For CPFIS-Included Unit Trusts & Investment-Linked Insurance Products

Transcription

1 SECOND QUARTER 2018 PERFORMANCE & RISK- MONITORING REPORT For CPFIS-Included Unit Trusts & Investment-Linked Insurance Products JUNE 2018 Thomson Reuters Lipper Thomson Reuters All rights reserved.

2 Contents 1 INTRODUCTION UPDATE ON CPFIS-INCLUDED FUNDS MARKET DEVELOPMENTS IN Q Equity Markets Bond Markets The Outlook PERFORMANCE OF WORLDWIDE INDICES IN SGD SUMMARY OF PERFORMANCE OF CPFIS-INCLUDED FUNDS SUMMARY OF RISK-ADJUSTED PERFORMANCE Lipper Leader Rating for CPFIS-Included Unit Trusts Lipper Leader Rating for CPFIS-Included ILPs Appendices Complete List of s Full List of CPFIS-Included Unit Trusts Full List of CPFIS Included ILPs Investment Terminology Definitions Page 2

3 1 INTRODUCTION Thomson Reuters Lipper has been appointed by Investment Management Association of Singapore (IMAS) and Life Insurance Association of Singapore (LIAS) to monitor the performance of all unit trusts and investment-linked insurance products included under the Central Provident Investment Scheme (CPFIS). This report shows Lipper s findings for the three months ended June 30, Important Disclaimers: The data shown in this report is information for investors and is not a solicitation to buy, sell, or hold any fund. Past performance is not an indicator of future performance. Past performance is no guarantee of future return. This report should not be used as the sole basis for any investment decision. Before investing in any fund, investors should carefully read the prospectus or other necessary information about the fund. Thomson Reuters Lipper has used reasonable efforts in preparing this report based on data collected from the contributing asset management companies. However, Thomson Reuters Lipper doesn t guarantee the accuracy of the data contained herein and will not bear any responsibility for investment decisions of investors or for any loss arising from using the data presented in this report. Page 3

4 2 UPDATE ON CPFIS-INCLUDED FUNDS As of June 30, 2018, there were 87 unit trusts and 167 investment-linked insurance products (ILPs) included under the CPFIS 1, for a total of 254 funds. Table 1 Number of CPFIS-Included s As of End Q As of End Q Unit Trust ILP Total Source: Central Provident Board Table 2 Newly Listed Products UT Manulife Singapore Bond (Class A) Risk Classification CPFIS Focus Detail Lipper Classification Low to Singapore Bond SGD Table 3 Delisted Products Risk Classification CPFIS Focus Detail Lipper Classification UT Franklin Templeton Investment s / Country- Templeton Korea Others Equity Korea A(acc)SGD APS Alpha (Share Class Asia Absolute Return Other B) (SGD) ILP HSBC Insurance Singapore LOW TO MEDIUM BROADLY Bond RISK DIVERSIFIED N/A Bond Global Source: Central Provident Board 1 Find more information about unit trusts and investment-linked insurance products (ILPs) included under the CPF Investment Scheme at Page 4

5 3 MARKET DEVELOPMENTS IN Q Equity Markets Global equity markets went varied for Q The MSCI World Index rose by 1.93% (in U.S.-dollar terms) for Q2 2018, while it fell 1.15% for Q FTSE 100 CR, S&P/ASX 200 CR, S&P BSE SENSEX and NASDAQ Composite CR index rallied for 8.22%, 7.56%, 7.45% and 6.33%, respectively and took the lead among most of the global major markets for Q In Asia, only India and Japan market posted positive return while most of Asia markets delivered negative return for Q Table 4 Major Stock Market Indices (all return figures are in the respective local currencies) Price Period ended 30-June-2018 Name 2018/6/30 3 Months 6 Months 9 Months 1 Year 3 Years FTSE 100 CR 7, S&P/ASX 200 CR AUD 6, S&P BSE SENSEX 35, NASDAQ Composite CR 7, Nikkei 225 CR 22, CAC 40 CR 5, S&P 500 CR 2, Xetra DAX TR 12, Dow Jones Industrial Average CR 24, TAIEX CR 10, Swiss Market Index CR 8, Hang Seng CR 28, Singapore Straits Times CR 3, KOSPI Composite CR 2, Jakarta SE Composite Index 5, RTS CR 1, FTSE Bursa Malaysia KLCI CR 1, Philippine PSE Composite CR 7, Shanghai Composite CR 2, Thailand SET CR 1, BOVESPA (Ibovespa) TR 72, Source: Thomson Reuters Lipper 2 Since the Singapore fund universe is not domestically focused and invests in a host of regions, currencies, and asset classes, discussion of global macroeconomic trends is imperative to understand fund performance. Furthermore, to avoid confusion from counter-directional currency movements (against the Singapore dollar) in the discussion of market trends, all index/average performance figures in this section are expressed in local-currency or U.S.-dollar terms. Page 5

6 3.2 Bond Markets The FTSE WGBI rose 2.50% for the quarter (in USD). The ten-year Treasury yield ended at 2.851% for the second quarter of 2018 versus 2.744% at the end of Q The Outlook The trade row US and China escalated in April after the US slapped 25- and 10-percent tariffs on steel and aluminum imports, respectively, from China. China hit back by slapping reciprocal tariffs on a number of US imports. In an earlier round, the US announced 25 percent duties on $50 billion worth of Chinese goods, to which China responded by imposing restrictions for the same amount of US imports. A trade spat between the US and China shows no sign of ceasing amid fears that President Donald Trump's plans to slap 25 percent tariffs on European cars may further add to a full-blown global trade war.trade tensions has posed a great risk to global economy growth and investors should continue monitoring further development and potential volatility risk. Page 6

7 Figure 1 U.S. Government Bond Market Movements a. Changes in U.S. 10-year Yields Past 12 Months b. Shifts in U.S. Benchmark Yields During Q Daily US10YT=RR 2017/6/ /6/29 (EST) Yield As of June 30, 2018 Yield As of March 31, Q Q Q Q2 Source: Thomson Reuters M 6M 1Y 3Y 5Y 7Y 10Y 30Y Figure 2 Singapore Government Bond Market Movements a. Changes in SG 10-year Yields Past 12 Months b. Shifts in SG Benchmark Yields During Q Daily SG10YT=RR 2017/6/ /6/29 (GMT) Yield As of June 30, 2018 Yield As of March 31, Q Q Q Q2 Source: Thomson Reuters 1.95 Auto 1M 6M 1Y 5Y 10Y 15Y 20Y Y Page 7

