First State Investments ICVC

Transcription

1 First State Investments ICVC Annual Report 31 July 2015

2 Contents Page No. 1 Authorised Corporate Director's report* 1 Information about the Company* 1 Changes to the prospectus and instrument of incorporation * 3 The Investment Manager 4 Statement of the Authorised Corporate Director's responsibilities in respect of the financial statements of the Company* 4 Report of the Authorised Corporate Director* 5 Statement of Depositary's responsibilities and report of the Depositary to the shareholders of First State Investments ICVC for the year ended 31 July Independent auditor's report 8 Financial Statements 10 Notes to the Financial Statements Investment review* and financial statements for: Asia Pacific equity funds 17 First State Asia Pacific Fund 32 First State Asia Pacific Leaders Fund 49 First State Asia Pacific Sustainability Fund 64 First State Greater China Growth Fund 79 First State Indian Subcontinent Fund Emerging market bond funds 91 First State Emerging Markets Bond Fund 114 First State Emerging Markets Local Currency Bond Fund Emerging market equity funds 133 First State Global Emerging Markets Fund 148 First State Global Emerging Markets Leaders Fund 164 First State Global Emerging Markets Sustainability Fund Global equity funds 181 First State Global Agribusiness Fund 196 First State Global Resources Fund 211 First State Worldwide Equity Fund 227 First State Worldwide Leaders Fund 240 First State Worldwide Sustainability Fund Global Interest rates & Currency Funds 255 First State Global Interest Rates and Currency Fund Infrastructure funds 271 First State Global Listed Infrastructure Fund Latin America funds 288 First State Latin America Fund Multi-assets funds 302 First State Diversified Growth Fund

3 Contents Property securities funds 331 First State Asian Property Securities Fund 345 First State Global Property Securities Fund About First State Investments Corporate directory* * Collectively, these items, along with the investment reviews disclosed within the individual sub-fund reports, comprise the Authorised Corporate Director's report for the purposes of the rules contained in the Financial Services Authority s Collective Investment Schemes Sourcebook.

4 Authorised Corporate Director's report We are pleased to present the Annual Report and Financial Statements for First State Investments ICVC (the "Company"), which provides information on each of the 21 sub-funds of the Company (each a "Fund") for the year ended 31 July The report of the Company's Auditors which is unqualified is set out on page 6. In this document we provide a review of selected financial markets followed by detailed information on each of the Funds within the Company. This information includes an investment report, performance summary, top 10 holdings, country breakdowns, and financial statements of each sub- Fund. Information about the Company The Company is an open-ended investment company ("OEIC") with variable capital. The Company is structured as an umbrella company authorised as a UCITS scheme and operates under chapter 5 of the Collective Investment Schemes Sourcebook (the Sourcebook ). Different Funds may be established from time to time by First State Investments (UK) Limited, the authorised corporate director of the Company (the Authorised Corporate Director or the ACD ) with the approval of the Financial Conduct Authority (the FCA ) and the agreement of the Company s depositary, National Westminster Bank plc. Each Fund may issue different classes of share and within each class there may be different types of share. Further classes and types of share may be established from time to time by the ACD with the approval of the FCA and the agreement of the Depositary. On the introduction of any new Fund or class or type of share, a revised prospectus will be prepared setting out the relevant details of each Fund or class. Each Fund is invested as if it were individually authorised as the type of scheme known as a UCITS scheme, as specified in the Sourcebook. For investment purposes, the assets of each Fund will be treated as separate from those of every other Fund and will be invested in accordance with the investment objective and investment policy applicable to that Fund. The shareholders are not liable for the debts of the Company. A shareholder is not liable to make any further payment to the Company after paying the purchase price of Shares. Whilst the provisions of the OEIC Regulations provide for segregated liability between Funds, these provisions are subject to the scrutiny of the courts and it is not free from doubt, in the context of claims brought by local creditors in foreign courts or under foreign law contracts, that the assets of the Fund will always be ring fenced from the liabilities of other Funds of the Company. Changes to the prospectus and instrument of incorporation of First State Investments ICVC since 31 July 2014 During the year and up to the date of this report, the following changes were made to the Company which were reflected in the Prospectus and/or Instrument of Incorporation: The FCA approved an update to the Prospectus on the 3 September The main updates to the Prospectus were: o the launch of a new fund, the First State Global Interest Rates and Currency Fund the base currency of which is US Dollars; o the inclusion of Gross Share Classes, these are not eligible for United Kingdom investors. o the change of address of the Company; o confirmation that subscriptions and redemptions should be sent to the Registrar and not the ACD; o amendments to the Fees and Expenses section making it more transparent to the investor what the fees and expenses are for; o the inclusion of a new generic risk, the Fixed Income Transferable Securities risk that is applicable to all funds; o minor amendments to the Derivatives Risk that is applicable to all funds; o the inclusion of a new risk, the Additional Derivatives Risk. This is applicable to the First State Global Interest Rates and Currency Fund; o new inclusions and amendments to the various sections within Taxation ; o inclusion of a new section in Appendix I on leverage; and o amendments in Appendix III covering the First State Global Interest Rates and Currency Fund. The FCA approved an update to the Instrument of Incorporation on the 3 September The main update was the inclusion of the First State Global Interest Rates and Currency Fund. The First State Global Interest Rates and Currency Fund launched on 15 September

5 Authorised Corporate Director's report The FCA approved an update to the Prospectus on the 28 October The main updates to the Prospectus were: o the inclusion of new Class Z Shares, this class is reserved for and is only available for subscription by institutional investors or clients of the Investment Manager or of the Sub-Investment Managers; o the amendment of the Gross classes definition; o minor amendments to the Fees and Expenses section; o minor amendments to the Taxation section; and o minor amendments to Appendix III with regard to investment in collective investment schemes. The FCA approved an update to the Prospectus on the 10 December The main update to the Prospectus was a minor correction to the First State Global Interest Rates and Currency Fund. The FCA approved an update to the Prospectus on the 2 March The main update to the Prospectus was a minor amendment made to the Prospectus to reflect the sub-delegation arrangement between the Investment Manager and First State Investments (Singapore) in regards to the First State Global Interest Rates and Currency Fund. The FCA approved an update to the Prospectus and the Instrument of Incorporation on the 20 April The main updates to the Prospectus were: o clarification on the concept of Currency Hedged Share Class used by the Company, and consequent update of risk factor R ( Currency Hedged Share Classes Risk ); o update of sections Material Contracts (in General Information ) and The Investment Manager (in Management and Administration ) in order to better reflect the ACD s approach; o insertion of new language in relation to the, Protection of Client Money ; o update of the Risk Factor A13 entitled Derivatives Risk ; o update of risk factors D ( China Market Risk ) and E ( Investment in China A Shares Risk ) in relation to the implementation of the investment in China A Shares via the QFII regime for certain sub-funds of the Company; o addition of certain risk factors for certain sub-funds of the Company, omitted previously in error; o amendments to Appendix I ( Investment Objectives, Policies and Other Details of the Funds ) in order to (i) reflect the clarifications relating to the Currency Hedged Share Classes, (ii) clarify the wording on global exposure and leverage, (iii) update the performance figures, (iv) the references to global exposure and leverage in certain sub-funds appendices; o amendments to Appendix II ( Eligible Securities and Derivatives Markets ) to (i) reorder the eligible markets list alphabetically, (ii) reflect the renaming of the International Capital Market Association to Xtrakter, (iii) add the Nigerian Stock Exchange for several sub-funds (First State Global Emerging Markets Fund, First State Global Emerging Markets Leaders Fund, First State Global Emerging Markets Sustainability Fund) and (iv) add the Ghana Stock Exchange for the First State Global Emerging Markets Sustainability Fund; o amendments to Appendix III ( Investment Management and Borrowing Powers of the Company ) to allow investment in collective investment schemes to a level above 10% and minor other updates in line with COLL; o minor other updates (e.g. new definition of Second Scheme, updates of the Registrar s principal place of business, the Auditor s principal place of business, performance figures and the update of the biography of one of the ACD s directors; and o the Instrument was amended to reflect the clarification of the concept of Currency Hedged Share Class that was inserted in the The FCA approved an update to the Prospectus and the Instrument of Incorporation on the 5 May The main updates to the Prospectus were: o addition of four new sub-funds, the First State Diversified Growth Fund, the First State Asia All-Cap Fund, the First State Asia Focus o related amendments in relation to the four new sub-funds; o addition of the First State Asia All-Cap Fund and the First State Asia Focus Fund to the list of funds subject to the initial charge and switching fee and related amendments; o update of risk factor A13 entitled Derivatives Risk ; o minor amendments to the taxation wording in the section headed Risks Specific to Direct Investment in China A Shares via a QFII License ; 2

