Tap into opportunities all over the globe. Step 1: Explore the rewards of long-term investing. Step 2: Select your method of investing

HSBC Global Fund Approvals and Research Third Quarter 2014

Tap into opportunities all over the globe In a world without boundaries, financial opportunities are everywhere. With HSBC Global Fund Approvals and Research list, you are just three simple steps away from deciding on the funds that could make a significant difference to your investments in the longer term. Step 1: Explore the rewards of long-term investing You might be aiming to pay off your mortgage, pay your children s university fees or give them a deposit for their first home. You might simply be planning for a more comfortable retirement. Whether you are considering dipping your toes into the world of investments,or have been researching your investment options for some time, your HSBC Premier Relationship / Personal Wealth Manager is here to support you along your journey to attaining your financial goals. They do this by discussing all the key investment considerations with you for example: What are your financial goals? How quickly are you looking to achieve these? Do you worry about capital loss? How important is having access to your money? This process enables your HSBC Premier Relationship Manager / Personal Wealth Manager to understand your financial objectives and the level of risk exposure you re comfortable with. Together you can identify the investment portfolio that s uniquely tailored to help you achieve the potential long-term rewards you re aiming for. Step 2: Select your method of investing We will work with you to select the investments that are most suited to your needs. We fully recognize that different investors have differing priorities: Opportunity: Some investors would like access to opportunities in different global markets, but are concerned about how much risk they might be taking. Your HSBC Premier Relationship Manager / Personal Wealth Manager can help you achieve balance in your portfolio. What s more, through HSBC, you can tap into a world of opportunities from a wide selection of funds. Skills and knowledge: Many see expert knowledge as the key to risk mitigation, whilst others feel that their lack of understanding is preventing them from making investment choices. You may believe that investing can be risky and that you need someone to guide you through making the choices that are right for you. With HSBC you have the reassurance of knowing you are benefiting from world class research usually only available to professional investors and institutions and over 1,400 investment professionals fully dedicated to researching markets, analyzing funds and managing investments for our clients. Flexibility: For some clients flexibility is a major issue, and knowing they can adjust their portfolio as they see fit provides them with a sense of freedom. It also means that you demand personalization and tailoring to suit your specific needs. Lastly, you want the reassurance that you can access your money within days, should your financial objectives change. HSBC can provide all this and more. Whether you have heard about commodities or are curious about emerging markets, HSBC Global Fund Approvals and Research list offers a transparent, straightforward and flexible approach to the world of investments. Step 3: Choosing the funds to work for you If you select our HSBC funds you will benefit from the risk management expertise and investment skills of one of the world s leading international asset management businesses. We have over US$419.1 billion (as on 30 September 2013) under management and stand apart as a world leader in emerging markets, with over US$145bn invested across this region on behalf of our customers. Whichever funds you choose you can rest assured that our dedicated and experienced team of 46 fund analysts who are based around the world apply both science and rigour in assessing the skills of a vast number of fund management groups, to bring to you only those who stand out in their peer group. It all goes to helping you capture the opportunity while seeking to control the risks associated with these types of decisions. Your HSBC Premier Relationship Manager / Personal Wealth Manager will be happy to discuss the options available to you, and help you build a portfolio that reflects your personal investment preferences and is in keeping with your financial goals. At HSBC, we strive to make the world of investments work for you.

Fund List Investment Category Product Reference (ISIN/Ticker) where applicable EQUITY Asia Ex Japan Equity Approved Funds Launch Date Price Currency YTD 05/31/2014 Calendar Year Performance 2013 2012 2011 2010 2009 HSBC Asia ex Japan Equity Fund (6.1) LU0043850808 07/31/1974 USD 7.43-2.84 14.80-23.26 21.18 61.90 4 HSBC Asia ex Japan Equity High Dividend (6.1) LU0197773673 11/05/2004 USD 6.70 1.33 18.68-13.66 17.28 61.63 4 HSBC Asia ex Japan Equity Smaller Companies (6.1) LU0082770016 11/21/1997 USD 12.09 24.46 26.41-24.75 29.04 102.81 4 Aberdeen Pacific Equity Fund (2.2) SG9999001903 06/01/2004 USD 6.67-2.60 27.27-12.95 28.70 70.08 4 Fidelity Asia Pacific Dividend Fund (4.1) LU0205439572 02/16/2004 USD 3.65 8.03 22.58-14.85 18.46 30.99 4 First State Dividend Advantage (5.1) SG9999002083 12/20/2004 SGD 6.64 7.64 17.18-9.15 11.17 52.65 4 Schroder Asian Equity Yield Fund (9.1) SG9999001846 02/14/2005 SGD 8.23 2.18 23.39-8.39 11.44 49.55 4 Schroder Asian Growth (9.1) SG9999001689 05/03/2004 USD 4.75 5.74 29.55-11.95 25.57 83.60 4 Schroder ISF Asian Equity Yield Fund (9.1) LU0188438112 06/11/2004 USD 9.18-2.76 31.21-9.35 22.26 55.15 4 Templeton Asian Growth (10.1) LU0029875118 06/30/1991 USD 5.68-7.78 16.36-14.91 29.99 103.11 4 Japan Equity - Broad Approved Funds HSBC Japanese Equity Fund (6.1) LU0011818076 01/16/1987 USD -5.13 22.56 4.75-13.70 12.53 2.06 4 Domestic Equity Approved Funds HSBC Singapore Equity Fund (6.1) LU0149724634 01/16/1987 USD 5.96 0.70 30.40-18.37 16.05 87.22 4 JPMorgan Singapore Fund (7.1) LU0456852689 03/31/2005 SGD 4.04 4.14 24.93-16.80 12.93 N/A 4 Schroder Singapore Trust (9.1) SG9999000343 02/26/1993 SGD 5.35 5.17 22.92-16.39 9.91 66.64 4 Greater China Equity Approved Funds HSBC Chinese Equity Fund (6.1) LU0039217434 06/25/1992 USD -7.48 5.51 19.23-20.43 0.94 57.07 4 Fidelity Greater China Fund (4.1) LU0048580855 10/01/1990 USD -1.99 14.16 23.12-19.90 16.40 64.75 4 First State Regional China Fund (5.1) SG9999000194 11/01/1993 SGD 0.32 15.54 13.20-9.95 8.56 64.84 4 Schroder Greater China (9.1) SG9999000293 03/29/2002 SGD 0.45 9.87 12.83-20.57 2.24 65.04 4 Schroder ISF Greater China Fund (9.1) LU0140636845 03/28/2002 USD 1.15 6.18 19.93-21.61 12.10 71.30 4 Templeton China Fund (10.1) LU0052750758 09/01/1994 USD -5.03-4.07 12.49-18.30 17.25 63.76 4 Global Emerging Market Approved Funds HSBC BRIC Equity (6.1)(6.5) LU0449509016 12/01/2009 USD 5.58-8.05 15.05-28.44 12.43 108.98 4 HSBC Global Emerging Markets Equity Fund (6.1) LU0054450605 11/11/1994 USD 3.29-9.77 20.73-27.38 14.40 66.52 4 HSBC Latin American Equity (6.1) (6.6) LU0449511939 04/08/2010 USD 3.57-8.94 12.25-25.90 18.84 127.84 4 Fidelity Funds - Latin America Fund (4.1) LU0050427557 05/09/1994 USD 2.27-12.10 10.99-20.18 19.34 115.26 4 JPMorgan Emerging Markets Equity (7.1) LU0210529656 04/13/1994 USD 4.91-5.22 17.34-18.97 17.90 70.07 4 Schroder Emerging Markets Fund (9.1) SG9999000251 04/07/2000 SGD 0.49 0.99 12.63-16.82 1.48 68.22 4 Schroder ISF BRIC (9.1) LU0228659784 10/31/2005 USD 0.72-1.48 13.79-22.40 6.29 84.03 4 Schroder ISF Emerging Europe (9.1) LU0251572144 01/28/2000 USD -4.58 4.94 30.31-23.08 17.51 92.55 4 Schroder ISF Latin American (9.1) LU0106259392 07/15/1998 USD 4.01-16.84 14.53-21.13 16.53 98.77 4 Schroder ISF Middle East (9.1) LU0314587907 09/03/2007 USD 24.02 17.45 31.46-20.61 25.10 27.92 4 Risk Level

