AIA Semi-Annual Funds Report 2013

Transcription

1 AIA Semi-Annual Funds Report 2013 For Policyholders aia.com.sg

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3 1 CONTENTS CEO MESSAGE 2 INTRODUCTION 3 FUND PERFORMANCE SUMMARY 4 PORTFOLIO STATEMENT AIA Acorns of Asia Fund 6 AIA Emerging Markets Balanced/Equity Fund 10 AIA European Equity Fund 15 AIA Global Balanced Fund 18 AIA Global Bond Fund 25 AIA Global Equity Fund 28 AIA Global Property Returns Fund 31 AIA Global Resources Fund 33 AIA Global Technology Fund 36 AIA Greater China Balanced/Equity Fund 39 AIA Growth Fund 45 AIA India Balanced/Opportunities Fund 49 AIA India Equity Fund 55 AIA International Health Care Fund 58 AIA Japan Balanced/Equity Fund 62 AIA Managed Portfolios 68 AIA Private Solutions 77 AIA Regional Equity Fund 88 AIA Regional Fixed Income Fund 92 AIA S$ Money Market Fund 96 AIA US Equity Fund 99 STATEMENT OF ASSETS AND LIABILITIES 103 CAPITAL AND INCOME ACCOUNT 108 NOTES TO THE STATEMENTS 118 IMPORTANT NOTICE 121

4 AIA SEMI-ANNUAL FUNDS REPORT August 2013 Dear AIA Policyholder For more than 80 years, AIA has been providing solutions to meet the protection and long-term savings needs of generations of Singaporeans, and as the Real Life Company, we remain committed to developing real solutions to meet the real needs of our customers. We also continue our focus on prudent management of your investment and we aim to keep you updated with clear, timely and relevant information to help you make informed investment decisions. I am therefore pleased to provide you with the AIA Semi-Annual Funds Report I would also like to take the opportunity to share with you a summary of major events that occurred over the last six months. Developed markets equities outperformed Asia ex-japan equities and Japan was the best performing market with the Nikkei Index up by 31.6% (in Yen terms) followed by the US, with the S&P 500 Index up by 12.6% (in USD terms). The stellar performance of the Japan equities was underpinned by the Prime Minister s aggressive refl ationary policies while US equities benefi ted from the continued recovery of its housing and labour markets. Asia ex-japan equities registered negative returns with the MSCI AC Asia ex-japan Index down by 7% (in USD terms). Within Asia ex-japan markets, there was a divergence in performance with ASEAN equities delivering positive returns while North Asia equities performed poorly. The worst performing Asian markets were China and Korea, with investor concerns centered mainly on the slowing economic growth in China and the negative impact of the weakening of the Japanese Yen on Korea s exports. Global bond markets turned in negative returns due to the rise in bond yields in the latter part of the fi rst half of the year. Bond yields were driven up by concerns over the earlier than expected tapering of the US Federal Reserve s third round of bond purchase program or QE3, which may lead to less market liquidity and higher interest rates. Looking ahead, the earlier than expected tapering of the bond purchase program by the US Federal Reserve may continue to undermine investor sentiment. While this may cause short term volatility, our view is that the US Federal Reserve will not end the bond purchase program pre-maturely but will only do so when economic data provide suffi ciently strong evidence that US economic growth and labour market recovery can be sustained. Under this scenario, we believe that equities markets will perform well although it will be challenging for bond markets On the AIA front, we launched the AIA Global Property Returns Fund on 2 April 2013 with an investment objective of investing in global real estate investment trusts ( REIT ). The addition of this fund enlarges our range of fund offerings to customers while addressing the demand for yield generating assets in the current low interest rate environment. AIA Singapore also replaced PineBridge Investments Singapore Limited as Manager of the AIA Regional Fixed Income Fund and AIA S$ Money Market Fund as of 26 June With the extensive and deep capabilities in fi xed income held within our team and having managed US$15.9bn of fi xed income AUM as at 31 March 2013, we view this as a very positive step towards improving the long term returns of the two funds. For the fi rst half of this year, some of our best performing funds are AIA Japan Equity Fund (18.9%), AIA US Equity Fund (17.2%) and AIA International Health Care Fund (15.7%). Our expansive suite of funds covering multiple strategies allows you to capture opportunities in global markets as they unfold. We will continue to manage your investments prudently over the long term, as we are committed to maximising returns for our policyholders and shareholders. Thank you for choosing AIA. Yours sincerely, Tan Hak Leh Chief Executive Offi cer AIA Singapore

5 3 INTRODUCTION Welcome to the AIA Semi-Annual Funds Report 2013 The following pages offer a review of AIA Funds from January to June For each fund you will fi nd useful information including: Portfolio Statements contains a breakdown of the fund s holdings the assets that the fund manager has invested in. This information is broken down by country, industry type, asset class and top 10 holdings. Statement of Assets and Liabilities describes the market value of the fund, and its assets and liabilities. Capital and Income Account outlines the fund s income (namely interest on deposits) minus expenses (investment expenses and fund charges) to arrive at its net income or loss for the year. When investing, it is important to know your risk profi le which may change over time depending on your needs and investment objectives. Hence, we recommend that you meet with your AIA Financial Services Consultant or Insurance Representative to review your fund holdings periodically. This report may be helpful during the review process. It is important to consider your investment goals and your progress towards them in the context of an appropriate risk profi le. The investment approach that is suitable for you may involve changing your fund holdings over the years. Your AIA Financial Services Consultant or Insurance Representative can advise you on that. If you would like to learn more about our AIA funds, please visit aia.com.sg for our ILP online fund tools where you will fi nd useful information such as the fund performance, factsheets as well as interactive charts to help you better manage your investment.

6 AIA SEMI-ANNUAL FUNDS REPORT 2013 Fund Performance Summary TABLE OF FUND PERFORMANCE 3-month 6-month Fund Benchmark * Fund Benchmark * % % % % AIA Acorns of Asia Fund (3.24) (3.09) (0.24) (2.66) AIA Emerging Markets Balanced Fund (4.96) (4.49) (4.86) (4.84) AIA Emerging Markets Equity Fund (6.02) (6.04) (5.90) (6.08) AIA European Equity Fund AIA Global Balanced Fund AIA Global Bond Fund (2.93) (0.81) (4.75) (2.05) AIA Global Equity Fund AIA Global Property Returns Fund 1 N/A N/A N/A N/A AIA Global Resources Fund (16.64) (16.42) (21.67) (22.67) AIA Global Technology Fund AIA Greater China Balanced Fund (1.26) (2.25) (1.02) (2.49) AIA Greater China Equity Fund (0.32) (1.73) 0.05 (1.64) AIA Growth Fund (4.56) (3.65) (1.48) (1.07) AIA India Balanced Fund (4.58) (3.30) (2.34) (4.11) AIA India Equity Fund (4.60) (3.50) (9.48) (4.49) AIA India Opportunities Fund (5.19) (3.50) (1.84) (4.49) AIA International Health Care Fund AIA Japan Balanced Fund AIA Japan Equity Fund AIA Portfolio 30 (2.46) 0.31 (0.98) 2.20 AIA Portfolio 50 (2.09) AIA Portfolio 70 (1.30) AIA Portfolio AIA Private Solutions Aggressive Fund AIA Private Solutions Balanced Fund AIA Private Solutions Conservative Fund (1.47) (0.80) AIA Regional Equity Fund (0.42) (3.14) 1.64 (1.88) AIA Regional Fixed Income Fund (2.49) (3.09) (2.08) (3.94) AIA S$ Money Market Fund AIA US Equity Fund ^Annualised returns. *Important Note: Please refer to the individual Fund s page for Benchmark details and Fund inception date. 1 Performance of the AIA Global Property Returns Fund is not annualised as the sub-fund does not have a track record of at least one year

7 5 1-year 3-year^ 5-year^ 10-year^ Since inception^ Fund Benchmark * Fund Benchmark * Fund Benchmark * Fund Benchmark * Fund Benchmark * % % % % % % % % % % (2.30) 1.22 (3.43) 1.13 N/A N/A (0.73) (5.48) 0.11 (7.76) (1.82) N/A N/A (3.24) (4.87) (1.82) (2.19) (7.33) (4.39) (2.68) (0.54) (0.74) (2.29) (1.93) 0.27 N/A N/A N/A N/A N/A N/A N/A N/A (9.26) (4.07) (17.83) (17.07) (10.46) (7.74) (13.95) (11.63) N/A N/A (6.07) (0.85) (2.44) (1.40) (0.27) 1.60 (1.37) (0.33) (3.41) N/A N/A (1.96) 6.82 (10.85) (7.93) N/A N/A (1.88) (7.93) N/A N/A (0.26) N/A N/A (1.54) (1.18) (6.95) (2.44) N/A N/A (9.47) (4.77) (1.74) (0.96) N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A (0.05) (2.29) (3.66) (0.61)

8 AIA SEMI-ANNUAL FUNDS REPORT 2013 AIA Acorns of Asia Fund FUND PERFORMANCE Period Fund % Benchmark* % 3-month (3.24) (3.09) 6-month (0.24) (2.66) 1-year year^ year^ year^ Since inception^ *60% MSCI AC Far East Free ex-japan Index (DTR Net) & 40% JP Morgan Sing Govt. Bond Index All. ^Annualised returns. Note: Fund inception date - 31 August Fund returns in, bid-to-bid, net dividends reinvested. PORTFOLIO STATEMENTS Investment In Collective Investment Scheme Market Value % of Net Asset Value PineBridge International Funds - Acorns of Asia Balanced Fund 975,488,

9 7 AIA Acorns of Asia Fund PORTFOLIO STATEMENTS PINEBRIDGE INTERNATIONAL FUNDS - ACORNS OF ASIA BALANCED FUND Top 10 Holdings as at 30 June 2013** Market Value % of Net Asset Value DBS Cap Funding 5.75% 29 May ,036, % Street Square 3.02% 05 May ,236, % Malayan Banking 3.8% 28 Apr ,613, % Sands China Ltd 21,864, % Galaxy Entertainment Group Ltd 21,413, % DBS Bank 4.47% 15 Jul ,160, % UOB LTD 4.1% 03 SEP ,685, % Standard Chartered 5.25% 10 Apr ,673, % China Citic Bank Corp Ltd 19,813, % AAC Technologies Holdings Inc 19,020, % Top 10 Holdings as at 30 June 2012** Market Value % of Net Asset Value DBS Cap Funding 5.75% 29 May ,254, % Standard Chartered 5.25% 10 Apr ,868, % Bangkok Bank Public Co 26,424, % Ncsoft Corporation 24,802, % Street Square 3.02% 05 May ,154, % Malayan Banking 3.8% 28 Apr ,379, % DBS Bank 4.47% 15 Jul ,043, % UOB Ltd 4.1% 03 Sep ,899, % Aac Technologies Holdings Inc 20,854, % China Overseas Land & Investment 20,623, % ** Information extracted from the underlying PineBridge International Funds - Acorns of Asia Balanced Fund

10 AIA SEMI-ANNUAL FUNDS REPORT 2013 AIA Acorns of Asia Fund OTHER INFORMATION Exposure To Derivatives Market Value % of Net Asset Value Realised Gains/ (Losses) Unrealised Gains/ (Losses) Forward foreign exchange contracts Borrowings N/A Total Redemptions and Subscriptions Total amount of redemptions 75,767,844 Total amount of subscriptions 54,379,660 Related-Party Transactions N/A Expense Ratios 30 June June 2012 Local Fund* 1.64% 1.50% Underlying Fund: PineBridge International Funds - Acorns of Asia Balanced Fund** 1.64% 1.45% Note: Expense ratio does not include insurance coverage, brokerage and other transaction costs, performance fee, foreign exchange gains/losses, front or back end loads arising from the purchase or sale of collective investment schemes and tax deducted at source or arising out of income received. * Includes underlying fund expense ratio ** Based on unaudited draft accounts Turnover Ratios 30 June June 2012 Local Fund: The turnover ratio of the local fund(s) follow that of the underlying fund(s) as the local fund(s) invest all or substantially all of its assets into its underlying fund(s) Underlying Fund: PineBridge International Funds - Acorns of Asia Balanced Fund** 37.26% 38.78% Note: The turnover ratio is calculated based on the lesser of portfolio purchases and sales of the underlying investments expressed as a percentage over the average net asset value. ** Based on unaudited draft accounts Any Material Information That Will Adversely Impact The Valuation Of The Fund NIL

11 9 AIA Acorns of Asia Fund OTHER INFORMATION Soft Dollar Commissions In the normal course of business, the Managers shall be entitled to receive soft dollar benefi ts from selected brokers, in relation to equity transactions, from whom products and services were received from third parties. These brokers may also execute trades for other clients managed by the Manager. The goods and services received generally benefi t the entire Managers' clients and trades are executed on the best available terms with no excessive churning. Goods and services received can reasonably be expected to assist in the provision of the investment services and include research and advisory services, economic and political analyses, portfolio analyses, market analyses, data and quotation services, custodial services and computer hardware and software used in the support of the investment process of the Managers.

12 AIA SEMI-ANNUAL FUNDS REPORT 2013 AIA Emerging Markets Balanced/Equity Fund FUND PERFORMANCE AIA EMERGING MARKETS BALANCED FUND Period Fund % Benchmark* % 3-month (4.96) (4.49) 6-month (4.86) (4.84) 1-year year^ (2.30) year^ (3.43) year^ N/A N/A Since inception^ (0.73) 2.92 *60% MSCI Emerging Markets DTR Net & 40% JP Morgan Sing Govt Bond Index All. ^Annualised returns. Note: Fund inception date - 11 April Fund returns in, bid-to-bid, net dividends reinvested. AIA EMERGING MARKETS EQUITY FUND Period Fund % Benchmark* % 3-month (6.02) (6.04) 6-month (5.90) (6.08) 1-year year^ (5.48) year^ (7.76) (1.82) 10-year^ N/A N/A Since inception^ (3.24) 1.17 *MSCI Emerging Markets DTR Net. ^Annualised returns. Note: Fund inception date - 11 April Fund returns in, bid-to-bid, net dividends reinvested.

13 11 AIA Emerging Markets Balanced/Equity Fund PORTFOLIO STATEMENTS AIA EMERGING MARKETS BALANCED FUND Investment In Collective Investment Scheme Market Value % of Net Asset Value Schroder ISF Global Emerging Markets Opportunities 118,378, PineBridge International Funds - Singapore Bond Fund 72,065, Total 190,443, AIA EMERGING MARKETS EQUITY FUND Investment in Collective Investment Scheme Market Value % of Net Asset Value Schroder ISF Global Emerging Markets Opportunities 145,419, SCHRODER INTERNATIONAL SELECTION FUND GLOBAL EMERGING MARKET OPPORTUNITIES Top 10 Holdings as at 31 December 2012 (Audited) Market Value USD % of Net Asset Value Mexico Bonos 7.5% 3 Jun ,240, Samsung Electronics Co Ltd 33,882, Kasikornbank PCL 30,029, Lukoil OAO 30,029, Sberbank 28,443, Bangkok Bank PCL 28,443, Tata Motors Ltd 25,950, Mail.ru Group Ltd 25,270, Powszechny Zaklad 25,157, Ubezpleczen SA 25,157, Shinhan Financial Group Co Ltd Top 10 Holdings as at 31 December 2011 (Audited) Market Value USD % of Net Asset Value Largan Precision Co Ltd 37,458, Bangkok Bank PCL 37,319, Kasikornbank PCL 34,128, Samsung Electronics Co Ltd 33,435, PTT PCL 33,157, China Resources Power Hldg Co Ltd 32,741, Genting Bhd 32,741, Lukoil OAO 31,909, Industries Qatar OSC 31,354, Hon Hai Precision Ind Co Ltd 30,799, *Information extracted from the underlying Schroder International Selection Fund Global Emerging Markets Opportunities.

14 AIA SEMI-ANNUAL FUNDS REPORT 2013 AIA Emerging Markets Balanced/Equity Fund PORTFOLIO STATEMENTS PINEBRIDGE INTERNATIONAL FUNDS - SINGAPORE BOND FUND Top 10 Holdings as at 30 June 2013** Market Value % of Net Asset Value DBS Bank 4.47% 15 Jul ,928, % Singapore Govt Securities 3% 01 Sep ,752, % Standard Chartered 5.25% 10 Apr ,590, % Singapore Govt Securities 3.125% 01 Sep ,445, % Fraser & Neave Ltd 6% 30 Apr ,398, % Capitaland Treasury Ltd 4.35% 31 Oct ,378, % Singapore Govt Securities 2.25% 01 Jun ,119, % Singapore Govt Securities 3.25% 01 Sep ,543, % Capitamalls Asia 3.95% Aug ,529, % Singapore Airlines 3.22% 09 Jul ,886, % Top 10 Holdings as at 30 June 2012** Market Value % of Net Asset Value DBS Cap Funding 5.75% 29 May ,371, % Standard Chartered 5.25% 10 Apr ,601, % OCBC Capital Corp 5.1% 29 Aug ,257, % Singapore Airlines 3.22% 09 Jul ,292, % DBS Bank 4.47% 15 Jul ,834, % Capitamalls Asia 3.95% Aug ,571, % Fraser & Neave Ltd 6% 30 Apr ,136, % Capitaland Treasury Ltd 4.35% 31 Oct ,530, % Singapore Govt Securities 3% 01 Sep ,265, % Singapore Govt Securities 3.125% 01 Sep ,944, % **Information extracted from underlying PineBridge International Funds - Singapore Bond Fund

15 13 AIA Emerging Markets Balanced/Equity Fund OTHER INFORMATION Exposure To Derivatives Market Value % of Net Asset Value Realised Gains/ (Losses) Unrealised Gains/ (Losses) Forward foreign exchange contracts: AIA Emerging Markets Balanced Fund 37,732 - (33,396) 37,578 AIA Emerging Markets Equity Fund Borrowings N/A Total Redemptions and Subscriptions Redemptions Subscriptions AIA Emerging Markets Balanced Fund 12,988,742 3,593,780 AIA Emerging Markets Equity Fund 13,444,107 7,354,370 Related-Party Transactions N/A Expense Ratios 30 June June 2012 Local Funds* AIA Emerging Markets Balanced 1.72% 1.73% AIA Emerging Markets Equity 1.83% 1.89% Underlying Funds: Schroder International Selection Fund Global Emerging Markets Opportunities 1.32% %^ PineBridge International Funds - Singapore Bond Fund** 1.10% 0.96% Note: Expense ratio does not include insurance coverage, brokerage and other transaction costs, performance fee, foreign exchange gains/losses, front or back end loads arising from the purchase or sale of collective investment schemes and tax deducted at source or arising out of income received. * Includes underlying fund expense ratio ^ As of 31 May 2012 ** Based on unaudited draft accounts + As of 31 December 2012

16 AIA SEMI-ANNUAL FUNDS REPORT 2013 AIA Emerging Markets Balanced/Equity Fund OTHER INFORMATION Turnover Ratios 31 June June 2012 Local Funds: The turnover ratio of the local fund(s) follow that of the underlying fund(s) as the local fund(s) invest all or substantially all of its assets into its underlying fund(s) Underlying Funds: Schroder International Selection Fund Global Emerging Markets Opportunities 73.09%^^ 74.84%^ PineBridge International Funds - Singapore Bond Fund** 25.81% 16.57% Note: The turnover ratios are calculated based on the lesser of purchases or sales expressed as a percentage over average net asset value, i.e. average daily net asset value, over the same period used for calculating the expense ratios. ^ As of 31 May 2012 ^^ As of 31 December 2012 ** Based on unaudited draft accounts Any Material Information That Will Adversely Impact The Valuation Of The Fund NIL Soft Dollar Commissions PineBridge International Fund - Singapore Bond Fund: N/A Schroders Soft dollar arrangements: Each Investment Manager may enter into soft commission arrangements only where there is a direct and identifi able benefi t to the clients of the Investment Manager, including the relevant Sub-Fund, and where the Investment Manager is satisfi ed that the transactions generating the soft commissions are made in good faith, in strict compliance with applicable regulatory requirements and in the best interests of the relevant Sub-Fund. Any such arrangements must be made by the Investment Manager on terms commensurate with best market practice.