8 4 PERFORMANCE OF WORLDWIDE INDICES IN SGD Table 5 Worldwide Indices Performance in SGD Period ended 30-June-2018 Name 3 Months 6 Months 9 Months 1 Year 3 Years MSCI World TR USD STOXX Europe 50 CR EUR FTSE WGBI TR USD SIBOR SGD 3 Month Thomson Reuters/SGX SFI MSCI All Country Asia Minus Japan TR MSCI EM (Emerging Markets) TR USD Singapore Straits Times CR Source: Thomson Reuters Lipper The above indices represent the benchmarks for various major financial markets, as follows: Indices Financial Markets FTSE WGBI TR Global bond markets MSCI AC Asia ex Japan TR Asian ex-japan equities MSCI EM (Emerging Markets) TR Emerging markets equities MSCI World TR Global equities SIBOR SGD 3 Months Singapore money markets Singapore Straits Times CR Singapore equities Stoxx Europe 50 CR European equities Thomson Reuters/SGX SFI Singapore bond markets The minimum annual interest rate paid by the CPF board for the various accounts is as follows: Ordinary: 2.5% Special: 4.0% Medisave: 4.0% Retirement: 4.0% For more information about CPF interest rates please visit: Page 8

9 5 SUMMARY OF PERFORMANCE OF CPFIS-INCLUDED FUNDS The average returns 3 of CPFIS-included unit trusts and ILPs are shown below: Figure 3 Average Performance of CPFIS-Included s at End Q (% in SGD) Past Quarter Past 1 Year Past 3 Years Unit Trusts All CPF MSCI All Country Asia Minus Japan TR Source: Thomson Reuters Lipper ILPs MSCI World TR USD FTSE WGBI TR USD 3 Average performance is calculated by a summation of all returns of funds in the group, divided by the number of funds. Page 9

10 Figure 4 Average Performance of CPFIS-Included s at End Q by Asset Class (% in SGD) Past Quarter Past 1 Year Past 3 Years Source: Thomson Reuters Lipper Bond Equity Mixed Assets Money Market For the second quarter of 2018, the overall performance of CPFIS-included funds (unit trusts and ILPs combined) started posting positive returns of 0.62% on average, given a positive return of 0.64% on average among CPFIS-included unit trusts and a positive return of 0.60% among CPFIS-included ILPs. For all the CPFIS-included funds, besides bond type posted negative return of 0.41%, all other asset types posted positive returns. Equity, mixed-assset and money market posted positive return of 0.88%, 0.52% and 0.23% respectively for the quarter. MSCI World TR USD and FTSE WGBI Index soared 5.99% and 0.49%, respectively while the MSCI AC Asia ex Japan Index slid 1.54% for Q For the one-year period, the overall performance of CPFIS-included funds posted a positive return of 5.29% on average. CPFIS-included unit trusts rallied 5.86% on the year, and CPFIS-included ILPs soared 4.96% on average. During the same period, the key benchmark MSCI World TR USD rallied 10.61% and MSCI AC Asia ex Japan Index soared 9.13% respectively, while the FTSE WGBI TR rose 0.91%. For the oneyear period, equity products (+7.19% on average) outperformed the bond (-0.62% on average), mixedasset (+3.94% on average) and money market (+0.76%) type offering. For the three-year period, CPFIS-included funds achieved 15.80% growth on average, accounted for a gain of 16.45% on average from CPFIS-included unit trusts and 15.45% on average from CPFIS-included ILPs. During the same period, MSCI World TR USD and MSCI AC Asia ex Japan Index rallied 31.49% and 25.18% respectively, while the FTSE WGBI TR achieved 10.06%. Equity type was the leading gainers (+18.95%) and bond portfolio posted 6.21% return on average for the period. Page 10

11 The average returns of CPFIS-included unit trusts by asset class 4 are shown below: Figure 5 Average Performance of CPFIS-Included Unit Trusts at End Q by Asset Class (% in SGD) Past Quarter Past 1 Year Past 3 Years Source: Thomson Reuters Lipper Bond Equity Mixed Assets During second quarter 2018, equity and mixed-asset of UT portfolios posted positive return of 0.78% and 1.35% on average while bond type posted negative return of 0.40%. On average for the one-year period, only bond type of UT portfolios posted negative return of 0.67% while Equity and mixed-asset type posted positive return of 7.09% and 4.83% on average respectively. Equity products (+18.51%) outperformed the other asset class offerings over the three-year period (through June 2018), with mixed-asset and bond types posting gains of 15.22% and 6.76% on average respectively. 4 Definition of asset types is as follows: - Equity: s with the primary investment objective of investing in stock markets - Bond: s with the primary investment objective of investing in fixed income markets with an average maturity > 1 year - Mixed-asset: s with the primary investment objective of investing in a strategic mix of equities and fixed income securities - Money market: s with the primary investment objective of investing in fixed income markets with an average residual life to maturity < 12 months Page 11

12 The average returns of CPFIS-included investment-linked insurance products by asset class are shown below: Figure 6 Average Performance of CPFIS-Included ILPs at End Q by Asset Class (% in SGD) Past Quarter Past 1 Year Past 3 Years Bond Equity Mixed Assets Money Market Source: Thomson Reuters Lipper For second quarter 2018, besides bond type, all types of ILP portfolios on average posted positive returns. Equity, mixed-asset and money market types of ILP portfolios posted positive returns of 0.97%, 0.45% and 0.23%, while bond type posted negative return of 0.41% on average respectively. For the one-year period, equity products (+7.29% on average) outperformed the bond offerings (-0.58% on average), mixed-asset type (+3.87% on average) and money market (+0.76% on average). For the three-year period, equity funds were the leading gainers (+19.31%). Bond, mixed-asset and money market portfolios delivered 5.77%, 14.09% and 2.16% growth on average respectively. Page 12