Investment Category Product Reference (ISIN/Ticker) where applicable Launch Date Price Currency YTD 05/31/2014 Calendar Year Performance 2013 2012 2011 2010 2009 Risk Level Single Country Equity Approved Funds HSBC Brazil Equity Fund (6.1)(6.2) (6.3)(6.4) LU0196696701 12/22/2004 USD 2.86-19.27 6.53-25.76 13.87 156.50 4 HSBC Indian Equity Fund ( 6.1) LU0066902890 03/04/1996 USD 30.71-13.67 39.71-45.82 13.00 131.55 5 HSBC Russia Equity Fund (6.1) LU0329931173 12/20/2007 USD -10.55-2.20 11.02-27.47 23.73 145.85 5 HSBC Taiwan Equity Fund (6.1) LU0370485772 07/30/2008 USD 4.18 8.91 14.14-21.29 21.61 74.13 4 HSBC Thai Equity Fund (6.1)(6.2) (6.3)(6.4) LU0210637038 04/15/1996 USD 10.07-15.39 35.64-4.50 50.31 79.11 4 Aberdeen China Opportunities Fund (2.1) SG9999001861 06/01/2004 USD 2.08-3.61 18.57-14.63 27.46 66.38 4 Aberdeen Indonesia Equity Fund (2.4) SG9999001887 12/05/1997 USD 17.27-18.72 20.46-2.04 53.77 102.55 4 Aberdeen Malaysian Equity Fund (2.3) SG9999001895 12/05/1997 USD 4.81 3.03 35.96 8.54 42.20 33.08 4 Fidelity Indonesia Fund (4.1) LU0055114457 12/05/1994 USD 22.25-21.79 7.17 1.85 44.66 124.78 4 Fidelity Taiwan Fund (4.1) LU0075458603 03/24/1997 USD 11.12 18.20 20.18-28.23 12.31 71.25 4 Global Equity - Broad Approved Funds Fidelity International Fund (4.1) LU0048584097 12/31/1991 USD 3.49 27.99 14.31-9.34 11.59 33.64 3 Templeton Global Euro Fund (10.1) LU0029873410 04/26/1991 EUR 4.57 28.72 17.67-7.26 8.49 22.49 3 US Equity - Broad Approved Funds HSBC US Equity Fund ( 6.1)(6.2) (6.3)(6.4) LU0011818662 01/30/1987 USD 4.87 31.23 10.91 3.09 9.68 23.71 4 Fidelity America Fund (4.1) LU0048573561 10/01/1990 USD 5.48 35.63 16.18-3.74 12.34 40.19 4 Franklin Mutual Beacon Fund (10.1) LU0070302665 07/07/1997 USD 5.82 27.27 13.08-2.61 10.85 27.30 4 Franklin US Opportunities Fund (10.1) LU0672654240 04/03/2000 SGD -0.78 38.81 8.32 N/A N/A N/A 4 European Equity - Broad Approved Funds HSBC Euroland Equity Fund (6.1) LU0165081950 07/31/1998 EUR 5.72 29.81 16.77-18.83 0.53 36.28 4 HSBC European Equity Fund (6.1) LU0047473722 07/31/1998 EUR 3.34 19.07 19.51-12.77 11.41 31.93 4 Fidelity European Aggressive Fund (4.1) LU0083291335 02/02/1998 EUR 6.19 20.65 19.62-13.43 16.76 35.63 4 Fidelity European Growth Fund (4.1) LU0048578792 10/01/1990 EUR 5.95 19.45 17.01-14.85 16.29 29.28 4 Schroder European Equity Alpha Fund (9.1) SG9999001929 08/01/2005 SGD 3.61 35.54 17.07-17.58-7.71 36.38 4 Schroder ISF European Equity Alpha Fund (9.1) LU0161304786 01/31/2003 EUR 5.31 25.57 22.26-16.10 8.17 37.11 4 Templeton European Fund (10.1) LU0139292543 12/03/2001 EUR 3.18 30.04 18.89-7.59 7.15 21.42 4 Fixed Income Global Emerging Market Fixed Income Approved Funds HSBC Global Emerging Markets Bond Fund (6.1) LU0566116223 1/12/2011 USD 8.25-7.85 17.90 N/A N/A N/A 3 PIMCO GIS Emerging Markets Bond Fund (8.2) IE00B0MD9S72 7/31/2001 USD 6.93-7.05 17.60 5.81 11.34 26.73 3 Global Fixed Income Approved Funds HSBC Global Bond (6.1) LU0039216972 09/29/1989 USD 4.12-2.99 4.55 7.57 3.38 6.33 3 HSBC Global High Income Bond Fund (6.1) LU0524291456 07/28/2010 USD 5.78 1.35 18.37 2.23 N/A N/A 3 US Fixed Income Approved Funds Alliance Bernstein American Income Portfolio (11.1) LU0095030564 07/01/1993 USD 5.71-1.48 9.48 5.80 10.50 25.10 3 Franklin US Government Fund (10.1) LU0029872446 02/28/1991 USD 2.36-2.09 1.13 6.25 5.65 4.05 3

Investment Category Product Reference (ISIN/Ticker) where applicable Launch Date Price Currency YTD 05/31/2014 Calendar Year Performance 2013 2012 2011 2010 2009 PIMCO Income Fund (8.3) IE00B8K7V925 11/30/2012 USD 5.47 3.81 N/A N/A N/A N/A 3 PIMCO Total Return Bond Fund (8.1) IE00B11XZ988 1/31/1998 USD 3.07-2.90 8.58 1.96 6.46 11.50 3 Short Duration Fund Approved Funds Franklin Floating Rate Fund (10.1) IE00B000C709 02/27/2004 USD 0.82 4.11 7.77 0.59 8.08 27.73 1 High Yield Bond Approved Funds Alliance Bernstein Global High Yield Portfolio (11.1) LU0081336892 10/26/1998 USD 4.47 5.09 16.27 0.21 15.62 60.62 3 Fidelity Asian High Yield (4.1) LU0286669428 04/02/2007 USD 2.89 2.63 20.11-7.59 18.99 73.89 3 Fidelity European High Yield Fund (4.1) LU0168053600 06/27/1990 EUR 5.03 8.76 22.61-2.92 13.16 67.83 4 Fidelity US High Yield Fund (4.1) LU0132282301 09/05/2001 USD 4.22 5.09 14.80 1.68 14.52 51.54 3 European Fixed Income Approved Funds Fidelity Funds - Euro Bond Fund (4.1) LU0048579097 1/10/1990 EUR 6.20 2.12 12.47 1.55 5.60 15.85 3 Alternatives Commodities Funds -Broad Approved Funds BlackRock Global Funds World Energy Fund (3.3) LU0122376428 04/06/2001 USD 6.80 16.89-7.73-13.45 16.75 36.28 4 BlackRock Global Funds World Mining Fund (3.3) LU0075056555 03/24/1997 USD -1.25-24.02-3.09-28.69 29.17 103.89 5 First State Global Resources (5.1) SG9999002109 09/05/2005 SGD 6.18-9.57-10.65-25.52 21.28 85.46 4 Risk Level Schroder Alternative Solutions Gold and Precious Metals Fund (9.1) LU0371156497 07/07/2008 USD 2.20-35.70-1.83-0.17 15.20 58.48 4 Multi Asset Multi Asset Approved Funds HSBC Managed Solutions - Asia Focused Conservative (6.1)(6.2) (6.3)(6.4) LU0854292488 03/18/2013 USD 4.60 N/A N/A N/A N/A N/A 2 HSBC Managed Solutions - Asia Focused Growth (6.1) LU0819121731 03/18/2013 USD 5.66 N/A N/A N/A N/A N/A 4 HSBC Managed Solutions - Asia Focused Income (6.1) LU0762541174 05/25/2012 USD 6.51-2.56 N/A N/A N/A N/A 3 HSBC Portfolios - World Selection 1 (6.1) LU0447610337 10/19/2009 USD 3.35 1.78 8.49 0.50 6.54 N/A 2 HSBC Portfolios - World Selection 3 (6.1) LU0447610923 10/19/2009 USD 3.40 9.24 12.53-6.62 9.54 N/A 3 HSBC Portfolios - World Selection 5 (6.1) LU0447611657 10/19/2009 USD 3.05 17.54 14.96-14.53 12.38 N/A 4 BlackRock Global Funds Global Allocation Fund (3.1) LU0072462426 01/03/1997 USD 1.70 13.98 8.02-4.31 8.51 22.23 3 Schroder ISF Global Multi Asset Income (9.1) LU0757359954 04/18/2012 USD 4.18 5.74 N/A N/A N/A N/A 3

