager for the Aberdeen Global Fund range, domiciled in Luxembourg, which is our principal umbrella product in the SAR. This range includes 23 sub-funds totalling almost US$14.9bn*. AIFML distributes funds via third parties such as commercial banks, brokerages, insurance companies and financial advisers. In addition the company represents the group to institutional clients. The Hong Kong presence dates from 1998, when the Aberdeen Global Fund range was originally acquired. AIFML is also responsible for fund distribution and institutional marketing in China, Taiwan and Korea. * as at 31 December 2007 ABN AMRO Asset Management ABN AMRO Asset Management is the investment management arm of ABN AMRO Bank. With roots dating back to 1824, ABN AMRO Bank is a long-standing institution with an excellent traditional culture. The Group, with a credit rating of Aa3 (Moody's) and AA- (S&P and Fitch IBCA), is one of the world's most respected financial institutions. As at 30 Jun 2007, ABN AMRO Asset Management has USD billion of assets under management. AllianceBernstein L.P. At AllianceBernstein L.P., we have dedicated ourselves solely to the business of long-term, fundamental asset management. For 40 years, we have helped investors build and preserve wealth through an intensive focus on global, innovative research and through disciplined, principled investment processes. Our broad range of expertise offers clients the advantage of a wide assortment of choices. AllianceBernstein funds, with more than USD 20 billion assets under management, offers investors over 20 Luxemburg-registered funds and over 30 locally-registered funds in countries around the world. They include global, regional and sector equity investments as well as a full range of fixed income products, spanning the risk spectrum from short maturity to global high yield funds. AllianceBernstein is a globally recognised leader in growth, value and fixed-income investing. With a rich history of wealth management expertise, we believe we are able to offer outstanding single-point solutions that meet the needs of almost every type of investor. 35

38 Allianz Global Investors Allianz Group is a top-three^ player in global asset management (in terms of assets under management), with more than US$1.71 trillion assets under management as at 31 December Allianz Global Investors ("AllianzGI"), the asset management division of Allianz Group, includes the highly regarded capabilities of RCM (research-driven equities specialist), PIMCO (king of bonds), Nicholas Applegate (change-focused equities specialist), Oppenheimer Capital (value equities specialist) and NFJ (value equities specialist). In Asia Pacific, AllianzGI has been managing both retail and institutional clients' assets for over 20 years and currently employs over 240 investment and client service professionals in China, Hong Kong, Japan, South Korea, Singapore and Taiwan. ^ as at 31 December 2005 (Watson Wyatt) AXA Framlington Investment Management Limited AXA Framlington is a leading and progressive specialist investment management company within the AXA Investment Managers. Their investment style is primarily bottom up active management and their skill is in identifying and investing in companies with growth prospects at a reasonable price. The company was established over 34 years ago and is situated in the City of London. Today AXA Framlington manages investments valued at over 8.6 billion*. They are owned by AXA Investment Managers. * as at 31 December

39 Fund Manager Overview Baring Asset Management The Barings group was founded in 1762 and Baring Asset Management, the investment management arm of the group, adopted its current structure in Today, Baring Asset Management is part of the MassMutual Financial Group, a global, diversified financial services organization. Massachusetts Mutual Life Insurance Company (MassMutual) is one of the largest insurance businesses in the USA and is a Fortune 100 company as well as AAA rated by Standard and Poor's.* As of January 31, 2007, Baring Asset Management has USD 42.3 billion of assets under management and operates from offices in Europe, Japan, North America and the Far East. Baring Asset Management offers a wide range of equity and fixed income funds in both domestic and international markets, through mutual funds and segregated accounts. Baring Asset Management's Hong Kong Office was opened in 1975 and currently employs 45 people, of which 10 are investment professionals. Their main business focus in Asia is to distribute their range of institutional products and managed unit trusts. Within the region, they manage assets for clients including pension funds and central banks as well as retail banks and insurance companies. Over 100 investment professionals regularly visit around the world in order to seek out those companies that they believe will both perform well and deliver the returns investors demand. Through extensive research, they believe that markets, sectors or companies that have a combination of growth and value characteristics will outperform those selected on either high growth or attractive valuation alone. * Source: Fortune Magazine April 2005 and Standard & Poor's 26 th May BlackRock Merrill Lynch Investment Managers BlackRock is one of the world's premier providers of global investment management, risk management and advisory services, with $1.36 trillion in assets under management. The firm manages assets on behalf of institutions and individuals in over 60 countries, offering a range of award-winning products and capabilities in equities, fixed income, cash management and alternative investments. The firm is truly global with a major presence in key global markets, including the U.S., Europe, Asia, Australia and the Middle East. A pioneer in risk management analytics, BlackRock Solutions services both BlackRock's internal asset management team and a wide variety of best-in-class external clients. Over $5.75 trillion in securities and derivatives are maintained on BlackRock systems. 37