13 The average returns of CPFIS-included unit trusts by Lipper Global Classification 5 are shown below: Table 6 Average Performance of CPFIS-Included Unit Trusts by Lipper Global Classification (% Growth in SGD) % Growth % Growth % Growth % Growth % Growth 3M 31/03/2018 6M 31/12/2017 9M 30/09/2017 1Y 30/06/2017 3Y 30/06/2015 Name To 30/06/2018 To 30/06/2018 To 30/06/2018 To 30/06/2018 To 30/06/2018 Bond Global (3) Bond SGD (9) Equity ASEAN (1) Equity Asia Pacific (2) Equity Asia Pacific ex Japan (11) Equity Asia Pacific Sm&Mid Cap (1) Equity China (2) Equity Emerging Mkts Asia (1) Equity Emerging Mkts Global (4) Equity Europe (6) Equity Global (6) Equity Global Income (5) Equity Greater China (5) Equity India (3) Equity Indonesia (1) Equity Japan (4) Equity Malaysia (1) Equity Malaysia/Singapore (1) Equity Sector Biotechnology (1) Equity Sector Information Tech (1) Equity Sector Real Est Global (1) Equity Singapore (6) Equity Thailand (3) Balanced (4) Mixed Asset USD Bal - Global (1) Equity US (7) Equity Sector Healthcare (2) Equity Sector Financials (1) Bond Asia Pacific LC (2) Equity Japan Income (2) Grand Total (97) Source: Thomson Reuters Lipper Remark: The average calculation includes the different share classes of the funds. 5 For more information please go to Section 7.2 Investment Terminology Definitions. Page 13

14 The average returns of CPFIS-included ILPs by Lipper Global Classification are shown below: Table 7 Average Performance of CPFIS-Included ILPs by Lipper Global Classification (% Growth in SGD) % Growth % Growth % Growth % Growth % Growth 3M 31/03/2018 6M 31/12/2017 9M 30/09/2017 1Y 30/06/2017 3Y 30/06/2015 Name To 30/06/2018 To 30/06/2018 To 30/06/2018 To 30/06/2018 To 30/06/2018 Bond Global (11) Bond SGD (7) Equity ASEAN (2) Equity Asia Pacific (1) Equity Asia Pacific ex Japan (14) Equity Asia Pacific Sm&Mid Cap (1) Equity China (3) Equity Emerging Mkts Asia (1) Equity Emerging Mkts Global (6) Equity Europe (4) Equity Global (16) Equity Global Income (2) Equity Greater China (4) Equity India (5) Equity Japan (5) Equity Sector Information Tech (4) Equity Sector Real Est Global (2) Equity Singapore (10) Aggressive (13) Balanced (32) Conservative (10) Mixed Asset USD Bal - Global (1) Money Market SGD (5) Target Maturity Other (5) Equity US (1) Equity Sector Healthcare (2) Bond Asia Pacific LC (1) Grand Total (168) Source: Thomson Reuters Lipper Page 14

15 6 SUMMARY OF RISK-ADJUSTED PERFORMANCE The Lipper Leader rating methodology consists of four metrics that rate funds success in meeting certain goals: Total Return: Ability of a fund to provide superior total return compared to its peers Consistent Return: Ability of a fund to provide relatively superior consistency and risk-adjusted return compared to its peers Preservation: Ability of a fund to demonstrate superior preservation of capital in a variety of markets compared with other funds in its asset class Expense: Ability of a fund to successfully manage to keep its expenses low relative to its peers and within its load structure s are ranked against their Lipper peer group classifications for a three-year period. In other words, if a fund doesn t have at least three years of historical performance and it is not in a group with more than five funds, it is not rated by Lipper. The rating is based on an equal-weighted average of percentile ranks of the four Lipper Leader metrics. For each metric: The top 20% of funds receive a rating of 5 and are named Lipper Leaders. The next 20% of funds receive a rating of 4. The middle 20% of funds receive a rating of 3. The next 20% of funds receive a rating of 2. The lowest 20% of funds receive a rating of 1. Page 15

16 6.1 Lipper Leader Rating for CPFIS-Included Unit Trusts Figure 6 Venn Diagram of CPFIS Included Unit Trusts With a Lipper Leader Rating (Rating of 5 ) CPFIS Unit Trust Source: Thomson Reuters Lipper As of the end of June 2018, the number of CPFIS-included unit trusts in the top 20% of funds, receiving a rating of 5 and named Lipper Leaders in each metric, was as follows: Total Return: 14 funds Consistent Return: 13 funds Preservation: 25 funds Expense: 5 funds First State Bridge A is the only CPFIS-included UT received a rating of 5 (Lipper Leader) in all four metrics combined. Page 16

17 Table 8 Full List of CPFIS-Included Unit Trusts with a Lipper Leader Rating 3 Years Lipper Rating Consistent Total Name Lipper Global Classification Return Expense Return Preservation AB SICAV I-International Health Care Portfolio (Class A) - SGD Equity Sector Healthcare Leader 2 Leader 3 Aberdeen Asian Smaller Companies Equity Asia Pacific Sm&Mid Cap Aberdeen China Opportunities Equity Greater China Aberdeen European Opportunities Equity Europe Aberdeen Global Emerging Markets Equity Emerging Mkts Global Aberdeen Global Opportunities Equity Global Aberdeen India Opportunities Equity India Aberdeen Indonesia Equity Equity Indonesia Aberdeen Malaysian Equity Equity Malaysia Aberdeen Pacific Equity Equity Asia Pacific ex Japan Aberdeen Singapore Equity Equity Singapore Aberdeen Thailand Equity Equity Thailand Allianz Europe Equity Growth - Class AT (H2-SGD) Equity Europe 4 2 Leader 2 Allianz Global Investors Premier s Allianz Global High Payout Equity Global Income - SGD Leader Allianz Global Investors Premier s Allianz Global High Payout Equity Global Income (USD Share Class) Leader Allianz Oriental Income - Class AT (SGD) Equity Asia Pacific Leader Amundi Opportunities-Amundi Singapore Dividend Growth (AS-D Class) Equity Singapore Eastspring Investments - Japan Dynamic Class As (hedged) Equity Japan Eastspring Investments Unit Trusts Asian Balanced Balanced Eastspring Investments Unit Trusts - Dragon Peacock Equity Emerging Mkts Asia Eastspring Investments Unit Trusts Global Technology Equity Sector Information Tech Eastspring Investments Unit Trusts Pan European Equity Europe Eastspring Investments Unit Trusts Singapore ASEAN Equity Equity Singapore Eastspring Investments Unit Trusts Singapore Select Bond Class A Bond SGD Leader 3 Leader Leader Eastspring Investments Unit Trusts Singapore Select Bond Class AD Bond SGD Leader Eastspring Investments-Asian Equity Income Class as Hedged Equity Asia Pacific ex Japan Fidelity s America SR-ACC-SGD Equity US Fidelity s America SR-ACC-USD Equity US Fidelity s Asia Focus SR-ACC-SGD Equity Asia Pacific ex Japan Leader 3 Leader 4 Fidelity s - Asian Special Situations SR-ACC-SGD Equity Asia Pacific ex Japan Leader 3 Leader 4 Fidelity s European Growth SR-ACC-Euro Equity Europe Fidelity s European Growth SR-ACC-SGD Equity Europe Fidelity s - Greater China SR-ACC-SGD Equity Greater China Fidelity s-america SR-ACC-SGD (Hedged) Equity US Fidelity s-china Focus SR-ACC-SGD Equity China Fidelity s-emerging Markets SR-ACC-SGD Equity Emerging Mkts Global First State Asian Growth Equity Asia Pacific ex Japan First State Bridge Balanced Leader Leader Leader Leader First State Dividend Advantage Equity Asia Pacific ex Japan 4 3 Leader Leader First State Global Resources Equity Global First State Regional China Equity Greater China Leader 4 Leader 3 Franklin Templeton Investment s - Templeton Emerging Markets A(acc)SGD Equity Emerging Mkts Global Franklin Templeton Investment s Franklin Biotechnology Discovery A(acc)SGD Equity Sector Biotechnology Page 17