17 15 AIA European Equity Fund FUND PERFORMANCE Period Fund % Benchmark* % 3-month month year year^ year^ (4.87) (1.82) 10-year^ Since inception^ (2.19) 1.52 ^Annualised returns. *MSCI Europe Daily Total Return Net. Note: Fund inception date - 11 December Fund returns in, bid-to-bid, net dividends reinvested. PORTFOLIO STATEMENTS Investment In Collective Investment Scheme Market Value % of Net Asset Value PineBridge Europe Equity Fund 5,258,

18 AIA SEMI-ANNUAL FUNDS REPORT 2013 AIA European Equity Fund PORTFOLIO STATEMENTS PINEBRIDGE EUROPE EQUITY FUND Top 10 Holdings as at 30 June 2013** Market Value USD % of Net Asset Value Roche Holding Ag Genussche 1,565, HSBC Holdings Plc 1,457, BP Plc 1,283, Royal Dutch Shell Plc A Sh 1,165, Novartis Ag Reg 980, Vanguard Ftse Europe Etf 902, Nestle Sa Reg 851, Bayer Ag Reg 822, BHP Billiton Plc 758, BNP Paribas 749, Top 10 Holdings as at 30 June 2012** Market Value USD % of Net Asset Value Royal Dutch Shell Plc A Sh 1,876, Swiss Re Ag 1,201, Fresenius Se + Co Kgaa 1,199, Reckitt Benckiser Group Pl 1,091, Sanofi 1,005, Roche Holding Ag Genussche 997, Vodafone Group Plc 890, Diageo Plc 743, Atos 727, Koninklijke Dsm Nv 713, **Information extracted from the underlying PineBridge Europe Equity Fund

19 17 AIA European Equity Fund OTHER INFORMATION Exposure To Derivatives Market Value % of Net Asset Value Realised Gains/ (Losses) Unrealised Gains/ (Losses) Forward foreign exchange contracts (88) - (21) (121) Borrowings N/A Total Redemptions and Subscriptions Total amount of redemptions 667,177 Total amount of subscriptions 1,078,477 Related-Party Transactions N/A Expense Ratios 30 June June 2012 Local Fund* 2.07% 2.24% Underlying Fund: PineBridge Europe Equity Fund** 1.33% 1.41% Note: Expense ratio does not include insurance coverage, brokerage and other transaction costs, performance fee, foreign exchange gains/losses, front or back end loads arising from the purchase or sale of collective investment schemes and tax deducted at source or arising out of income received. * Includes underlying fund expense ratio ** Based on unaudited draft accounts Turnover Ratios 30 June June 2012 Local Fund: The turnover ratio of the Local Fund(s) follow that of the Underlying Fund(s) as the Local Fund(s) invest all or substantially all of its assets into its Underlying Fund(s). Underlying Fund: PineBridge Europe Equity Fund** % % Note: The turnover ratio is calculated based on the lesser of portfolio purchases and sales of the underlying investments expressed as a percentage over the average net asset value. ** Based on unaudited draft accounts Any Material Information That Will Adversely Impact The Valuation Of The Fund NIL Soft Dollar Commissions N/A

20 AIA SEMI-ANNUAL FUNDS REPORT 2013 AIA Global Balanced Fund FUND PERFORMANCE Period Fund % Benchmark* % 3-month month year year^ year^ year^ Since inception^ *60% MSCI World Index & 40% Citigroup World Govt Bond Index. ^Annualised returns. Note: Fund inception date - 11 December Fund returns in, bid-to-bid, net dividends reinvested. PORTFOLIO STATEMENTS Investment In Collective Investment Scheme Market Value % of Net Asset Value Aberdeen Pacifi c Equity Fund 1,267, PineBridge International Funds - Singapore Bond Fund 33,590, Allianz US Equity Fund 59,764, Nikko AM Shenton Japan Fund 10,969, Fidelity Funds - Fidelity European Growth Fund 27,707, Legg Mason Western Asset Global Bond Trust 27,171, Total 160,470,

21 19 AIA Global Balanced Fund PORTFOLIO STATEMENTS ALLIANZ US EQUITY FUND Top 10 Holdings as at 30 June 2013** Market Value USD % of Net Asset Value General Electric Co 14,352, Boeing Co/The 12,824, Exxon Mobil Corp 11,473, Apple Inc 10,558, Qualcomm Inc 10,422, AT&T Inc 9,200, Schlumberger Ltd 8,975, Pfi zer Inc 8,753, Intel Corp 8,069, Wells Fargo & Company 7,978, Top 10 Holdings as at 30 June 2012** Market Value USD % of Net Asset Value General Electric Co 24,414, Boeing Co/The 23,706, Exxon Mobil Corp 22,646, AT&T Inc 18,453, Schlumberger Ltd 15,821, Pfi zer Inc 14,941, Intel Corp 14,523, Varian Medical Systems Inc 13,861, Wells Fargo & Company 13,853, Qualcomm Inc 13,593, **Information extracted from the underlying Allianz US Equity Fund unaudited accounts

22 AIA SEMI-ANNUAL FUNDS REPORT 2013 AIA Global Balanced Fund OTHER INFORMATION Exposure To Derivatives Market Value % of Net Asset Value Realised Gains/ (Losses) Unrealised Gains/ (Losses) Forward foreign exchange contracts Borrowings N/A Total Redemptions and Subscriptions Total amount of redemptions 10,375,123 Total amount of subscriptions 3,735,568 Related-Party Transactions N/A Expense Ratios 30 June June 2012 Local Fund* 1.62% 1.74% Underlying Funds: Aberdeen Pacifi c Equity Fund Pinebridge International Funds - Singapore Bond Fund^ Allianz US Equity Fund Nikko AM Shenton Japan Fund Fidelity Funds - European Growth Fund Legg Mason Western Asset Global Bond Trust 1.73%^^ 1.10% 1.84%** 1.24%^ 1.89% # 1.78%^^ 0.96% 1.87%** 1.19% % # 0.88% Note: Expense ratio does not include insurance coverage, brokerage and other transaction costs, performance fee, foreign exchange gains/losses, front or back end loads arising from the purchase or sale of collective investment schemes and tax deducted at source or arising out of income received. ^ Based on unaudited draft accounts * Includes underlying fund expense As of 31 March 2013 # As of 30 April 2013 and 30 April 2012 respectively ^^ As of 31 March 2013 & 31 March 2012 respectively ** As of 30 Sep 2012 and 30 Sep 2011 respectively (for AT share class, audited figure) + As of 31 December 2011

23 21 AIA Global Balanced Fund OTHER INFORMATION Turnover Ratios 30 June June 2012 Local Fund: The turnover ratio of the Local Fund(s) follow that of the Underlying Fund(s) as the Local Fund(s) invest all or substantially all of its assets into its Underlying Fund(s). Underlying Funds: Aberdeen Pacifi c Equity Fund Pinebridge International Funds - Singapore Bond Fund^ Allianz US Equity Fund Nikko AM Shenton Japan Fund^ Fidelity Funds - European Growth Fund Legg Mason Western Asset Global Bond Trust 25.81% % # 41.14% 64.24% %* 16.57% % # 29.86% 48.82% % Note: The turnover ratio is calculated based on the lesser of portfolio purchases and sales of the underlying investments expressed as a percentage over the average net asset value. ^ Based on unaudited draft accounts * As of 31 March As of 31 March 2013 & 31 March 2012 respectively + As of 30 April 2013 and 30 April 2012 respectively # As of 30 Sep 2012 and 30 Sep 2011 respectively (for AT share class, audited fi gure) Any Material Information That Will Adversely Impact The Valuation Of The Fund NIL Soft Dollar Commissions Aberdeen does not receive soft commissions or cash rebates from dealing on the Aberdeen Pacifi c Equity Fund PineBridge International Fund - Singapore Bond Fund: NA Soft dollar commissions for Legg Mason Western Asset Global Bond Trust : The Managers and, as the case may be, the Sub-Managers currently do not but shall be entitled to receive or enter into soft-dollar commissions/arrangements in respect of the Trust. Soft dollar commissions for Fidelity Funds European Growth Fund: The Investment Manager and any of its Connected Persons may effect transactions by or through the agency of another person with whom the Investment Manager and any of its Connected Persons have an arrangement under which that party will from time to time provide to or procure for the Investment Manager and any of its Connected Persons goods, services or other benefits (such as research and advisory services), the nature of which is such that their provision can reasonably be expected to benefit the Fund as a whole and may contribute to an improvement in the performance of the Fund or of the Investment Manager or any of its Connected Persons in providing services to the Fund and for which no direct payment is made but instead the Investment Manager and any of its Connected Persons undertake to place business with that party. For the avoidance of doubt, such goods and services do not include travel, accommodation, entertainment, general administrative goods or services, general office equipment or premises, membership fees, employee salaries or direct money payments.

24 AIA SEMI-ANNUAL FUNDS REPORT 2013 AIA Global Balanced Fund OTHER INFORMATION The Investment Manager and any Connected Person shall not retain the benefit of any cash commission rebate (being repayment of a cash commission made by a broker or dealer to the Investment Manager and/or any Connected Person) paid or payable from any such broker or dealer in respect of any business placed with such broker or dealer by the Investment Manager or any Connected Person for or on behalf the Fund. Any such cash commission rebate from any such broker or dealer will be held by the Investment Manager and any Connected Person for the account of the Fund. Brokerage rates will not be excessive of customary brokerage rates. All transactions will be done with best execution. Soft dollar commissions for Nikko AM Shenton Japan Fund. Appointment of soft dollar brokers. Soft dollar brokers will be appointed onto the Managers broker panel only after the Managers have ensured that: a) full disclosure of the practice of accepting soft dollars is made; b) the commission rates charged are comparable with the market rates; c) there is no confl ict of interest; d) the soft dollar credits are used only for clearly defi ned services; e) at all times trades are executed through the respective brokers only on the basis of best execution regardless whether soft dollar benefi ts will accrue. Best execution shall include competitive prices with smooth execution ability; and f) relevant regulations and guidelines are complied with. The procedures for the appointment of the brokers shall be no different from that of normal full service brokers. Execution and allocation If any Trustee objects to the use of the soft dollar brokers, the trades of the relevant Scheme(s) shall be segregated from the rest of the trades that are executed through the relevant soft dollar broker(s). The Managers will execute trades for such accounts only with authorised full service brokers. It is the responsibility of the Managers to ensure that the allocation quotas are adhered to. In addition, the Managers will monitor the execution ability of the soft dollar brokers and assign the business strictly on a best execution basis. Subject to the provisions of the Code, in its management of each Scheme, the Managers may receive soft dollar commissions from, or may enter into soft dollar arrangements with, stockbrokers who execute trades on behalf of the relevant Scheme and the soft dollars received would be restricted to the following kinds of services: a) specifi c advice as to the advisability of dealing in, or of the value of any investments; b) research and advisory services; c) economic and political analysis; d) portfolio analysis including valuation and portfolio measurements;

25 23 AIA Global Balanced Fund OTHER INFORMATION e) market analysis; f) data and quotation services; g) computer hardware or software that are used to support the investment decision making process, the giving of advice, or the conduct of research or analysis; and h) custodial services in relation to the investments managed for clients. The following are, however, prohibited: a) travel, accommodation and entertainment expenses; b) general administrative goods and services including offi ce equipment and premises; c) membership fees; d) employee salaries; e) direct money payments / rebates. Records of the payments made using soft dollar commissions shall be retained with the Managers. Subject to the provisions of the Code*, the Sub-Managers of the Nikko AM Shenton Japan Fund may receive soft-dollar commissions from, or may enter into soft dollar arrangements with, stockbrokers who execute trades on behalf of the Scheme. However, in any such arrangement, the Sub-Managers of the Nikko AM Shenton Japan Fund will abide by the restrictions and prohibitions set out in paragraph 18.2 of the prospectus. The Managers and the Sub-Managers of the Nikko AM Shenton Japan Fund will not accept or enter into soft-dollar commissions / arrangements unless: such soft-dollar commissions / arrangements would in the opinion of the Managers / Sub-Managers, assist the Managers / Sub-Managers in their management of the relevant Scheme; the Managers / Sub-Managers shall ensure at all times that best execution is carried out for the transactions; and no unnecessary trades are entered into in order to qualify for such soft-dollar commissions / arrangements. The Managers and the Sub-Managers of the Nikko AM Shenton Japan Fund will comply with applicable regulatory and industry standards on soft dollars. * The Code shall mean the Code on Collective Investment Schemes dated 30 September 2011 issued by the Authority, as may be amended from time to time. Soft dollar commissions for Allianz US Equity Fund Please refer to the sections headed Brokerage Commissions and Commission Sharing Arrangements in the Luxembourg Prospectus for details on the Company s policy on soft commissions.

26 AIA SEMI-ANNUAL FUNDS REPORT 2013 AIA Global Balanced Fund OTHER INFORMATION Brokerage Commissions Subject to best execution and the requirements stated below, brokerage commissions on portfolio transactions for the Company may be paid by the Management Company and/or the Investment Managers, as the case may be, as consideration for research related services provided to them as well as for services rendered in the execution of orders. The receipt of investment research and information and related services allows the Management Company and/or the Investment Managers, as the case may be, to supplement their own research and analysis and makes available to them the views and information of individuals and research staffs of other fi rms. Such soft commissions do not include costs relating to travel, accommodation, entertainment, general administrative goods or services, general offi ce equipment or premises, membership fees, employee salaries or direct money payment, which are to be paid by the Management Company and/or the Investment Managers, as the case may be. The Company may pay, or be responsible for the payment of, such soft commissions only insofar as: a) the Management Company and/or the Investment Managers, as the case may be, act at all times in the best interest of the Company and the Shareholders when entering into soft commission arrangements; b) the goods and/or services provided by the broker-dealers relate directly to the activities of the Management Company and/or the Investment Managers, as the case may be, and such activities are of demonstrable benefi ts to the Shareholders; and c) any such soft commission is paid by the Management Company and/or the Investment Managers, as the case may be, to broker-dealers which are corporate entities and not individuals. Commission Sharing Arrangements The Management Company and/or the Investment Managers, as the case may be, may enter into commission sharing arrangements only where there is demonstrable benefit to the Company and where the Management Company and/or the Investment Managers, as the case may be, are satisfied that the transactions generating the shared commissions are made in good faith, in strict compliance with applicable regulatory requirements and are in the best interests of the Company and the Shareholders. Any such arrangements must be made by the Management Company and/or the Investment Managers, as the case may be, on terms commensurate with best market practice and brokerage rates should not be in excess of customary institutional full service brokerage rates. Subject to their local regulatory rights, the Management Company and/or the Investment Managers, as the case may be, may make use of soft commissions to pay for research and/or other goods and services. Other jurisdictions may have other arrangements in place to pay for such services in accordance with local regulatory obligations. Periodic disclosure in the form of a statement describing such soft dollar practices will be made in the Company s annual report.

27 25 AIA Global Bond Fund FUND PERFORMANCE Period ^Annualised returns. * Inception to June JP Morgan Global Govt Bond Index (Hedged). From July Citigroup World Govt Bond (Unhedged). Fund % Benchmark* % 3-month (2.93) (0.81) 6-month (4.75) (2.05) 1-year (7.33) (4.39) 3-year^ (2.68) (0.54) 5-year^ year^ (0.74) 0.84 Since inception^ Note: Fund Inception date - 18 March Fund returns in, bid-to-bid, net dividends reinvested PORTFOLIO STATEMENTS Investment In Collective Investment Scheme Market Value % of Net Asset Value PineBridge Global Bond Fund 10,811,

28 AIA SEMI-ANNUAL FUNDS REPORT 2013 AIA Global Bond Fund PORTFOLIO STATEMENTS PINEBRIDGE GLOBAL BOND FUND Top 10 Holdings as at 30 June 2013** Market Value USD % of Net Asset Value 1.3 Japan 305 (10 Yr Issue) 20/Dec/2019 2,390, Japan 309 (10 Yr Issue) 20/Jun/2020 2,163, US Treasury N/B 30/Nov/2016 2,127, US Treasury N/B 15/Dec/2014 1,800, Bonos Y Oblig Del Estado 30/Jul/2018 1,650, US Treasury N/B 30/Nov/2015 1,531, Buoni Poliennali Del Tes 1/May/2017 1,399, Buoni Poliennali Del Tes 05/Jan/2018 1,316, Japan 38 (30 Year Issue) 01/May/2019 1,297, US Treasury N/B 01/May/2020 1,208, Top 10 Holdings as at 30 June 2012** Market Value USD % of Net Asset Value 0.4 Japan 89 (5 Year Issue) 20/Jun/2015 4,532, Japan 133(20 Year Issue) 20/Dec/2031 2,633, US Treasury N/B 15/May/2022 2,318, Japan (2 Year Issue) 15/Sep/2013 2,318, Japan 309 (10 Yr Issue) 20/Jun/2020 2,231, US Treasury N/B 15/Dec/2014 2,194, Us Treasury N/B 15/Feb/2022 2,155, Japan 94 (20 Year Issue) 20/Mar/2027 1,810, Japan 305 (10 Yr Issue) 20/Dec/2019 1,789, US Treasury N/B 30/Nov/2015 1,750, **Information extracted from the underlying PineBridge Global Bond Fund

29 27 AIA Global Bond Fund OTHER INFORMATION Exposure To Derivatives Market Value % of Net Asset Value Realised Gains/ (Losses) Unrealised Gains/ (Losses) Forward foreign exchange contracts (96) - 3,018 (96) Borrowings N/A Total Redemptions and Subscriptions Total amount of redemptions 1,109,062 Total amount of subscriptions 1,265,310 Related-Party Transactions N/A Expense Ratios 30 June June 2012 Local Fund* 1.68% 1.71% Underlying Fund: PineBridge Global Bond Fund** 0.92% 0.92% Note: Expense ratio does not include insurance coverage, brokerage and other transaction costs, performance fee, foreign exchange gains/losses, front or back end loads arising from the purchase or sale of collective investment schemes and tax deducted at source or arising out of income received. * Includes underlying fund expense ratio. ** Based on unaudited draft accounts. Turnover Ratios 30 June June 2012 Local Fund: The turnover ratio of the local fund(s) follow that of the underlying fund(s) as the local fund(s) invest all or substantially all of its assets into its underlying fund(s) Underlying Fund: PineBridge Global Bond Fund** % 96.31% Note: The turnover ratio is calculated based on the lesser of portfolio purchases and sales of the underlying investments expressed as a percentage over the average net asset value. ** Based on unaudited draft accounts Any Material Information That Will Adversely Impact The Valuation Of The Fund NIL Soft Dollar Commissions N/A

30 AIA SEMI-ANNUAL FUNDS REPORT 2013 AIA Global Equity Fund FUND PERFORMANCE Period Fund % Benchmark* % 3-month month year year^ year^ (2.29) year^ Since inception^ (1.93) 0.27 ^Annualised returns. *The benchmark was previously MSCI All Country World Daily Total Return Net Index. This was changed to MSCI World Daily Total Return Net with effect from 1 March Note: Fund inception date - 18 March Fund returns in, bid-to-bid, net dividends reinvested. PORTFOLIO STATEMENTS Investment In Collective Investment Scheme Market Value % of Net Asset Value PineBridge Global Focus Equity Fund 40,716,

31 29 AIA Global Equity Fund PORTFOLIO STATEMENTS PINEBRIDGE GLOBAL FOCUS EQUITY FUND Top 10 Holdings as at 30 June 2013** Market Value USD % of Net Asset Value Conagra Foods Inc 7,101, Mckesson Corp 7,021, Ace Ltd 6,848, Dick S Sporting Goods Inc 6,616, Quanta Services Inc 6,549, Mylan Inc 4,893, Roche Holding Ag Genussche 4,893, Perrigo Co 4,819, Marathon Oil Corp 4,789, Ishares Msci Japan Index 4,767, Top 10 Holdings as at 30 June 2012** Market Value USD % of Net Asset Value The Walt Disney Co 6,765, Ace Ltd 6,681, Campbell Soup Co 6,644, Suncor Energy Inc 6,459, Regions Financial Corp 5,115, AT&T Inc 4,872, Net One Systems Co Ltd 3,820, Pfi zer Inc 3,483, Safran Sa 3,481, Ecolab Inc 3,443, ** Information extracted from the underlying PineBridge Global Focus Equity Fund