40 Crédit Agricole Asset Management Crédit Agricole Asset Management ("CAAM") is the wholly owned asset management subsidiary of Crédit Agricole S.A., which is based in Paris and has been listed on the Paris Stock Exchange since December Crédit Agricole is ranked as the sixth largest banking corporation in the world in terms of Tier One capital (US$60.6 billion) (source: July 2006 issue of "The Banker"). CAAM has total assets under management of USD641.9 billion as at 30 June 2006, and employs 2,142 employees including 545 professionals dedicated to portfolio management. CAAM has 8 investment centres worldwide in Paris, London, Milan, Madrid, Hong Kong, Singapore, Tokyo and Seoul, operating through offices in Hong Kong (1982), Singapore (1989), Tokyo (1986) and a joint venture company (Nonghyup-CA ITMC) in Seoul (2003). CAAM in Asia manages assets on behalf of leading fund distributors, private banks and institutions. Agricole S.A. Crédit Agricole S.A. Crédit Agricole S.A. Crédit Fidelity Investments Management (Hong Kong) Limited Fidelity Investments Management (Hong Kong) Limited was established in Hong Kong in 1981 and currently offers more than 60 mutual funds to investors through over 100 distributors in Hong Kong, including retail banks and insurance companies. Fidelity Investments Management (Hong Kong) Limited is a subsidiary of Fidelity International Limited (FIL). FIL was established in Bermuda in 1969, serving major world markets by providing investment products and services to individuals and institutional investors outside the US The FIL Organisation manages a total of US$ billion of assets# and it has offices in 23 countries including the UK, Germany, Japan, Hong Kong and India. Our US affiliate, Fidelity Management & Research Company (FMR) was founded in Boston in Combining the resources of over 900 investment professionals across the globe* from FIL and FMR, we cover 95% of the world's stock markets by captalisation**. Fidelity has been rewarded with numerous renowned industry accolades both locally and regionally. We have been recognized as the Best Fund Management Group Awards in Hong Kong for three years in a row.^ Fidelity has won the Best Fund Management Group Award in the Three-year, Five-year and Ten-year categories at the South China Morning Post Fund Manager of the Year Awards 2005, in association with Standard & Poor's. Fidelity is the only group to win all three categories since the inception of the Group Award in Our hard work in bringing our investors outstanding performance also made us the biggest winner in the Lipper Global Fund Awards in 2006.^^ # Source: Fidelity, as at 31/12/2006 * Resources are as at 31/12/2006. These figures reflect the resources of Fidelity International Limited and its subsidiaries, and those of FMR Corp, a US company and affiliate, and its subsidiaries. Fidelity Investments Management (Hong Kong) Limited is a subsidiary of Fidelity International Limited. ** Source: Fidelity, as at 30/09/2006. ^ SCMP Fund Awards Best Performing Fund Management Group (Five-Year Award); Best Performing Fund Management Group (Three, Five and Ten-Year Awards); Best Performing Fund Management Group (Three and Ten-Year Awards). ^^ 177 awards globally among the 2006 Lipper's Fund Awards globally, over 9% of the total number available. Awards reflect fund performance as of 31 December Fidelity, Fidelity International, and the Pyramid Logo are trademarks of Fidelity International Limited used with its permission. 38