6 Authorised Corporate Director's report o update of the address of the registrar in the section headed Register of Shareholders ; o correction of a typographical error which stated the minimum initial subscription of the First State Indian Subcontinent Fund Class B GBP shares as 000k rather than the correct 500k; o Minor typographical updates for clarification; and o The Instrument was amended to reflect the addition of the new sub-funds. The FCA approved an update to the Prospectus on the 17 June The main update to the Prospectus was an amendment of the leverage in the First State Diversified Growth Fund, increasing it from 105% to 500%. We hope that you find this report informative and that it answers any questions you may have about your investment with First State Investments. If you have any additional queries in relation to your investment, or one of our Funds, please contact our Client Services team on ( if calling from outside the UK). Also, a copy of the long form Annual Report and Accounts may be obtained by calling our Client Services team or by writing to them at Client Services, First State Investments (UK) Limited, 23 St Andrew Square, Edinburgh EH2 1BB. A copy of the Prospectus is available on request. All of the sub-funds have been prepared on a going concern basis with the exception of the First State Global Interest Rates and Currency Fund which the Authorised Corporate Director intends to terminate within one year of the date of approval of the financial statements and therefore the financial statements of this Fund have been prepared on a basis other than going concern. In applying this basis of preparation, the assets and liabilities of this Fund continue to be stated at their fair values which materially equate to their residual values. No adjustments were necessary in the Fund's financial statements to reduce assets to their realisable values, to provide for liabilities arising from the termination and to reclassify fixed assets and long-term liabilities as current assets and liabilities. The Investment Manager First State Investment Management (UK) Limited, the investment manager of the Company (the Investment Manager ) has delegated the investment management of (a) the First State Global Resources Fund, the First State Asian Property Securities Fund, the First State Global Property Securities Fund, the First State Global Listed Infrastructure Fund and the First State Global Agribusiness Fund to Colonial First State Asset Management (Australia) Limited, a company registered in Australia, by agreement dated 8 September 2006 as amended (b) the First State Greater China Growth Fund to the First State Investments (Hong Kong) Limited, a company registered in Hong Kong, by agreement dated 24 October 2003 and (c) the First State Global Emerging Markets Fund, the First State Global Emerging Markets Leaders Fund, the First State Indian Subcontinent Fund, the First State Latin America Fund and the First State Worldwide Equity Fund to First State Investments (Singapore), a company registered in Singapore, by agreement dated 7 January 2013 (as amended). 3

7 Statement of the Authorised Corporate Director's responsibilities in respect of the financial statements of the Company The Open-Ended Investment Companies Regulations 2001 (SI 2001/1228, as amended) (the OEIC Regulations ) and the Sourcebook require the ACD to prepare financial statements for each annual and semi-annual accounting period which give a true and fair view of the financial position of the Company and of its net revenue and the net capital gains on the property of the Company for the year. In preparing the Financial Statements the ACD is required to: select suitable accounting policies and then apply them consistently; comply with the disclosure requirements of the Statement of Recommended Practice relating to Financial Statements of Authorised Funds issued by the Investment Association (IA) formerly know as the Investment Management Association (IMA) in October 2010 ("the IMA SORP 2010"); comply with the prospectus, the Instrument of Incorporation and applicable accounting standards; keep proper accounting records which enable it to demonstrate that the financial statements as prepared comply with the above requirements; make judgements and estimates which are reasonable and prudent; prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in operation; and keep proper accounting records and to manage the Company in accordance with the Sourcebook, the Instrument of Incorporation and the prospectus. The ACD is responsible for taking reasonable steps for the prevention and detection of fraud and other irregularities. Report of the Authorised Corporate Director This report has been approved by the Authorised Corporate Director, First State Investments (UK) Limited, and signed on its behalf in accordance with the requirements of the OEIC Regulations and the Sourcebook. G Ferguson Director First State Investments (UK) Limited 15 October 2015 J Breyley Director First State Investments (UK) Limited 15 October

8 Statement of Depositary's responsibilities and report of the Depositary to the shareholders of First State Investments ICVC ('the Company') for the year ended 31 July 2015 The Depositary is responsible for the safekeeping of all custodial assets of the Company which is entrusted to it, for verifying ownership and maintaining a record of all other assets of the Company, and for the collection of income that arises from those assets. It is the duty of the Depositary to take reasonable care to ensure that the Company is managed in accordance with the Financial Conduct Authority's ('FCA') Collective Investments Schemes Sourcebook ('COLL') the Open-Ended Investment Companies Regulations 2001 (S1 2001/2008) ('OEIC Regulations'), the Company s Instrument of Incorporation and Prospectus, and where applicable, the FCA's Investment Funds Sourcebook (FUND'), in relation to the pricing of, and dealings in shares in the Company; the application of revenue of the Company; and the investment and borrowing powers applicable to the Company. Having carried out such procedures as we consider necessary to discharge our responsibilities as Depositary of the Company, it is our opinion, based on the information available to us and the explanations provided, that in all material respects the Company, acting through the Authorised Corporate Director: (I) (II) has carried out the issue, sale, redemption and cancellation, and calculation of the price of the Company s shares and the application of the Company s revenue in accordance with the COLL, the OEIC Regulations, the Instrument of Incorporation and Prospectus of the Company and, where applicable, has observed the investment and borrowing powers and restrictions applicable to the Company. National Westminster Bank plc Edinburgh 15 October

9 Independent Auditor's report to the Shareholders of First State Investments ICVC Report on the financial statements Our opinion In our opinion the financial statements, defined below: give a true and fair view of the financial position of the Company and each of the Funds and of the net revenue/(expenses) and the net capital gains/(losses) of the scheme property of the Company and each of the Funds for the year then ended; and have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, the Statement of Recommended Practice for Authorised Funds, the Collective Investment Schemes sourcebook and the Instrument of Incorporation. This opinion is to be read in the context of what we say in the remainder of this report. Emphasis of Matter - Basis of preparation In forming our opinion on the financial statements, which is not modified, we have considered the adequacy of the disclosures made in note 1 to the financial statements concerning the basis of accounting for First State Global Interest Rates and Currency Fund, for which the Authorised Corporate Director has confirmed their intention to terminate within one year of the date of approval of the financial statements. Accordingly, the going concern basis of accounting is no longer appropriate and the financial statements for this Fund have been prepared on a basis other than going concern as described in note 1 to the financial statements. No adjustments were necessary in the Fund's financial statements to reduce assets to their realisable values, to provide for liabilities arising from the termination and to reclassify fixed assets and long-term liabilities as current assets and liabilities. What we have audited The financial statements of First State Investments ICVC (the 'Company'), which are prepared by First State Investments (UK) Limited (the Authorised Corporate Director ), comprise: the aggregated balance sheet of the Company ; the aggregated statement of total return of the Company for the year then ended; the aggregated statement of change in net assets attributable to shareholders of the Company for the year then ended; the balance sheets together with the statements of total return and statements of changes in net assets attributable to shareholders of each of the Company s Funds; the notes to the Company s financial statements and each of the Company s Funds, which include a summary of significant accounting policies and other explanatory information; and the distribution tables. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), the Statement of Recommended Practice Financial Statements of Authorised Funds issued by the Investment Management Association (the Statement of Recommended Practice for Authorised Funds ), the Collective Investment Schemes sourcebook and the Instrument of Incorporation. In applying the financial reporting framework, the Authorised Corporate Director has made a number of subjective judgements, for example in respect of significant accounting estimates. In making such estimates, they have made assumptions and considered future events. What an audit of financial statements involves We conducted our audit in accordance with International Standards on Auditing (UK and Ireland) ( ISAs (UK & Ireland) ). An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error. This includes an assessment of: whether the accounting policies are appropriate to the Company s and each of the Company s Fund's circumstances and have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by the Authorised Corporate Director; and the overall presentation of the financial statements. In addition, we read all the financial and non-financial information in the Annual Report (the Annual Report ) to identify material inconsistencies with the audited financial statements and to identify any information that is apparently materially incorrect based on, or materially inconsistent with, the knowledge acquired by us in the course of performing the audit. If we become aware of any apparent material misstatements or inconsistencies we consider the implications for our report. 6