32 AIA SEMI-ANNUAL FUNDS REPORT 2013 AIA Global Equity Fund OTHER INFORMATION Exposure To Derivatives Market Value % of Net Asset Value Realised Gains/ (Losses) Unrealised Gains/ (Losses) Forward foreign exchange contracts (136) - (200) (145) Borrowings N/A Total Redemptions and Subscriptions Total amount of redemptions 2,128,150 Total amount of subscriptions 2,114,512 Related-Party Transactions N/A Expense Ratios 30 June June 2012 Local Fund* 1.82% 1.89% Underlying Fund: PineBridge Global Focus Equity Fund** 1.26% 1.29% Note: Expense ratio does not include insurance coverage, brokerage and other transaction costs, performance fee, foreign exchange gains/losses, front or back end loads arising from the purchase or sale of collective investment schemes and tax deducted at source or arising out of income received. * Includes underlying fund expense ratio. ** Based on unaudited draft accounts. Turnover Ratios 30 June June 2012 Local Fund: The turnover ratio of the local fund(s) follow that of the underlying fund(s) as the local fund(s) invest all or substantially all of its assets into its underlying fund(s) Underlying Fund: PineBridge Global Focus Equity Fund** % % Note: The turnover ratio is calculated based on the lesser of portfolio purchases and sales of the underlying investments expressed as a percentage over the average net asset value. ** Based on unaudited draft accounts Any Material Information That Will Adversely Impact The Valuation Of The Fund N/A Soft Dollar Commissions PineBridge Investments LLC ( PineBridge ) has entered into soft dollar commission arrangements with selected brokers where it obtains services from third parties. These services relate to research and are eligible under the safe harbor of Section 28(e) of the Securities and Exchange Act of These services generally benefit all of PineBridge s clients in terms of input into the investment decision making process. The soft dollar credits utilized are not allocated on a specific client basis. PineBridge further confirms that, as per our Compliance Manual, we seek to obtain best execution on all transactions

33 31 AIA Global Property Returns Fund FUND PERFORMANCE Period Fund Benchmark* % % 3-month N/A N/A 6-month N/A N/A 1-year N/A N/A 3-year^ N/A N/A 5-year^ N/A N/A 10-year^ N/A N/A Since inception^ (9.26) (4.07) * Customised FTSE EPRA/NAREIT Net Total Return Index (), 25% Singapore REITs + 75% Global (ex-singapore) REITs Performance fi gure is not annualised as the fund does not have a track record of at least one year. Note: Fund inception date - 2 April Fund returns in, bid-to-bid, net dividends reinvested. ^Annualised returns. PORTFOLIO STATEMENTS Investment In Collective Investment Scheme Market Value % of Net Asset Value Henderson Global Select Funds - Henderson Global Property Income Fund 3,576, HENDERSON GLOBAL SELECT FUNDS - HENDERSON GLOBAL PROPERTY INCOME FUND Top 10 Holdings as at 30 June 2013** Market Value % of Net Asset Value Simon Property Group 365, Sun Communities 358, SABRA Health Care REIT 358, Ascendas Real Estate 351, Digital Realty 351, CapitaMall Trust 309, CBL & Associates Properties 302, Camden Property Trust 281, Government Properties Income Trust 274, Suntec REIT 267, Top 10 Holdings as at 30 June 2012** Market Value % of Net Asset Value Not available as the Henderson Global Select Funds - Henderson Global Property Income Fund commenced on 2 April ** Information extracted from the underlying Henderson Global Select Funds - Henderson Global Property Income Fund

34 AIA SEMI-ANNUAL FUNDS REPORT 2013 AIA Global Property Returns Fund OTHER INFORMATION Exposure To Derivatives Market % of Net Realised Unrealised Value Asset Value Gains/ (Losses) Gains/ (Losses) Forward foreign exchange contracts Borrowings N/A Total Redemptions and Subscriptions Total amount of redemptions 289,281 Total amount of subscriptions 4,187,301 Related-Party Transactions N/A Expense Ratios 30 June June 2012 Local Fund* NA** NA** Underlying Fund: Henderson Global Select Funds - Henderson Global Property Income Fund NA^^ NA^^ Note: Expense ratio does not include insurance coverage, brokerage and other transaction costs, performance fee, foreign exchange gains/losses, front or back end loads arising from the purchase or sale of collective investment schemes and tax deducted at source or arising out of income received. * Includes underlying fund expense ratio ** Not available as the AIA Global Property Returns Fund commenced on 2 April ^^ Not available as the Henderson Global Select Funds - Henderson Global Property Income Fund commenced on 2 April Turnover Ratios 30 June June 2012 Local Fund The turnover ratio of the Local Fund(s) follow that of the Underlying Fund(s) as the Local Fund(s) invest all or substantially all of its assets into its Underlying Fund(s). Underlying Fund: Henderson Global Select Funds - Henderson Global Property Income Fund NA^^ NA^^ Note: The turnover ratio is calculated based on the lesser of portfolio purchases and sales of the underlying investments expressed as a percentage over the average net asset value. ^^ Not available as the Henderson Global Select Funds - Henderson Global Property Income Fund commenced on 2 April Any Material Information That Will Adversely Impact The Valuation Of The Fund NIL Soft Dollar Commissions There were no soft dollar arrangements, rebates, commissions or other monetary incentives received by Henderson Global Investors (Singapore) Limited.

35 33 AIA Global Resources Fund FUND PERFORMANCE AIA GLOBAL RESOURCES FUND Period Fund % Benchmark* % 3-month (16.64) (16.42) 6-month (21.67) (22.67) 1-year (17.83) (17.07) 3-year^ (10.46) (7.74) 5-year^ (13.95) (11.63) 10-year^ N/A N/A Since inception^ (6.07) (0.85) *Benchmark Details: Inception to 31 October 2007: HSBC Global Mining Index. From 01 November 2007: 75% HSBC Global Mining Accumulation Index and 25% MSCI AII Country World Energy Index. Note: Fund inception date - 1 February Fund return in, bid-to-bid, net dividends reinvested. ^Annualised returns. PORTFOLIO STATEMENTS Investment in Collective Investment Scheme Market Value % of Net Asset Value First State Global Resources 195,421,

36 AIA SEMI-ANNUAL FUNDS REPORT 2013 AIA Global Resources Fund PORTFOLIO STATEMENTS FIRST STATE GLOBAL RESOURCES Top 10 Holdings as at 30 June 2013** Market Value % of Net Asset Value BHP Billiton Plc 87,191, Exxon Mobil Corp 82,602, Rio Tinto Plc 78,013, Chevron Corp 44,303, Glencore International Plc 43,137, Vale SA 33,041, GoldCorp Inc 31,205, Enbridge Inc 26,616, Antofagasta Plc 25,698, Occidental Petroleum Corp 20,191, Top 10 Holdings as at 30 June 2012** Market Value % of Net Asset Value BHP Billiton 126,071, Rio Tinto 115,779, Exxon Mobil Corp 103,375, Vale SA 64,205, Antofagasta 43,420, Goldcorp Inc 35,041, Chevron 33,376, Xstrata 33,194, Barrick Gold 30,816, Concho Resources 29,583, **The information pertains to First State Global Resources Fund, an England & Wales domiciled fund, which is the underlying fund of the Singapore-registered First State Global Resources. Figures are based on unaudited account fi gures.

37 35 AIA Global Resources Fund OTHER INFORMATION Exposure To Derivatives Market Value % of Net Asset Value Realised Gains/ (Losses) Unrealised Gains/ (Losses) Forward foreign exchange contracts Borrowings N/A Total Redemptions and Subscriptions Total amount of redemptions 35,554,384 Total amount of subscriptions 29,646,855 Related-Party Transactions N/A Expense Ratios 30 June June 2012 Local Fund* 1.67% 1.68% Underlying Fund: First State Global Resources** 1.66% 1.61%^ Note: Expense ratio does not include insurance coverage, brokerage and other transaction costs, performance fee, foreign exchange gains/losses, front or back end loads arising from the purchase or sale of collective investment schemes and tax deducted at source or arising out of income received. * Includes underlying fund expense ratio. ** The information pertains to First State Global Resources Fund, an England & Wales domiciled fund, which is the underlying fund of the Singapore-registered First State Global Resources. ^ Figures are based on unaudited account fi gures as at 31 March 2012 Turnover Ratios 30 June June 2012 Local Fund: The turnover ratio of the local fund(s) follow that of the underlying fund(s) as the local fund(s) invest all or substantially all of its assets into its underlying fund(s) Underlying Fund: First State Global Resources 34.43% 69.20%^ ** The information pertains to First State Global Resources Fund, an England & Wales domiciled fund, which is the underlying fund of the Singapore-registered First State Global Resources. ^ As of 31 December 2011 Any Material Information That Will Adversely Impact The Valuation Of The Fund NIL Soft Dollar Commissions In order to allign with the policy of First State Investments internationally, the Investment Manager has ceased all of its soft dollar arragements previously made with brokers with effect from 13 June 2005.

38 AIA SEMI-ANNUAL FUNDS REPORT 2013 AIA Global Technology Fund FUND PERFORMANCE Period Fund % Benchmark* % 3-month month year year^ year^ year^ Since inception^ (2.44) (1.40) ^Annualised returns. *Inception to August Pacifi c Stock Exchange 100 (PSE 100) Index. From September Merrill Lynch 100 Technology Index. Note: Fund launch date - 11 December Fund returns in, bid-to-bid, net dividends reinvested. PORTFOLIO STATEMENTS Investment In Collective Investment Scheme Market Value % of Net Asset Value Franklin Templeton Investment Funds - Franklin Technology Fund 54,124,

39 37 AIA Global Technology Fund PORTFOLIO STATEMENTS FRANKLIN TEMPLETON INVESTMENT FUNDS - FRANKLIN TECHNOLOGY FUND Top 10 Holdings as at 30 June 2013** Market Value USD % of Net Asset Value Qualcomm Inc 21,809, Amazon.com Inc 21,378, Semtech Corp 19,082, Google Inc 18,508, EMC Corp 16,500, Avago Technologies Ltd 15,854, Broadcom Corp 15,711, Silicon Laboratories Inc 14,491, Internaltional Business Machines Corp 13,558, Xilinx Inc 13,487, Top 10 Holdings as at 30 June 2012** Market Value USD % of Net Asset Value Amazon.Com Inc 27,400, Apple Inc 23,371, Emc Corp 22,834, International Business Machines Corp 22,095, Google Inc 22,028, Qualcomm Inc 19,476, Oracle Corp 19,274, American Tower Corp 16,453, Informatica Corp 18,804, Avago Technologies Ltd 15,110, **Information extracted from the underlying Luxembourg-registered Franklin Templeton Investment Funds - Franklin Technology Fund.

40 AIA SEMI-ANNUAL FUNDS REPORT 2013 AIA Global Technology Fund OTHER INFORMATION Exposure To Derivatives Market Value % of Net Asset Value Realised Gains/ (Losses) Unrealised Gains/ (Losses) Forward foreign exchange contracts (5,214) 210 Borrowings N/A Total Redemptions and Subscriptions Total amount of redemptions 4,464,667 Total amount of subscriptions 1,686,284 Related-Party Transactions N/A Expense Ratios 30 June June 2012 Local Fund* 1.85% 1.89% Underlying Fund: Franklin Templeton Investment Funds - Franklin Technology Fund** 1.81% 1.79% Note: Expense ratio does not include insurance coverage, brokerage and other transaction costs, performance fee, foreign exchange gains/losses, front or back end loads arising from the purchase or sale of collective investment schemes and tax deducted at source or arising out of income received. * Includes underlying fund expense ratio. ** Based on unaudited draft accounts. Turnover Ratios 30 June June 2012 Local Fund: The turnover ratio of the local fund(s) follow that of the underlying fund(s) as the local fund(s) invest all or substantially all of its assets into its underlying fund(s) Underlying Fund: Franklin Templeton Investment Funds - Franklin Technology Fund** 17.19% 11.60% Note: The turnover ratio is calculated based on the lesser of portfolio purchases and sales of the underlying investments expressed as a percentage over the average net asset value. **Based on unaudited draft accounts. Any Material Information That Will Adversely Impact The Valuation Of The Fund NIL Soft Dollar Commissions The Franklin Templeton Investment Funds Franklin Technology Fund into which the Franklin Templeton Funds Franklin Technology Fund feeds, paid US$ in commission dollars generated from portfolio transactions to pay for goods or services provided by third parties under a soft dollar arrangement. All goods and services acquired with the soft dollar commission were for the benefi t of the unit trust. The broker(s), who has executed trades for other funds managed by the Investment Manager, had executed the trades on best available terms and there was no churning of trades.

41 39 AIA Greater China Balanced/Equity Fund FUND PERFORMANCE AIA GREATER CHINA BALANCED FUND Period Fund % Benchmark* % 3-month (1.26) (2.25) 6-month (1.02) (2.49) 1-year year^ year^ year^ Since inception^ *60% MSCI Golden Dragon DTR Net & 40% JP Morgan Sing Govt Bond Index All. ^Annualised returns. Note: Fund inception date - 21 January Fund returns in, bid-to-bid, net dividends reinvested. AIA GREATER CHINA EQUITY FUND Period Fund % Benchmark* % 3-month (0.32) (1.73) 6-month 0.05 (1.64) 1-year year^ (0.27) year^ (1.37) year^ Since inception^ *MSCI Golden Dragon DTR Net. ^Annualised returns. Note: Fund inception date - 21 January Fund returns in, bid-to-bid, net dividends reinvested.

42 AIA SEMI-ANNUAL FUNDS REPORT 2013 AIA Greater China Balanced/Equity Fund PORTFOLIO STATEMENTS AIA GREATER CHINA BALANCED FUND Investment in Collective Investment Scheme Market Value % of Net Asset Value Fidelity Funds - Greater China Fund II 220,485, PineBridge International Funds - Singapore Bond Fund 128,303, Total 348,788, AIA GREATER CHINA EQUITY FUND Investment in Collective Investment Scheme Market Value % of Net Asset Value Fidelity Funds - Greater China Fund II 382,549, FIDELITY FUNDS - GREATER CHINA FUND II Top 10 Holdings as at 30 June 2013** Market Value % of Net Asset Value Taiwan Semiconductr Mfg Co Inc 38,936, Tencent Hldgs Ltd 21,385, AIA Group Ltd 19,392, China Constr Bk Corp 13,831, China Mobile Ltd 12,422, Industrial & Coml Bk China 12,315, CNOOC Ltd 12,244, Petrochina Co Ltd 10,030, Sun Hung Kai Properties Ltd 9,615, Kingsoft Corp Ltd 8,824, Top 10 Holdings as at 30 June 2012** Market Value % of Net Asset Value Taiwan Semiconductor Manufacturing 38,770, China Mobile 33,713, Tencent Holdings 31,466, CNOOC 26,970, China Construction Bank H 18,542, AIA Group 17,418, Bank Of China Hong Kong 16,856, Industrial & Commercial Bank Of China 16,294, Petrochina H 14,047, Hong Kong Exchanges & Clearing 14,047, ** Information extracted from the underlying Fidelity Funds - Greater China Fund II

43 41 AIA Greater China Balanced/Equity Fund PORTFOLIO STATEMENTS PINEBRIDGE INTERNATIONAL FUNDS - SINGAPORE BOND FUND Top 10 Holdings as at 30 June 2013** Market Value % of Net Asset Value DBS Bank 4.47% 15 Jul ,928, % Singapore Govt Securities 3% 01 Sep ,752, % Standard Chartered 5.25% 10 Apr ,590, % Singapore Govt Securities 3.125% 01 Sep ,445, % Fraser & Neave Ltd 6% 30 Apr ,398, % Capitaland Treasury Ltd 4.35% 31 Oct ,378, % Singapore Govt Securities 2.25% 01 Jun ,119, % Singapore Govt Securities 3.25% 01 Sep ,543, % Capitamalls Asia 3.95% Aug ,529, % Singapore Airlines 3.22% 09 Jul ,886, % Top 10 Holdings as at 30 June 2012** Market Value % of Net Asset Value DBS Cap Funding 5.75% 29 May ,371, % Standard Chartered 5.25% 10 Apr ,601, % OCBC Capital Corp 5.1% 29 Aug ,257, % Singapore Airlines 3.22% 09 Jul ,292, % DBS Bank 4.47% 15 Jul ,834, % Capitamalls Asia 3.95% Aug ,571, % Fraser & Neave Ltd 6% 30 Apr ,136, % Capitaland Treasury Ltd 4.35% 31 Oct ,530, % Singapore Govt Securities 3% 01 Sep ,265, % Singapore Govt Securities 3.125% 01 Sep ,944, % ** Information extracted from the underlying PineBridge International Funds - Singapore Bond Fund

44 AIA SEMI-ANNUAL FUNDS REPORT 2013 AIA Greater China Balanced/Equity Fund OTHER INFORMATION Exposure To Derivatives Market Value % of Net Asset Value Realised Gains/ (Losses) Unrealised Gains/ (Losses) Forward foreign exchange contracts: AIA Greater China Balanced Fund AIA Greater China Equity Fund Borrowings N/A Total Redemptions and Subscriptions Redemptions Subscriptions AIA Greater China Balanced Fund 24,195,808 11,081,213 AIA Greater China Equity Fund 39,623,303 29,146,589 Related-Party Transactions N/A Expense Ratios 30 June June 2012 AIA Greater China Balanced Fund* 1.74% 1.79% AIA Greater China Equity Fund* 1.91% 1.98% Underlying Funds: Fidelity Funds - Greater China Fund II 1.21%^ 1.21%^ PineBridge International Funds - Singapore Bond Fund^^ 1.10% 0.96% Note: Expense ratio does not include insurance coverage, brokerage and other transaction costs, performance fee, foreign exchange gains/losses, front or back end loads arising from the purchase or sale of collective investment schemes and tax deducted at source or arising out of income received. * Includes underlying fund expense ratio ^ As of 30 April 2013 and 30 April 2012 respectively ^^ Based on unaudited draft accounts

45 43 AIA Greater China Balanced/Equity Fund OTHER INFORMATION Turnover Ratios 30 June June 2012 Local Funds: The turnover ratio of the local fund(s) follow that of the underlying fund(s) as the local fund(s) invest all or substantially all of its assets into its underlying fund(s) Underlying Funds: Fidelity Funds - Greater China Fund II %* 91.14%* PineBridge International Funds - Singapore Bond Fund^^ 25.81% 16.57% Note: The turnover ratio is calculated based on the lesser of portfolio purchases and sales of the underlying investments expressed as a percentage over the average net asset value. * As of 30 April 2013 and 30 April 2012 respectively ** Based on unaudited draft accounts Any Material Information That Will Adversely Impact The Valuation Of The Fund NIL

46 AIA SEMI-ANNUAL FUNDS REPORT 2013 AIA Greater China Balanced/Equity Fund OTHER INFORMATION Soft Dollar Commissions PineBridge International Fund - Singapore Bond Fund: NA Soft dollar commissions for Fidelity Fund - Greater China Fund II : The Investment Manager and any of its Connected Persons1 may effect transactions by or through the agency of another person with whom the Investment Manager and any of its Connected Persons have an arrangement under which that party will from time to time provide to or procure for the Investment Manager and any of its Connected Persons goods, services or other benefi ts (such as research and advisory services), the nature of which is such that their provision can reasonably be expected to benefi t the Fund as a whole and may contribute to an improvement in the performance of the Fund or of the Investment Manager or any of its Connected Persons in providing services to the Fund and for which no direct payment is made but instead the Investment Manager and any of its Connected Persons undertake to place business with that party. For the avoidance of doubt, such goods and services do not include travel, accommodation, entertainment, general administrative goods or services, general offi ce equipment or premises, membership fees, employee salaries or direct money payments. The Investment Manager and any Connected Person shall not retain the benefi t of any cash commission rebate (being repayment of a cash commission made by a broker or dealer to the Investment Manager and/or any Connected Person) paid or payable from any such broker or dealer in respect of any business placed with such broker or dealer by the Investment Manager or any Connected Person for or on behalf the Fund. Any such cash commission rebate from any such broker or dealer will be held by the Investment Manager and any Connected Person for the account of the Fund. Brokerage rates will not be excessive of customary brokerage rates. All transactions will be done with best execution. 1 Connected Persons means (a) any person or company beneficially owning, directly or indirectly, 20% or more of the ordinary share capital of that company or able to exercise directly or indirectly, 20% or more of the total votes in that company; (b) any person or company controlled by a person who or which meets one or both of the descriptions given in (a); or (c) any member of the group of which that company forms part; or (d) any director or officer of that company or of any of its connected persons as defined in (a), (b) or (c).