41 Fund Manager Overview First State Investments First State Investments is the International operation of Colonial First State Global Asset Management, the asset management business of Commonwealth Bank of Australia. The group has funds under management of US$144.3 billion (A$164.4b) and is the largest fund manager in Australia with investment offices in Sydney, London, Edinburgh, Singapore, Hong Kong and Indonesia. The Commonwealth Bank of Australia is an international financial services company listed on the Australian Stock Exchange, and is one of the largest bank in Australia. The group has total assets held and funds under management of US$564.8 billion (A$643.3b). First State Investments in Hong Kong is focused on unit trusts, mutual funds and institutional portfolios. The company offers a wide range of investment products, including global and Asian equity and fixed income portfolios. First State Investments has a proven track record in investment management and the First State Asian Fund range has acquired a number of outstanding Fund achievements and Awards in 2007 and Total assets and funds under management are based on 31 December 2007 figures. Franklin Templeton Investments Franklin Templeton Investments is a global investment management organization with over US$643 billion* in assets under management. At the core of our business are multiple world-class investment management groups - Franklin, Templeton, Mutual Series and Franklin Templeton Fixed Income - each operating autonomously and offering our clients their unique perspectives. Together, they are firmly committed to bringing you the expertise of many with the strength of one. * as of Dec 31, 2007 Henderson Global Investors Established in 1934, Henderson Global Investors (Henderson) is a leading independent global asset management firm. The company provides its institutional, retail and high net-worth clients with access to skilled investment professionals representing a broad range of asset classes, including equities, fixed income, property and private capital. Headquartered in London, Henderson is one of Europe's largest investment managers, with 59.2billion assets under management (as at 31 December 2007) and employs around 900 people worldwide. 39

42 HSBC Investments (Hong Kong) Limited HSBC Investments is the core global investment platform of the HSBC Group. They provide a comprehensive range of investment management solutions to a diverse client base and are committed to delivering consistent investment performance, world class service and a broad range of solutions for all types of investor. HSBC Investments has a global network of dedicated offices in each of the world s major financial centre, supported by HSBC Group network of some 9,800 offices in 77 countries and territories. Expert teams in each location are committed to developing and delivering a broad range of solutions for all types of investor. Invesco Invesco is part of the Invesco Ltd group of companies. With $500.1 billion* in assets under management and offices in 20 countries. Invesco Ltd is a leading independent global investment management company, dedicated to helping people worldwide build their financial security. By delivering the combined power of our distinctive worldwide investment management capabilities, including AIM, Atlantic Trust, Invesco, Perpetual, PowerShares, Trimark, and WL Ross, Invesco Ltd provides a comprehensive array of enduring investment solutions for retail, institutional and high net worth clients around the world. The company is listed on the New York Stock Exchange (NYSE) under the symbol IVZ. US$500.1 billion assets undermanagement worldwide US$32.8 billion assets undermanagement in Asia Pacific 20-country presence Over 5,400 employees dedicated to asset management Listed on the New York Stock Exchange Included in the MSCI World and FTSE100 indices * Data as at 31 December

43 Fund Manager Overview Investec Asset Management Investec Asset Management provides a comprehensive range of portfolio management services and products to institutional and retail clients in chosen markets around the world. As at 31 December 2006, they managed assets of US$55 billion and employed over 700 permanent staff, operating from United Kingdom, Channel Islands, South Africa, Botswana, Namibia, Hong Kong and Taiwan. 72 investment professionals operate as one team out of London (35) and Cape Town (37). The business is a specialist provider and manufacturer of domestic and offshore investment services and products for the South African and UK markets, as well as an international product provider for the US, Hong Kong, Taiwan and the traditional offshore world. Although the range of retail products may appear rather wide, Investec Asset Management is first and foremost an investment business focused on excellence in carefully chosen core propositions. They see UK Equities and Fixed Income, SA Equities and Fixed Income, and Global Equities and Fixed Income as their core propositions. Investec Asset Management is a wholly owned subsidiary of Investec Plc. Investec Plc is a London Stock Exchange listed international investment banking group, that also has a dual-listing on the Johannesburg, South African Stock Exchange. JF Asset Management For over 30 years JF Asset Management has been at the forefront of investment in Asia. Founded and headquartered in Hong Kong, it has one of the largest investment teams in the region and is widely regarded as the Asian specialist. JF Asset Management is part of JPMorgan Asset Management, one of the world s leading asset management companies, which has a global network of over 660 investment professionals located in some 40 locations worldwide and assets under management of US$1,100 billion as at 30 June This enormous global investment capability is based on a strong local market presence across four regions - Asia, Europe, Japan and the US - and brings together an incredible pool of specialist investment knowledge and expertise which further enhances our capabilities to provide our clients with the very best products. Man Investments Man Investments is an independent leader in alternative investments delivering innovative products and tailor-made solutions to private and institutional clients. The company has always focused exclusively on alternative investments and, through its core investment managers, has developed in depth knowledge and specialised strengths in different alternative asset classes - hedge funds, leveraged finance and convertible bonds. Established in 1983, Man has launched around 450 products, many of them with leading financial institutions. As at 31 December 2006, it manages over USD 60 billion and employs more than 1,300 people worldwide. Man's headquarters are in Switzerland and London and it also has offices in Chicago, Hong Kong, the Middle East, Montevideo, Sydney and Tokyo and Toronto. Man Investments is part of Man Group plc, an international financial services business that is listed on the London Stock Exchange and is a constituent of the FTSE 100 index of major companies. The Man Group can trace its origins back to It focuses on asset management (Man Investments) and brokerage (Man Financial), employing a total of more over 4,000 people in 16 countries worldwide. 41