10 Independent Auditor's report to the Shareholders of First State Investments ICVC Opinions on matters prescribed by the Collective Investment Schemes sourcebook In our opinion: we have obtained all the information and explanations we consider necessary for the purposes of the audit; and the information given in the Authorised Corporate Director s Report for the financial year for which the financial statements are prepared is consistent with the financial statements. Other matters on which we are required to report by exception Propriety of accounting records and information and explanations received Under the Collective Investment Schemes sourcebook we are required to report to you if, in our opinion: proper accounting records have not been kept; or the financial statements are not in agreement with the accounting records and returns. We have no exceptions to report arising from this responsibility. Responsibilities for the financial statements and the audit Our responsibilities and those of the Authorised Corporate Director As explained more fully in the Authorised Corporate Director s Responsibilities Statement set out on page 4, the Authorised Corporate Director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and ISAs (UK & Ireland). Those standards require us to comply with the Auditing Practices Board s Ethical Standards for Auditors. This report, including the opinions, has been prepared for and only for the Company s members as a body in accordance with paragraph of the Collective Investment Schemes sourcebook as required by paragraph 67(2) of the Open-Ended Investment Companies Regulations 2001 and for no other purpose. We do not, in giving these opinions, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing. PricewaterhouseCoopers LLP Chartered Accountants & Statutory Auditors Edinburgh 15 October 2015 Notes: (a) (b) The maintenance and integrity of the Company website is the responsibility of the directors; the work carried out by the auditors does not involve consideration of these matters and, accordingly, the auditors accept no responsibility for any changes that may have occurred to the financial statements since they were initially presented on the website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. 7

11 Aggregated Statement of total return for the year ended 31 July 2015 Notes '000 '000 '000 '000 Income: Net capital gains 2 710, ,138 Revenue 3 354, ,246 Expenses 4 (183,576) (176,312) Finance costs: interest 6 (41) (39) Net revenue before taxation 171, ,895 Taxation 5 (19,744) (28,002) Net revenue after taxation 151, ,893 Total return before distributions and equalisation 862, ,031 Finance costs: s and equalisation 6 (175,145) (135,219) Change in net assets attributable to shareholders from investment activities 687, ,812 Aggregated Statement of change in net assets attributable to shareholders for the year ended 31 July 2015 Opening net assets attributable to shareholders Assets transferred from OEICs* Amounts receivable on issue of shares Less: Amounts payable on cancellation of shares Dilution adjustment Stamp duty reserve tax Change in net assets attributable to shareholders from investment activities Retained distribution on accumulation shares Unclaimed distributions Movement in currency adjustment on consolidation Closing net assets attributable to shareholders *Relating to the transfer of assets from an external party. 31 July July 2014 '000 '000 '000 '000 15,144,878 16,121,770-16,858 2,249,128 1,565,661 (2,492,459) (3,129,205) (243,331) (1,563,544) 2,028 1,945 - (558) 687, , , , ,089 (194) 15,745,238 15,144,878 Notes to the Aggregated financial statements are on pages 10 to 16. 8

12 Aggregated Balance sheet Notes '000 '000 Assets Portfolio of investments 14,613,630 14,242,225 Debtors 8 159, ,602 Cash and bank balances 9 1,135, ,006 Total other assets 1,294,541 1,030,608 Total assets 15,908,171 15,272,833 Liabilities Derivative liabilities (919) (687) Creditors Bank overdrafts payable on income shares Total other liabilities Total liabilities Net assets attributable to shareholders 10 (147,770) (115,866) (301) (875) (13,943) (10,527) (162,014) (127,268) (162,933) (127,955) 15,745,238 15,144,878 Notes to the Aggregated financial statements are on pages 10 to 16. 9

13 Notes to the Aggregated Financial Statements 1. Accounting and distribution policies (a) Basis of accounting The financial statements have been prepared under the historical cost basis, as modified by the revaluation of investments. The financial statements have adopted the principles of the Statement of Recommended Practice for the Financial Statements of UK Authorised Funds issued by the Investment Association (IA), formerly known as the Investment Management Association (IMA) in October 2010, (the "IMA SORP 2010"). (b) (c) (d) (e) All of the sub-funds have been prepared on a going concern basis with the exception of the First State Global Interest Rates and Currency Fund which the Authorised Corporate Director intends to terminate within one year of the date of approval of the financial statements and therefore the financial statements of this Fund have been prepared on a basis other than going concern. In applying this basis of preparation, the assets and liabilities of this Fund continue to be stated at their fair values which materially equate to their residual values. No adjustments were necessary in the Fund s financial statements to reduce assets to their realisable values, to provide for liabilities arising from the termination and to reclassify fixed assets and long-term liabilities as current assets and liabilities. Basis of valuation of investments The value of the Funds was calculated using the bid market value of investments as at 12:00 midday on 31 July 2015, net of any accrued interest. Investments for which published market values are not available are included at the Authorised Corporate Director s valuation. Open forward currency contracts are shown in the portfolio statement and are valued using quoted forward rate. Over the Counter (OTC) derivatives (including cross currency swaps) are held at fair value. Gains and losses, including exchange differences in the valuation of investments held at the balance sheet date, including unrealised exchange differences, are treated as capital. Exchange rates Amounts in overseas currencies are translated at the exchange rates ruling at the close of business on 31 July Transactions denominated in foreign currencies are converted to sterling at the exchange rate ruling at the date of the transaction. policy The whole of the Fund s revenue after expenses must be distributed at the end of its financial year. Interim distributions will usually be for the whole of the revenue, after charging expenses determined at the end of the interim accounting period. The Authorised Corporate Director may, however, in exceptional circumstances distribute a lesser amount, for the interim period. Emerging Markets Bond Fund, Emerging Markets Local Currency Bond Fund and Global Interest Rates and Currency Fund satisfied the qualifying investments test of Section 19 The Authorised Investment Funds (Tax) Regulations 2006 (S2006/964) throughout the period. All distributions made are therefore made as interest distributions. All the other Funds make dividend distributions. Recognition of revenue Dividends on equities are recognised when the security is quoted ex-dividend. Other revenue is accounted for on an accruals basis. UK dividends are shown net of tax credits. Dividends from US Real Estate Investment Trusts ("REITs") are recognised as distributable revenue when the securities are quoted ex-dividend. On receipt of the capital/revenue split in the following calendar year, the allocation of the dividend is adjusted within the financial statements. Dividends from the UK Real Estate Investment Trusts ("UK REITs") are recognised as distributable revenue when the securities are quoted exdividend. Dividends received from UK REITs are split into PID (Property Income s) and Non-PID components for tax purposes. Revenue arising from UK REITs tax-exempt rental business is colloquially known as PID revenue and is taxable in the hands of each Fund. A UK REIT may also carry out activities that give rise to taxable profits and gains. It is from these that the REIT will make a Non-PID distribution. These are treated for tax purposes in the same way as dividends from UK companies. Dividends received as shares (scrip/stock dividends), to the extent that the value of such dividends is equal to the cash dividends, are treated as revenue. This revenue forms part of any distribution. In the case of enhanced scrip dividends, the amount by which such dividends exceed the cash dividends is treated as capital and does not form part of the distribution. The treatment of special dividends and share buy backs is determined on a case by case basis, taking into account whether the event is income or capital by nature. The tax treatment will follow the treatment of the principal amounts. Interest on deposits and fixed interest securities are recognised as earned. Revenue from debt securities is accounted for on an effective yield basis. 10