47 45 AIA Growth Fund FUND PERFORMANCE Period Fund Benchmark* % % 3-month (4.56) (3.65) 6-month (1.48) (1.07) 1-year year ^ year ^ year Since inception ^ ^ Annualised returns * Benchmark Details: Inception to December 97-80% Customised Equity Index (80% SESALL + 20% MSCI Singapore) 20% 1 mth SIBOR (mid) January 98 to August 98-50% MSCI Singapore + 30% MSCI Malaysia () + 20% 1 mth SIBOR (bid) September 98 to November 99-80% MSCI Singapore + 20% 1 mth SIBOR (bid) December 99 to April 11, 01-80% SES AII Index + 20% 1 mth SIBOR (bid) From April 12, 01 onwards - 70% SES AII Index (Price Return) + 30% JP Morgan Singapore Government Bond Index AII (All Sectors) From 01 July 06 onwards - 70% FTSE Singapore Total; Return + 30% JP Morgan Singapore Government Bond Index All (All Sectors) Note: Fund inception date - 12 September Fund returns in, bid-to-bid, net dividends reinvested PORTFOLIO STATEMENTS Country Allocation Market Value % of Net Asset Value Singapore 611,133, Hong Kong 10,190, Malaysia 8,028, UK 6,055, South Korea 3,574, Netherlands 1,505, Portfolio of Investments 640,488, Other Net Assets 12,322, Total 652,810,

48 AIA SEMI-ANNUAL FUNDS REPORT 2013 AIA Growth Fund PORTFOLIO STATEMENTS Industry Allocation Market Value % of Net Asset Value Banks 167,613, Real Estate 153,735, Conglomerates 59,411, Telecommunications 53,897, Sovereign 39,893, Resource 35,591, Transportation 28,978, Non-Bank Financial Institutions 27,448, Offshore and Marine 25,931, Consumer 15,112, Others 12,284, Government Agency 10,569, Engineering and Construction 10,021, Portfolio of Investments 640,488, Other Net Assets 12,322, Total 652,810, Asset Class Market Value % of Net Asset Value Equities 446,423, Fixed Income Securities 151,210, Reits / Trust 33,662, Hybid Securities 9,191, Other Net Assets 12,322, Total 652,810, Credit Rating of Debt Securities** Market Value % of Net Asset Value Aaa 44,095, Aa2 2,011, Aa3 6,190, A1 12,113, A2 11,135, A3 9,191, Baa1 7,143, Baa2 1,505, Not rated 67,014, ** Moody s ratings or their equivalent, S&P rating where security is not rated by Moddy s but rated by S&P

49 47 AIA Growth Fund PORTFOLIO STATEMENTS Top 10 Holdings as at 30 June 2013 Market Value % of Net Asset Value DBS Group Holdings Ltd NPV 57,753, Oversea-Chinese Banking Corp NPV 43,320, Singapore Telecom Ltd NPV 40,499, United Overseas Bank Ltd NPV 38,647, Keppel Corp Ltd NPV 31,272, Wilmar International Ltd Npv 28,198, Capitaland Ltd NPV 25,887, Keppel Land Ltd NPV 17,842, Ezion Holdings Ltd ,652, Neptune Orient Lines Ltd 1 12,809, Top 10 Holdings as at 30 June 2012 Market Value % of Net Asset Value Singapore Telecom Ltd Npv 44,452, United Overseas Bank Ltd Npv 43,944, DBS Group Holdings Ltd Npv 39,709, Oversea-Chinese Banking Corp Npv 36,346, Keppel Corp Ltd Npv 32,176, Capitaland Ltd Npv 20,898, Genting Singapore Plc USD ,865, Fraser And Neave Ltd Npv 17,353, Wilmar International Ltd Npv 16,624, Capitamall Trust Npv (Reit) 14,298,

50 AIA SEMI-ANNUAL FUNDS REPORT 2013 AIA Growth Fund OTHER INFORMATION Exposure To Derivatives Market Value % of Net Asset Value Realised Gains/ (Losses) Unrealised Gains/ (Losses) Forward foreign exchange contracts - - (6,977) - Investment In Collective Investment Schemes N/A Borrowings N/A Total Redemptions and Subscriptions Total amount of redemptions 53,801,652 Total amount of subscriptions 40,121,581 Related-Party Transactions N/A Expense Ratios 30 June June 2012 Local Fund 1.26% 1.32% Note: Expense ratio does not include insurance coverage, brokerage and other transaction costs, performance fee, foreign exchange gains/losses, front or back end loads arising from the purchase or sale of collective investment schemes and tax deducted at source or arising out of income received. Turnover Ratios 30 June June 2012 Local Fund 41.67% 27.58% Note: The turnover ratio is calculated based on the lesser of portfolio purchases and sales of the underlying investments expressed as a percentage over the average net asset value. Any Material Information That Will Adversely Impact The Valuation Of The Fund NIL Soft Dollar Commissions N/A

51 49 AIA India Balanced/Opportunities Fund FUND PERFORMANCE AIA INDIA BALANCED FUND Period Fund Benchmark* % % 3-month (4.58) (3.30) 6-month (2.34) (4.11) 1-year year^ (0.33) (3.41) 5-year^ year^ N/A N/A Since inception^ * 60% MSCI India Index & 40% JP Morgan Sing Govt Bond Index All ^ Annualised returns Note: Fund inception date - 10 August Fund returns in, bid-to-bid, net dividends reinvested AIA INDIA OPPORTUNITIES FUND Period Fund Benchmark* % % 3-month (5.19) (3.50) 6-month (1.84) (4.49) 1-year year^ (1.88) (7.93) 5-year^ year^ N/A N/A Since inception^ * MSCI India Index ^ Annualised returns Note: Fund inception date - 06 December Fund returns in, bid-to-bid, net dividends reinvested

52 AIA SEMI-ANNUAL FUNDS REPORT 2013 AIA India Balanced/Opportunities Fund PORTFOLIO STATEMENTS AIA INDIA BALANCED FUND Investment In Collective Investment Scheme Market Value % of Net Asset Value Aberdeen India Opportunities Fund 184,830, PineBridge International Funds - Singapore Bond Fund 111,636, Total 296,466, AIA INDIA OPPORTUNITIES FUND Investment In Collective Investment Scheme Market Value % of Net Asset Value Aberdeen India Opportunities Fund 186,077, ABERDEEN INDIA OPPORTUNITIES FUND Top 10 Holdings as at 30 June 2013** Market Value % of Net USD Asset Value HDFC 442,749, Infosys Technologies 365,129, Tata Consultancy Services 353,162, ICICI Bank 324,785, ITC 212,083, Hindustan Unilever 198,092, Hero MotoCorp 186,301, Godrej Consumer Products 174,327, Bosch 165,353, HDFC Bank 155,570,

53 51 AIA India Balanced/Opportunities Fund PORTFOLIO STATEMENTS Top 10 Holdings as at 30 June 2012** Market Value % of Net USD Asset Value Infosys Technologies 368,644, HDFC 356,187, Tata Consultancy Services 338,987, ICICI Bank 287,941, Hero MotoCorp Ltd 195,291, ITC Ltd 155,499, Bosch Ltd 153,790, Hindustan Unilever 149,149, Godrej Consumer Products 143,109, Ambuja Cements 139,830, ** Based on Aberdeen Global - Indian Equity Fund, the underlying fund which Aberdeen India Opportunities Fund feeds into Aberdeen Global - Indian Equity Fund is not authorised for public sale in Singapore. PINEBRIDGE INTERNATIONAL FUNDS - SINGAPORE BOND FUND Top 10 Holdings as at 30 June 2013** Market Value % of Net Asset Value DBS Bank 4.47% 15 Jul ,928, % Singapore Govt Securities 3% 01 Sep ,752, % Standard Chartered 5.25% 10 Apr ,590, % Singapore Govt Securities 3.125% 01 Sep ,445, % Fraser & Neave Ltd 6% 30 Apr ,398, % Capitaland Treasury Ltd 4.35% 31 Oct ,378, % Singapore Govt Securities 2.25% 01 Jun ,119, % Singapore Govt Securities 3.25% 01 Sep ,543, % Capitamalls Asia 3.95% Aug ,529, % Singapore Airlines 3.22% 09 Jul ,886, %

54 AIA SEMI-ANNUAL FUNDS REPORT 2013 AIA India Balanced/Opportunities Fund PORTFOLIO STATEMENTS Top 10 Holdings as at 30 June 2012** Market Value % of Net Asset Value DBS Cap Funding 5.75% 29 May ,371, % Standard Chartered 5.25% 10 Apr ,601, % OCBC Capital Corp 5.1% 29 Aug ,257, % Singapore Airlines 3.22% 09 Jul ,292, % DBS Bank 4.47% 15 Jul ,834, % Capitamalls Asia 3.95% Aug ,571, % Fraser & Neave Ltd 6% 30 Apr ,136, % Capitaland Treasury Ltd 4.35% 31 Oct ,530, % Singapore Govt Securities 3% 01 Sep ,265, % Singapore Govt Securities 3.125% 01 Sep ,944, % ** Information extracted from previous underlying PineBridge International Funds - Singapore Bond Fund

55 53 AIA India Balanced/Opportunities Fund OTHER INFORMATION Exposure To Derivatives Market Value % of Net Asset Value Realised Gains/ (Losses) Unrealised Gains/ (Losses) Forward foreign exchange contracts: AIA India Balanced Fund AIA India Opportunities Fund Borrowings N/A Total Redemptions and Subscriptions Redemptions Subscriptions AIA India Balanced Fund 20,292,633 4,025,784 AIA India Opportunities Fund 26,135,362 10,580,355 Related-Party Transactions N/A Expense Ratios 30 June June 2012 AIA India Balanced Fund* 1.67% 1.69% AIA India Opportunities Fund* 1.91% 1.90% Underlying Funds: Aberdeen India Opportunities Fund 1.89% # 1.85% # PineBridge International Funds - Singapore Bond Fund** 1.10% 0.96% Note: Expense ratio does not include insurance coverage, brokerage and other transaction costs, performance fee, foreign exchange gains/losses, front or back end loads arising from the purchase or sale of collective investment schemes and tax deducted at source or arising out of income received. * Includes underlying fund expense ratio ** Based on unaudited draft accounts # Based on unaudited data for the 12 months period ending 31 March 2013 and 31 March 2012 respectively

56 AIA SEMI-ANNUAL FUNDS REPORT 2013 AIA India Balanced/Opportunities Fund OTHER INFORMATION Turnover Ratios 30 June June 2012 Local Funds: The turnover ratio of the Local Fund(s) follow that of the Underlying Fund(s) as the Local Fund(s) invest all or substantially all of its assets into its Underlying Fund(s). Underlying Funds: Aberdeen India Opportunities Fund 7.70% # 3.95% # PineBridge International Funds - Singapore Bond Fund** 25.81% 16.57% Note: The turnover ratio is calculated based on the lesser of portfolio purchases and sales of the underlying investments expressed as a percentage over the average net asset value. ** Based on unaudited draft accounts # Based on unaudited data for the 6 months period ending 31 March 2013 and 31 March 2012 respectively Any Material Information That Will Adversely Impact The Valuation Of The Funds NIL Soft Dollar Commissions Aberdeen do not receive soft commissions or cash rebates from dealing on the Aberdeen India Opportunities Fund. PineBridge International Fund - Singapore Bond Fund: NA

57 55 AIA India Equity Fund FUND PERFORMANCE Period Fund Benchmark* % % 3-month (4.60) (3.50) 6-month (9.48) (4.49) 1-year (1.96) year^ (10.85) (7.93) 5-year^ year^ N/A N/A Since inception^ * MSCI India Index ^ Annualised returns Note: Fund inception date - 10 August Fund returns in, bid-to-bid, net dividends reinvested. PORTFOLIO STATEMENTS Investment In Collective Investment Scheme Market Value % of Net Asset Value PineBridge India Equity Fund 132,230, PINEBRIDGE INDIA EQUITY FUND Top 10 Holdings as at 30 June 2013** Market Value % of Net USD Asset Value Infosys Ltd 23,758, HDFC Bank Limited 21,010, Shree Cement Ltd 19,091, Sun Pharmaceutical Indus 16,330, Larsen + Toubro Ltd 15,417, Bosch Ltd 13,855, Bayer Cropscience Ltd 12,490, Hero Motocorp Ltd 12,281, Oracle Financial Services 10,507, Indraprastha Gas Ltd 9,809,

58 AIA SEMI-ANNUAL FUNDS REPORT 2013 AIA India Equity Fund PORTFOLIO STATEMENTS Top 10 Holdings as at 30 June 2012** Market Value % of Net USD Asset Value HDFC Bank Limited 30,876, Hero Motocorp Ltd 20,446, Jindal Steel + Power Ltd 20,409, Larsen + Toubro Ltd 18,830, Infosys Ltd 18,714, Petronet Lng Ltd 17,606, Bosch Ltd 14,698, Shree Cement Ltd 15,859, Coromandel International L 15,643, Coal India Ltd 13,887, ** Information extracted from the underlying PineBridge India Equity Fund

59 57 AIA India Equity Fund OTHER INFORMATION Exposure To Derivatives Market % of Net Realised Unrealised Value Asset Value Gains/ (Losses) Gains/ (Losses) Forward foreign exchange contracts (530) - (14,591) (627) Borrowings N/A Total Redemptions and Subscriptions Total amount of redemptions 13,554,826 Total amount of subscriptions 12,118,058 Related-Party Transactions N/A Expense Ratios 30 June June 2012 Local Fund* 1.86% 1.91% Underlying Fund: PineBridge India Equity Fund^^ 1.35% 1.34% Note: Expense ratio does not include insurance coverage, brokerage and other transaction costs, performance fee, foreign exchange gains/losses, front or back end loads arising from the purchase or sale of collective investment schemes and tax deducted at source or arising out of income received. * Includes underlying fund expense ratio ** Based on unaudited draft accounts Turnover Ratios 30 June June 2012 Local Fund The turnover ratio of the Local Fund(s) follow that of the Underlying Fund(s) as the Local Fund(s) invest all or substantially all of its assets into its Underlying Fund(s). Underlying Fund: PineBridge India Equity Fund** 23.11% -3.93% Note: The turnover ratio is calculated based on the lesser of portfolio purchases and sales of the underlying investments expressed as a percentage over the average net asset value. ** Based on unaudited draft accounts Any Material Information That Will Adversely Impact The Valuation Of The Fund NIL Soft Dollar Commissions N/A

60 AIA SEMI-ANNUAL FUNDS REPORT 2013 AIA International Health Care Fund FUND PERFORMANCE Period Fund Benchmark* 3-month month year year^ year^ year^ Since inception^ 0.19 (0.26) * MSCI World Health Care Index ^ Annualised returns Note: Fund launch date - 12 March Fund returns in, bid-to-bid, net dividends reinvested PORTFOLIO STATEMENTS Investment In Collective Investment Scheme Market Value % of Net Asset Value ACMBernstein SICAV - International Health Care Portfolio 39,566, ACMBERNSTEIN SICAV - INTERNATIONAL HEALTH CARE PORTFOLIO Top 10 Holdings as at 30 June 2013** Market Value % of Net USD Asset Value Roche Holding AG 24,755, Johnson & Johnson 21,081, GlaxoSmithKline PLC 19,250, Pfi zer, Inc. 19,080, Bristol-Myers Squibb Co. 11,008, WellPoint, Inc. 10,579, Novo Nordisk A/S - Class B 9,828, UnitedHealth Group, Inc. 9,286, Gilead Sciences, Inc. 8,426, Biogen Idec, Inc. 8,194,

61 59 AIA International Health Care Fund PORTFOLIO STATEMENTS Top 10 Holdings as at 30 June 2012** Market Value % of Net USD Asset Value Allergan, Inc./United States 22,577, Novo Nordisk A/S 21,893, Shire PLC 19,913, Roche Holding AG 19,589, McKesson Corp. 19,078, UnitedHealth Group, Inc. 12,971, Covidien PLC 12,850, Watson Pharmaceuticals, Inc. 11,274, Fresenius Medical Care AG & Co. KGaA 11,074, Alexion Pharmaceuticals, Inc. 10,784, ** Information extracted from the Luxembourg-registered ACMBernstein SICAV-International Health Care Portfolio

62 AIA SEMI-ANNUAL FUNDS REPORT 2013 AIA International Health Care Fund OTHER INFORMATION Exposure To Derivatives Market % of Net Realised Unrealised Value Asset Value Gains/ (Losses) Gains/ (Losses) Forward foreign exchange contracts (149) - (5,297) 23 Borrowings N/A Total Redemptions and Subscriptions Total amount of redemptions 2,409,254 Total amount of subscriptions 2,287,915 Related-Party Transactions N/A Expense Ratios 30 June June 2012 Local Fund* 2.25% 2.30% Underlying Fund: ACMBernstein SICAV-International Health Care Portfolio 1.43% ## 1.44% # Note: Expense ratio does not include insurance coverage, brokerage and other transaction costs, performance fee, foreign exchange gains/losses, front or back end loads arising from the purchase or sale of collective investment schemes and tax deducted at source or arising out of income received. * Include underlying fund expense ratio # This is based on published Luxembourg semi annual report period ending 30 Nov 2011 ## This is based on audited figures from published Luxembourg annual report period ending 31 May 2012

63 61 AIA International Health Care Fund OTHER INFORMATION Turnover Ratios 30 June June 2012 Local Fund The turnover ratio of the Local Fund(s) follow that of the Underlying Fund(s) as the Local Fund(s) invest all or substantially all of its assets into its Underlying Fund(s). Underlying Fund: ACMBernstein SICAV-International Health Care Portfolio 41.95% ## 26.64% # Note: The turnover ratio is calculated based on the lesser of portfolio purchases and sales of the underlying investments expressed as a percentage over the average net asset value. # This is based on published Luxembourg semi annual report period ending 30 Nov 2011 ## This is based on unaudited fi gures from published Luxembourg semi annual report period ending 30 Nov 2012 Any Material Information That Will Adversely Impact The Valuation Of The Fund NIL Soft Dollar Commissions During the period ended June 30, 2013, the Investment Manager received and entered into soft-dollar commissions/ arrangements with brokers relating to portfolios of the Fund that invest in equity securities, in respect of which certain goods and services used to support the investment decision making process were received. The soft commission arrangements were entered into on the basis that the execution of transactions on behalf of the Fund will be consistent with best execution standards and brokerage rates will not be in excess of customary institutional full-service brokerage rates. The goods and services received include specialist industry, company and consumer research, portfolio and market analysis and computer software used for the delivery of such services. The nature of the goods and services received is such that the benefi ts provided under the arrangement must be those which assist in the provision of investment services to the Fund and may contribute to an improvement in the Fund s performance. For the avoidance of doubt, such goods and services do not include travel, accommodations, entertainment, general administrative goods or services, general offi ce equipment or premises, membership fees, employees salaries or direct money payments.

64 AIA SEMI-ANNUAL FUNDS REPORT 2013 AIA Japan Balanced/Equity Fund FUND PERFORMANCE AIA JAPAN BALANCED FUND Period Fund Benchmark* % % 3-month month year year^ year^ year^ N/A N/A Since inception^ (1.54) (1.18) * Benchmark Details: From inception to 30 June % MSCI Japan DTR Net & 40% JP Morgan Sing Govt Bond Index All. From 1 July 2011 onwards - 60% TOPIX Index & 40% JP Morgan Sing Govt Bond Index All. ^ Annualised returns Note: Fund inception date - 9 March Fund returns in, bid-to-bid, net dividends reinvested AIA JAPAN EQUITY FUND Period Fund Benchmark* % % 3-month month year year^ year^ (6.95) (2.44) 10-year^ N/A N/A Since inception^ (9.47) (4.77) * Benchmark Details: From inception to 30 June MSCI Japan DTR Net. From 1 July 2011 onwards - TOPIX index. ^ Annualised returns Note: Fund inception date - 9 March Fund returns in, bid-to-bid, net dividends reinvested

65 63 AIA Japan Balanced/Equity Fund PORTFOLIO STATEMENTS AIA JAPAN BALANCED FUND Investment In Collective Investment Scheme Market Value % of Net Asset Value Nikko AM Shenton Japan Fund 9,400, PineBridge International Funds - Singapore Bond Fund 5,541, Total 14,941, AIA JAPAN EQUITY FUND Investment In Collective Investment Scheme Market Value % of Net Asset Value Nikko AM Shenton Japan Fund 17,597, NIKKO AM SHENTON JAPAN FUND Top 10 Holdings as at 30 June 2013** Market Value % of Net Asset Value Toyota Motor Corp 6,103, Mizuho Financial Group Inc 3,062, Mazda Motor Corp 2,625, Mitsubishi Ufj Financial Gro 2,393, Honda Motor Co Ltd 2,325, Hitachi Ltd 2,091, East Japan Railway Co 1,985, Nomura Holdings Inc 1,903, Japan Tobacco Inc 1,890, Nippon Telegraph & Telephone 1,847, Top 10 Holdings as at 30 June 2012** Market Value % of Net Asset Value Toyota Motor Corporation 2,996, Mitsubishi UFJ Financial Group 2,602, Mizuho Financial Group Incorporated 2,145, Honda Motor Company Limited 1,841, Orix Corporation 1,738, Hitachi Limited 1,728, Seven & I Holdings Company Limited 1,290, NTT Docomo Incorporated 1,285, Japan Tobacco Incorporated 1,243, Nippon Telegraph & Telephone 1,168, ** Information extracted from the underlying Nikko AM Shenton Japan Fund based on unaudited draft accounts.