18 Name Franklin Templeton Investment s Templeton Asian Growth A(acc)SGD Franklin Templeton Investment s Templeton China A(acc)SGD Franklin Templeton Investment s Templeton European A(acc)SGD Franklin Templeton Investment s Templeton Thailand A(acc)SGD Legg Mason Martin Currie Southeast Asia Trust (Class A (SGD) Accumulating) Legg Mason Western Asset Global Bond Trust (Class A (SGD) Accumulating) Lipper Global Classification Consistent Return 3 Years Lipper Rating Expense Total Return Preservat ion Equity Asia Pacific ex Japan Equity Greater China Equity Europe Equity Thailand Leader 2 Leader Leader Equity ASEAN Bond Global Leader Legg Mason Western Asset Singapore Bond (Class A (SGD) Accumulating) Bond SGD Leader LionGlobal Japan Growth (SGD) Equity Japan Leader 3 Leader 4 LionGlobal Japan Growth SGD-Hedged Class Equity Japan LionGlobal Short Duration Bond Class A (SGD) (Dist) Bond Global 4 Leader 3 Leader LionGlobal TEAM - Singapore Fixed Income Investment (Class A) Bond SGD Leader LionGlobal Thailand (SGD) Equity Thailand Manulife Asia Pacific Investment Grade Bond Class A Bond Asia Pacific LC Leader Manulife Singapore Bond (Class A) Bond SGD Leader Natixis International s (LUX) I - Harris Associates Global Equity P/A (SGD) Equity Global Natixis International s (LUX) I - Harris Associates U.S. Equity H-P/A (SGD) Equity US Nikko AM Asia Investment s - Nikko AM Shenton Global Equity Sector Real Est Property Securities S$ Class Global Nikko AM Shenton Japan (S$) Class Equity Japan Nikko AM Shenton Short Term Bond s - Nikko AM Shenton Short Term Bond (S$) Class Bond Global 3 Leader 3 Leader Nikko AM Shenton Thrift Equity Singapore 4 Leader 4 3 PineBridge Asia Ex Japan Small Cap Equity - Class Y Equity Asia Pacific ex Japan Leader Pinebridge India Equity - Class A5CP Equity India PineBridge International s - Acorns of Asia Balanced Balanced Leader 4 Leader 3 PineBridge International s - Singapore Bond Bond SGD Leader Pinebridge US Large Cap Research Enhanced - Class A5CP Equity US Leader Pinebridge US Large Cap Research Enhanced - Class Y Equity US Leader Schroder Asian Equity Yield Equity Asia Pacific ex Japan Leader Schroder Asian Growth Equity Asia Pacific ex Japan Leader 4 Leader 4 Schroder Asian Investment Grade Credit Bond Asia Pacific LC 2 Leader 2 Leader Schroder China Opportunities Equity China Leader 3 Leader 1 Schroder Global Emerging Market Opportunities Equity Emerging Mkts Global Leader 3 Leader 4 Schroder Multi-Asset Revolution Class A Balanced Leader Schroder Singapore Fixed Income Class A Bond SGD Leader Schroder Singapore Trust Class A Equity Singapore United Asia Top-50 Equity Asia Pacific United Global Financials Equity Sector Financials United Global Healthcare Equity Sector Healthcare United International Growth Equity Global Leader United SGD - Class A (ACC) SGD Bond SGD Leader Page 18

19 3 Years Lipper Rating Name Lipper Global Classification Consistent Return Expense Total Return Preservation United Singapore Bond Bond SGD Leader United Singapore Growth Equity Singapore Source: Thomson Reuters Lipper Page 19

20 6.2 Lipper Leader Rating for CPFIS-Included ILPs Figure 7 Venn Diagram of CPFIS-Included ILPs With a Lipper Leader Rating (Rating of 5 ) CPFIS Insurance Source: Thomson Reuters Lipper As of the end of June 2018 the number of CPFIS-included ILPs in the top 20% of funds, receiving a rating of 5 and named Lipper Leaders, in each metric was as follows: Total Return: 28 funds Consistent Return: 27 funds Preservation: 54 funds Expense: 21 funds NTUC Income Global Managed-Conservative and NTUC Income Global Managed-Growth are funds of CPFIS-included ILPs received a rating of 5 (Lipper Leader) in all four metrics combined. Page 20