14 Notes to the Aggregated Financial Statements (j) Stamp duty reserve tax (SDRT) Applying effective yield to the revenue calculation may result in either higher or lower revenue depending whether funds hold more bonds purchased at a discount or purchased at a premium. Where the funds hold more bonds purchased at a discount than at a premium, income will be higher. Where the full initial charge is levied on investment into any fund that is soft closed (soft closed meaning that the fund can still be accessed by investors, however, a charge is levied in an attempt to control the size of a fund by discouraging inflows) in the interests of protecting existing investors returns, the Investment Manager has paid this in to the relevant fund. This is recognised on a cash basis for the individual share classes of the soft closed funds. Prior to it being paid into the fund, the Investment Manager will exercise discretion on whether to donate some or all of this revenue to charity or reimburse back to the funds for the benefit of the existing shareholders. (f) Treatment of expenses All expenses, other than those relating to transaction fees and stamp duty reserve tax, are charged against the revenue property of the Fund. In the case of First State Asian Property Securities Fund, Global Property Securities Fund, Global Listed Infrastructure Fund, Emerging Markets Bond Fund and Emerging Markets Local Currency Bond Fund, all expenses are borne by the capital property of the Fund for distribution purposes. Management, registrar and dealing fees are charged directly to the share classes to which they relate. Other expenses are charged on a proportional basis. (g) Taxation Provision is made for corporation tax at the current rate on the excess of taxable revenue over allowable expenses. UK dividend revenue is disclosed net of any related tax credits. Overseas dividends are disclosed gross of any foreign tax suffered, the tax element being separately disclosed in the taxation note. Tax is calculated using the marginal basis i.e. the taxeffect of revenue and expenditure is allocated between capital and income on the same basis as the particular item to which it relates. Deferred taxation is provided for on all timing differences that have originated but not reversed at the balance sheet date. Deferred taxation is not recognised on permanent differences. Any liability to deferred tax is provided at the average rate of tax enacted, or substantively enacted. Deferred tax assets are only recognised where it is more likely than not that there will be suitable taxable profits against which the future reversal of underlying timing differences can be deducted. Deferred tax assets and liabilities are not discounted to reflect the time value of money. Withholding tax on accrued overseas dividends is netted off against accrued revenue in the debtors note. (h) Equalisation Equalisation applies only to shares purchased during the distribution period (group 2 shares). It is the average amount of revenue included in the purchase price of all group 2 shares and is refunded to holders of these shares as a return of capital. Being capital repayment, it is not liable to income tax but must be deducted from the cost of the shares for capital gains tax purposes. (i) Dilution adjustment On 1st February 2005 single swinging pricing was adopted for the Funds of the Company. The ACD reserves the right at its sole discretion to impose a dilution adjustment. For example: (a) on a Fund experiencing net purchases (ie purchases less redemptions) as this could lead to trading which results in a dilutive effect; (b) on a Fund experiencing net redemptions (ie redemptions less purchases) as this could lead to trading which results in a dilutive effect; and (c) where there may be a dilutive effect which, in the opinion of the ACD requires the application of a dilution adjustment in the interests of existing/continuing shareholders and potential shareholders. See the prospectus for full details. SDRT is charged at a maximum of 0.5% of the value of shares redeemed. Although the Authorised Corporate Director has the powerto impose SDRT at the time of the share transaction it is not the Authorised Corporate Director s policy to impose the charge to shareholders at that point. Instead, the SDRT will be charged by the Depositary to the Fund. However, in certain circumstances the Authorised Corporate Director does reserve the right at the time of dealing to charge shareholders. The SDRT is either reduced or does not apply if the Fund holds overseas investments or certain other classes of securities. Prior to 30 March 2014 SDRT was charged at a maximum of 0.5% of the value of the shares redeemed. From 30 March 2014, no SDRT is charged on the surrender of shares in each Fund, with the exception of surrenders in respect of which a shareholder receives a non-pro rata in specie redemption resulting in a transfer of underlying assets. In this instance, the SDRT will be a liability of the recipient of the underlying assets. 11

15 Notes to the Aggregated Financial Statements (k) Derivative financial instruments The treatment of the returns on forward currency contracts depend upon the nature of the transaction. Where these transactions are used to protect or enhance revenue, the revenue and expenses are included within net revenue in the Statement of total return. Where the transactions are used to protect or enhance investments, the gains/losses are treated as capital and included within gains/losses on investments in the Statement of total return. Any open positions in these types of transactions at the year end are included in the Balance sheet at their mark to market value. (l) Foreign currency translation Items included in the Company s financial statements are measured using the primary economic environment in which it operates (the functional currency ). The functional currencies of each Fund are GBP with the exception of First State Emerging Markets Local Currency Bond Fund and First State Global Interest Rates and Currency Fund which have adopted USD as their functional currencies. The Company has adopted GBP as the presentation currency for the Company as a whole. The Company s results and financial position are translated from the respective Fund's functional currency to the Company s presentation currency, as follows: (a) assets and liabilities, including net assets attributable to shareholders, are translated at the closing rate at the balance sheet date; (b) proceeds from subscriptions and amounts paid on redemption of shares are translated at average rates, which approximate the rates prevailing at the dates of the transactions; and (c) income and expenses are translated at average exchange rates. Other matters Retail distribution review Following the Financial Conduct Authority's recent Retail Review a total of 5,082 conversions were made from A to B share classes for an aggregate amount of approximately 1,634.2 million across all Funds of First State Investments ICVC during the period 1 August 2014 to 31 July 2015 (1 August 2013 to 31 July ,940 conversions and million). High Court claim In December 2006, the European Court of Justice found that the taxation by HMRCof portfolio dividends received from entities situated in EU/EEA countries prior to 1 July 2009 was discriminatory. In addition the same court found in November 2012 that the differing taxation of UK and foreign dividends (both from EU member states and third countries) is contrary to EU law. Judgement, however, is still to be given in the UK courts in respect of the test case, the Franked Income Investment Group Litigation order. The Company has made claims against HMRC to recover tax paid in the circumstances outlined above, however it should be noted that the interest which each sub fund has in these claims has not been recognised in the financial statements as the timing and amount of any benefit is uncertain. In the event claims are successful, any monies awarded by the court will be paid to the relevant sub-funds as a windfall to those shareholders who remain in the subfund at the date of payment of the claims. Foreign retrospective tax claims A number of the ICVC Funds are in the process of reclaiming tax, retrospectively for the last 5 years, with the local tax authorities in France, Taiwan and Belgium. On receipt, these amounts will be treated as windfall amounts in to the Funds and will form part of any distributable income. During the financial period, four sub-funds (Indian Subcontinent/ Asia Pacific Sustainability/ Asia Pacific and GEM Sustainability) in the Company received assessments from the Indian tax authorities regarding Minimum Alternative Tax ( MAT ). These assessments were appealed, as the Company believes MAT should not apply to foreign portfolio investors/ foreign institutional investors with no permanent establishment in India. In September 2015, the Indian Government released a statement agreeing that Indian MAT should not apply to investors such as the Company and that the Government will amend legislation or issue a circular to reflect this. No provision for MAT has been recognised in the NAV of any of the four sub-funds. 12

16 Notes to the Aggregated Financial Statements for the year ended 31 July Net capital gains The net capital gains during the year comprise: Non-derivative securities Derivative contracts Forward foreign exchange currency contracts Currency gains/(losses) Net capital gains Revenue Dividends from UK companies Overseas taxable revenue* Overseas non-taxable revenue Property revenue from UK REITs - PID Property revenue from UK REITs - Non PID Property revenue from overseas REITs* UK scrip dividends Overseas scrip dividends s from Regulated Collective Investment Schemes: Offshore distribution non taxable Interest from bank deposits* Interest from government and fixed interest securities Interest on capital revenue from Brazilian companies Currency hedge gains/(losses) Front end load income Swap Income Class action Total revenue *Prior year figures have been reanalysed to reclass revenue from overseas REITs and bank deposits. Expenses '000 ' , ,129 (424) (2) (9,127) 1,804 28,657 (62,793) 710, ,138 '000 '000 20,214 19,744 (156) 1, , , ,471 5,387-2,565 17,724 10, , ,661 2,861 5,251 5,411 (81) (2) 3,470 4, , ,246 Payable to the ACD, associates of the ACD, and agents of either of them: ACD's periodic charge ACD's periodic charge rebate Payable to the Depositary, associates of the Depositary, and agents of either of them: Depositary's fees Other expenses: Audit fee Registrar fees Safe custody charges Other expenses Total expenses Other expenses includes 200,373 (31/07/14: 145,540) paid to PwC for Non-audit services rendered in relation to tax. '000 ' , ,252 (4) (22) 171, ,230 1,860 2, ,131 2,850 4,894 3,777 1,762 2,204 9,965 9, , ,312 13