66 AIA SEMI-ANNUAL FUNDS REPORT 2013 AIA Japan Balanced/Equity Fund PORTFOLIO STATEMENTS PINEBRIDGE INTERNATIONAL FUNDS - SINGAPORE BOND FUND Top 10 Holdings as at 30 June 2013** Market Value % of Net Asset Value DBS Bank 4.47% 15 Jul ,928, % Singapore Govt Securities 3% 01 Sep ,752, % Standard Chartered 5.25% 10 Apr ,590, % Singapore Govt Securities 3.125% 01 Sep ,445, % Fraser & Neave Ltd 6% 30 Apr ,398, % Capitaland Treasury Ltd 4.35% 31 Oct ,378, % Singapore Govt Securities 2.25% 01 Jun ,119, % Singapore Govt Securities 3.25% 01 Sep ,543, % Capitamalls Asia 3.95% Aug ,529, % Singapore Airlines 3.22% 09 Jul ,886, % Top 10 Holdings as at 30 June 2012** Market Value % of Net Asset Value DBS Cap Funding 5.75% 29 May ,371, % Standard Chartered 5.25% 10 Apr ,601, % OCBC Capital Corp 5.1% 29 Aug ,257, % Singapore Airlines 3.22% 09 Jul ,292, % DBS Bank 4.47% 15 Jul ,834, % Capitamalls Asia 3.95% Aug ,571, % Fraser & Neave Ltd 6% 30 Apr ,136, % Capitaland Treasury Ltd 4.35% 31 Oct ,530, % Singapore Govt Securities 3% 01 Sep ,265, % Singapore Govt Securities 3.125% 01 Sep ,944, % ** Information extracted from previous underlying PineBridge International Funds - Singapore Bond Fund

67 65 AIA Japan Balanced/Equity Fund OTHER INFORMATION Exposure To Derivatives Market Value % of Net Asset Value Realised Gains/ (Losses) Unrealised Gains/ (Losses) Forward foreign exchange contracts: AIA Japan Balanced Fund AIA Japan Equity Fund Borrowings N/A Redemptions Subscriptions Total Redemptions and Subscriptions AIA Japan Balanced Fund 2,149,165 3,172,564 AIA Japan Equity Fund 8,009,317 11,340,833 Related-Party Transactions N/A Expense Ratios 30 June June 2012 AIA Japan Balanced Fund* 1.73% 1.72% AIA Japan Equity Fund* 1.84% 1.83% Underlying Funds: Nikko AM Shenton Japan Fund^^ 1.24% 1.19% PineBridge International Funds - Singapore Bond Fund^^ 1.10% 0.96% Note: Expense ratio does not include insurance coverage, brokerage and other transaction costs, performance fee, foreign exchange gains/losses, front or back end loads arising from the purchase or sale of collective investment schemes and tax deducted at source or arising out of income received. * Includes underlying fund expense ratio ^^ Based on unaudited draft accounts

68 AIA SEMI-ANNUAL FUNDS REPORT 2013 AIA Japan Balanced/Equity Fund OTHER INFORMATION Turnover Ratios 30 June June 2012 Local Funds: The turnover ratio of the Local Fund(s) follow that of the Underlying Fund(s) as the Local Fund(s) invest all or substantially all of its assets into its Underlying Fund(s). Underlying Funds: Nikko AM Shenton Japan Fund^^ 41.14% 29.86% PineBridge International Funds - Singapore Bond Fund^^ 25.81% 16.57% Note: The turnover ratio is calculated based on the lesser of portfolio purchases and sales of the underlying investments expressed as a percentage over the average net asset value. ^^ Based on unaudited draft accounts Any Material Information That Will Adversely Impact The Valuation Of The Funds Nil Soft Dollar Commissions PineBridge International Funds - Singapore Bond Fund: NA Soft dollar commissions for Nikko AM Shenton Japan Fund. Appointment of soft dollar brokers. Soft dollar brokers will be appointed onto the Managers broker panel only after the Managers have ensured that: a) full disclosure of the practice of accepting soft dollars is made; b) the commission rates charged are comparable with the market rates; c) there is no confl ict of interest; d) the soft dollar credits are used only for clearly defi ned services; e) at all times trades are executed through the respective brokers only on the basis of best execution regardless whether soft dollar benefi ts will accrue. Best execution shall include competitive prices with smooth execution ability; and f) relevant regulations and guidelines are complied with. The procedures for the appointment of the brokers shall be no different from that of normal full service brokers. Execution and allocation If any Trustee objects to the use of the soft dollar brokers, the trades of the relevant Scheme(s) shall be segregated from the rest of the trades that are executed through the relevant soft dollar broker(s). The Managers will execute trades for such accounts only with authorised full service brokers.

69 67 AIA Japan Balanced/Equity Fund OTHER INFORMATION It is the responsibility of the Managers to ensure that the allocation quotas are adhered to. In addition, the Managers will monitor the execution ability of the soft dollar brokers and assign the business strictly on a best execution basis. Subject to the provisions of the Code, in its management of each Scheme, the Managers may receive soft dollar commissions from, or may enter into soft dollar arrangements with, stockbrokers who execute trades on behalf of the relevant Scheme and the soft dollars received would be restricted to the following kinds of services: a) specifi c advice as to the advisability of dealing in, or of the value of any investments; b) research and advisory services; c) economic and political analysis; d) portfolio analysis including valuation and portfolio measurements; e) market analysis; f) data and quotation services; g) computer hardware or software that are used to support the investment decision making process, the giving of advice, or the conduct of research or analysis; and h) custodial services in relation to the investments managed for clients. The following are, however, prohibited: a) travel, accommodation and entertainment expenses; b) general administrative goods and services including offi ce equipment and premises; c) membership fees; d) employee salaries; e) direct money payments / rebates. Records of the payments made using soft dollar commissions shall be retained with the Managers. Subject to the provisions of the Code*, the Sub-Managers of the Nikko AM Shenton Japan Fund may receive soft-dollar commissions from, or may enter into soft dollar arrangements with, stockbrokers who execute trades on behalf of the Scheme. However, in any such arrangement, the Sub-Managers of the Nikko AM Shenton Japan Fund will abide by the restrictions and prohibitions set out in paragraph 18.2 of the prospectus. The Managers and the Sub-Managers of the Nikko AM Shenton Japan Fund will not accept or enter into soft-dollar commissions / arrangements unless: such soft-dollar commissions / arrangements would in the opinion of the Managers / Sub-Managers, assist the Managers / Sub-Managers in their management of the relevant Scheme; the Managers / Sub-Managers shall ensure at all times that best execution is carried out for the transactions; and no unnecessary trades are entered into in order to qualify for such soft-dollar commissions / arrangements. The Managers and the Sub-Managers of the Nikko AM Shenton Japan Fund will comply with applicable regulatory and industry standards on soft dollars. * The Code shall mean the Code on Collective Investment Schemes dated 30 September 2011 issued by the Authority, as may be amended from time to time.

70 AIA SEMI-ANNUAL FUNDS REPORT 2013 AIA Managed Portfolios FUND PERFORMANCE PORTFOLIO 30 Period Fund Benchmark* % % 3-month (2.46) month (0.98) year year^ year^ year^ Since inception^ * Benchmark Details: Inception to 30 June % MSCI AC World Free Index & 75% JP Morgan Sing Govt Bond Index From 1 July % MSCI World & 70% Citigroup World Government Bond ^ Annualised returns Note: Fund inception date - 8 March Fund returns in, bid-to-bid, net dividends reinvested PORTFOLIO 50 Period Fund Benchmark* % % 3-month (2.09) month year year^ year^ year^ Since inception^ * Benchmark Details: Inception to 30 June % MSCI AC World Free Index & 40% JP Morgan Sing Govt Bond Index & 15% Salomon World Govt Bond Index From 1 July % MSCI World & 50% Citigroup World Government Bond ^ Annualised returns Note: Fund inception date - 8 March Fund returns in, bid-to-bid, net dividends reinvested

71 69 AIA Managed Portfolios FUND PERFORMANCE PORTFOLIO 70 Period Fund Benchmark* % % 3-month (1.30) month year year^ year^ year^ Since inception^ * Benchmark Details: Inception to 30 June % MSCI AC World Free Index & 20% JP Morgan Sing Govt Bond Index & 15% Salomon World Govt Bond Index From 1 July % MSCI World & 30% Citigroup World Government Bond ^ Annualised returns Note: Fund inception date - 8 March Fund returns in, bid-to-bid, net dividends reinvested PORTFOLIO 100 Period Fund Benchmark* % % 3-month month year year^ year^ (1.74) year^ Since inception^ (0.96) 2.51 * Benchmark Details: Inception to 30 June MSCI World Free Index From 1 July % MSCI World & 40% Dividend Yield (MSCI World) ^ Annualised returns Note: Fund inception date - 8 March Fund returns in, bid-to-bid, net dividends reinvested

72 AIA SEMI-ANNUAL FUNDS REPORT 2013 AIA Managed Portfolios PORTFOLIO STATEMENTS PORTFOLIO 30 Investment In Collective Investment Scheme Market Value % of Net Asset Value Schroder Multi-Asset Revolution 30 15,075, Total 15,075, PORTFOLIO 50 Investment In Collective Investment Scheme Market Value % of Net Asset Value Schroder Multi-Asset Revolution 50 29,337, Total 29,337, PORTFOLIO 70 Investment In Collective Investment Scheme Market Value % of Net Asset Value Schroder Multi-Asset Revolution 70 33,684, Total 33,684, PORTFOLIO 100 Investment In Collective Investment Scheme Market Value % of Net Asset Value Allianz Global Investors Premier Funds - Allianz Global High Payout Fund 7,651, Total 7,651,

73 71 AIA Managed Portfolios PORTFOLIO STATEMENTS SCHRODER MULTI-ASSET REVOLUTION 30 Top 10 Holdings as at 31 December 2012 (Audited) Market Value % of Net Asset Value SISF - Global Bond I Acc 4,302, Schroder Singapore Fixed Income Fund Class I 3,062, Schroder Asian Investment Grade Credit Class A 2,020, SISF - Emerging Markets Debt Absolute Return I Acc 1,754, SISF - Asian Bond Absolute Return I Acc 1,528, SISF - Global Corporate Bond I Acc 1,507, SISF - Global Equity Alpha I Acc 1,489, SISF - Global Property Securities I Acc 1,274, SPDR Gold Trust 1,212, SISF - Asian Opportunities I Acc 1,057, Top 10 Holdings as at 31 December 2011 (Audited) Market Value % of Net Asset Value SISF - Global Bond I Acc 2,249, Schroder Singapore Fixed Income Fund Class I 1,593, Schroder Asian Investment Grade Credit Class A 1,087, SISF - Emerging Markets Debt Absolute Return I Acc 918, SISF - Global Equity Alpha I Acc 827, SISF - Asian Bond Absolute Return I Acc 784, SISF - Global Property Securities I Acc 700, SISF - Global Infl ation Linked Bond I Acc 698, SISF - Global Corporate Bond I Acc 536, SISF - Asian Opportunities I Acc 503, Legend: SISF : Schroder International Selection Fund * Information extracted from the underlying Schroder Multi-Asset Revolution 30

74 AIA SEMI-ANNUAL FUNDS REPORT 2013 AIA Managed Portfolios PORTFOLIO STATEMENTS SCHRODER MULTI-ASSET REVOLUTION 50 Top 10 Holdings as at 31 December 2012 (Audited) Market Value % of Net Asset Value SISF - Global Bond I Acc 6,530, SISF - Emerging Markets Debt Absolute Return I Acc 6,045, SISF - Global Equity Alpha I Acc 5,736, Schroder Asian Investment Grade Credit Class A 5,505, SISF - Global Property Securities I Acc 5,488, Schroder Singapore Fixed Income Fund Class I 5,060, SISF - Asian Bond Absolute Return I Acc 4,453, SISF - Asian Opportunities I Acc 3,939, SISF - Global Corporate Bond I Acc 3,748, SISF - Emerging Markets I Acc 3,516, Top 10 Holdings as at 31 December 2011 (Audited) Market Value % of Net Asset Value SISF - Global Bond I Acc 2,687, SISF - Emerging Markets Debt Absolute Return I Acc 2,479, SISF - Global Property Securities I Acc 2,302, SISF - Global Equity Alpha I Acc 2,242, Schroder Asian Investment Grade Credit Class A 2,219, Schroder Singapore Fixed Income Fund Class I 2,146, SISF - Asian Bond Absolute Return I Acc 2,033, SISF - Asian Opportunities I Acc 1,738, SISF - Global Infl ation Linked Bond I Acc 1,691, Schroder Singapore Trust Class I 1,370, Legend: SISF - Schroder International Selection Fund * Information extracted from the underlying Schroder Multi-Asset Revolution 50

75 73 AIA Managed Portfolios PORTFOLIO STATEMENTS SCHRODER MULTI-ASSET REVOLUTION 70 Top 10 Holdings as at 31 December 2012 (Audited) Market Value % of Net Asset Value SISF - Global Equity Alpha I Acc 19,664, SISF - Global Property Securities I Acc 14,621, SISF - Asian Opportunities I Acc 11,620, SISF - Emerging Markets Debt Absolute Return I Acc 11,519, SISF - Global Bond I Acc 11,329, SISF - Global Smaller Companies I Acc 11,232, SISF - Emerging Markets I Acc 11,227, Schroder Singapore Trust Class I 10,265, SISF - Japanese Equity I Acc 7,402, Schroder Asian Investment Grade Credit Class A 6,800, Top 10 Holdings as at 31 December 2011 (Audited) Market Value % of Net Asset Value SISF - Global Equity Alpha I Acc 4,073, SISF - Global Property Securities I Acc 3,172, SISF - Emerging Markets Debt Absolute I Acc 2,597, SISF - Asian Opportunities I Acc 2,581, SISF - Global Smaller Companies I Acc 2,477, SISF - Global Bond I Acc 2,413, Schroder Singapore Trust Class I 2,139, SISF - Emerging Markets I Acc 1,808, SISF - Japanese Equity I Acc 1,594, Schroder Asian Investment Grade Credit Class A 1,576, Legend: SISF: Schroder International Selection Fund * Information extracted from the underlying Schroder Multi-Asset Revolution 70

76 AIA SEMI-ANNUAL FUNDS REPORT 2013 AIA Managed Portfolios PORTFOLIO STATEMENTS ALLIANZ GLOBAL INVESTORS PREMIER FUNDS - ALLIANZ GLOBAL HIGH PAYOUT FUND Top 10 Holdings as at 30 June 2013* Market Value % of Net USD Asset Value Exxon Mobil Corp 2,248, Chevron Co 1,773, Time Warner Inc 1,734, Johnson & Johnson 1,717, Total SA 1,704, AT & T Inc Com 1,698, ConocoPhillips 1,693, China Mobile Ltd 1,673, Apple Inc Com 1,584, JP Morgan Chase & Co Com 1,530, Top 10 Holdings as at 30 June 2012*^ Market Value % of Net USD Asset Value Imperial Tobacco Group PLC 2,695, AT & T Inc Com 2,673, Nestle B Shares 2,447, Intel Corp 2,397, Union Pacifi c Corp 2,386, International Business Machines Corporation 2,345, Astrazeneca PLC 2,235, Exxon Mobil Corp 2,139, Vodafone Group PLC 2,107, Accenture PLC Co 2,102, * Information extracted from underlying Allianz Global Investors Premier Funds - Allianz Global High Payout Fund based on unaudited draft accounts. ^ Certain comparative fi gures have been restated to conform with changes in relation to the revised Recommended Accounting Practice 7 Reporting Framework for Unit Trusts issued by the Institute of Certifi ed Public Accountants of Singapore in June 2012.

77 75 AIA Managed Portfolios OTHER INFORMATION Exposure To Derivatives Market Value % of Net Asset Value Realised Gains/ (Losses) Unrealised Gains/ (Losses) Forward foreign exchange contracts: AIA Portfolio 30 Fund AIA Portfolio 50 Fund AIA Portfolio 70 Fund AIA Portfolio 100 Fund Borrowings N/A Total Redemptions and Subscriptions Redemptions Subscriptions AIA Portfolio 30 Fund 1,661,408 1,367,921 AIA Portfolio 50 Fund 1,625,808 1,863,726 AIA Portfolio 70 Fund 2,253,833 2,224,312 AIA Portfolio 100 Fund 648, ,000 Related-Party Transactions N/A Expense Ratios 30 June June 2012 AIA Portfolio 30 Fund* 1.12% 1.90% AIA Portfolio 50 Fund* 1.74% 1.99% AIA Portfolio 70 Fund* 1.71% 1.82% AIA Portfolio 100 Fund* 1.94% 1.95% Underlying Funds: Schroder Multi-Asset Revolution % % ++ Schroder Multi-Asset Revolution % % ++ Schroder Multi-Asset Revolution % % ++ Allianz Global Investors Premier Funds - Allianz Global High Payout Fund 1.91%^ 1.91%^^ Note: Expense ratio does not include insurance coverage, brokerage and other transaction costs, performance fee, foreign exchange gains/losses, front or back end loads arising from the purchase or sale of collective investment schemes and tax deducted at source or arising out of income received. * Includes underlying fund expense ratio ++ As of 31 March Based on audited account as of 31 December 2012 ^ Based on unaudited draft account for the period from 1 July 2012 to 30 June 2013 ^^ Based on unaudited draft account for the period from 1 July 2011 to 30 June 2012

78 AIA SEMI-ANNUAL FUNDS REPORT 2013 AIA Managed Portfolios OTHER INFORMATION Turnover Ratios 30 June June 2012 Local Funds: The turnover ratio of the Local Fund(s) follow that of the Underlying Fund(s) as the Local Fund(s) invest all or substantially all of its assets into its Underlying Fund(s). Underlying Funds: Schroder Multi-Asset Revolution %* 19.92%* Schroder Multi-Asset Revolution %* 21.73%* Schroder Multi-Asset Revolution %* 16.64%* Allianz Global Investors Premier Funds - Allianz Global High Payout Fund 48.92%^ 10.87%^^ Note: The turnover ratio is calculated based on the lesser of portfolio purchases and sales of the underlying investments expressed as a percentage over the average net asset value. * As of 31 December 2012 and 31 December 2011 respectively ^ Based on unaudited draft account for the period from 1 July 2012 to 30 June 2013 ^^ Based on unaudited draft account for the period from 1 July 2011 to 30 June 2012 Any Material Information That Will Adversely Impact The Valuation Of The Fund NIL Soft Dollar Commissions Allianz Global High Payout Fund did not engage in soft dollar arrangements. Soft dollar commissions for Schroder funds: Soft dollar commissions and arrangements may be undertaken in respect of the underlying funds. In the management of the underlying funds, the managers may accept soft dollar commissions from, or enter into soft dollar arrangements with, stockbrokers who execute trades on behalf of the underlying funds and the soft dollars received are restricted to the following kinds of services: a) research, analysis or price information; b) performance measurement; c) portfolio valuations; and d) administration services. The managers shall not enter into unnecessary trades in order to qualify for such soft dollar commissions or arrangements and shall not receive goods and services such as travel, accommodation and entertainment, and best execution is carried out for the transactions.