Important Risk Warning The mention of any investment product should not be construed as representing a recommendation to buy or sell that product, nor does it represent a forecast on future performance of the product. Unit Trusts are investment products and some may involve derivatives. The value of investments and units may go down and up, and the investor may not get back the original sum invested. Past performance is not necessarily indicative of future performance. In a worst case scenario, the value of the fund may worth substantially less than the original amount you have invested (and in an extreme case could be worth nothing). Investors and potential investors must not solely rely on the information provided herein to make investment decisions and should read carefully and understand the offering documents (including the prospectus and full text of the risk factors stated therein), available at HSBC branches and at the fund houses webpages, before investing. The investment decision is yours. Before you make any investment decision, you may wish to consult a financial adviser. In the event that you choose not to seek advice from a financial adviser, you should carefully consider whether the investment product is suitable for you. Unit Trusts are NOT equivalent to time deposits. Additional risks are disclosed in the section on Risk Disclosures.Please refer to the Risk Disclosures for details. Risk Disclosures: Counterparty Risks some of the funds are subject to possibility of insolvency, bankruptcy or default of the counterparty with which it trades financial derivative instrument contracts outside of recognized exchange. This could result in substantial loss to a fund. Funds which are invested in certain markets companies (E.g. Emerging, Commodity markets and smaller companies etc) may also involve a higher degree of risks and are usually more sensitive to price movements. Investing in emerging markets involves a greater risk of loss than investing in more developed markets due to, among other factors, greater political, tax, economic, foreign exchange, liquidity and regulatory risks. Changes in rates of currency exchange may affect significantly the value of investment. Funds which are invested in debt securities (including bond and short term money market instruments) may be subject to risks such as interest rate risk, credit risk, default risk and liquidity risk, etc. Notes: Performance statistics are based on (1)Bid to Bid prices (2) prices of the relevant funds with dividends reinvested in fund currency. Data as of 31 May 2014. Source 2014 Morningstar, Inc. All Rights Reserved. The performance data contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or loss arising from any use of this information. Inclusion in this list does not suggest that a fund is suitable for investors. Investors should carefully consider whether the funds or products found in this document are appropriate for them in view of their investment experience, objectives, financial resources and relevant circumstances. This document is prepared by The Hongkong and Shanghai Banking Corporation Limited and is published for information only. It should not be considered as an offer, or solicitation, to deal in any of the funds or products found in this document. Past performance is not indicative of future performance. Value of investment and units may go down as well as up, and the investor may not get back the original sum invested. Changes in rates of currency exchange may affect significantly the value of investment. Inclusion in HSBC Global Fund Approval and Research does not suggest that a fund is suitable for you. You should carefully consider whether the funds or products found in this document are appropriate for you in view of your investment experience, objectives, financial resources and relevant circumstances. Launch date indicated refers to the date in which the primary class of the fund was launched. The risk level of Unit Trusts is subject to the Bank s periodic review and may change from time to time. Please visit our website at www.hsbc.com.sg. Alternatively, call our 24-hour HSBC Premier banking hotline on 1800-227 8889 (in Singapore) or call collect to (65) 6216 9080 (from overseas). Risk Level is determined according to the historical volatility of the fund or, where appropriate, the historical volatility of a comparable market index or a comparable fund: 1 = low risk. This risk level normally comprises bond funds with low volatility. This product may be suitable for investors who are happy to receive low level of investment risk. 2 = low to medium risk. This risk level normally comprises balanced or high-yield bond funds with low to medium volatility. This product may be suitable for investors who are happy to receive low-to-medium level of investment risk. 3 = medium risk. This risk level normally comprises diversified equity growth funds with medium volatility. This product may be suitable for investors who are happy to accept medium level of investment risk. 4 = medium to high risk. This risk level normally comprises single country equity funds or warrants and derivatives funds with moderately high volatility. This product may be suitable for investors who are happy to accept medium-to-high level of investment risk. 5 = high risk. The risk level normally comprises single country equity funds or warrants and derivatives funds with high volatility. This product may be suitable for investors who are happy to accept high level of investment risk. While every care has been taken in preparing this document, The Hongkong and Shanghai Banking Corporation Limited makes no guarantee, representation or warranty and accepts no responsibility or liability for its accuracy or completeness. The Hongkong and Shanghai Banking Corporation Limited and the HSBC Group has based this document or information obtain from sources it believes to be reliable but which it has not independently verified. Therefore, the information set out in this document is meant for general reference only and is subject to change without notice Other information of HSBC Global Fund Approval and Research : 1. Quoted qualitative factors are for reference only, More qualitative factors may be taken into consideration when selecting Global Fund Approval and Research 2. For Aberdeen Funds 2.1 Aberdeen Select Portfolio - China Opportunities. The information in this presentation is not for general circulation and should not be considered an offer, or solicitation, to deal in any of the mentioned funds. The information is provided on a general basis for information purposes only, and is not to be relied on as advice, as it does not take into account the investment objectives, financial situation or particular needs of any specific investor. For SGD class and applicable CPFIS-OA funds only - The CPF interest rate for the Ordinary Account ( OA ) is based on the 12-month fixed deposit and month-end savings rates of the major local banks. Under the CPF Act, the Board pays a minimum interest of 2.5% per annum when this interest formula yields a lower rate. In addition, from 1 January 2008, the CPF Board will pay an extra interest rate of 1% per annum on the first $60,000 of a CPF member s combined balances, including up to $20,000 in the OA. From 1 April 2008, the first $20,000 in the OA will not be allowed to be invested under the CPF Investment Scheme. Investments in the unit trusts are not deposits in, obligations of, or guaranteed or insured by Aberdeen Asset Management Asia Limited (the Manager ), and are subject to investment risks, including the possible loss of the principal amount invested. Unit values and income therefrom may fall or rise. Past performance is not indicative of future performance. Investors should read the prospectus as well as the product highlights sheet, available from the Manager or its web-site at www.aberdeen-asia.com, or seek relevant professional advice before making any investment decision. The fund(s) as well as their underlying fund(s) may use or invest in financial