17 Notes to the Aggregated Financial Statements for the year ended 31 July (a) (b) Taxation '000 '000 Analysis of charge in year: Corporation tax Double tax relief (225) (129) Irrecoverable overseas tax 13,517 15,643 Indian capital gains tax 6,234 12,334 Brazilian IOF tax 3 10 Taiwan capital gains tax 3 6 Adjustments in respect of prior years - 2 Total current tax (note 5b) 19,757 27,995 Deferred taxation (13) 7 Total deferred tax (note 5c) (13) 7 Total taxation 19,744 28,002 Factors affecting current tax charge for the year: The tax assessed for the year is lower than (2014: higher than) the standard rate of corporation tax in the UK for an OEIC of 20% (2014: 20%). The differences are explained below: Net revenue before taxation 171, ,895 Corporation tax of 20% (2014: 20%) 34,268 26,978 Effects of: UK dividends* Non taxable scrip dividends* Overseas non-taxable revenue* Double tax relief Revenue taxable in different periods Movement in excess management expenses Irrecoverable overseas tax Tax deductible interest distributions Expenses not deductible for tax purposes Adjustments in respect of prior years Overseas tax expensed Taiwan capital gains tax Property revenue from UK REITs - Non PID Indian capital gains tax Brazilian IOF tax Current tax charge for year (note 5a) (4,042) (3,948) (3,543) (2,690) (58,595) (51,507) (225) (129) 71 (61) 33,275 32,011 13,517 15,643 (876) (404) (314) (237) 3 6 (20) (13) 6,234 12, ,757 27,995 (c) (d) OEICs are exempt from tax on capital gains. Therefore, any capital return is not included in the above reconciliation. *As an authorised OEIC these items are not subject to corporation tax. Deferred taxation: Details of the provision for deferred taxation are disclosed within the individual sub-funds' financial statements. Factors that may affect future tax charges: Details of factors that may affect future tax charges are disclosed within the individual sub-funds' financial statements. 14

18 Notes to the Aggregated Financial Statements for the year ended 31 July Finance costs s and equalisation and interest The distributions take account of revenue received on the issue of shares and revenue deducted on the cancellation of shares, and comprises: Interim distributions Final distributions Income tax withheld Add: revenue deducted on cancellation of shares Deduct: revenue received on issue of shares Net distributions for the year Interest from bank deposits Total finance costs Details of the distribution per share are set out in the distribution tables in the individual sub-funds' financial statements. Movement between net revenue and net distributions '000 '000 47,362 35, ,222 98,760 1, , ,817 7,782 6,105 (7,278) (5,703) 175, , , ,258 '000 '000 Net revenue after taxation 151, ,893 Revenue deficit 2,010 1,353 Movement in net income as a result of conversions 782 1,510 Expenses charged to capital* 15,243 13,751 Tax relief on expenses charged to capital (739) (639) Taiwan capital gains tax* 3 7 Indian capital gains tax 6,234 12,334 Brazilian IOF tax 3 10 Net distributions for the year 175, ,219 * Prior year figures have been reanalysed to disclose Taiwan capital gains tax. Debtors Sales awaiting settlement Amounts receivable for issue of shares Accrued revenue ACD expenses recoverable Overseas tax recoverable Accrued ACD's periodic charge rebate Total debtors Cash and bank balances Cash and bank balances Amounts held at futures clearing houses and brokers Total cash and bank balances '000 '000 96,061 34,391 27,996 61,567 33,747 33,194 (1) (1) 1,654 1,440 (1) , ,602 '000 '000 1,134, , ,135, ,006 15

19 Notes to the Aggregated Financial Statements for the year ended 31 July Creditors Purchases awaiting settlement Amounts payable for cancellation of shares Accrued expenses Deferred taxation Income tax payable Total creditors Portfolio transaction costs Analysis of total trade costs: Non-derivative securities Derivative contracts* Trades in the year before transaction costs Commissions Taxes Total costs Total net trades in the year after transaction costs *Purchases and/or sales of derivatives contracts do not incur transaction costs. Contingent liabilities and commitments Contingent liabilities and commitments are disclosed within the individual sub-funds' Financial Statements. Derivatives and other financial instruments Derivatives and other financial instruments are disclosed within the individual sub-funds' Financial Statements. Related parties Related parties are disclosed within the individual sub-funds' Financial Statements. Share classes Annual ACD charges are disclosed within the individual sub-funds' Financial Statements. '000 '000 92,426 84,880 36,334 14,101 18,455 16, , ,866 Purchases Sales '000 '000 '000 '000 5,656,989 5,197,477 5,998,335 6,783, ,652 2, ,411 2,784 5,907,641 5,200,261 6,249,746 6,785,795 8,214 7,963 (8,455) (10,365) 2,695 3,288 (5,640) (6,696) 10,909 11,251 (14,095) (17,061) 6,102,553 5,211,512 6,235,651 6,768,734 16

20 First State Asia Pacific Fund Authorised Fund Manager's Report for the year ended 31 July 2015 Investment objective and policy The Fund aims to achieve long-term capital growth. The Fund invests in equities in the Asia Pacific region (excluding Japan, including Australasia). Risks and reward profile Share class A Accumulation Share class A Income Share class B Accumulation Share class B Income Lower risk Higher risk Potentially lower rewards Potentially higher rewards * * * * 6 7 The synthetic risk reward indicator (the SRRI) rating is not a measure of the risk of you losing your investment but describes how much the value of the Fund went up and down in the past; The SRRI rating is based on historical data which may not be a reliable indication of the future risks and rewards of the Fund; We cannot guarantee that the rating of the Fund will remain the same, it may change over time; Even the lowest rating 1 does not mean a risk free investment; On a scale of 1 (less risky) to 7 (more risky), this Fund has a rating of 5 due to its past performance and the nature of its investments. Shares with a rating of 5 might have higher risks, but also higher returns; Risk is taken in order to make a higher potential return, the more risk a fund takes, the higher the potential return but the greater the risk of loss; and The value of the Fund and its return is not guaranteed and may fall as well as rise. You may get back less than you originally invested. *The SRRI changed from 6 to 5 on 21 July The Fund might also experience the following risks: Emerging market risk: emerging markets may not provide the same level of investor protection as a developed market; they may involve a higher risk than investing in developed markets. Currency risk: the Fund invests in assets which are denominated in other currencies; changes in exchange rates will affect the value of the Fund. For further information on risks, please refer to the risk factors section in the Company's prospectus. Performance The fund rose by 9.1% in sterling terms over the year and has provided returns of 36.7% and 66.7% over three and five years to 31 July Performance was helped by Pigeon Corp (Japan: Consumer Staples) which rose on the back of rapid sales growth in China and CSL (Australia: Health Care) which gained as its key business areas performed. First State China A Shares (China: Multiple Sectors) made a positive contribution as the China A-share market rallied strongly over the year. On the negative side, Asustek Computer (Taiwan: Information Technology) fell because of weak operations and XL Axiata (Indonesia: Telecom Services) was impacted by a deteriorating competitive environment. Petra Foods (Singapore: Consumer Staples) was hit by profit taking as it reached a high valuation. Portfolio changes Significant purchases over the period included Li & Fung (Hong Kong: Consumer Discretionary), backing the owner to rejuvenate the franchise, and Raffles Medical (Singapore: Health Care), a favoured medical franchise in Singapore with expansion plans overseas. We also bought Asustek Computer (Taiwan: Information Technology), which we believe is a good quality technology franchise with long-term potential, as it was trading on an attractive valuation. We sold Samsung Fire & Marine (South Korea: Financials) due to concerns over corporate governance and Axiata Group (Malaysia: Telecom Services) as we were increasingly concerned about the outlook in the core Malaysian market and weak growth. We also sold China Telecom as we would like to see more dividends paid to shareholders by such a cash generative franchise. 17