79 77 AIA Private Solutions FUND PERFORMANCE AIA Private Solutions - Conservative Fund Period Fund Benchmark* % 3-month (1.47) (0.80) 6-month year year^ year^ N/A N/A 10-year^ N/A N/A Since inception^ ^Annualised Returns * 3% MSCI Singapore DTR Net, 4% MSCI AC Asia ex Jp DTR Net, 6.6% MSCI Japan DTR Net, 4.4% MSCI Europe DTR Net, 12% MSCI North America DTR Net, 23% Citi World Govt Bond Index & 47% Citi Singapore Govt Bond Index Note: Fund Inception date - 9 July Fund returns in, bid to bid, net dividends reinvested AIA Private Solutions - Balanced Fund Period Fund Benchmark* % % 3-month month year year^ year^ N/A N/A 10-year^ N/A N/A Since inception^ ^Annualised Returns * 7% MSCI Singapore DTR Net, 4% MSCI AC Asia ex Jp DTR Net, 9% MSCI Japan DTR Net, 2% MSCI Emerging Markets DTR Net, 17% MSCI Europe DTR Net, 16% MSCI North America DTR Net, 22% Citi World Govt Bond Index & 23% Citi Singapore Govt Bond Index Note: Fund Inception date - 9 July Fund returns in, bid to bid, net dividends reinvested

80 AIA SEMI-ANNUAL FUNDS REPORT 2013 AIA Private Solutions FUND PERFORMANCE AIA Private Solutions - Aggressive Fund Period Fund Benchmark* % % 3-month month year year^ year^ N/A N/A 10-year^ N/A N/A Since inception^ ^Annualised Returns * 10% MSCI Singapore DTR Net, 4% MSCI AC Asia ex Jp DTR Net, 10% MSCI Japan DTR Net, 3% MSCI Emerging Markets DTR Net, 29% MSCI Europe DTR Net, 19% MSCI North America DTR Net, 15% Citi World Govt Bond Index & 10% Citi Singapore Govt Bond Index Note: Fund Inception date - 9 July Fund returns in, bid to bid, net dividends reinvested AIA Private Solutions - Conservative Fund Investment In Collective Investment Scheme Market Value % of Net Asset Value PineBridge International Funds - Singapore Bond Fund 91, Horizon Singapore Fixed Income Enhanced Fund 167, DWS Singapore Equity Fund 36, Fidelity Funds - South East Asia Fund 36, Fidelity Funds - Japan Fund 65, Henderson Horizon Fund - Pan European Equity Fund 33, Franklin Templeton Investment Funds - Templeton Global Total Return Fund 121, Franklin Templeton Investment Funds - Templeton U.S. Opportunities Fund 110, Franklin Templeton Investment Funds - Templeton Global Bond Fund 93, Franklin Templeton Investment Funds - Franklin US Small-Mid Cap Growth Fund 35, Schroder Fixed Income Fund 145, Total 936,

81 79 AIA Private Solutions PORTFOLIO STATEMENTS AIA Private Solutions - Balanced Fund Investment In Collective Investment Scheme Market Value % of Net Asset Value Schroder Fixed Income Fund 253, Horizon Singapore Fixed Income Enhanced Fund 377, DWS Singapore Equity Fund 251, Fidelity Funds - Emerging Markets Fund 99, Fidelity Funds - South East Asia Fund 162, Fidelity Funds - Euro Blue Chip Fund 241, Fidelity Funds - Japan Fund 317, Henderson Horizon Fund - Pan European Equity Fund 266, Franklin Templeton Investment Funds - Templeton Global Total Return Fund 462, Franklin Templeton Investment Funds - Templeton U.S. Opportunities Fund 458, Franklin Templeton Investment Funds - Templeton Global Bond Fund 230, Franklin Templeton Investment Funds - Franklin US Small-Mid Cap Growth Fund 215, Total 3,334,

82 AIA SEMI-ANNUAL FUNDS REPORT 2013 AIA Private Solutions PORTFOLIO STATEMENTS AIA Private Solutions - Aggressive Fund Investment In Collective Investment Scheme Market Value % of Net Asset Value DWS Singapore Equity Fund 359, Fidelity Funds - Emerging Markets Fund 135, Fidelity Funds - South East Asia Fund 165, Fidelity Funds - Euro Blue Chip Fund 388, Fidelity Funds - Japan Fund 361, Schroder European Equity Alpha Fund 171, Horizon Singapore Fixed Income Enhanced Fund 261, Henderson Horizon Fund - Pan European Equity Fund 384, Franklin Templeton Investment Funds - Templeton Global Total Return Fund 270, Franklin Templeton Investment Funds - Templeton U.S. Opportunities Fund 505, Franklin Templeton Investment Funds - Templeton Global Bond Fund 134, Franklin Templeton Investment Funds - Franklin US Small-Mid Cap Growth Fund 330, Total 3,469,

83 81 AIA Private Solutions OTHER INFORMATION Exposure To Derivatives Market Value % of Net Asset Value Realised Gains/ (Losses) Unrealised Gains/ (Losses) Forward foreign exchange contracts: AIA Private Solutions Aggressive Fund - - (6,782) 3,099 AIA Private Solutions Balanced Fund - - (6,687) 2,896 AIA Private Solutions Conservative Fund - - (1,249) 493 Borrowings N/A Total Redemptions and Subscriptions Redemptions Subscriptions AIA Private Solutions Aggressive Fund 132, ,744 AIA Private Solutions Balanced Fund 340,430 91,943 AIA Private Solutions Conservative Fund 158,692 19,724 Related-Party Transactions N/A

84 AIA SEMI-ANNUAL FUNDS REPORT 2013 AIA Private Solutions OTHER INFORMATION Expense Ratios 30 June June 2012 AIA Private Solutions Aggressive Fund* 3.01% 3.06% AIA Private Solutions Balanced Fund* 2.86% 2.77% AIA Private Solutions Conservative Fund* 3.58% 3.67% Underlying Funds: PineBridge International Funds - Singapore Bond Fund^ 1.10% 0.96% Horizon Singapore Fixed Income Enhanced Fund 1.28%^ 1.26%+ DWS Singapore Equity Fund 1.71%^ 1.25%^ Fidelity Funds - South East Asia Fund A Fidelity Funds - Euro Blue Chip Fund A Fidelity Funds - Japan Fund Fidelity Funds - Emerging Markets Fund Henderson Horizon Fund - Pan European Equity Fund 1.96% # 1.99% + Franklin Templeton Investment Funds - Templeton Global Total Return Fund 1.41%^ 1.39%^ Franklin Templeton Investment Funds - Templeton U.S. Opportunities Fund 1.81%^ 1.79%^ Franklin Templeton Investment Funds - Templeton Global Bond Fund 1.40%^ 1.39%^ Franklin Templeton Investment Funds - Franklin US Small-Mid Cap Growth Fund 1.85%^ 1.84%^ Schroder European Equity Alpha Fund 2.14% # 2.15%^^ Schroder Fixed Income Fund 0.35% # 0.37%^^ Note: Expense ratio does not include insurance coverage, brokerage and other transaction costs, performance fee, foreign exchange gains/losses, front or back end loads arising from the purchase or sale of collective investment schemes and tax deducted at source or arising out of income received. * Includes underlying fund expense ratio ^ Based on unaudited draft As of 30 April 2013 and 30 April 2012 respectively + As of 31 December 2011 # As of 31 December 2012 ^^ As of 31 March 2012

85 83 AIA Private Solutions OTHER INFORMATION Turnover Ratios 30 June June 2012 Local Funds: The turnover ratio of the Local Fund(s) follow that of the Underlying Fund(s) as the Local Fund(s) invest all or substantially all of its assets into its Underlying Fund(s). Underlying Funds: PineBridge International Funds - Singapore Bond Fund^ 25.81% 16.57% Horizon Singapore Fixed Income Enhanced Fund %^ 77.85% DWS Singapore Equity Fund %^ %^ Fidelity Funds - South East Asia Fund A Fidelity Funds - Euro Blue Chip Fund A Fidelity Funds - Japan Fund Fidelity Funds - Emerging Markets Fund Henderson Horizon Fund - Pan European Equity Fund 39.20% %* Franklin Templeton Investment Funds - Templeton Global Total Return Fund 17.58%^ 33.35%^ Franklin Templeton Investment Funds - Templeton U.S. Opportunities Fund 83.22%^ 68.23%^ Franklin Templeton Investment Funds - Templeton Global Bond Fund 50.05%^ 57.38%^ Franklin Templeton Investment Funds - Franklin US Small-Mid Cap Growth Fund 51.36%^ -5.31%^ Schroder European Equity Alpha Fund 0.00% %* Schroder Fixed Income Fund 48.41% %* Note: The turnover ratio is calculated based on the lesser of portfolio purchases and sales of the underlying investments expressed as a percentage over the average net asset value. ^ Based on unaudited draft As of 30 April 2013 and 30 April 2012 respectively * As of 31 December As of 31 December 2012 Any Material Information That Will Adversely Impact The Valuation Of The Fund NIL

86 AIA SEMI-ANNUAL FUNDS REPORT 2013 AIA Private Solutions OTHER INFORMATION Soft Dollar Commissions PineBridge International Fund Singapore Bond Fund: NA Soft dollar commissions for Henderson Horizon Fund Pan European Equity Fund No cash rebates were retained by the Manager or any of its connected persons. All transactions carried out on behalf of the Fund were conducted on an arm s length basis and were executed on the best available terms. The Manager and any of its connected persons may effect transactions by or through the agency of another person with whom the Manager and any of its connected persons have an arrangement under which that party will from time to time provide to or procure for the Manager and any of its connected persons goods, services or other benefi ts, such as research and advisory services, computer hardware associated with specialised software or research services and performance measures etc., the nature of which is such that their provision can reasonably be expected to benefi t the Fund as a whole and may contribute to an improvement in the Fund s performance and that of the Manager or any of its connected persons in providing services to the Fund and for which no direct payment is made. Instead, the Manager and any of its connected persons undertake to place business with the party. For the avoidance of doubt, such goods and services do not include travel, accommodation, entertainment, general administrative goods or services, general offi ce equipment or premises, membership fees, employee salaries or direct money payments. Soft dollar commissions may be retained by the Manager or any connected persons of the Manager provided that the brokerage rates are not in excess of customary institutional full service brokerage rates. Soft dollar commissions for Franklin Templeton Investment Funds Templeton Global Total Return Fund, Franklin Templeton Investment Funds Templeton U.S. Value Fund, Franklin Templeton Investment Funds Templeton Global Bond Fund, Franklin Templeton Investment Funds US Small Mid Cap Growth Fund The Franklin Templeton Investment Funds Templeton Global Total Return Fund paid US$ 0 in commission dollars generated from portfolio transactions to pay for goods or services provided by third parties under a soft dollar arrangement. All goods and services acquired with the soft dollar commission were for the benefi t of the unit trust. The broker(s), who has executed trades for other funds managed by the Investment Manager, had executed the trades on best available terms and there was no churning of trades. The Franklin Templeton Investment Funds Templeton Global Total Return Fund paid US$ 455,883 in commission dollars generated from portfolio transactions to pay for goods or services provided by third parties under a soft dollar arrangement. All goods and services acquired with the soft dollar commission were for the benefi t of the unit trust. The broker(s), who has executed trades for other funds managed by the Investment Manager, had executed the trades on best available terms and there was no churning of trades.

87 85 AIA Private Solutions OTHER INFORMATION The Franklin Templeton Investment Funds Templeton Global Bond Fund paid US$ 0 in commission dollars generated from portfolio transactions to pay for goods or services provided by third parties under a soft dollar arrangement. All goods and services acquired with the soft dollar commission were for the benefi t of the unit trust. The broker(s), who has executed trades for other funds managed by the Investment Manager, had executed the trades on best available terms and there was no churning of trades. The Franklin Templeton Investment Funds Franklin US Small Mid Cap Growth Fund paid US$ 41,296 in commission dollars generated from portfolio transactions to pay for goods or services provided by third parties under a soft dollar arrangement. All goods and services acquired with the soft dollar commission were for the benefi t of the unit trust. The broker(s), who has executed trades for other funds managed by the Investment Manager, had executed the trades on best available terms and there was no churning of trades. Soft dollar commissions for Schroder Singapore Fixed Income Fund, Schroder International Selection Fund European Equity Alpha. Soft dollar commissions and arrangements may be undertaken in respect of the underlying funds. In the management of the underlying funds, the managers may accept soft dollar commissions from, or enter into soft dollar arrangements with, stockbrokers who execute trades on behalf of the underlying funds and the soft dollars received are restricted to the following kinds of services: (a) research, analysis or price information; (b) performance measurement; (c) portfolio valuations; and (d) administration services. The managers shall not enter into unnecessary trades in order to qualify for such soft dollar commissions or arrangements and shall not receive goods and services such as travel, accommodation and entertainment, and best execution is carried out for the transactions. Soft dollar commissions for Fidelity Fund South East Asian Fund, Fidelity Fund Euro Blue Chip Fund, Fidelity Fund Japan Fund, Fidelity Funds Emerging Markets Fund: The Investment Manager and any of its Connected Persons may effect transactions by or through the agency of another person with whom the Investment Manager and any of its Connected Persons have an arrangement under which that party will from time to time provide to or procure for the Investment Manager and any of its Connected Persons goods, services or other benefits (such as research and advisory services), the nature of which is such that their provision can reasonably be expected to benefit the Fund as a whole and may contribute to an improvement in the performance of the Fund or of the Investment. Manager or any of its Connected Persons in providing services to the Fund and for which no direct payment is made but instead the Investment Manager and any of its Connected Persons undertake to place business with that party. For the avoidance of doubt, such goods and services do not include travel, accommodation, entertainment, general administrative goods or services, general offi ce equipment or premises, membership fees, employee

88 AIA SEMI-ANNUAL FUNDS REPORT 2013 AIA Private Solutions OTHER INFORMATION salaries or direct money payments. The Investment Manager and any Connected Person shall not retain the benefi t of any cash commission rebate (being repayment of a cash commission made by a broker or dealer to the Investment Manager and/or any Connected Person) paid or payable from any such broker or dealer in respect of any business placed with such broker or dealer by the Investment Manager or any Connected Person for or on behalf the Fund. Any such cash commission rebate from any such broker or dealer will be held by the Investment Manager and any Connected Person for the account of the Fund. Brokerage rates will not be excessive of customary brokerage rates. All transactions will be done with best execution. Soft dollar commissions for the DWS Singapore Equity Fund: Soft dollar commissions are benefi ts accorded to Manager by their brokers, usually in the form of research, advisory analysis and data services, computer hardware or software used for and/or in support of the investment process. The Manager s policy on soft dollar commissions is as follows: the goods and services received would assist in the provision of investment service and advise or related services to the unit trust; transactions are executed on the best available terms; and the Manager does not engage in unnecessary trades in order to qualify for soft dollar commissions. Soft dollar commissions were received from the Manager s panel of soft brokers which executed transactions for the unit trust and other funds managed by the Managers. Soft dollar commissions for the Horizon Singapore Fixed Income Enhanced Fund: Appointment of soft dollar brokers Soft dollar brokers will be appointed onto the Managers broker panel only after the Managers have ensured that: a) full disclosure of the practice of accepting soft dollars is made to all clients and in this Prospectus if it relates to any of the Sub Funds; b) the commission rates charged are comparable with the market rates; c) there is no confl ict of interest; d) the soft dollar credits are used only for clearly defi ned services; e) at all times trades are executed through the respective brokers only on the basis of best execution regardless whether soft dollar benefi ts will accrue. Best execution shall include competitive prices with smooth execution ability; and f) relevant regulations and guidelines are complied with. The procedures for the appointment of the brokers shall be no different from that of normal full service brokers.

89 87 AIA Private Solutions OTHER INFORMATION Execution and allocation Clients or trustees of funds managed by the Managers who object to the use of the soft dollar brokers shall have their trades segregated from the rest of the trades that are executed through the relevant soft dollar broker(s). The Managers will execute trades for such accounts only with authorised full service brokers. It is the responsibility of the central dealers to ensure that the allocation quotas are adhered to. In addition, the central dealers will monitor the execution ability of the soft dollar brokers and assign the business strictly on a best execution basis. Subject to the provisions of the Code^, in their management of the Fund, the Managers may receive soft dollar commissions from, or enter into soft dollar arrangements with, stockbrokers who execute trades on behalf of the Fund and the soft dollars received would be restricted to the following kinds of services: a) specifi c advice as to the advisability of dealing in, or of the value of any investments; b) research and advisory services; c) economic and political analysis; d) portfolio analysis including valuation and portfolio measurements; e) market analysis; f) data and quotation services; g) computer hardware or software that are used to support the investment decision making process, the giving of advice, or the conduct of research or analysis; and h) custodial services in relation to the investments managed for clients. The following are, however, prohibited: a) travel, accommodation and entertainment expenses; b) general administrative goods and services including offi ce equipment and premises; c) membership fees; d) employee salaries; and e) direct money payments / rebates. Records of the payments made using soft dollar commissions shall be retained with the Managers. ^ Code on Collective Investment Schemes issued by the Authority pursuant to Section 321 of the Securities and Futures Act (Cap. 289) as the same may be modifi ed, amended, supplemented or revised by the Authority from time to time (the Code ).

90 AIA SEMI-ANNUAL FUNDS REPORT 2013 AIA Regional Equity Fund FUND PERFORMANCE Period Fund Benchmark* % % 3-month (0.42) (3.14) 6-month 1.64 (1.88) 1-year year ^ year ^ year ^ Since inception ^ ^ Annualised returns * Benchmark Details : Inception to December MSCI AC Far East Free ex Japan Gross From January 2001 onwards - MSCI AC Far East Free ex Japan DTR Net Index (in ) Note: Fund inception date - 2 September Fund returns in, bid-to-bid, net dividends reinvested PORTFOLIO STATEMENTS Investment In Collective Investment Scheme Market Value % of Net Asset Value Fidelity Funds- Asian Equity Fund 765,755,

91 89 AIA Regional Equity Fund PORTFOLIO STATEMENTS FIDELITY FUNDS - ASIAN EQUITY FUND Top 10 Holdings as at 30 June 2013** Market Value % of Net Asset Value Samsung Electronics Co Ltd 42,479, Taiwan Semiconductr Mfg Co Inc 31,852, Tencent Hldgs Ltd 21,861, AIA Group Ltd 21,774, Industrial & Coml Bk China 17,403, Hyundai Motor Co 16,341, United Overseas Bank Ltd 14,259, Bank Central Asia Tbk Pt 12,839, LG Household & Health Care Ltd 10,916, Hutchison Whampoa Ltd 10,308, Top 10 Holdings as at 30 June 2012** Market Value % of Net Asset Value Samsung Electronics 41,995, Tencent Holdings 31,496, Taiwan Semiconductor Manufacturing 31,496, CNOOC 25,197, China Mobile 23,097, Samsung Electronics Nv Pfd 18,898, Bank Of China Hong Kong 18,198, NHN 16,098, AIA Group 13,998, China Construction Bank H 12,598, ** Information extracted from the underlying Fidelity Funds - Asian Equity Fund

92 AIA SEMI-ANNUAL FUNDS REPORT 2013 AIA Regional Equity Fund OTHER INFORMATION Exposure To Derivatives Market % of Net Realised Unrealised Value Asset Value Gains/ (Losses) Gains/ (Losses) Forward foreign exchange contracts Borrowings N/A Total Redemptions and Subscriptions Total amount of redemptions 58,736,469 Total amount of subscriptions 60,586,855 Related-Party Transactions N/A Expense Ratios 30 June June 2012 Local Fund* 1.67% 1.72% Underlying Fund: Fidelity Funds - Asian Equity Fund 1.21% %^+ Note: Expense ratio does not include insurance coverage, brokerage and other transaction costs, performance fee, foreign exchange gains/losses, front or back end loads arising from the purchase or sale of collective investment schemes * Includes underlying fund expense ratio + As of 30 April 2013 and 30 April 2012 respectively ^ Based on unaudited draft accounts. Turnover Ratios 30 June June 2012 Local Fund The turnover ratio of the Local Fund(s) follow that of the Underlying Fund(s) as the Local Fund(s) invest all or substantially all of its assets into its Underlying Fund(s). Underlying Fund: Fidelity Funds - Asian Equity Fund % % + Note: The turnover ratio is calculated based on the lesser of portfolio purchases and sales of the underlying investments expressed as a percentage over the average net asset value. + As of 30 April 2013 and 30 April 2012 respectively

93 91 AIA Regional Equity Fund OTHER INFORMATION Any Material Information That Will Adversely Impact The Valuation Of The Fund NIL Soft Dollar Commissions Soft dollar commissions for Fidelity Fund - Asian Equity Fund: The Investment Manager and any of its Connected Persons 1 may effect transactions by or through the agency of another person with whom the Investment Manager and any of its Connected Persons have an arrangement under which that party will from time to time provide to or procure for the Investment Manager and any of its Connected Persons goods, services or other benefi ts (such as research and advisory services), the nature of which is such that their provision can reasonably be expected to benefi t the Fund as a whole and may contribute to an improvement in the performance of the Fund or of the Investment Manager or any of its Connected Persons in providing services to the Fund and for which no direct payment is made but instead the Investment Manager and any of its Connected Persons undertake to place business with that party. For the avoidance of doubt, such goods and services do not include travel, accommodation, entertainment, general administrative goods or services, general offi ce equipment or premises, membership fees, employee salaries or direct money payments. The Investment Manager and any Connected Person shall not retain the benefit of any cash commission rebate (being repayment of a cash commission made by a broker or dealer to the Investment Manager and/or any Connected Person) paid or payable from any such broker or dealer in respect of any business placed with such broker or dealer by the Investment Manager or any Connected Person for or on behalf the Fund. Any such cash commission rebate from any such broker or dealer will be held by the Investment Manager and any Connected Person for the account of the Fund. Brokerage rates will not be excessive of customary brokerage rates. All transactions will be done with best execution. 1 Connected Persons means (a) any person or company benefi cially owning, directly or indirectly, 20% or more of the ordinary share capital of that company or able to exercise directly or indirectly, 20% or more of the total votes in that company; (b) any person or company controlled by a person who or which meets one or both of the descriptions given in (a); or (c) any member of the group of which that company forms part; or (d) any director or offi cer of that company or of any of its connected persons as defi ned in (a), (b) or (c).