21 Table 9 Full List of CPFIS-Included ILPs with a Lipper Leader Rating 3 Years Lipper Rating Name Lipper Global Classification Consistent Return Expense Total Return Preservation AIA Acorns of Asia Balanced Leader 3 Leader 3 AIA Emerging Markets Balanced Balanced Leader 3 Leader 3 AIA Emerging Markets Equity Equity Emerging Mkts Global Leader 3 Leader 4 AIA Global Balanced Balanced Leader AIA Global Bond Bond Global Leader AIA Global Resources Equity Global AIA Global Technology Equity Sector Information Tech AIA Greater China Balanced Balanced Leader 3 Leader 2 AIA Greater China Equity Equity Greater China AIA Growth Aggressive 2 Leader 2 1 AIA India Balanced Balanced 4 3 Leader 1 AIA India Opportunities Equity India AIA International Health Care Equity Sector Healthcare Leader 2 Leader 3 AIA Japan Balanced Balanced AIA Japan Equity Equity Japan AIA Portfolio 100 Equity Global Income Leader AIA Portfolio 30 Conservative Leader Leader 4 Leader AIA Portfolio 50 Balanced Leader AIA Portfolio 70 Aggressive AIA Regional Equity Equity Asia Pacific ex Japan Leader 3 Leader 4 AIA Regional Fixed Income Bond SGD Leader AIA S$ Money Market Money Market SGD N/A N/A N/A N/A Aviva Aberdeen Pacific Equity (SP) Equity Asia Pacific ex Japan Aviva Balanced Growth (SP) Balanced Leader 1 Leader 2 Aviva Capital Growth (SP) Equity Asia Pacific ex Japan Leader 1 Leader 4 Aviva Income Growth (SP) Conservative Leader Aviva Legg Mason Western Asset Global Bond Trust (SP) Bond Global Leader Aviva LionGlobal Japan Growth (SP) Equity Japan Leader Aviva MM Balanced Growth Balanced Leader 3 Leader 3 Aviva MM Capital Growth Equity Asia Pacific ex Japan Leader 4 Leader 4 Aviva MM Income Growth Conservative Leader 3 Leader Leader Aviva Nikko AM Shenton Short Term Bond (SP) Bond Global Leader Aviva Schroder Multi Asset Revolution Balanced 4 Leader 4 4 Aviva Templeton Global Balanced (SP) - CPF Balanced N/A N/A N/A N/A AXA Asian Balanced Balanced Leader 3 Leader 3 AXA Asian Growth Equity Asia Pacific ex Japan AXA China Growth Equity Greater China AXA Fortress A Equity Singapore AXA Fortress B Equity Singapore AXA Global Balanced Balanced Leader AXA Global Defensive Bond Global Leader AXA Global Emerging Markets Equity Equity Emerging Mkts Global Leader 3 Leader 4 AXA Global Equity Blend Equity Global AXA Global Growth Aggressive AXA Global High Growth Equity Global AXA Global Secure Conservative 4 Leader 4 Leader Page 21

22 3 Years Lipper Rating Name Lipper Global Classification Consistent Return Expense Total Return Preservation AXA India Equity India AXA Pacific Equity Equity Asia Pacific ex Japan AXA Shariah Global Equity Equity Global Leader AXA Singapore Balanced Balanced AXA Singapore Bond Bond SGD Leader AXA Singapore Equity Equity Singapore AXA South East Asia Special Situations Equity ASEAN AXA Value Growth Equity Asia Pacific ex Japan GreatLink Asia Pacific Equity Equity Asia Pacific ex Japan GreatLink China Growth Equity Greater China GreatLink European Equity Equity Europe GreatLink Global Bond Bond Global Leader GreatLink Global Emerging Markets Equity Equity Emerging Mkts Global GreatLink Global Equity Alpha Equity Global GreatLink Global Opportunities Equity Global GreatLink Global Real Estate Securities Equity Sector Real Est Global Leader GreatLink Global Supreme Balanced 4 Leader 4 Leader GreatLink Global Technology Equity Sector Information Tech GreatLink Lifestyle Balanced Portfolio Balanced 4 Leader 4 Leader GreatLink LifeStyle Dynamic Portfolio Equity Global GreatLink LifeStyle Progressive Portfolio Aggressive GreatLink Lifestyle Secure Portfolio Conservative 4 Leader 4 Leader GreatLink Lifestyle Steady Portfolio Balanced 3 Leader 4 Leader GreatLink Lion Asian Balanced Balanced 3 Leader 3 4 GreatLink Lion Japan Growth Equity Japan GreatLink Short Duration Bond Bond Global 4 Leader 3 Leader GreatLink Singapore Equities Equity Singapore HSBC Insurance Ethical Global Equity Equity Global HSBC Insurance Global Bond Bond Global Leader HSBC Insurance Pacific Equity Equity Asia Pacific ex Japan John Hancock Adventurous Portfolio Aggressive John Hancock Balanced Portfolio Balanced Leader John Hancock Cautious Portfolio Conservative Leader John Hancock European Equity Equity Europe John Hancock Global Balanced Balanced Leader John Hancock Greater China Equity China John Hancock Japan Growth Equity Japan John Hancock Pacific Equity Equity Asia Pacific ex Japan John Hancock Pacific Harvest Aggressive John Hancock Worldwide Bond Bond Global Leader John Hancock Worldwide Equities Equity Global Leader Manulife Asian Small-Cap Equity Equity Asia Pacific Sm&Mid Cap Manulife European Equity Equity Europe Manulife Global Emerging Markets Equity Emerging Mkts Global Page 22

23 Name Lipper Global Classification Consistent Return 3 Years Lipper Rating Expense Total Return Manulife Golden Asia Growth Equity Asia Pacific ex Japan Manulife Golden Balanced Growth Balanced 2 Leader 1 3 Preservation Manulife Golden Global Balanced Balanced Leader Manulife Golden International Bond Bond Global Leader Manulife Golden Regional China Equity China Manulife Golden S.E.A Special Situations Equity ASEAN Manulife Golden Singapore Growth Equity Singapore Manulife Golden Worldwide Equity Equity Global Leader Manulife Income Series - Asia Pacific Investment Grade Bond Bond Asia Pacific LC Leader Manulife Income Series Asian Balanced Balanced Leader Manulife Income Series - Global Balanced Mixed Asset USD Bal - Global Manulife India Equity Equity India Manulife Japan Growth Equity Japan Manulife Lifestyle Portfolios - Aggressive Equity Global Manulife Lifestyle Portfolios - Conservative Conservative Leader Manulife Lifestyle Portfolios - Growth Aggressive Manulife Lifestyle Portfolios - Moderate Balanced Leader Manulife Lifestyle Portfolios - Secure Balanced 2 Leader 2 Leader Manulife Pacific Equity Equity Asia Pacific ex Japan Manulife Singapore Bond Bond SGD Leader Manulife Singapore Cash Money Market SGD N/A N/A N/A N/A NTUC AIM 2025 Target Maturity Other Leader NTUC AIM 2035 Target Maturity Other Leader 2 Leader 4 NTUC AIM 2045 Target Maturity Other Leader 2 Leader 4 NTUC AIM NOW Conservative 2 Leader 2 Leader NTUC Asia Managed Aggressive Leader 4 Leader 3 NTUC Global Bond Bond Global Leader NTUC Global Equity Equity Global Leader NTUC Global Managed (Balanced) Balanced 4 Leader 4 Leader NTUC Global Managed (Conservative) Conservative Leader Leader Leader Leader NTUC Global Managed (Growth) Aggressive Leader Leader Leader Leader NTUC Global Technology Equity Sector Information Tech NTUC Prime Balanced 4 Leader 4 3 NTUC Singapore Bond Bond SGD Leader 4 Leader Leader NTUC Singapore Equity Equity Singapore 2 Leader 2 2 NTUC Singapore Managed Balanced 2 Leader 2 2 NTUC Takaful Equity Global Leader 3 Leader Leader PruLink Adapt 2025 Target Maturity Other Leader PruLink Adapt 2035 Target Maturity Other Leader 2 Leader 4 PruLink America Equity US PruLink Asian American Managed Balanced PruLink Asian Equity Equity Asia Pacific ex Japan PruLink Asian Income and Growth Balanced Leader 4 Leader 4 Prulink China-India Equity Emerging Mkts Asia PruLink Emerging Markets Equity Emerging Mkts Global Leader 3 Leader 3 PruLink Global Bond Bond Global 4 4 Leader Leader PruLink Global Equity Equity Global Income Leader Page 23