derivative instruments. Please refer to the Aberdeen Select Portfolio prospectus for more information. The Manager reserves the right to make any amendments to the information at any time, without notice. Aberdeen Asset Management Asia Limited, Registration Number 199105448E. 2.2 Aberdeen Select Portfolio- Pacific Equity Fund. The information in this presentation is not for general circulation and should not be considered an offer, or solicitation, to deal in any of the mentioned funds. The information is provided on a general basis for information purposes only, and is not to be relied on as advice, as it does not take into account the investment objectives, financial situation or particular needs of any specific investor. For SGD class and applicable CPFIS-OA funds only - The CPF interest rate for the Ordinary Account ( OA ) is based on the 12-month fixed deposit and month-end savings rates of the major local banks. Under the CPF Act, the Board pays a minimum interest of 2.5% per annum when this interest formula yields a lower rate. In addition, from 1 January 2008, the CPF Board will pay an extra interest rate of 1% per annum on the first $60,000 of a CPF member s combined balances, including up to $20,000 in the OA. From 1 April 2008, the first $20,000 in the OA will not be allowed to be invested under the CPF Investment Scheme. Investments in the unit trusts are not deposits in, obligations of, or guaranteed or insured by Aberdeen Asset Management Asia Limited (the Manager ), and are subject to investment risks, including the possible loss of the principal amount invested. Unit values and income therefrom may fall or rise. Past performance is not indicative of future performance. Investors should read the prospectus as well as the product highlights sheet, available from the Manager or its web-site at www.aberdeen-asia.com, or seek relevant professional advice before making any investment decision. The fund(s) as well as their underlying fund(s) may use or invest in financial derivative instruments. Please refer to the Aberdeen Select Portfolio prospectus for more information. The Manager reserves the right to make any amendments to the information at any time, without notice. Aberdeen Asset Management Asia Limited, Registration Number 199105448E. 2.3 Aberdeen Select Portfolio Malaysian Equity. The information in this presentation is not for general circulation and should not be considered an offer, or solicitation, to deal in any of the mentioned funds. The information is provided on a general basis for information purposes only, and is not to be relied on as advice, as it does not take into account the investment objectives, financial situation or particular needs of any specific investor. For SGD class and applicable CPFIS-OA funds only - The CPF interest rate for the Ordinary Account ( OA ) is based on the 12-month fixed deposit and month-end savings rates of the major local banks. Under the CPF Act, the Board pays a minimum interest of 2.5% per annum when this interest formula yields a lower rate. In addition, from 1 January 2008, the CPF Board will pay an extra interest rate of 1% per annum on the first $60,000 of a CPF member s combined balances, including up to $20,000 in the OA. From 1 April 2008, the first $20,000 in the OA will not be allowed to be invested under the CPF Investment Scheme. Investments in the unit trusts are not deposits in, obligations of, or guaranteed or insured by Aberdeen Asset Management Asia Limited (the Manager ), and are subject to investment risks, including the possible loss of the principal amount invested. Unit values and income therefrom may fall or rise. Past performance is not indicative of future performance. Investors should read the prospectus as well as the product highlights sheet, available from the Manager or its web-site at www.aberdeen-asia.com, or seek relevant professional advice before making any investment decision. The fund(s) as well as their underlying fund(s) may use or invest in financial derivative instruments. Please refer to the Aberdeen Select Portfolio prospectus for more information. The Manager reserves the right to make any amendments to the information at any time, without notice. Aberdeen Asset Management Asia Limited, Registration Number 199105448E. 2.4 Aberdeen Select Portfolio Indonesia Equity. The information in this presentation is not for general circulation and should not be considered an offer, or solicitation, to deal in any of the mentioned funds. The information is provided on a general basis for information purposes only, and is not to be relied on as advice, as it does not take into account the investment objectives, financial situation or particular needs of any specific investor. For SGD class and applicable CPFIS-OA funds only - The CPF interest rate for the Ordinary Account ( OA ) is based on the 12-month fixed deposit and month-end savings rates of the major local banks. Under the CPF Act, the Board pays a minimum interest of 2.5% per annum when this interest formula yields a lower rate. In addition, from 1 January 2008, the CPF Board will pay an extra interest rate of 1% per annum on the first $60,000 of a CPF member s combined balances, including up to $20,000 in the OA. From 1 April 2008, the first $20,000 in the OA will not be allowed to be invested under the CPF Investment Scheme. Investments in the unit trusts are not deposits in, obligations of, or guaranteed or insured by Aberdeen Asset Management Asia Limited (the Manager ), and are subject to investment risks, including the possible loss of the principal amount invested. Unit values and income therefrom may fall or rise. Past performance is not indicative of future performance. Investors should read the prospectus as well as the product highlights sheet, available from the Manager or its web-site at www.aberdeen-asia.com, or seek relevant professional advice before making any investment decision. The fund(s) as well as their underlying fund(s) may use or invest in financial derivative instruments. Please refer to the Aberdeen Select Portfolio prospectus for more information. The Manager reserves the right to make any amendments to the information at any time, without notice. Aberdeen Asset Management Asia Limited, Registration Number 199105448E 3. For Blackrock Funds 3.1 Blackrock BGF Global Allocation Fund. The following notes should be read in conjunction with the attached document: In Singapore, this material is issued by BlackRock (Singapore) Limited (company registration number: 200010143N). BGF Latin American Fund is the abbreviated name of BlackRock Global Funds Global Allocation Fund. Past performance is not a guide to future performance and should not be the sole factor of consideration when selecting a product. All financial investments involve an element of risk. Therefore, the value of your investment and the income from it will vary and your initial investment amount cannot be guaranteed. Changes in the rates of exchange between currencies may cause the value of investments to go up and down. Fluctuation may be particularly marked in the case of a higher volatility fund and the value of an investment may fall suddenly and substantially. Levels and basis of taxation may change