94 AIA SEMI-ANNUAL FUNDS REPORT 2013 AIA Regional Fixed Income Fund FUND PERFORMANCE Period Fund Benchmark* % % 3-month (2.49) (3.09) 6-month (2.08) (3.94) 1-year (0.05) (2.29) 3-year ^ year ^ year^ Since inception ^ ^ Annualised returns * Benchmark Details: Inception to December 00 - UOB Sing Govt Bond Index (AII) January 01 onwards - JP Morgan Sing Bond Index (AII) Note: Fund inception date - 2 September Funds returns in, bid-to-bid, net dividends reinvested PORTFOLIO STATEMENTS Country Allocation Market Value % of Net Asset Value Singapore 761,612, Hong Kong 46,189, Malaysia 37,271, UK 24,727, South Korea 20,551, USA 14,548, China 6,777, Russia 6,030, Netherlands 5,017, India 2,434, Indonesia 934, Portfolio of Investments 926,094, Other Net Assets 52,688, Total 978,783,

95 93 AIA Regional Fixed Income Fund PORTFOLIO STATEMENTS Industry Allocation Market Value % of Net Asset Value Sovereign 230,126, Banking 221,711, Real Estate 211,321, Government Agency 110,625, Conglomerates 59,035, Non-Bank Financial Institutions 43,736, Transportation 26,924, Others 12,333, Energy 10,280, Portfolio of Investments 926,094, Other Net Assets 52,688, Total 978,783, Asset Class Market Value % of Net Asset Value Fixed Income Securities 863,193, Hybrid Securities 62,901, Other Net Assets 52,688, Total 978,783, Credit Rating of Debt Securities** Market Value % of Net Asset Value Aaa 240,285, Aa1 1,393, Aa2 62,187, Aa3 8,254, A1 59,526, A2 64,013, A3 49,039, Baa1 67,832, Baa2 8,628, Baa3 16,165, Ba1 621, Not rated 348,145, ** Moody s ratings or their equivalent, S&P rating where security is not rated by Moddy s but rated by S&P

96 AIA SEMI-ANNUAL FUNDS REPORT 2013 AIA Regional Fixed Income Fund PORTFOLIO STATEMENTS Top 10 Holdings as at 30 June 2013 Market Value % of Net Asset Value Singapore Gov t Sigb 3 1/2 03/01/27 46,945, Singapore Gov t Sigb 4 09/01/18 40,653, United Overseas UOBsp /01/21 40,231, Singapore Gov t SIGb 3 09/01/24 31,115, Malayan Banking Maymk /28/21 28,563, Housing & Dev HDBsp /26/21 27,286, Singapore Gov t Sigb 3 1/4 09/01/20 26,461, Capitaland Treas Caplsp /31/20 24,748, Standard Chart 24,727, DBS Cap Funding DBSsp 5 3/4 05/29/49 21,235, Top 10 Holdings as at 30 June 2012 Market Value % of Net Asset Value Singapore Gov t Sibg 4 09/01/18 43,247, Standard Chart 42,208, United Overseas UOBsp /01/21 40,288, DBS Cap Funding DBSsp 5 3/4 05/29/49 37,328, Singapore Gov t SIGB 3 3/4 09/01/16 31,987, Street Square Strsqr /05/14 30,054, Housing & Dev HDBsp /26/21 29,113, Malayan Banking Maymk /28/21 26,299, Capitaland Treas Caplsp /31/20 25,039, OCBC Capital Corp Prefs Share 23,317,

97 95 AIA Regional Fixed Income Fund OTHER INFORMATION Exposure To Derivatives Market % of Net Realised Unrealised Value Asset Value Gains/ (Losses) Gains/ (Losses) Forward foreign exchange contracts 121,512 - (418,729) 121,512 Investment In Collective Investment Schemes N/A Borrowings N/A Total Redemptions and Subscriptions Total amount of redemptions 94,055,161 Total amount of subscriptions 93,233,514 Related-Party Transactions N/A Expense Ratios 30 June June 2012 Local Fund 0.87% 0.90% Note: Expense ratio does not include insurance coverage, brokerage and other transaction costs, performance fee, foreign exchange gains/losses, front or back end loads arising from the purchase or sale of collective investment schemes and tax deducted at source or arising out of income received. Turnover Ratios 30 June June 2012 Local Fund 29.19% 27.61% Note: The turnover ratio is calculated based on the lesser of portfolio purchases and sales of the underlying investments expressed as a percentage over the average net asset value. Any Material Information That Will Adversely Impact The Valuation Of The Fund NIL Soft Dollar Commissions N/A

98 AIA SEMI-ANNUAL FUNDS REPORT 2013 AIA S$ Money Market Fund FUND PERFORMANCE Period Fund Benchmark* % % 3-month month year year ^ year ^ year ^ Since inception ^ ^ Annualised returns * 1 week SIBOR (Bid) Note: Fund inception date - 15 June Fund returns in, bid-to-bid, net dividends reinvested PORTFOLIO STATEMENTS Country Allocation Market Value % of Net Asset Value South Korea 24,517, United Kingdom 1,000, Portfolio of Investments 25,517, Other Net Assets 74,559, Total 100,077, Industry Allocation Market Value % of Net Asset Value Banking 25,517, Portfolio of Investments 25,517, Other Net Assets 74,559, Total 100,077, Asset Class Market Value % of Net Asset Value Fixed Income Securities 25,517, Other Net Assets 74,559, Total 100,077,

99 97 AIA S$ Money Market Fund PORTFOLIO STATEMENTS Credit Rating of Debt Securities ** Market Value % of Net Asset Value Aa3 9,007, A1 11,505, A 5,005, Cash and Equivalent ** Moody s ratings or their equivalent, S&P rating where security is not rated by Moddy s but rated by S&P Top 10 Holdings as at 30 June 2013 Market Value % of Net Asset Value Nonghyup Bank 0.9% 6Dec2013 6,755, Korea Dev Bank Kdb /25/14 5,006, Hana Bank Hanabk /13/13 5,005, Exp-Imp Bk Korea Eibkor /05/13 4,001, Kookmin Bank Citnat /22/14 3,749, Standard Chart Stanln /05/13 1,000, Top 10 Holdings as at 30 June 2012 Market Value % of Net Asset Value MAS Bills Maspsp 07/06/12 9,999, Oversea-Chinese OCBCsp 0 08/17/12 7,992, Bk Of China/HK BChina /23/12 5,000, MAS Bills Maspsp 07/20/12 4,999, Shinhan Bank Shnhan /30/13 4,994, Korea Dev Bank KDB /24/13 4,985, Korea Dev Bank KDB /05/12 4,985,

100 AIA SEMI-ANNUAL FUNDS REPORT 2013 AIA S$ Money Market Fund OTHER INFORMATION Exposure To Derivatives Market % of Net Realised Unrealised Value Asset Value Gains/ (Losses) Gains/ (Losses) Forward foreign exchange contracts Investment In Collective Investment Schemes N/A Borrowings N/A Total Redemptions and Subscriptions Total amount of redemptions 72,767,472 Total amount of subscriptions 41,968,402 Related-Party Transactions N/A Expense Ratios 30 June June 2012 Local Fund 0.30% 0.34% Note: Expense ratio does not include insurance coverage, brokerage and other transaction costs, performance fee, foreign exchange gains/losses, front or back end loads arising from the purchase or sale of collective investment schemes and tax deducted at source or arising out of income received. Turnover Ratios 30 June June 2012 Local Fund 69.53% % Note: The turnover ratio is calculated based on the lesser of portfolio purchases and sales of the underlying investments expressed as a percentage over the average net asset value. Any Material Information That Will Adversely Impact The Valuation Of The Fund NIL Soft Dollar Commissions N/A Maturity of Debt Securities N/A Important Note: The Cash Fund* is recommended to be used as a short term holding fund and not as a form of long term investment as the Cash Fund* may not yield returns that are higher than the prevailing CPF interest rates. If you are in doubt, you should consult your AIA Financial Services Consultant / Financial Advisory Representative. *This refers to investment using your CPF monies only. The Cash Fund is also referred to as Money Market Fund.

101 99 AIA US Equity Fund FUND PERFORMANCE Period Fund Benchmark* % % 3-month month year year^ year^ year^ Since inception^ (3.66) (0.61) ^ Annualised returns * Inception to June Standard & Poor s 500. From July Standard & Poor s 500 Total Return. Note: Fund inception date - 18 March Fund returns in, bid-to-bid, net dividends reinvested PORTFOLIO STATEMENTS Market Value % of Net Investment In Collective Investment Scheme Asset Value PineBridge US Large Cap Research Enhanced Fund 26,886,

102 AIA SEMI-ANNUAL FUNDS REPORT 2013 AIA US Equity Fund PORTFOLIO STATEMENTS PINEBRDIGE US LARGE CAP RESEARCH ENHANCED FUND Top 10 Holdings as at 30 June 2013** Market Value % of Net USD Asset Value Exxon Mobil Corp 1,486, Apple Inc 1,243, Google Inc Cl A 1,052, Berkshire Hathaway Inc Cl 959, AT&T Inc 938, Pfi zer Inc 936, Intl Business Machines Cor 837, Wal Mart Stores Inc 747, Spdr S+P 500 Etf Trust 734, Home Depot Inc 732, Top 10 Holdings as at 30 June 2012** Market Value % of Net USD Asset Value Apple Inc 1,817, Exxon Mobil Corp 1,424, Intl Business Machines Cor 941, Chevron Corp 905, Pfi zer Inc 806, Philip Morris International 733, Spdr S+P 500 Etf Trust 716, Oracle Corp 660, Mcdonald s Corp 576, Comcast Corp Class A 575, ** Information extracted from the underlying PineBridge US Large Cap Research Enhanced Fund Note: The Underlying Fund was changed from AIG American Equity Fund to PineBridge US Large Cap Research Enhanced Fund effective 18 May 2007.

103 101 AIA US Equity Fund OTHER INFORMATION Exposure To Derivatives Market % of Net Realised Unrealised Value Asset Value Gains/ (Losses) Gains/ (Losses) Forward foreign exchange contracts (918) 318 Borrowings N/A Total Redemptions and Subscriptions Total amount of redemptions 2,254,157 Total amount of subscriptions 3,670,229 Related-Party Transactions N/A Expense Ratios 30 June June 2012 Local Fund* 1.96% 2.02% Underlying Fund: PineBridge US Large Cap Research Enhanced Fund** 1.41% 1.42% Note: Expense ratio does not include insurance coverage, brokerage and other transaction costs, performance fee, foreign exchange gains/losses, front or back end loads arising from the purchase or sale of collective investment schemes and tax deducted at source or arising out of income received. * Includes underlying fund expense ratio ** Based on unaudited draft accounts

104 AIA SEMI-ANNUAL FUNDS REPORT 2013 AIA US Equity Fund OTHER INFORMATION Turnover Ratios 30 June June 2012 Local Fund The turnover ratio of the Local Fund(s) follow that of the Underlying Fund(s) as the Local Fund(s) invest all or substantially all of its assets into its Underlying Fund(s). Underlying Fund: PineBridge US Large Cap Research Enhanced Fund** % % Note: The turnover ratio is calculated based on the lesser of portfolio purchases and sales of the underlying investments expressed as a percentage over the average net asset value. ** Based on unaudited draft accounts Any Material Information That Will Adversely Impact The Valuation Of The Fund NIL Soft Dollar Commissions PineBridge Investments LLC ( PineBridge ) has entered into soft dollar commission arrangements with selected brokers where it obtains services from third parties. These services relate to research and are eligible under the safe harbor of Section 28(e) of the Securities and Exchange Act of These services generally benefi t all of PineBridge s clients in terms of input into the investment decision making process. The soft dollar credits utilized are not allocated on a specifi c client basis. PineBridge further confi rms that, as per our Compliance Manual, we seek to obtain best execution on all transactions.

105 103 Statement of Assets and Liabilities AIA Acorns of AIA Emerging Asia Fund Markets Balanced Fund AIA Emerging Markets Equity Fund $ $ $ Equity Securities Debt Securities Investments in Funds 975,488, ,443, ,419,460 Value of Investments 975,488, ,443, ,419,460 Other Assets Interest bearing deposits and bank balances 565, , ,867 Accrued and outstanding interest and dividends Other Assets 125,720 5,682, ,885 Total Assets 976,180, ,468, ,952,212 Liabilities Other Liabilities (128,198) (288,652) (510,734) Value of Fund as at 30 June ,052, ,179, ,441,478 AIA European AIA Global Equity Fund Balanced Fund AIA Global Bond Fund $ $ $ Equity Securities Debt Securities Investments in Funds 5,258, ,470,630 10,811,802 Value of Investments 5,258, ,470,630 10,811,802 Other Assets Interest bearing deposits and bank balances 131,798 1,293, ,722 Accrued and outstanding interest and dividends Other Assets 38,853 14,440,463 1,286 Total Assets 5,429, ,204,147 10,917,810 Liabilities Other Liabilities (114,382) (233,427) (74,644) Value of Fund as at 30 June ,314, ,970,720 10,843,166 The accompanying notes form an integral part of these Statements.

106 AIA SEMI-ANNUAL FUNDS REPORT 2013 Statement of Assets and Liabilities AIA Global Equity Fund AIA Global Property Returns Fund AIA Global Resources Fund $ $ $ Equity Securities Debt Securities Investments in Funds 40,716,155 3,576, ,421,435 Value of Investments 40,716,155 3,576, ,421,435 Other Assets Interest bearing deposits and bank balances 161, ,132 5,387,781 Accrued and outstanding interest and dividends Other Assets 22,309 31,403 4,912,224 Total Assets 40,899,974 3,752, ,721,440 Liabilities Other Liabilities (157,904) (116,383) (10,059,176) Value of Fund as at 30 June ,742,070 3,635, ,662,264 AIA Global AIA Greater Technology China Balanced Fund Fund AIA Greater China Equity Fund $ $ $ Equity Securities Debt Securities Investments in Funds 54,124, ,788, ,549,728 Value of Investments 54,124, ,788, ,549,728 Other Assets Interest bearing deposits and bank balances 96, , ,021 Accrued and outstanding interest and dividends Other Assets 113,724 12,826, ,726 Total Assets 54,335, ,140, ,084,475 Liabilities Other Liabilities (192,733) (414,371) (670,800) Value of Fund as at 30 June ,142, ,726, ,413,675 The accompanying notes form an integral part of these Statements.

107 105 Statement of Assets and Liabilities AIA Growth Fund AIA India Balanced Fund AIA India Opportunities Fund $ $ $ Equity Securities 455,615, Debt Securities 151,210, Investments in Funds 33,662, ,466, ,077,396 Value of Investments 640,488, ,466, ,077,396 Other Assets Interest bearing deposits and bank balances 8,828, ,933 70,176 Accrued and outstanding interest and dividends 2,527, Other Assets 5,564,491 9,887, ,034 Total Assets 657,407, ,960, ,291,606 Liabilities Other Liabilities (4,597,126) (401,770) (246,761) Value of Fund as at 30 June ,810, ,558, ,044,845 AIA India Equity Fund AIA AIA Japan International Balanced Fund Health Care Fund $ $ $ Equity Securities Debt Securities Investments in Funds 132,230,556 39,566,415 14,941,426 Value of Investments 132,230,556 39,566,415 14,941,426 Other Assets Interest bearing deposits and bank balances 897,694 63, ,294 Accrued and outstanding interest and dividends Other Assets 94, ,198 Total Assets 133,222,532 39,629,525 15,825,918 Liabilities Other Liabilities (901,114) (152,400) (42,709) Value of Fund as at 30 June ,321,418 39,477,125 15,783,209 The accompanying notes form an integral part of these Statements.

108 AIA SEMI-ANNUAL FUNDS REPORT 2013 Statement of Assets and Liabilities AIA Japan Equity Fund AIA Portfolio 30 Fund AIA Portfolio 50 Fund $ $ $ Equity Securities Debt Securities Investments in Funds 17,597,976 15,075,373 29,337,342 Value of Investments 17,597,976 15,075,373 29,337,342 Other Assets Interest bearing deposits and bank balances 100,959 28,877 30,572 Accrued and outstanding interest and dividends Other Assets 36, ,911 80,838 Total Assets 17,735,776 15,252,161 29,448,752 Liabilities Other Liabilities (162,558) (86,035) (60,090) Value of Fund as at 30 June ,573,218 15,166,126 29,388,662 AIA Portfolio 70 Fund AIA Portfolio 100 Fund AIA Private Solutions Conservative Fund $ $ $ Equity Securities Debt Securities Investments in Funds 33,684,270 7,651, ,625 Value of Investments 33,684,270 7,651, ,625 Other Assets Interest bearing deposits and bank balances 70,710 53,913 52,617 Accrued and outstanding interest and dividends Other Assets 128,789 1,824 - Total Assets 33,883,769 7,707, ,242 Liabilities Other Liabilities (100,945) (53,448) (24,669) Value of Fund as at 30 June ,782,824 7,653, ,573 The accompanying notes form an integral part of these Statements.

109 107 Statement of Assets and Liabilities AIA Private Solutions Balanced Fund AIA Private Solutions Aggressive Fund AIA Regional Equity Fund $ $ $ Equity Securities Debt Securities Investments in Funds 3,334,897 3,469, ,755,504 Value of Investments 3,334,897 3,469, ,755,504 Other Assets Interest bearing deposits and bank balances 60,573 40,669 1,454,777 Accrued and outstanding interest and dividends Other Assets ,096 Total Assets 3,395,470 3,510, ,345,377 Liabilities Other Liabilities (41,787) (27,963) (1,676,116) Value of Fund as at 30 June ,353,683 3,482, ,669,261 AIA Regional Fixed Income Fund AIA S$ Money Market Fund AIA US Equity Fund $ $ $ Equity Securities 62,901, Debt Securities 863,193,273 25,517,596 - Investments in Funds ,886,390 Value of Investments 926,094,526 25,517,596 26,886,390 Other Assets Interest bearing deposits and bank balances 6,997,289 74,918, ,861 Accrued and outstanding interest and dividends 8,621, ,800 - Other Assets 58,472, ,068 Total Assets 1,000,186, ,540,355 27,162,319 Liabilities Other Liabilities (21,402,762) (463,214) (195,164) Value of Fund as at 30 June ,783, ,077,141 26,967,155 The accompanying notes form an integral part of these Statements.