44 New Star New Star - an excitingly different company Founded in June 2000, New Star is an investment management company committed to offering investors superior performance across a range of asset classes, from equities and bonds to more specialist areas such as property. New Star currently manages US$46 billion* on behalf of investors. New Star's fund management team comprises some of the most talented and experienced fund managers in the industry. Time is also devoted to developing the skills of younger investment professionals. As an active fund management company, our fund managers are encouraged to share and debate stock ideas in a dynamic and free-thinking environment and have the freedom to follow their convictions, subject always to rigorous monitoring, control and compliance. * at Pioneer Investments Pioneer Investments is a leading innovator in the investment management industry since Their flagship fund, Pioneer Fund, launched 79 years ago, is the third oldest mutual fund in the US. Today, Pioneer Investments is part of the UniCredit Group(UCI) based in Milan. UCI has strong credit ratings (Moody s A1 and S&P A+)(as at August 2006) reflecting its reputation as one of Europe's leading and best managed banks. Our global investment centres in Boston, Dublin and Singapore are the hubs from where our fund managers and analysts formulate our fundamental and quantitative research. Our local investment centres in Hamburg, Milan, Munich, Prague, Warsaw and Vienna also contribute their regional experience. From our investment centres we manage over EUR billion of assets (as at December 2006). This enables us to cover the world's most attractive investment markets. 42

45 Fund Manager Overview Schroders Schroders is a leading independent international asset management and private banking group, with more than 200 years experience in financial services and over US$280 billion in assets under management*. Schroders manages investments across all major asset classes for clients including large pension funds, government bodies, charities, corporations and individual investors throughout the world. Schroders' independence and single focus on asset management enables us to align our interests with those of our clients worldwide. We aim to apply our specialist asset management skills to serve the needs of our clients, utilizing over 320 portfolio managers and analysts covering the world's investment markets from our global network of 36 offices in 27 countries*. Schroders' investment capabilities have been recognized by experts across the world, and our range of funds has won numerous awards worldwide over the past years. Schroders is highly committed to excellence in risk management. We have a stringent research and investment process which provides security and confidence in our ability to produce consistent performance for our clients. * As of 30 September 2007 Value Partners Limited Value Partners is a company incorporated with limited liability in the British Virgin Islands on 9 October 1991 and is registered with the SFC as a securities dealer and an investment adviser under the Securities Ordinance and as a commodity trading adviser under the Commodities Trading Ordinance. Value Partners is a specialist in the Greater China equity markets. Using a bottom-up value approach, its funds have generated consistent returns with much lower volatility than the general market. The majority of Value Partners portfolio stocks are of companies with revenues generated from operations and business in China, which are purchased either directly in the mainland stock exchanges or indirectly through the Stock Exchange. Although China has grown to become one of the largest emerging markets in the world, few global investors have taken notice, allowing room for undiscovered value. 43

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