24 Name Lipper Global Classification Consistent Return 3 Years Lipper Rating Expense Total Return Preservation PruLink Global Managed Balanced Leader PruLink Global Property Securities Equity Sector Real Est Global PruLink Global Technology Equity Sector Information Tech PruLink Greater China Equity Greater China Leader 4 Leader 2 PruLink Pan European Equity Europe PruLink Singapore ASEAN Managed Aggressive 1 Leader 2 2 PruLink Singapore Dynamic Bond Bond SGD Leader 4 Leader Leader PruLink Singapore Growth Equity Singapore PruLink Singapore Managed Aggressive 2 Leader 2 1 TMLS Asian Equity Equity Asia Pacific ex Japan TMLS China Equity Equity China 4 3 Leader 1 TMLS Global Emerging Markets Equity Equity Emerging Mkts Global TMLS Global Equity Equity Global TMLS India Equity Equity India TMLS Singapore Bond Bond SGD Leader TMLS Singapore Equity Equity Singapore UOB Life FOF Asia Top 50 Equity Asia Pacific UOB Life FOF Global Healthcare Equity Sector Healthcare UOB Life FOF Growth Equity Singapore UOB Life FOF International Growth Equity Global Leader UOB LifeLink Global Equity Global Leader UOB LifeLink Growth Equity Singapore Source: Thomson Reuters Lipper Page 24

25 7 Appendices 7.1 Complete List of s Full List of CPFIS-Included Unit Trusts S/N Name Lipper Global CPFIS Risk CPF Focus TER Date Franklin Templeton Investment s Templeton Thailand A(acc)SGD Franklin Templeton Investment s - Templeton Emerging Markets A(acc)SGD Franklin Templeton Investment s Templeton China A(acc)SGD Expense Ratio Equity Thailand 31/12/ Equity Emerging Mkts Global 31/12/ Equity Greater China 31/12/ United Asia Top-50 Equity Asia Pacific 31/12/ Franklin Templeton Investment Equity Asia Pacific ex s Templeton Asian Growth Japan A(acc)SGD 31/12/ United Global Financials Equity Sector Financials 31/12/ United Global Healthcare Equity Sector Healthcare 31/12/ AB SICAV I-International Health Equity Sector Care Portfolio (Class A) - SGD Healthcare 30/11/ Nikko AM Asia Investment s - Nikko AM Shenton Global Property Securities S$ Class Allianz Europe Equity Growth - Class AT (H2-SGD) Allianz Oriental Income - Class AT (SGD) Franklin Templeton Investment s Templeton European A(acc)SGD Equity Sector Real Est Global 31/12/ Equity Europe 31/03/ Equity Asia Pacific 31/03/ Equity Europe 31/12/ LionGlobal Thailand (SGD) Equity Thailand 31/12/ Franklin Templeton Investment Equity Sector s Franklin Biotechnology Biotechnology Discovery A(acc)SGD 31/12/ Aberdeen Asian Smaller Equity Asia Pacific Companies Sm&Mid Cap 31/03/ Aberdeen China Opportunities Equity Greater China 31/03/ Aberdeen European Opportunities Equity Europe 31/03/ Aberdeen Global Emerging Markets Aberdeen India Opportunities Equity Emerging Mkts Global 31/03/ Equity India 31/03/ These expense ratios may not be up to end of June 2018 but already represent the most up-to-date information (which may include unaudited expense ratio) submitted by the FMCs/Insurers. Some funds which are newly launched or have newly launched share classes have no available data. Page 25

26 20 Aberdeen Malaysian Equity Equity Malaysia 31/03/ Eastspring Investments Unit Trusts Pan European 22 First State Asian Growth Natixis International s (LUX) I - Harris Associates Global Equity P/A (SGD) Natixis International s (LUX) I - Harris Associates U.S. Equity H-P/A (SGD) Franklin Templeton Shariah s Templeton Shariah Global Equity AS (acc)sgd Aberdeen Global Opportunities Franklin Templeton Investment s Franklin India AS (acc)sgd Franklin Templeton Investment s Templeton Global Equity Income AS (Mdis)SGD Nikko AM Japan Dividend Equity -SGD Hedged Class Units Fidelity s Asia Focus SR-ACC-SGD Fidelity s-emerging Markets SR-ACC-SGD Franklin Templeton Investment s Templeton Global AS (acc)sgd Nikko AM Japan Dividend Equity -SGD Class Units PineBridge Asia Ex Japan Small Cap Equity - Class A5CP Pinebridge India Equity - Class A5CP Equity Europe 31/12/ Equity Asia Pacific ex Japan Equity Global Equity US BROADLY DIVERSIFIED 31/12/ /12/ /12/ Equity Global 30/04/ Equity Global Equity India Equity Global Income Equity Japan Income Equity Asia Pacific ex Japan Equity Emerging Mkts Global Equity Global Equity Japan Income Equity Asia Pacific ex Japan Equity India 36 Aberdeen Indonesia Equity Equity Indonesia Fidelity s - Asian Special Situations SR-ACC-SGD Fidelity s - Greater China SR-ACC-SGD Franklin Templeton Investment s Franklin U.S. Opportunities AS (acc)sgd Legg Mason Martin Currie Southeast Asia Trust (Class A (SGD) Accumulating) Equity Asia Pacific ex Japan Equity Greater China Equity US Equity ASEAN BROADLY DIVERSIFIED BROADLY DIVERSIFIED BROADLY DIVERSIFIED 31/03/ /12/ /12/ /12/ /10/ /10/ /12/ /12/ /12/ /12/ /03/ /10/ /10/ /12/ /03/ Schroder Asian Equity Yield Equity Asia Pacific ex Japan 31/12/ First State Dividend Advantage Equity Asia Pacific ex Japan 43 First State Regional China Equity Greater China 31/12/ /12/ Page 26