110 AIA SEMI-ANNUAL FUNDS REPORT 2013 Capital and Income Account From 1 January 2013 to 30 June 2013 AIA Acorns of Asia Fund AIA Emerging Markets Balanced Fund AIA Emerging Markets Equity Fund $ $ $ Value of Fund as at 1 January ,923, ,559, ,593,368 Amounts received by the Fund for creation of units 54,379,660 3,593,780 7,354,370 Amounts paid by the Fund for liquidation of units (75,767,844) (12,988,742) (13,444,107) Net cash into/ (out of) the Fund (21,388,184) (9,394,962) (6,089,737) Investment Income Dividend income Interest income Other income 11, ,475 11, ,481 Fund Expenses Management fees (19,496) (541,852) (401,761) Other expenses (27,062) (7,722) (6,803) (46,558) (549,574) (408,564) Net gains/(losses) on Investments Exchange gain/ (loss) - 5,004,653 5,894,478 Net realised gain/ (loss) on sale of investments 7,115,705 (613,261) (977,418) Unrealised appreciation/(depreciation) in value of investment during the year (8,562,925) (13,827,469) (13,573,130) (1,447,220) (9,436,077) (8,656,070) Increase/ (decrease) in net asset value for the period (22,870,934) (19,379,797) (15,151,890) Value of Fund as at 30 June ,052, ,179, ,441,478 The accompanying notes form an integral part of these Statements.

111 109 Capital and Income Account From 1 January 2013 to 30 June 2013 AIA European Equity Fund AIA Global Balanced Fund AIA Global Bond Fund $ $ $ Value of Fund as at 1 January ,676, ,927,434 11,218,717 Amounts received by the Fund for creation of units 1,078,477 3,735,568 1,265,310 Amounts paid by the Fund for liquidation of units (667,177) (10,375,123) (1,109,062) Net cash into/ (out of) the Fund 411,300 (6,639,555) 156,248 Investment Income Dividend income Interest income Other income Fund Expenses Management fees (16,193) (242,115) (39,048) Other expenses (2,758) (6,966) (2,930) (18,951) (249,081) (41,978) Net gains/(losses) on Investments Exchange gain/ (loss) 160, ,769 Net realised gain/ (loss) on sale of investments 14,347 6,932,672 95,907 Unrealised appreciation/(depreciation) in value of investment during the year 70,323 3,998,711 (895,702) 245,304 10,931,383 (490,026) Increase/ (decrease) in net asset value for the period 637,946 4,043,286 (375,551) Value of Fund as at 30 June ,314, ,970,720 10,843,166 The accompanying notes form an integral part of these Statements.

112 AIA SEMI-ANNUAL FUNDS REPORT 2013 Capital and Income Account From 1 January 2013 to 30 June 2013 AIA Global Equity Fund AIA Global Property Returns Fund AIA Global Resources Fund $ $ $ Value of Fund as at 1 January ,437, ,136,874 Amounts received by the Fund for creation of units 2,114,512 4,187,301 29,646,855 Amounts paid by the Fund for liquidation of units (2,128,150) (289,281) (35,554,384) Net cash into/ (out of) the Fund (13,638) 3,898,020 (5,907,529) Investment Income Dividend income Interest income 5-24 Other income 1, ,009 1, ,033 Fund Expenses Management fees (106,526) (2,120) (11,778) Other expenses (5,685) (4,806) (16,621) (112,211) (6,926) (28,399) Net gains/(losses) on Investments Exchange gain/ (loss) 1,102, Net realised gain/ (loss) on sale of investments 220,209 (605) (9,531,141) Unrealised appreciation/(depreciation) in value of investment during the year 3,106,405 (255,298) (45,013,574) 4,429,441 (255,903) (54,544,715) Increase/ (decrease) in net asset value for the period 4,304,805 3,635,974 (60,474,610) Value of Fund as at 30 June ,742,070 3,635, ,662,264 The accompanying notes form an integral part of these Statements.

113 111 Capital and Income Account From 1 January 2013 to 30 June 2013 AIA Global Technology Fund AIA Greater China Balanced Fund AIA Greater China Equity Fund $ $ $ Value of Fund as at 1 January ,459, ,201, ,524,566 Amounts received by the Fund for creation of units 1,686,284 11,081,213 29,146,589 Amounts paid by the Fund for liquidation of units (4,464,667) (24,195,808) (39,623,303) Net cash into/ (out of) the Fund (2,778,383) (13,114,595) (10,476,714) Investment Income Dividend income Interest income Other income , ,882 Fund Expenses Management fees (6,415) (1,215,566) (1,404,311) Other expenses (7,197) (11,916) (16,153) (13,612) (1,227,482) (1,420,464) Net gains/(losses) on Investments Exchange gain/ (loss) 1,088, Net realised gain/ (loss) on sale of investments 1,306,154 6,048,329 62,594 Unrealised appreciation/(depreciation) in value of investment during the year 2,080,010 (8,182,028) 1,720,811 4,474,799 (2,133,699) 1,783,405 Increase/ (decrease) in net asset value for the period 1,683,527 (16,474,860) (10,110,891) Value of Fund as at 30 June ,142, ,726, ,413,675 The accompanying notes form an integral part of these Statements.

114 AIA SEMI-ANNUAL FUNDS REPORT 2013 Capital and Income Account From 1 January 2013 to 30 June 2013 AIA Growth Fund AIA India Balanced Fund AIA India Opportunities Fund $ $ $ Value of Fund as at 1 January ,866, ,874, ,573,977 Amounts received by the Fund for creation of units 40,121,581 4,025,784 10,580,355 Amounts paid by the Fund for liquidation of units (53,801,652) (20,292,633) (26,135,362) Net cash into/ (out of) the Fund (13,680,071) (16,266,849) (15,555,007) Investment Income Dividend income 8,796, Interest income 2,837, Other income 7, ,641, Fund Expenses Management fees (4,279,509) (301,223) (8,659) Other expenses (59,176) (10,943) (13,855) (4,338,685) (312,166) (22,514) Net gains/(losses) on Investments Exchange gain/ (loss) 190, Net realised gain/ (loss) on sale of investments 28,748,277 9,246,916 4,385,462 Unrealised appreciation/(depreciation) in value of investment during the year (45,617,153) (15,983,827) (7,337,484) (16,678,058) (6,736,911) (2,952,022) Increase/ (decrease) in net asset value for the period (23,055,525) (23,315,347) (18,529,132) Value of Fund as at 30 June ,810, ,558, ,044,845 The accompanying notes form an integral part of these Statements.

115 113 Capital and Income Account From 1 January 2013 to 30 June 2013 AIA India Equity Fund AIA International Health Care Fund AIA Japan Balanced Fund $ $ $ Value of Fund as at 1 January ,588,407 34,241,283 13,229,162 Amounts received by the Fund for creation of units 12,118,058 2,287,915 3,172,564 Amounts paid by the Fund for liquidation of units (13,554,826) (2,409,254) (2,149,165) Net cash into/ (out of) the Fund (1,436,768) (121,339) 1,023,399 Investment Income Dividend income Interest income Other income 3, ,865 3, ,875 Fund Expenses Management fees (361,481) (147,415) (40,342) Other expenses (6,426) (5,991) (3,581) (367,907) (153,406) (43,923) Net gains/(losses) on Investments Exchange gain/ (loss) 3,996, ,271 - Net realised gain/ (loss) on sale of investments 1,069, , ,189 Unrealised appreciation/(depreciation) in value of investment during the year (18,531,989) 4,221,527 1,088,507 (13,466,140) 5,509,988 1,557,696 Increase/ (decrease) in net asset value for the period (15,266,989) 5,235,842 2,554,047 Value of Fund as at 30 June ,321,418 39,477,125 15,783,209 The accompanying notes form an integral part of these Statements.

116 AIA SEMI-ANNUAL FUNDS REPORT 2013 Capital and Income Account From 1 January 2013 to 30 June 2013 AIA Japan Equity Fund AIA Portfolio 30 Fund AIA Portfolio 50 Fund $ $ $ Value of Fund as at 1 January ,837,400 15,611,207 29,066,240 Amounts received by the Fund for creation of units 11,340,833 1,367,921 1,863,726 Amounts paid by the Fund for liquidation of units (8,009,317) (1,661,408) (1,625,808) Net cash into/ (out of) the Fund 3,331,516 (293,487) 237,918 Investment Income Dividend income Interest income Other income 38, , Fund Expenses Management fees (39,415) (4,641) (43,208) Other expenses (3,563) (3,132) (3,781) (42,978) (7,773) (46,989) Net gains/(losses) on Investments Exchange gain/ (loss) Net realised gain/ (loss) on sale of investments 419,776 71,888 63,877 Unrealised appreciation/(depreciation) in value of investment during the year 1,989,385 (215,807) 67,299 2,409,161 (143,919) 131,176 Increase/ (decrease) in net asset value for the period 5,735,818 (445,081) 322,422 Value of Fund as at 30 June ,573,218 15,166,126 29,388,662 The accompanying notes form an integral part of these Statements.

117 115 Capital and Income Account From 1 January 2013 to 30 June 2013 AIA Portfolio 70 Fund AIA Portfolio 100 Fund AIA Private Solutions Conservative Fund $ $ $ Value of Fund as at 1 January ,999,109 7,363,888 1,087,420 Amounts received by the Fund for creation of units 2,224, ,000 19,724 Amounts paid by the Fund for liquidation of units (2,253,833) (648,803) (158,692) Net cash into/ (out of) the Fund (29,521) 9,197 (138,968) Investment Income Dividend income - 291,731 - Interest income Other income ,909 7 Fund Expenses Management fees (51,549) 731 (8,697) Other expenses (3,578) (2,661) (2,952) (55,127) (1,930) (11,649) Net gains/(losses) on Investments Exchange gain/ (loss) - - 4,555 Net realised gain/ (loss) on sale of investments 103,839 (27,769) 24,401 Unrealised appreciation/(depreciation) in value of investment during the year 764,124 18,398 (1,193) 867,963 (9,371) 27,763 Increase/ (decrease) in net asset value for the period 783, ,805 (122,847) Value of Fund as at 30 June ,782,824 7,653, ,573 The accompanying notes form an integral part of these Statements.

118 AIA SEMI-ANNUAL FUNDS REPORT 2013 Capital and Income Account From 1 January 2013 to 30 June 2013 AIA Private Solutions Balanced Fund AIA Private Solutions Aggressive Fund AIA Regional Equity Fund $ $ $ Value of Fund as at 1 January ,441,713 3,270, ,522,889 Amounts received by the Fund for creation of units 91, ,744 60,586,855 Amounts paid by the Fund for liquidation of units (340,430) (132,582) (58,736,469) Net cash into/ (out of) the Fund (248,487) (6,838) 1,850,386 Investment Income Dividend income Interest income Other income , ,096 Fund Expenses Management fees (18,363) (17,549) (1,742,479) Other expenses (3,134) (3,006) (23,465) (21,497) (20,555) (1,765,944) Net gains/(losses) on Investments Exchange gain/ (loss) 11,872 8,979 - Net realised gain/ (loss) on sale of investments 68,241 20,537 2,226 Unrealised appreciation/(depreciation) in value of investment during the year 101, ,378 14,032, , ,894 14,034,834 Increase/ (decrease) in net asset value for the period (88,030) 211,555 14,146,372 Value of Fund as at 30 June ,353,683 3,482, ,669,261 The accompanying notes form an integral part of these Statements.

119 117 Capital and Income Account From 1 January 2013 to 30 June 2013 AIA Regional Fixed Income Fund AIA S$ Money Market Fund AIA US Equity Fund $ $ $ Value of Fund as at 1 January ,000,747, ,666,540 21,777,276 Amounts received by the Fund for creation of units 93,233,514 41,968,402 3,670,229 Amounts paid by the Fund for liquidation of units (94,055,161) (72,767,472) (2,254,157) Net cash into/ (out of) the Fund (821,647) (30,799,070) 1,416,072 Investment Income Dividend income 574, Interest income 15,573, ,684 5 Other income 6,542 2,364 2,267 16,154, ,048 2,272 Fund Expenses Management fees (4,235,880) (174,892) (65,297) Other expenses (139,384) (4,628) (3,613) (4,375,264) (179,520) (68,910) Net gains/(losses) on Investments Exchange gain/ (loss) 8, ,941 Net realised gain/ (loss) on sale of investments 2,103, ,051 Unrealised appreciation/(depreciation) in value of investment during the year (35,033,833) 46,143 3,007,453 (32,922,080) 46,143 3,840,445 Increase/ (decrease) in net asset value for the period (21,964,249) (30,589,399) 5,189,879 Value of Fund as at 30 June ,783, ,077,141 26,967,155 The accompanying notes form an integral part of these Statements.

120 AIA SEMI-ANNUAL FUNDS REPORT 2013 Notes to the Statements These notes form an integral part of and should be read in conjunction with the Statements. 1. SIGNIFICANT ACCOUNTING POLICIES Accounting Convention The Statements, expressed in Singapore dollars, are prepared in accordance with the historical cost convention, modifi ed by the revaluation of investments at market prices. The Funds policyholders are mainly from Singapore with the subscriptions and redemptions of the units denominated in Singapore dollars. The performance of the Funds is measured and reported to the policyholders in Singapore dollars. The Management considers the Singapore dollar as the currency which most faithfully represents the economic effects of the underlying transactions, events and conditions. The Funds functional and presentation currency is the Singapore dollar. Income and Expenditure Recognition Dividends are recognised when the right to receive payment is established. Other income and expenses are recognised on an accruals basis. Investments at Fair Value Equity securities are valued at the market closing price prevailing at the balance sheet date. Debt securities and Investments in Funds are valued at the bid price prevailing at the balance sheet date. Changes in fair value of investments are recognised in the Capital and Income Account. Disposal of Investments For the purpose of determining net realised gains or losses on sale of investments, the cost of disposal of investment is determined on the weighted average cost basis. All gains and losses are taken up in the Capital and Income Account. Financial Derivatives Financial derivatives are fi nancial instruments which include forward contracts. Financial derivatives outstanding at the balance sheet date are measured at their respective fair values provided by a fi nancial service provider. The resulting unrealised gains or losses are taken to the Capital and Income Account. Foreign Currencies Foreign currency monetary assets and liabilities are translated at exchange rates prevailing at the balance sheet date. Foreign currency transactions are translated at exchange rates on transaction dates. Differences in exchange are included in the Capital and Income Account.

121 119 Notes to the Statements 2. EQUITY SECURITIES AND INVESTMENTS IN FUNDS Portfolio 2013 At Cost At Market Value AIA Acorns of Asia Fund 741,226, ,488,645 AIA Emerging Markets Balanced Fund 201,566, ,443,874 AIA Emerging Markets Equity Fund 173,551, ,419,460 AIA European Equity Fund 5,821,697 5,258,387 AIA Global Balanced Fund 145,908, ,470,630 AIA Global Bond Fund 11,098,695 10,811,802 AIA Global Equity Fund 40,933,272 40,716,155 AIA Global Property Returns Fund 3,832,121 3,576,822 AIA Global Resources Fund 305,664, ,421,435 AIA Global Technology Fund 42,719,881 54,124,883 AIA Greater China Balanced Fund 330,159, ,788,678 AIA Greater China Equity Fund 388,867, ,549,728 AIA Growth Fund 421,005, ,277,942 AIA India Balanced Fund 261,815, ,466,061 AIA India Opportunities Fund 157,139, ,077,396 AIA India Equity Fund 133,698, ,230,556 AIA International Health Care Fund 35,112,495 39,566,415 AIA Japan Balanced Fund 12,823,864 14,941,426 AIA Japan Equity Fund 15,360,248 17,597,976 AIA Portfolio 30 Fund 14,563,182 15,075,373 AIA Portfolio 50 Fund 27,691,863 29,337,342 AIA Portfolio 70 Fund 31,387,450 33,684,270 AIA Portfolio 100 Fund 8,157,640 7,651,404 AIA Private Solutions Conservative Fund 823, ,625 AIA Private Solutions Balanced Fund 2,875,638 3,334,897 AIA Private Solutions Aggressive Fund 2,995,985 3,469,763 AIA Regional Equity Fund 771,395, ,755,504 AIA Regional Fixed Income Fund 60,185,258 62,901,253 AIA US Equity Fund 23,552,036 26,886, DEBT SECURITIES Portfolio 2013 At Cost At Market Value AIA Growth Fund 152,853, ,210,109 AIA Regional Fixed Income Fund 868,229, ,193,273 AIA S$ Money Market Fund 25,497,088 25,517, TAXATION No tax is payable on the gains accruing to the policyholders.

122 AIA SEMI-ANNUAL FUNDS REPORT 2013 Notes to the Statements 5. BID AND OFFER VALUE Bid price Offer price Number of units issued AIA Acorns of Asia Fund ,133,926 AIA Emerging Markets Balanced Fund ,706,275 AIA Emerging Markets Equity Fund ,177,913 AIA European Equity Fund ,378,421 AIA Global Balanced Fund ,325,602 AIA Global Bond Fund ,201,088 AIA Global Equity Fund ,512,737 AIA Global Property Returns Fund ,214,594 AIA Global Resources Fund ,505,512 AIA Global Technology Fund ,614,682 AIA Greater China Balanced Fund ,968,701 AIA Greater China Equity Fund ,856,289 AIA Growth Fund ,471,446 AIA India Balanced Fund ,802,382 AIA India Opportunities Fund ,282,100 AIA India Equity Fund ,186,423 AIA International Health Care Fund ,583,086 AIA Japan Balanced Fund ,612,112 AIA Japan Equity Fund ,232,070 AIA Portfolio 30 Fund ,476,955 AIA Portfolio 50 Fund ,070,377 AIA Portfolio 70 Fund ,734,677 AIA Portfolio 100 Fund ,973,148 AIA Private Solutions Conservative Fund ,195 AIA Private Solutions Balanced Fund ,052,816 AIA Private Solutions Aggressive Fund ,294,107 AIA Regional Equity Fund ,378,050 AIA Regional Fixed Income Fund ,433,578 AIA S$ Money Market Fund ,475,913 AIA US Equity Fund ,552,473

123 121 Important Notice This report is published for informational purposes only. Fund returns are in Singapore dollars on a bid-to-bid price basis with net dividends reinvested. The AIA Funds are investment-linked policy sub-funds offered by AIA Singapore Private Limited (AIA) and are only available under AIA Investment- Linked Policies. AIA is the product provider. Investments are subject to investment risks including the possible loss of the principal amount invested. Past performance, as well as the prediction, projection or forecast on the economy, securities markets or the economic trends of the markets are not necessarily indicative of the future or likely performance of the AIA Funds. The performance of the AIA Funds is not guaranteed and the value of the units in the AIA Funds and the income accruing to the units, if any, may fall or rise. Investments in the securities, instruments, currencies and other assets mentioned herein are not deposits or other obligations of, or guaranteed or insured by AIA. This report, including the risk classifi cation of AIA Funds set out within, does not constitute investment advice and was prepared without regard to the specifi c objectives, fi nancial situation or needs of any particular person who may read it. It is not to be taken in substitution of the exercise of judgment by the reader, who should seek separate legal and fi nancial advice and should read the relevant documents before investing. If such person chooses not to do so, he should consider carefully whether an investment in the security, instrument, currency or other asset is suitable for him. Any reliance on the information or opinions herein is therefore entirely at the reader s own risk. AIA accepts no liability for any direct, special, indirect, consequential, incidental damages or any other loss or damages of any kind arising from any such use of the information herein (including any error, omission or misstatement herein, negligent or otherwise) or further communication thereof, even if AIA or any other person has been advised of the possibility thereof. Although the information was compiled from sources believed to be reliable, AIA does not guarantee its accuracy, completeness, correctness or timeliness for any particular purpose and the information and opinions contained may change without notice. The opinions may be formulated based on a number of assumptions, which may turn out to be invalid, and in reliance on the views of research teams within the group situated outside of Singapore. All third party data are copyrighted by and proprietary to the provider. AIA and its associates, their directors, offi cers and/or employees may have positions or other interests in, and may effect transactions in the securities, instruments, currencies and other assets mentioned herein for themselves or their clients. A product summary and product highlight sheets relating to the AIA Funds are available and may be obtained from your AIA Financial Services Consultant or Insurance Representative. You should read the product summary and the product highlight sheets before deciding whether to subscribe for units in any AIA Funds. This report is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to law or regulation and may not be published, circulated or reproduced in whole or in part without the prior written consent of AIA. If you have any queries arising from, or in connection with, the information contained in this report, please contact AIA Singapore Private Limited (Company Registration No R).

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