ABF PAN ASIA BOND INDEX FUND An ETF listed on the Stock Exchange of Hong Kong

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

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3 ASIAN LOCAL CURRENCY BONDS, AN EMERGENT ASSET CLASS Asian local currency bonds characterize an emergent asset class that provides opportunities to participate in the growth of rising Asian economies. Market size has grown from US$836 billion in 2000 to US$8.2 trillion as at December 2014, according to data from the Asian Development Bank. The continued growth of this regional asset class is driven by positive qualitative and quantitative catalysts such as the supportive macroeconomic policies, attractive fundamentals, growing currency reserves and improved creditworthiness of governmental debt in the region. The ABF Pan Asia Bond Index Fund (PAIF), a fixed income exchange traded fund (ETF), provides exposure to this growing regional asset class with the opportunity for two potential sources of return potential current income and the potential for currency appreciation. PAIF accomplishes this through strategic investments in the sovereign and quasi-sovereign bonds of eight rapidly developing Asian economies, which include China (access to China s interbank market by general investors had been unavailable until the launch of PAIF), Hong Kong, Indonesia, Korea, Malaysia, Philippines, Singapore and Thailand. The following report outlines: 1) The growing opportunities in the Asian local currency bond asset class 2) The potential benefits of investing in PAIF 3) The potential benefits of gaining exposure through an ETF

4 WHY ASIAN LOCAL CURRENCY BONDS? Strong growth trends in Asia Robust fundamentals: Buoyed by favorable demographics, strengthening domestic demand and increased global competitiveness, Asian economies are exhibiting strong growth trends compared to more developed nations (see Figure 1). Policy reforms: Structural reforms and prudent policies have led to greater stability and sustainability of growth even during troughs in the global economic cycle. Currency development: Structural trade surpluses and growth differentials with industrialized nations are expected to exert upward pressure on currencies over the medium to long term. Improving fixed income landscape in Asia Balancing budget: Prudent fiscal spending have positioned Asian bonds well relative to highly indebted developed nations (see Figure 2). Growing depth in bond markets: Increasing size, depth and liquidity of bond markets are accompanying the region s rapid expansion. Shifting fundamentals: Deteriorating fiscal positions among developed markets are pushing investors to seek alternative exposures (i.e. towards more stable Asian sovereigns). Figure 3: Markit iboxx ABF Pan-Asia Index Constituent Snapshot Figure1: Strong real GDP growth in Asia Source: SSGA, International Monetary Fund, World Economic Outlook Database, April 2014 (estimates starts 2013). Source: GDP:Bloomberg. as of 9 July Yields and Credit Rating: Bloomberg, Highest Local Currency Long Term Debt Rating (S&P, Moody s and Fitch), as of 11 June Past performance is not a guarantee of future results. The index returns are unmanaged and do not reflect the deduction of any fees or expenses. The index returns reflect all items of income, gain and loss and the reinvestment of dividends and other income. Figure 2: Forecast fiscal balance as % of GDP 2014 Source: Bloomberg, as of 16 February 2015.

5 WHAT DOES PAIF PROVIDE INVESTORS? Triple-play: access to a growing region and two additional potential sources of return Capitalize on Asian growth trends: Asian economies are expected to outperform on a global scale in the next few years. PAIF provides access to these economic growth trends of eight countries in the Asian region. Potential current income : PAIF aims to pay dividends semi-annually (dividend amount is not guaranteed), which may be benificial to investors looking for current income. Potential for currency appreciation: While Asian local currencies tend to be more volatile when compared to their developed market counterparts, strong trends like growing domestic demand, capital inflows and strengthening fiscal policies in Asia suggest the potential for capital gains from currency appreciation. PAIF, which invests in bonds denominated in eight local currencies, may capture these potential opportunities. Figure 4: Multiple potential sources of return Source: Markit and SSGA, data from 7 July 2005 to 31 May * Calculated based on Markit iboxx ABF Pan-Asia Bond Index s annualized return. Time-weighted average market exposure. Estimated contributions only based from historical index exposure and total returns. Past performance is not a guarantee of future results. Index returns are unmanaged and do not reflect the deduction of any fees or expenses. Index returns reflect all items of income, gain and loss and the reinvestment of dividends and other income.

6 Multi-dimensional portfolio diversification with PAIF Asset class diversification: Fixed income investments may provide significant diversification benefits to other asset classes. Diversification within fixed income: In addition to granting investors the potential to realize higher current income, because interest rates fluctuate from country to country, an allocation to emerging Asian bonds may temper the impact of downturns in developed bond markets. Currency diversification: PAIF provides diversified exposure to a number of local currencies, providing risk mitigation to volatility amongst individual currencies. Regional country diversification: With exposure to local currency bonds across the Asian region, investors gain exposure to the potential growth trends that underlie the development of these economies. In addition, as PAIF provides exposure across eight Asian countries, investors are able to gain diversified access to eight different yield curves. PAIF employs intelligent indexing to optimize exposure Current conditions have exposed the inherent structural bias to overweight countries with high levels of debt associated with the traditional market capitalization approach. The Markit iboxx ABF Pan-Asia Index takes this into consideration and thus utilizes an alternative approach which is comprised of three factors in determining index weightings across Asian government borrowers: 1) Size of the country s bond market 2) Country s sovereign debt rating 3) Investability Indicator (previously 2 factors - overall liquidity and market functionality) From the graphical comparison below, it can be seen that using market weights alone to determine country weightings would result in an index that has 77.1% invested in China and Korea, which many investors would consider too highly concentrated in terms of risk. On the other hand, taking liquidity, credit ratings and investability into consideration produces index allocations that are more balanced, diversified and investable as shown in Figure 5. Figure 5: PAIF s underlying index methodology provides built-in diversification mechanism Source: Markit, SSGA calculations, as of 31 January Index country weights and allocations are as of the date indicated, are subject to change, and should not be relied upon as current thereafter.