from time to time. The Fund invests in debt securities that are subject to both actual or perceived downgrading. The Fund may be affected by changes in prevailing interest rates and by credit quality considerations. The Fund invests in small-cap company shares which can be more volatile and less liquid than those of larger companies. The Fund may be subject to a higher risk of default when it invests in distressed securities. The Fund invests in certain emerging markets that may be subject to additional risks arising from political, economic and market factors. The above warnings are explained in greater detail in the fund specific risks in the current BGF Singapore Prospectus and you should read them before investing. This document is for information purposes only and does not constitute an offer or invitation to anyone to invest in any BlackRock Group funds and has not been prepared in connection with any such offer. Subject to the express requirements of any client specific investment management agreement or relating to the management of a fund, we will not provide notice of any changes to our personnel, structure, policies, process, objectives or, without limitation, any other matter contained in this document. BlackRock Global Funds (BGF) is an open-ended investment company established in Luxembourg which is available for sale in certain jurisdictions only. BGF is not available for sale in the U.S. or to U.S. persons. Product information concerning BGF should not be published in the U.S. BGF has appointed BlackRock (Singapore) Limited as its Singapore representative and agent for service of process. Subscriptions in BGF are valid only if made on the basis of the current Prospectus and the most recent financial reports which are available on our website www.blackrock.com.sg. Any research in this document has been procured and may have been acted on by any company in the BlackRock Group for its own purpose. The results of such research are being made available only incidentally. The views expressed do not constitute investment or any other advice and are subject to change. They do not necessarily reflect the views of any company in the BlackRock Group or any part thereof and no assurances are made as to their accuracy. Unless otherwise specified, all information contained in this document is current as at the date on the front page of this presentation. No part of this material may be reproduced, stored in retrieval system or transmitted in any form or by any means, electronic, mechanical, recording or otherwise, without the prior written consent of BlackRock. Investors may wish to seek advice from a financial adviser before purchasing units of the Fund. In the event that he chooses not to seek advice from a financial adviser, he should consider carefully whether the Fund in question is suitable for him. 2014 BlackRock, Inc. All Rights Reserved. 3.2 Blackrock BGF World Energy Fund. The following notes should be read in conjunction with the attached document: In Singapore, this material is issued by BlackRock (Singapore) Limited (company registration number: 200010143N). BGF World Energy Fund is the abbreviated name of BlackRock Global Funds World Energy Fund. Past performance is not a guide to future performance and should not be the sole factor of consideration when selecting a product. All financial investments involve an element of risk. Therefore, the value of your investment and the income from it will vary and your initial investment amount cannot be guaranteed. Changes in the rates of exchange between currencies may cause the value of investments to go up and down. Fluctuation may be particularly marked in the case of a higher volatility fund and the value of an investment may fall suddenly and substantially. Levels and basis of taxation may change from time to time. The fund invests a large portion of assets which are denominated in other currencies; hence changes in the relevant exchange rate will affect the value of the investment. The fund invests in a limited number of market sectors. Compared to investments which spread investment risk through investing in a variety of sectors, share price movements may have a greater effect on the overall value of this fund. The fund may invest in smaller company shares which can be more unpredictable and less liquid than those of larger company shares. Compared to more established economies, the value of investments in developing Emerging Markets may be subject to greater volatility due to differences in generally accepted accounting principles or from economic or political instability. The above warnings are explained in greater detail in the fund specific risks in the current BGF Singapore Prospectus and you should read them before investing. This document is for information purposes only and does not constitute an offer or invitation to anyone to invest in any BlackRock Group funds and has not been prepared in connection with any such offer. Subject to the express requirements of any client specific investment management agreement or relating to the management of a fund, we will not provide notice of any changes to our personnel, structure, policies, process, objectives or, without limitation, any other matter contained in this document. BlackRock Global Funds (BGF) is an open-ended investment company established in Luxembourg which is available for sale in certain jurisdictions only. BGF is not available for sale in the U.S. or to U.S. persons. Product information concerning BGF should not be published in the U.S. BGF has appointed BlackRock (Singapore) Limited as its Singapore representative and agent for service of process. Subscriptions in BGF are valid only if made on the basis of the current Prospectus and the most recent financial reports which are available on our website www.blackrock.com.sg. Any research in this document has been procured and may have been acted on by any company in the BlackRock Group for its own purpose. The results of such research are being made available only incidentally. The views expressed do not constitute investment or any other advice and are subject to change. They do not necessarily reflect the views of any company in the BlackRock Group or any part thereof and no assurances are made as to their accuracy. Unless otherwise specified, all information contained in this document is current as at the date on the front page of this presentation. No part of this material may be reproduced, stored in retrieval system or transmitted in any form or by any means, electronic, mechanical, recording or otherwise, without the prior written consent of BlackRock. Investors may wish to seek advice from a financial adviser before purchasing units of the Fund. In the event that he chooses not to seek advice from a financial adviser, he should consider carefully whether the Fund in question is suitable for him. 2014 BlackRock, Inc. All Rights Reserved. 3.3 Blackrock Global Funds World Mining Fund. The following notes should be read in conjunction with the document: In Singapore, this material is issued by BlackRock (Singapore) Limited (company registration number: 200010143N). BGF World Mining Fund is the abbreviated name of BlackRock Global Funds World Mining Fund.