27 Schroder International Selection Greater China Class F Fidelity s-china Focus SR-ACC-SGD Pinebridge US Large Cap Research Enhanced - Class A5CP Equity Greater China Equity China Equity US 47 Aberdeen Thailand Equity Equity Thailand Eastspring Investments Unit Trusts Global Technology Fidelity s European Growth SR-ACC-Euro Fidelity s European Growth SR-ACC-SGD Fidelity s-global Dividend SR-ACC-SGD Fidelity s-global Dividend SR-MINCOME(G)-SGD Schroder China Opportunities 54 Aberdeen Pacific Equity Fidelity s America SR- ACC-SGD Fidelity s America SR- ACC-USD Fidelity s-america SR- ACC-SGD (Hedged) Schroder Global Emerging Market Opportunities Equity Sector Information Tech Equity Europe Equity Europe Equity Global Income Equity Global Income Equity China Equity Asia Pacific ex Japan Equity US Equity US Equity US Equity Emerging Mkts Global 59 First State Global Resources Equity Global Eastspring Investments Unit Trusts - Dragon Peacock Eastspring Investments-Asian Equity Income Class as Hedged Equity Emerging Mkts Asia Equity Asia Pacific ex Japan 62 Aberdeen Singapore Equity Equity Singapore Allianz Global Investors Premier s Allianz Global High Payout - SGD Allianz Global Investors Premier s Allianz Global High Payout (USD Share Class) Equity Global Income Equity Global Income BROADLY DIVERSIFIED BROADLY DIVERSIFIED BROADLY DIVERSIFIED BROADLY DIVERSIFIED 31/12/ /10/ /12/ /03/ /12/ /10/ /10/ /10/ /10/ /12/ /03/ /10/ /10/ /10/ /12/ /12/ /12/ /12/ /03/ /12/ /12/ Eastspring Investments Unit Trusts Singapore ASEAN Equity Equity Singapore 31/12/ LionGlobal Japan Growth (SGD) Equity Japan 31/12/ LionGlobal Japan Growth SGD-Hedged Class Eastspring Investments - Japan Dynamic Class As (hedged) Equity Japan Equity Japan 31/12/ /12/ Page 27

28 69 Amundi Opportunities-Amundi Singapore Dividend Growth (AS-D Class) Equity Singapore 30/11/ LionGlobal Singapore / Malaysia (SGD) Equity Malaysia/Singapore 31/12/ Schroder Asian Growth Equity Asia Pacific ex Japan 72 United Singapore Growth Equity Singapore 73 Schroder Singapore Trust Class A Equity Singapore 74 PineBridge Asia Ex Japan Small Cap Equity - Class Y Equity Asia Pacific ex Japan 75 United International Growth Equity Global 76 Pinebridge US Large Cap Research Enhanced - Class Y Equity US BROADLY DIVERSIFIED 31/12/ /12/ /12/ /12/ /12/ /12/ Nikko AM Shenton Japan (S$) Class Equity Japan 31/12/ Nikko AM Shenton Thrift Equity Singapore APS Alpha (Share Class B) (SGD) Franklin Templeton Investment s Templeton Global Balanced AS (acc)sgd Absolute Return Other Mixed Asset USD Bal - Global MEDIUM TO HIGH RISK BROADLY DIVERSIFIED 31/12/ /12/ /12/ Schroder Multi-Asset Revolution Class A Balanced MEDIUM TO HIGH RISK BROADLY DIVERSIFIED 31/12/ Eastspring Investments Unit Trusts Asian Balanced PineBridge International s - Acorns of Asia Balanced 84 First State Bridge 85 Manulife Singapore Bond (Class A) Balanced Balanced Balanced Bond SGD MEDIUM TO HIGH RISK MEDIUM TO HIGH RISK MEDIUM TO HIGH RISK LOW TO MEDIUM RISK 31/12/ /12/ /12/ /12/ Manulife Asia Pacific Investment Grade Bond Class A Bond Asia Pacific LC LOW TO MEDIUM RISK 31/12/ Legg Mason Western Asset Singapore Bond (Class A (SGD) Accumulating) Bond SGD LOW TO MEDIUM RISK 30/03/ Schroder Asian Investment Grade Credit Bond Asia Pacific LC LOW TO MEDIUM RISK 31/12/ PineBridge International s - Singapore Bond Bond SGD LOW TO MEDIUM RISK 31/12/ Legg Mason Western Asset Global Bond Trust (Class A (SGD) Accumulating) Bond Global LOW TO MEDIUM RISK BROADLY DIVERSIFIED 30/03/ Page 28

29 91 United Singapore Bond Bond SGD LOW TO MEDIUM RISK 31/12/ Schroder Singapore Fixed Income Class A Bond SGD LOW TO MEDIUM RISK 31/12/ LionGlobal TEAM - Singapore Fixed Income Investment (Class A) Bond SGD LOW TO MEDIUM RISK 31/12/ United SGD - Class A (ACC) SGD Eastspring Investments Unit Trusts Singapore Select Bond Class A Eastspring Investments Unit Trusts Singapore Select Bond Class AD LionGlobal Short Duration Bond Class A (SGD) (Dist) Nikko AM Shenton Short Term Bond s - Nikko AM Shenton Short Term Bond (S$) Class Bond SGD Bond SGD Bond SGD Bond Global Bond Global Source: Central Provident Board and Thomson Reuters Lipper LOW TO MEDIUM RISK LOW TO MEDIUM RISK LOW TO MEDIUM RISK LOW TO MEDIUM RISK LOW TO MEDIUM RISK BROADLY DIVERSIFIED BROADLY DIVERSIFIED 31/12/ /12/ /12/ /12/ /12/ Page 29