21 First State Asia Pacific Fund Authorised Fund Manager's Report for the year ended 31 July 2015 Outlook A recent team visit to India left usheartened by the positive response of CEOs we met in relation to the long-term potential of Modi s economic reforms. We continue to find high quality companies in the Indian market which should provide reasonable returns over the long-term, although it remains very difficult to find companies in the broader Asia Pacific region at current valuations. Despite a large fall in China, we are not buying any Mainland positions because the quality of the companies is unchanged. We maintain high cash levels because of the extended valuations of quality companies in the region. Cumulative performance Time Since period mths mths yrs yrs yrs yrs launch Fund return % (5.4) (4.2) ,528.0 Benchmark return % (12.5) (6.9) (1.5) Sector return % (10.5) (5.9) ,297.4 Quartile ranking Discrete performance Time 12 mths to 12 mths to 12 mths to 12 mths to 12 mths to period 31/07/15 31/07/14 31/07/13 31/07/12 31/07/11 Fund return % Benchmark: MSCI AC Asia Pacific (ex-japan) Index. Sector: IA Asia Pacific (ex-japan). Past performance should not be used as a guide to future performance, which is not guaranteed. Ten largest holdings Stock name CSL Oversea-Chinese Banking CK Hutchison Holdings Taiwan Semiconductor Manufacturing Brambles Standard Foods AIA Group Hong Kong & China Gas DBS Group Holdings Kotak Mahindra Bank Types of shares Income and Accumulation. % of Fund Stock name % of Fund 4.81 CSL Cheung Kong Holdings Oversea-Chinese Banking Hong Kong & China Gas Newcrest Mining Taiwan Semiconductor Manufacturing DBS Group Holdings AIA Group Brambles Axiata Group

22 First State Asia Pacific Fund Portfolio statement Holdings Market value '000 Total net assets % UNITED KINGDOM (0.40%*) 2, ,721,832 Chaarat Gold Holdings 1, ,076 REA Holdings CANADA (0.00%*) 1, ,608,695 Myanmar Investments International 1, ,565 Myanmar Investments International Warrants Expiry 18 June JAPAN (1.74%*) 7, ,300 Pigeon 7, AUSTRALIA (12.78%*) 93, ,267,729 Brambles 26, ,549 CSL 37, ,089,032 Newcrest Mining 16, ,417,374 ResMed CDI 5, ,055 Woodside Petroleum 7, CHINA (6.61%*) 7, ,358,989 Weifu High-Technology Group 'B' 7, HONG KONG (16.56%*) 138, ,150,000 Aeon Credit Service Asia 3, ,692,000 AIA Group 19, ,700 ASM Pacific Technology 3, ,572,000 Cathay Pacific Airways 8, ,169,756 CK Hutchison Holdings 30, ,440,000 Convenience Retail Asia 3, ,210,000 Greatview Aseptic Packaging 2, ,813,093 Hong Kong & China Gas 19, ,600 Hong Kong Aircraft Engineering 5, ,512,000 Li & Fung 9, ,559,000 Link REIT** 5, ,126,000 Minth Group 6, ,344,000 Public Financial Holdings 5, ,526,000 Singamas Container Holdings 2, ,709,000 Tao Heung Holdings 3, ,414,000 Trinity 2, ,217,931 Vitasoy International Holdings 5, INDIA (21.53%*) 186, ,868 Cholamandalam Investment and Finance 5, ,005 CMC 4, ,495 Container Corporation of India 5, ,757,005 Cyient 9, ,734 Dr Reddy's Laboratories 15, ,962,802 EID Parry India 4, ,882 Godrej Consumer Products 6, ,437,301 Godrej Properties 6, ,611,469 Great Eastern Shipping 5, ,130,117 Housing Development Finance 15, ,375,835 Idea Cellular 5, ,920,629 IDFC 7,

23 First State Asia Pacific Fund Portfolio statement Holdings Market value '000 Total net assets % 691,910 Infosys 7, ,101 Infosys ADR 7, ,362,758 Kotak Mahindra Bank 16, ,153 Lupin 8, ,262 Mahindra & Mahindra 4, ,707 Mahindra Lifespace Developers 2, ,976,186 Marico 8, ,026 Shriram Transport Finance 6, ,320,743 Tata Chemicals 6, ,259 Tata Consultancy Services 8, ,080,746 Tata Global Beverages 8, ,226 Tech Mahindra 4, ,446 Trent 2, ,009,514 Tube Investments of India 3, INDONESIA (1.78%*) 11, ,262,700 XL Axiata 11, MALAYSIA (2.62%*) - - PHILIPPINES (1.68%*) 13, ,700 Ayala 3, ,214,000 Manila Water 10, SINGAPORE (12.89%*) 122, ,785,100 Amtek Engineering 5, ,798,000 Bukit Sembawang Estates 4, ,200 Dairy Farm International Holdings 3, ,053,063 DBS Group Holdings 19, ,042,000 Ezion Holdings 3, ,297,200 Great Eastern Holdings 14, ,058,400 Haw Par 8, ,202,000 Hong Leong Finance 3, ,852,300 M1 5, ,460,629 Oversea-Chinese Banking 31, ,237,300 Petra Foods 13, ,437,620 Raffles Medical Group 9, SOUTH KOREA (7.37%*) 27, ,508 LG Household & Health Care Preference 4, ,468 LG Preference 5, ,050 Shinhan Financial Group 9, ,306 Youngone Holdings 7, SRI LANKA (0.28%*) 9, ,470,363 Dialog Axiata ,192,800 Nations Trust Bank 2, ,183,169 Textured Jersey Lanka 6, TAIWAN (8.77%*) 105, ,000 Airtac International Group 1, ,191,000 Asustek Computer 12, ,182,000 Chroma ATE 8, ,967,000 Delta Electronics 6, ,800,359 E.Sun Financial Holding 10, ,090,000 MediaTek 7, ,597,032 President Chain Store 7, ,329,875 Standard Foods 21, ,457,646 Taiwan Semiconductor Manufacturing 29,

24 First State Asia Pacific Fund Portfolio statement Holdings Market value '000 Total net assets % THAILAND (0.51%*) 4, ,324,400 Delta Electronics Thailand 4, VIETNAM (0.27%*) 2, ,196 Vietnam Dairy Products 2, Portfolio of investments 733, Net other assets 36, Total net assets 769, All investments held are listed, unless otherwise stated. For the purposes of this portfolio holdings analysis, securities are shown based on their country of listing. * Comparative figures shown in brackets relate to 31 July ** Real Estate Investment Trust (REIT). Stocks shown as ADRs represent American Depositary Receipts. Stocks shown as CDIs represent Chess Depositary Interests. Since the previous report the Industry Sector Classification headings have been updated by data providers. Where the portfolio statement shows Industry Sectors, the new sector names have been reflected in the report in respect of the current holdings and comparative holdings have been reanalysed where appropriate. 21

25 First State Asia Pacific Fund Summary Fund performance Net asset value and ongoing charges figure Share class A Accumulation 31/07/13 31/07/14 31/07/15 Share class A Income 31/07/13 31/07/14 31/07/15 Share class B Accumulation 31/07/13 31/07/14 31/07/15 Share class B Income 31/07/13 31/07/14 31/07/15 Share price history and revenue record Share class B Accumulation * Share class B Income * * To 31 July Net Asset Value of share class ( ) 582,923, ,911, ,921,981 Shares in issue 256,810,043 31,392, ,373,430 25,205, ,090,354 19,193,517 1,417,496 1,176,211 1,167,079 17,586,172 18,967,842 19,454,901 64,989,894 52,330,464 51,791,600 Net Asset Value per share (p) 949, , , , ,755, ,599, ,956, Highest Lowest Calendar year share price (p) share price (p) per share (p) Share class A Accumulation * Share class A Income , * , , , Ongoing Charges Figure (%)