Past performance is not a guide to future performance and should not be the sole factor of consideration when selecting a product. All financial investments involve an element of risk. Therefore, the value of your investment and the income from it will vary and your initial investment amount cannot be guaranteed. Changes in the rates of exchange between currencies may cause the value of investments to go up and down. Fluctuation may be particularly marked in the case of a higher volatility fund and the value of an investment may fall suddenly and substantially. Levels and basis of taxation may change from time to time. The fund invests a large portion of assets which are denominated in other currencies; hence changes in the relevant exchange rate will affect the value of the investment. The fund invests in a limited number of market sectors. Compared to investments which spread investment risk through investing in a variety of sectors, share price movements may have a greater effect on the overall value of this fund. The fund may invest in smaller company shares which can be more unpredictable and less liquid than those of larger company shares. Compared to more established economies, the value of investments in developing Emerging Markets may be subject to greater volatility due to differences in generally accepted accounting principles or from economic or political instability. The fund can invest in mining shares which typically experience above average volatility when compared to other investments. Trends which occur within the general equity market may not be mirrored within mining securities. The above warnings are explained in greater detail in the fund specific risks in the current BGF Singapore Prospectus and you should read them before investing. This document is for information purposes only and does not constitute an offer or invitation to anyone to invest in any BlackRock Group funds and has not been prepared in connection with any such offer. Subject to the express requirements of any client specific investment management agreement or relating to the management of a fund, we will not provide notice of any changes to our personnel, structure, policies, process, objectives or, without limitation, any other matter contained in this document. BlackRock Global Funds (BGF) is an open-ended investment company established in Luxembourg which is available for sale in certain jurisdictions only. BGF is not available for sale in the U.S. or to U.S. persons. Product information concerning BGF should not be published in the U.S. BGF has appointed BlackRock (Singapore) Limited as its Singapore representative and agent for service of process. Subscriptions in BGF are valid only if made on the basis of the current Prospectus and the most recent financial reports which are available on our website www.blackrock.com.sg. Any research in this document has been procured and may have been acted on by any company in the BlackRock Group for its own purpose. The results of such research are being made available only incidentally. The views expressed do not constitute investment or any other advice and are subject to change. They do not necessarily reflect the views of any company in the BlackRock Group or any part thereof and no assurances are made as to their accuracy. Unless otherwise specified, all information contained in this document is current as at the date on the front page of this presentation. No part of this material may be reproduced, stored in retrieval system or transmitted in any form or by any means, electronic, mechanical, recording or otherwise, without the prior written consent of BlackRock. Investors may wish to seek advice from a financial adviser before purchasing units of the Fund. In the event that he chooses not to seek advice from a financial adviser, he should consider carefully whether the Fund in question is suitable for him. 2014 BlackRock, Inc. All Rights Reserved. 4. For Fidelity Funds 4.1 This document is prepared by Fidelity Worldwide Investment. All views expressed cannot be construed as an offer or recommendation. FIL Investment Management (Singapore) Limited [ FIMSL ] (Co. Reg. No.: 199006300E) is a responsible entity for the fund(s) offered in Singapore. Prospectus for the fund(s) is available from FIMSL or its distributors upon request. Potential investors should read the prospectus before deciding whether to invest in the fund(s). Reference to specific securities or fund(s) is included for illustration only, and should not be construed as a recommendation to buy or sell the same. This document is for information only and does not have regard to the specific investment objectives, financial situation and particular needs of any specific person who may receive it. Potential investors should seek advice from a financial adviser before deciding to invest in the fund(s). If that potential investor chooses not to seek advice from a financial adviser, he should consider whether the fund(s) in question is suitable for him. Past performance of the manager and the fund(s), and any forecasts on the economy, stock or bond market, or economic trends of the markets that are targeted by the fund(s), are not indicative of the future performance. Prices can go up and down. The value of the shares of the fund(s) and the income accruing to the shares, if any, may fall or rise. Investors investing in fund(s) denominated in a non-local currency should be aware of the risk of exchange rate fluctuation that may cause a loss of principal when foreign currency is converted back to the investors home currency. Exchange controls may be applicable from time to time to certain foreign currencies. The value of bonds is influenced by movements in interest rates and bond yields. If interest rates and so bond yields rise, bond prices tend to fall, and vice versa. The price of bonds with a longer lifetime until maturity are generally more sensitive to interest rate movements than those with a shorter lifetime to maturity. The risk of default is based on the issuer s ability to make interest payments and to repay the loan at maturity. Default risk may therefore vary between different government issuers as well as between different corporate issuers. The CPF interest rate for the Ordinary Account (OA) is based on the 12-month fixed deposit and month-end savings rates of the major local banks. Under the CPF Act, the Board pays a minimum interest of 2.5% per annum when this interest formula yields a lower rate. The interest rate for the Special, Medisave and Retirement Accounts (SMRA) is pegged to the yield of 10-year Singapore government bond plus 1%. For 2010, the minimum interest rate for the SMRA will be 4.0% per annum. After 2010, the 2.5% per annum minimum interest rate or such other interest rate as prescribed by the CPF Act, will apply to the SMRA. In addition, the CPF Board pays an extra interest rate of 1% per annum on the first $60,000 of a CPF member s combined balances, including up to $20,000 in the OA. The first $20,000 in the Ordinary Account and the first $40,000 in the Special Account will not be allowed to be invested under the CPF Investment Scheme. Fidelity, Fidelity Worldwide Investment, and the Fidelity Worldwide Investment logo and F symbol are trademarks of FIL Limited. 5. For First State Funds 5.1 First State Investments (Singapore) is the manager (the Manager ) of the First State Global Growth Funds. First State Dividend Advantage, First State Regional China Fund, and First State Global Resources are sub-funds of the First State Global Growth Funds. 5.2 The performance numbers provided have been obtained from sources that Manager believes to be reliable and accurate but no representation or warranty, expressed or implied, is made as to the fairness, accuracy, completeness or correctness of the information. Neither the Manager, nor any of its associates, nor any director, officer or employee accepts any liability whatsoever for any loss arising directly or indirectly from any use of these figures. A detailed description of the First State Global Growth Funds and the associated risks is available in the Prospectus which can be obtained from the Manager or any appointed distributor. 