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. Investors may wish to seek advice from a financial advisor before purchasing units in the fund. In the event that the investor chooses not to seek advice from a financial advisor, he should consider whether the fund in question is suitable for him.

The past performance of any fund and the manager and any economic and market trends/forecast are not necessarily indicative of the future or likely performance of the fund. Value of investment 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 http://www.assetmanagement.hsbc.com/sg or its authorised distributors, before investing. Changes in rates of currency exchange may affect significantly the value of the investment.

Issued by HSBC Global Asset Management (Singapore) Limited Co. Reg. No. 198602036R