30 Full List of CPFIS Included ILPs Name (CPF) Lipper Global CPFIS Risk CPF Focus Detail TER Date Aviva Aberdeen Pacific Equity (SP) Aviva LionGlobal Japan Growth (SP) Equity Asia Pacific ex Japan Equity Japan 3 Aviva Capital Growth (SP) Equity Asia Pacific ex Japan UOB Life FOF Asia Top 50 UOB Life FOF Global Healthcare AIA International Health Care PruLink Global Property Securities AIA Emerging Markets Equity 9 AIA Global Technology 10 AIA Greater China Equity Equity Asia Pacific Equity Sector Healthcare Equity Sector Healthcare Equity Sector Real Est Global Equity Emerging Mkts Global Equity Sector Information Tech Equity Greater China 11 AIA India Opportunities Equity India 12 AIA Portfolio 100 Equity Global Income 13 AXA Asian Growth Equity Asia Pacific ex Japan 14 AXA China Growth Equity Greater China 15 AXA Fortress A Equity Singapore 16 AXA Fortress B Equity Singapore 17 AXA Global Emerging Markets Equity Equity Emerging Mkts Global 18 AXA Global Equity Blend Equity Global 19 AXA Global High Growth Equity Global 20 AXA India Equity India 21 AXA Pacific Equity Equity Asia Pacific ex Japan 22 AXA Shariah Global Equity Equity Global 23 AXA Singapore Equity Equity Singapore 24 AXA South East Asia Special Situations Equity ASEAN Expense Ratio Asia 30/09/ Japan 30/09/ Asia 30/09/ Asia 31/12/ Healthcare 31/12/ Healthcare 31/12/ Sector - Others Emerging Markets 31/12/ /12/ Technology 31/12/ Greater China 31/12/ Country - Others 31/12/ N/A 31/12/ Asia 31/12/ Greater China 31/12/ Singapore 31/12/ Singapore 31/12/ Emerging Markets 31/12/ N/A 31/12/ N/A 31/12/ Country - Others 31/12/ Asia 31/12/ N/A 31/12/ Singapore 31/12/ Asia 31/12/ Page 30

31 25 AXA Value Growth Equity Asia Pacific ex Japan John Hancock Worldwide Equities Manulife Asian Small-Cap Equity Manulife European Equity Manulife Global Emerging Markets Manulife Golden Worldwide Equity Equity Global Equity Asia Pacific Sm&Mid Cap Equity Europe Equity Emerging Mkts Global Equity Global 31 Manulife India Equity Equity India 32 PruLink Emerging Markets Equity Emerging Mkts Global 33 PruLink Pan European Equity Europe GreatLink Global Opportunities John Hancock Pacific Equity Manulife Golden Asia Growth 37 TMLS Multi-Asset GreatLink Global Emerging Markets Equity John Hancock European Equity John Hancock Japan Growth TMLS Global Emerging Markets Equity HSBC Insurance Ethical Global Equity Manulife Golden S.E.A Special Situations Manulife Golden Singapore Growth Equity Global Equity Asia Pacific ex Japan Equity Asia Pacific ex Japan Aggressive Equity Emerging Mkts Global Equity Europe Equity Japan Equity Emerging Mkts Global Equity Global Equity ASEAN Equity Singapore 45 Manulife Pacific Equity Equity Asia Pacific ex Japan 46 PruLink America Equity US 47 TMLS China Equity Equity China 48 AIA Global Resources Equity Global 49 Manulife Lifestyle Portfolios - Aggressive Equity Global 50 TMLS India Equity Equity India 51 GreatLink Global Equity Alpha Equity Global Asia 31/12/ N/A 31/12/ Asia 31/12/ Europe 31/12/ Emerging Markets 31/12/ N/A 31/12/ Country - Others Emerging Markets 31/12/ /12/ Europe 31/12/ N/A 31/12/ Asia 31/12/ Asia 31/12/ N/A 31/12/ Emerging Markets 31/12/ Europe 31/12/ Japan 31/12/ Emerging Markets 31/12/ N/A 31/12/ Asia 31/12/ Singapore 31/12/ Asia 31/12/ North America 31/12/ Greater China 31/12/ Sector - Others 31/12/ N/A 31/12/ Country - Others 31/12/ N/A 31/12/ Page 31

32 52 53 John Hancock Greater China Manulife Golden Regional China Equity China Equity China 54 PruLink Greater China Equity Greater China 55 GreatLink Global Technology Equity Sector Information Tech 56 AIA Regional Equity Equity Asia Pacific ex Japan 57 Manulife Japan Growth Equity Japan 58 PruLink Adapt 2035 Target Maturity Other 59 PruLink Global Equity Equity Global Income 60 PruLink Global Technology Equity Sector Information Tech 61 TMLS Singapore Equity Equity Singapore 62 AIA Japan Equity Equity Japan GreatLink Singapore Equities Manulife Lifestyle Portfolios - Growth Equity Singapore Aggressive 65 PRUlink India Equity Equity India HSBC Insurance Pacific Equity GreatLink Global Real Estate Securities Equity Asia Pacific ex Japan Equity Sector Real Est Global 68 Prulink China-India Equity Emerging Mkts Asia GreatLink Lion Japan Growth GreatLink LifeStyle Dynamic Portfolio Equity Japan Equity Global 71 TMLS Global Equity Equity Global GreatLink Asia Pacific Equity GreatLink China Growth GreatLink LifeStyle Progressive Portfolio Equity Asia Pacific ex Japan Equity Greater China Aggressive 75 PruLink Asian Equity Equity Asia Pacific ex Japan 76 Aviva MM Capital Growth Equity Asia Pacific ex Japan 77 PruLink Singapore Growth Equity Singapore 78 TMLS Asian Equity Equity Asia Pacific ex Japan Greater China 31/12/ Greater China 31/12/ Greater China 31/12/ Technology 31/12/ Asia 31/12/ Japan 31/12/ N/A 31/12/ N/A 31/12/ Technology 31/12/ Singapore 31/12/ Japan 31/12/ Singapore 31/12/ N/A 31/12/ Country - Others 31/12/ Asia 31/12/ Sector - Others Country - Others 31/12/ /12/ Japan 31/12/ N/A 31/12/ N/A 31/12/ Asia 31/12/ Greater China 31/12/ N/A 31/12/ Asia 31/12/ Asia 30/09/ Singapore 31/12/ Asia 31/12/ Page 32