6. For HSBC Funds 6.1 This document is prepared for general information purpose only and the opinions expressed are subject to change without notice. The opinions expressed herein should not be considered to be a recommendation by HSBC Global Asset Management (Singapore) Limited to any reader of this material to buy or sell securities, commodities, currencies or other investments referred to herein. It is published for information only and does not have any regard to the specific investment objectives, financial situation and the particular needs of any specific person who may receive this document. This document does not constitute an offering document. Investors should not invest in the Fund solely based on the information provided in this document and should read the offering document of the Fund for details.investors may wish to seek advice from a financial adviser before purchasing units in the fund. In the event that the investor chooses not to seek advice from a financial adviser, he should consider whether the fund in question is suitable for him. 6.2 Investment involves risk. The past performance of any fund and the manager and any economic and market trends/forecasts are not necessarily indicative of the future or likely performance of the fund. The value of investments and units may go down as well as up, and the investor may not get back the original sum invested. Investors and potential investors should read the Singapore prospectus (including the risk warnings) which is available at HSBC Global Asset Management (Singapore) Limited or its authorised distributors, before investing. Changes in rates of currency exchange may affect significantly the value of the investment. 6.3 HSBC Holdings plc, its subsidiaries and other associated companies which are its subsidiaries, and including without limitation Global Asset Management (Singapore) Limited (collectively, the HSBC Group ), affiliates and clients of the HSBC Group, and directors and/or staff of any of the foregoing may, at any time, have a position in the markets referred to herein, and may buy or sell securities, currencies, or any other financial instruments in such markets. 6.4 HSBC Global Asset Management (Singapore) Limited has based this document on information obtained from sources it believes to be reliable but which it has not independently verified. Care has been taken to ensure the accuracy and completeness of this presentation but HSBC Global Asset Management (Singapore) Limited and HSBC Group accepts no responsibility for any errors or omissions contained therein. 6.5 HGIF BRIC Equity AC: ^Performance quoted prior to 1 December 2009 refers to that of the Class M1C of HGIF BRIC Equity which was incepted on 1 December 2004. The Class M1C and AC have the same investment objective but different fee structures. However, M1C class has been closed for subscriptions. 6.6 HGIF Latam Equity AD: Performance quoted prior to 8 April 2010 refers to that of the Class M1D of HGIF Latin American Equity. The Class M1D and AD have the same investment objective but different fee structures. However, M1D class has been closed for subscription. 6.7 HGIF Global Emerging Market Bond Fund: This Class PD (known as Class AD before 1 January 2011) is not available for new subscriptions, except for investors who had an existing Regular Savings Plan before 1 January 2011. Investors who wish to subscribe should refer to the new Class AD of the same fund. 7. For JPM Funds 7.1 The information in this material does not constitute as an investment advice and it should not be treated as an offer to sell or a solicitation of an offer to buy any fund, security, investment product or service. This information does not constitute J.P. Morgan research and should not be treated as such. Funds which are invested in emerging markets, smaller companies and derivative instruments may also involve a higher degree of risk and are usually more sensitive to price movements. Currency hedging process may not give a precise hedge and there is no guarantee that the hedging will be successful. Investors in a currency hedged fund or share class may have exposure to currencies other than the currency of their fund or share class. Investment involves risks. Past performance is not a guarantee or necessarily indicative of future results and investors may not get back the full or any part of the amount invested. Not all investment ideas referenced are suitable for all investors. Investors should make their own investigation or evaluation or seek independent advice prior to making any investment. Opinions, estimates, forecasts, and statements of financial market trends are based on current market conditions and are subject to change without notice. The information provided herein should not be assumed to be accurate or complete and you should conduct your own verification. References to specific securities, asset classes and financial markets and any forecast contained herein are for illustrative purposes only and are not to be relied upon as advice or interpreted as a recommendation. J.P. Morgan accepts no legal responsibility or liability for any matter or opinion expressed in this material. The Funds mentioned in this presentation have been approved as recognised schemes under the Securities and Futures Act, Chapter 289 of Singapore (the SFA ). Any offer or sale, or invitation for subscription or purchase of the Funds must be accompanied with the relevant valid Singapore Offering Documents (which incorporates and is not valid without the relevant Luxembourg prospectus). Please refer to the Singapore Offering Documents (including the risk factors set out therein) and the relevant Product Highlights Sheet for details before any investment. Both the Singapore Offering Documents and the Product Highlights Sheet can be found at www.jpmorganam.com.sg. Issued by JPMorgan Asset Management (Singapore) Limited (Co. Reg. No. 197601586K). All rights reserved. 8. For PIMCO Funds 8.1 PIMCO GIS Total Return Bond -The Fund is a diverse portfolio of intermediate-term, investment grade securities and invests primarily in US government, mortgage and corporate bonds and may have tactical allocations to municipal, high-yield and non-us markets. The fund is subject to credit, currency, interest and liquidity risk. The fund may invest in financial derivative instruments which may involve additional risks. Please refer to the prospectus for more details on the risk involved. 8.2 PIMCO GIS Emerging Markets Bond - The Fund may invest primarily in fixed income instruments (including high yield securities) of issuers that are economically tied to countries with emerging markets. The Fund is subject to credit, currency, interest rate and liquidity risks. Investments in high yield securities may entail greater potential price volatility and may be less liquid than higher-rated securities. The Fund may invest in financial derivative instruments which may involve additional risks. Please refer to the prospectus for more details on the risk involved. 