26 First State Asia Pacific Fund Statement of total return for the year ended 31 July July July 2014 Notes '000 '000 '000 '000 Income: Net capital gains 2 68,690 63,896 Revenue 3 17,200 14,658 Expenses 4 (10,381) (10,159) Finance costs: interest 6 - (2) Net revenue before taxation 6,819 4,497 Taxation 5 (526) (2,109) Net revenue after taxation 6,293 2,388 Total return before distributions 74,983 66,284 Finance costs: distributions 6 (7,624) (4,248) Change in net assets attributable to shareholders from investment activities 67,359 62,036 Statement of change in net assets attributable to shareholders for the year ended 31 July 2015 Opening net assets attributable to shareholders Amounts receivable on issue of shares Less: Amounts payable on cancellation of shares Dilution adjustment Stamp duty reserve tax Change in net assets attributable to shareholders from investment activities Retained distribution on accumulation shares Closing net assets attributable to shareholders 31 July July 2014 '000 '000 '000 ' , ,737 51,955 2,649 (119,480) (165,199) (67,525) (162,550) (1) 67,359 62,036 7,256 3, , ,429 Notes to the financial statements are on pages 25 to

27 First State Asia Pacific Fund Balance sheet Assets Portfolio of investments Debtors Cash and bank balances Total other assets Total assets Liabilities Creditors payable on income shares Total liabilities Net assets attributable to shareholders Notes '000 ' , , ,557 1,690 42,827 32,425 45,384 34, , ,424 9 (8,830) (1,881) (163) (114) (8,993) (1,995) 769, ,429 Notes to the financial statements are on pages 25 to

28 First State Asia Pacific Fund Notes to the Financial Statements Accounting basis and policies Please see pages 10 to 12 for accounting basis and policies. Net capital gains The net capital gains during the year comprise: Non-derivative securities Forward foreign exchange currency contracts Currency gains/(losses) Net capital gains Revenue Dividends from UK companies Overseas taxable revenue Overseas non-taxable revenue Overseas scrip dividends s from Regulated Collective Investment Schemes: Offshore distribution non taxable Interest from bank deposits Front end load income Total revenue Expenses Payable to the ACD, associates of the ACD, and agents of either of them: ACD's periodic charge Payable to the Depositary, associates of the Depositary, and agents of either of them: Depositary's fees Other expenses: Audit fee Registrar fees Safe custody charges Other expenses Total expenses '000 '000 68,380 66, (2,321) 68,690 63,896 '000 ' (335) (47) 15,592 13, ,200 14,658 '000 '000 9,781 9, ,381 10,159 25

29 First State Asia Pacific Fund Notes to the Financial Statements 5. (a) (b) (c) (d) 6. Taxation Analysis of charge in year: Irrecoverable overseas tax Indian capital gains tax Total current tax (note 5b) Factors affecting current tax charge for the year: '000 '000 (733) 447 1,259 1, ,109 The tax assessed for the year is lower than (2014: higher than) the standard rate of corporation tax in the UK for an OEIC of 20% (2014: 20%). The differences are explained below: Net revenue before taxation Corporation tax of 20% (2014: 20%) Effects of: UK dividends* Non taxable scrip dividends* Overseas non-taxable revenue* Movement in excess management expenses Irrecoverable overseas tax Indian capital gains tax Current tax charge for year (note 5a) OEICs are exempt from tax on capital gains. Therefore, any capital return is not included in the above reconciliation. *As an authorised OEIC these items are not subject to corporation tax. Deferred taxation: There is no provision required for deferred taxation at the Balance sheet date in the current or prior year. Factors that may affect future tax charges: Finance costs 6,819 4,497 1, (1) - (186) (179) (3,183) (2,724) 2,006 2,004 (733) 447 1,259 1, ,109 At the year end, after offset against revenue taxable on receipt, there is a potential deferred tax asset of 12,808,370 (31/07/14: 10,802,243) this relates to surplus management expenses. No deferred tax asset was recognised in the current or prior year as it was considered unlikely the Fund would generate sufficient taxable profits in the future to utilise these amounts. s and interest The distributions take account of revenue received on the issue of shares and revenue deducted on the cancellation of shares, and comprises: Interim distribution Final distribution Add: revenue deducted on cancellation of shares Deduct: revenue received on issue of shares Net distributions for the year Interest from bank deposits Total finance costs Details of the distribution per share is set out in the tables on pages 30 to 31. '000 '000 1, ,621 3,274 7,472 3, (56) (4) 7,624 4, ,624 4,250 26

30 First State Asia Pacific Fund Notes to the Financial Statements Movement between net revenue and net distributions '000 '000 Net revenue after taxation 6,293 2,388 Movement in net income as a result of conversions Expenses charged to capital Indian capital gains tax 1,259 1,662 Net distributions for the year 7,624 4,248 Debtors Sales awaiting settlement Amounts receivable for issue of shares Accrued revenue Total debtors Creditors Purchases awaiting settlement Amounts payable for cancellation of shares Accrued expenses Total creditors Portfolio transaction costs Analysis of total trade costs: Non-derivative securities Trades in the year before transaction costs Commissions Taxes Total costs Total net trades in the year after transaction costs 11. Contingent liabilities and commitments '000 ' ,230 1,325 2,557 1,690 '000 '000 7, ,108 1,032 8,830 1,881 Purchases Sales '000 '000 '000 ' , , , , , , , , (475) (706) (421) (575) (896) (1,281) 269, , , ,321 As at 31 July 2015, the Fund had no contingent liabilities (31/07/14: nil) and no commitments (31/07/14: nil). 27

31 First State Asia Pacific Fund Notes to the Financial Statements 12. (a) (b) Derivatives and other financial instruments General In pursuing its investment objectives the Fund holds equity shares. The main risk arising from the Fund s financial instruments is market price risk. Market price risk arises mainly from uncertainty about future prices of the financial instruments held. Investment risk in the portfolio is regularly reviewed and controlled through the adoption of parameters limiting exposures to various factors such as industries, countries, and company size. The Fund has little exposure to credit or cash flow risk. Certain transactions in securities that the Fund enters into expose it to the risk that the counter-party will not deliver the investment (purchase) or cash (sale) after the Fund has fulfilled its responsibilities. The Fund only buys and sells investments through brokers which have been approved by the ACD as an acceptable counter-party. This list is reviewed quarterly. The Fund s assets comprise mainly realisable securities which can be readily sold in normal market conditions. The Fund s main liability is the redemption of any shares that investors wish to sell. In general, the ACD manages the cash to ensure that it can meet its liabilities. Assets from a fund may need to be sold if insufficient cash is available to finance such redemptions. The Fund s holdings are reviewed on a regular basis, with particular emphasis on the market capitalisation of the issuer (securities issued by larger capitalised companies generally have greater liquidity), and the number of days it would take to trade out of a given securities position or percentage of the Fund as a whole (determined by reference to available market trading volumes). Funds that have a higher concentration of securities which are deemed to be less liquid are regularly monitored. As a proportion of the Fund s investment portfolio is invested in overseas securities the Balance sheet can be affected by movements in foreign exchange rates. The Investment Manager may seek to manage exposure to currency movements by using forward foreign exchange contracts or by hedging the sterling value of investments that are priced in other currencies. Income received in other currencies is converted to sterling on or near the date of receipt. The market value of investments is taken to equal fair value for the purposes of Financial Reporting Standard 29. Given all the activities of the Fund, none of the investments held fall within the definition of investments held for trading as set out in Financial Reporting Standard 13. Fair value of financial assets and financial liabilities There is no material difference between the value of the financial assets and liabilities, as shown in the Balance sheet, and their fair value. Interest rate risk The Fund does not invest in either fixed or floating rate securities and interest rate risk exposure is restricted to interest receivable on bank deposits or payable on bank overdraft positions which will be affected by fluctuations in interest rates. As at 31 July 2015, 5.56% (31 July 2014: 4.25%) of the Fund's assets were interest bearing. 28