7 WHY INVEST THROUGH AN EXCHANGE TRADED FUND (ETF)? ETFs offer many advantages over direct investments or traditional mutual funds: Diversification Cost efficiency Trading flexibility Transparency A single purchase allocates your investment across the underlying assets Lower management fees and operating expense Easy and convenient to buy and sell on an exchange, just like stocks Fund holdings information available daily so you know precisely what you're invested in ABOUT STATE STREET GLOBAL ADVISORS For nearly four decades, State Street Global Advisors has been committed to helping our clients, and those who rely on them, achieve financial security. We partner with many of the world s largest, most sophisticated investors and financial intermediaries to help them reach their goals through a rigorous, research-driven investment process spanning both indexing and active disciplines. With trillions* in assets, our scale and global reach offer clients unrivaled access to markets, geographies and asset classes, and allow us to deliver thoughtful insights and innovative solutions. State Street Global Advisors is the investment management arm of State Street Corporation. *Assets under management were US$2.4 trillion as of 31 March AUM reflects approx. US$28 billion (as of 31 March 2015) with respect to which State Street Global Markets, LLC (SSGM) serves as marketing agent; SSGM and State Street Global Advisors are affiliated. For more information, please visit 1 or call customer hotline (852)

8 1. This website is not reviewed by Securities and Futures Commission of Hong Kong ("SFC"). This material is for your private information. The whole or any part of this work may not be reproduced, copied or transmitted or any of its contents disclosed to third parties without SSGA's express written consent. Investing involves risk including the risk of loss of principal. In general, ETFs can be expected to move up or down in value with the value of the applicable index. Although ETFs may be bought and sold on the exchange through any brokerage account, ETFs are not individually redeemable from the Fund. Investors may acquire ETFs and tender them for redemption through the Fund in Creation Unit Aggregations only, please see the prospectus for more details. ETFs trade like stocks, are subject to investment risk, fluctuate in market value and may trade at prices above or below the ETFs net asset value. Brokerage commissions and ETF expenses will reduce returns. Frequent trading of ETF s could significantly increase commissions and other costs such that they may offset any savings from low fees or costs. Bonds generally present less short-term risk and volatility than stocks, but contain interest rate risk (as interest rates rise bond values and yields usually fall); issuer default risk; issuer credit risk; liquidity risk; and inflation risk. These effects are usually pronounced for longer-term securities. Any fixed income security sold or redeemed prior to maturity may be subject to a substantial gain or loss. International Government bonds and corporate bonds generally have more moderate short-term price fluctuations than stocks, but provide lower potential long-term returns. Investing in foreign domiciled securities may involve risk of capital loss from unfavorable fluctuation in currency values, withholding taxes, from differences in generally accepted accounting principles or from economic or political instability in other nations. Investments in emerging or developing markets may be more volatile and less liquid than investing in developed markets and may involve exposure to economic structures that are generally less diverse and mature and to political systems which have less stability than those of more developed countries. The information provided does not constitute investment advice and it should not be relied on as such. It should not be considered a solicitation to buy or an offer to sell a security. It does not take into account any investor's particular investment objectives, strategies, tax status or investment horizon. You should consult your tax and financial advisor. All material has been obtained from sources believed to be reliable. There is no representation or warranty as to the accuracy of the information and State Street shall have no liability for decisions based on such information. This document may contain certain statements deemed to be forward-looking statements. All statements, other than historical facts, contained within this document that address activities, events or developments that SSGA expects, believes or anticipates will or may occur in the future are forward-looking statements. These statements are based on certain assumptions and analyses made by SSGA in light of its experience and perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances, many of which are detailed herein. Such statements are subject to a number of assumptions, risks, uncertainties, many of which are beyond SSGA's control. Please note that any such statements are not guarantees of any future performance and that actual results or developments may differ materially from those projected in the forward-looking statements. This document may not be reproduced, distributed or transmitted to any person without express prior permission. This document and the information contained herein may not be distributed and published in jurisdictions in which such distribution and publication is not permitted. This document is issued by State Street Global Advisors Singapore Limited and has not been reviewed by SFC. Nothing contained here constitutes investment advice or should be relied on as such. The past performance of PAIF is not necessarily indicative of its future performance. The prospectus for PAIF is available and may be obtained from State Street Global Advisors Singapore Limited (the Manager ) and authorized participants. The value of PAIF and the income from them, if any, may fall or rise. The semi-annual distributions are dependent on PAIF s performance and are not guaranteed. Redemption of PAIF s units could only be executed in substantial size through designated dealers and the listing of PAIF on the Stock Exchange of Hong Kong ( SEHK ) does not guarantee a liquid market for the units, and PAIF may be delisted from the SEHK. The Markit iboxx ABF Pan-Asia Index referenced herein is the property of Markit Indices Limited and is used under license. The PAIF is not sponsored, endorsed, or promoted by Markit Indices Limited or any of its members. State Street Global Advisors Asia Limited, 68/F, Two International Finance Centre, 8 Finance Street, Central, Hong Kong Telephone: Facsimile: Web: State Street Corporation All rights reserved IBGAP-2708

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