8.3 PIMCO Income Fund - The fund is a multi-sector bond strategy that aims to provide a high and consistent level of income, with capital appreciation as a secondary objective. It has the ability to invest in various government bonds, inflation-linked bonds, agency MBS, non-agency MBS, commercial MBS, investment grade corporate bonds, high yield corporate bonds, bank loans and emerging market bonds. The Fund may at its discretion pay dividends out of capital or charge management fees to capital (which is deemed to be a payment of dividends effectively out of capital), which amounts to a return or withdrawal of part of an investor s original investment or from any capital gains attributable to the original investment. Any distributions involving the payment of dividends out of the Fund s capital or the payment of dividends effectively out of the Fund s capital (as the case may be) may result in an immediate reduction of the Fund s NAV per share and may reduce the capital available for the Fund for future investment and capital growth. The Fund is subject to risks associated with investments in non-investment grade securities of a single sovereign issuer, financial derivative instruments, mortgage-related and other asset-backed securities, and emerging markets. Investments in high yield securities may entail greater potential price volatility and may be less liquid than higher-rated securities. Please refer to the prospectus for more details on the risk involved. 9 For Schroder Funds 9.1 This does not constitute an offer or solicitation to deal in units of any Schroders fund (the Fund ) and does not have regard to the specific investment objectives, financial situation or the particular needs of any specific person who may receive this. Investors may wish to seek advice from a financial adviser before purchasing units of any Fund. In the event that the investor chooses not to seek advice from a financial adviser, he should consider whether the Fund in question is suitable for him. Past performance of the Fund or the manager, and any economic and market trends or forecast, are not necessarily indicative of the future or likely performance of the Fund or the manager. The value of units in the Fund, and the income accruing to the units, if any, from the Fund, may fall as well as rise. Investors should read the prospectus, available from Schroder Investment Management (Singapore) Ltd or its distributors, before deciding to subscribe for or purchase units in any Fund. Funds may carry a sales charge of up to 5%. 10. For Templeton Funds 10.1 Franklin Templeton Investments accepts no liability whatsoever for any direct or indirect consequential loss arising from the use of this commentary or any information, opinion or estimate herein. The value of investments and the income from them can go down as well as up and you may not get back the full amount that you invested. Any prediction, projection or forecast on the economy, stock market, bond market or the economic trends of the markets is not necessarily indicative of the future or likely performance. Past performance or any prediction or forecast is not necessarily indicative of future performance of the Fund. Subscriptions may only be made on the basis of the most recent Prospectus and Product Highlight Sheet which is available at Templeton Asset Management Ltd or our authorised distributors. Potential investor should read the details of the Prospectus and Product Highlight Sheet before deciding to subscribe for or purchase the Fund. This shall not be construed as the making of any offer or invitation to anyone in any jurisdiction in which such offer is not authorised or in which the person making such offer is not qualified to do so or to anyone to whom it is unlawful to make such an offer. In particular, the Funds are not available to U.S. Persons or Canadian Residents. Investors may wish to seek advice from a financial adviser before making a commitment to invest in shares of the Fund. In the event an investor chooses not to seek advice from a financial adviser, he/she should consider whether the Fund is suitable for him/her. Templeton Asset Management Ltd, 7 Temasek Boulevard, #38-03, Suntec Tower One, Singapore 038987 Tel (65) 6241 2662 Fax (65) 6332 2295 Registration No. (UEN) 199205211E Copyright 2014 Franklin Templeton Investments. All rights reserved. 11. For Alliance Bernstein Funds 11.1 The portfolio is part of ACMBernstein, a mutual investment fund (fonds commun de placement) organized under the laws of Luxembourg, which conducts business outside of Germany and Austria under the name AllianceBernstein. This information is directed solely at persons in jurisdictions where the funds and relevant share class are registered or who may otherwise lawfully receive it. Before investing in AllianceBernstein funds, investors should review the fund s full prospectus, together with the fund s Product Highlights Sheet and the most recent financial statements. Copies of these documents, including the latest annual report and, if issued thereafter, the latest semi-annual report, may be obtained free of charge from www.alliancebernstein.com.sg or by contacting the local distributor in the jurisdictions in which the funds are authorized for distribution. AllianceBernstein (Luxembourg) S.à.r.l. is the management company of the Portfolio and has appointed AllianceBernstein (Singapore) Ltd. (Company Registration No. 199703364C) as its agent for service of process and as its Singapore representative. Investment in the Portfolio entails certain risks. Investment returns and principal value of the Portfolio will fluctuate so that an investor s shares, when redeemed, may be worth more or less than their original cost. Dividends are not paid for all share classes and are not guaranteed. The Portfolio is meant as a vehicle for diversification and does not represent a complete investment program. The AllianceBernstein Global High Yield Portfolio seeks to produce high current income as well as overall total return by investing primarily in a portfolio of high yield debt securities of issuers located throughout the world, including the U.S. and emerging countries. The Portfolio invests in both U.S. dollar and non-u.s. dollar denominated securities. Some of the principal risks of investing in the Fund include country risk, currency hedged share class risk, emerging markets risk, currency risk, illiquid assets risk, portfolio turnover risk, management risk, derivatives risk, borrowing risk, taxation risk, fixed income securities risk, interest rate risk, lower rated and unrated investments risk, prepayment risk, sovereign debt obligations risk, corporate debt risk and lower- or unrated securities risk. The Portfolio is entitled to use derivative instruments for hedging and EPM purposes which may involve additional risks different from, and, in certain cases, greater than, the risks presented by more traditional investments. The AllianceBernstein American Income Portfolio seeks to provide a high level of current income with the potential for capital appreciation by investing in a diversified portfolio of U.S. dollar-denominated fixed income securities. The Portfolio invests solely in U.S. dollar denominated fixed income securities, including investment grade and high yield securities of issuers domiciled within and outside the U.S. Under normal market conditions, a minimum of 50% of the Portfolio assets will be invested in investment grade securities. At least 65% of the assets must be issued by issuers domiciled within the United States. Some of the principal risks of investing in the Fund include country risk, currency hedged share class risk, illiquid assets risk, focused portfolio risk, portfolio turnover risk, management risk, derivatives risk, borrowing risk, taxation risk, fixed income securities risk, interest rate risk, lower rated and unrated investments risk, prepayment risk, sovereign debt obligations risk and lower-or unrated securities risk. The Portfolio is entitled to use derivative instruments for hedging and EPM purposes which may involve additional risks different from, and, in certain cases, greater than, the risks presented by more traditional investments. These and other risks are described in the Portfolio s prospectus. Prospective investors should read the prospectus and Product Highlights Sheet carefully including risk factors and discuss risk and the Portfolio s fees and charges with their financial advisor to determine if the investment is appropriate for them.