32 First State Asia Pacific Fund Notes to the Financial Statements Derivatives and other financial instruments The following summarises the Sterling value of currencies of the Fund in which the investments, including cash, debtors and creditors, are denominated. As at 31 July the Fund had the following net currency exposure (excluding sterling): Net foreign currency assets Net foreign currency assets 31 July July 2014 Monetary Non-monetary Monetary Non-monetary exposures exposures Total exposures exposures Total Currency '000 '000 '000 '000 '000 '000 Australian dollar - 93,047 93,047-97,399 97,399 Hong Kong dollar (358) 146, , , ,318 Indian rupee , ,089 1, , ,024 Indonesian rupiah ,437 12,372-13,606 13,606 Japanese yen 33 7,496 7, ,218 13,281 Malaysian ringgit ,009 20,009 Philippine peso (1,362) 13,174 11,812-12,676 12,676 Singapore dollar (1,783) 118, , ,290 96,298 South Korean won - 27,403 27, ,188 56,425 Sri Lankan rupee (929) 9,889 8,960-2,136 2,136 Taiwanese dollar , ,656 5,501 66,843 72,344 Thai baht - 4,876 4,876-3,895 3,895 US dollar 16,729 12,953 29,682 6,860 13,399 20,259 Vietnamese dong - 2,267 2,267-2,031 2,031 14, , ,320 13, , ,701 Related parties First State Investments (UK) Limited, ("the ACD") is a related party to the Fund as defined by Financial Reporting Standard 8 Related Party Disclosures. By virtue of the regulations governing OEICs, the ACD is party to every transaction in respect of shares of the Fund, which are summarised in the Statement of Change in Net Assets attributable to Shareholders. Amounts due at the year end in respect of issues and cancellations are included in the Balance Sheet. Amounts paid to First State Investments (UK) Limited in respect of ACD fees are disclosed in note 4, with 784,714 (31/07/14: 775,674) due at the year end. As at 31 July 2015 Commonwealth Bank of Australia (UK) Staff Pension Scheme, a related party of the ACD, owned 0.01% (31/07/14: 0.01%) of the Net Asset Value of the Fund. As at 31 July 2015 RBC as trustee for First State Investment Services (UK) Limited Employee Benefits Trust, a related party of the ACD, owned 0.45% (31/07/14: 0.72%) of the Net Asset Value of the Fund. Share classes The Fund has four share classes in issue. The ACD's periodic charge on each share class is as follows: Share class A Accumulation (Retail): Share class A Income (Retail): Share class B Accumulation (Institutional): Share class B Income (Institutional): The net asset value of each share class, the net asset value per share and the number of shares in each class are given in the Performance Record on page 22. The distributions per share class are given in the Tables on pages 30 to 31. All share classes have the same rights on winding up. %

33 First State Asia Pacific Fund Tables for the year ended 31 July 2015 in pence per share Group 1 Interim - Shares purchased prior to 1 August 2014 Final - Shares purchased prior to 1 February 2015 Group 2 Interim - Shares purchased between 1 August 2014 and 31 January 2015 Final - Shares purchased between 1 February 2015 and 31 July 2015 Share class A Accumulation paid to/payable 30/09/2015 paid 30/09/2014 Net revenue Equalisation Group 1 (p) (p) (p) (p) Interim Final Group 2 (p) (p) (p) (p) Interim Final Share class A Income paid to/payable 30/09/2015 paid 30/09/2014 Net revenue Equalisation Group 1 (p) (p) (p) (p) Interim Final Group 2 (p) (p) (p) (p) Interim Final Share class B Accumulation paid to/payable 30/09/2015 paid 30/09/2014 Net revenue Equalisation Group 1 (p) (p) (p) (p) Interim Final Group 2 (p) (p) (p) (p) Interim Final

34 First State Asia Pacific Fund Tables for the year ended 31 July 2015 Share class B Income paid to/payable 30/09/2015 paid 30/09/2014 Net revenue Equalisation Group 1 (p) (p) (p) (p) Interim Final Group 2 (p) (p) (p) (p) Interim Final Corporate Tax for all share classes (unaudited) A shareholder liable to corporation tax receives this distribution, excluding equalisation, as follows: Interim % of the dividend together with the tax credit is received as franked investment income. Interim % of the dividend is received as an annual payment (non foreign element) received after the deduction of tax at a rate equal to the basic rate of income tax and is liable to corporation tax. The tax deemed to be deducted is treated as income tax. Interim % of the dividend is received as an annual payment (foreign element) received after the deduction of tax at a rate equal to the basic rate of income tax. It is treated as foreign income in the hands of the corporate investor and is liable to corporation tax. The associated deemed tax is treated as foreign tax in the hand of the investor who may be able to claim double tax relief. Investors cannot reclaim any of this deemed tax on the foreign element from HM Revenue & Customs. Final % of the dividend together with the tax credit is received as franked investment income. Final % of the dividend is received as an annual payment (non foreign element) received after the deduction of tax at a rate equal to the basic rate of income tax and is liable to corporation tax. The tax deemed to be deducted is treated as income tax. Final % of the dividend is received as an annual payment (foreign element) received after the deduction of tax at a rate equal to the basic rate of income tax. It is treated as foreign income in the hands of the corporate investor and is liable to corporation tax. The associated deemed tax is treated as foreign tax in the hand of the investor who may be able to claim double tax relief. Investors cannot reclaim any of this deemed tax on the foreign element from HM Revenue & Customs. Shareholders should consult their professional advisers for any advice regarding their tax position. 31

35 First State Asia Pacific Leaders Fund Authorised Fund Manager's Report for the year ended 31 July 2015 Investment objective and policy The Fund aims to achieve long-term capital growth. The Fund invests in large and mid-capitalisation equities in the Asia Pacific region (excluding Japan, including Australasia). Clarification point: Large and mid capitalisation typically refers to equities with a minimum market capitalisation of US$1 billion and a minimum free float of US$500 million. Australasia refers to Australia, New Zealand and other South East Asian countries. Risks and reward profile Share class A Accumulation Share class A Income Share class B Accumulation Share class B Income Share class A Accumulation (EUR share class) Share class A Income (EUR share class) Share class B Accumulation (EUR share class) Share class B Income (EUR share class) Lower risk Higher risk Potentially lower rewards Potentially higher rewards * * * * 6 7 The synthetic risk reward indicator (the SRRI) rating is not a measure of the risk of you losing your investment but describes how much the value of the Fund went up and down in the past; The SRRI rating is based on historical data which may not be a reliable indication of the future risks and rewards of the Fund; We cannot guarantee that the rating of the Fund will remain the same, it may change over time; Even the lowest rating 1 does not mean a risk free investment; On a scale of 1 (less risky) to 7 (more risky), this Fund has a rating of 5 due to its past performance and the nature of its investments. Shares with a rating of 5 might have higher risks, but also higher returns; Risk is taken in order to make a higher potential return, the more risk a fund takes, the higher the potential return but the greater the risk of loss; and The value of the Fund and its return is not guaranteed and may fall as well as rise. You may get back less than you originally invested. *The SRRI changed from 6 to 5 on 21 July The Fund might also experience the following risks: Emerging market risk: emerging markets may not provide the same level of investor protection as a developed market; they may involve a higher risk than investing in developed markets. Currency risk: the Fund invests in assets which are denominated in other currencies; changes in exchange rates will affect the value of the Fund. For further information on risks, please refer to the risk factors section in the Company's prospectus. Performance The fund rose by 10.1% in sterling terms over the year and has provided returns of 32.2% and 60.8% over three and five years to 31 July Performance was helped by Kotak Mahindra Bank (India: Financials) which rose as India became more popular and as the announcement of an acquisition was well received by investors. CSL (Australia: Health Care) gained as its key business areas performed well and Dr Reddy s Laboratories (India: Health Care) climbed as the company recorded strong earnings growth and announced a strategic partnership with Amgen to market and distribute three new drugs. On the negative side, Li & Fung (Hong Kong: Consumer Discretionary) disappointed as its product sourcing business suffered from the loss of Wal- Mart s custom, while a wider slowdown in sales affected profit growth. Asustek Computer (Taiwan: Information Technology) fell because of weak operations and Ezion Holdings (Singapore: Energy) declined as the company s terms of trade deteriorated as the oil price fell. 32

36 First State Asia Pacific Leaders Fund Authorised Fund Manager's Report for the year ended 31 July 2015 Portfolio Changes Significant purchases over the period included Woodside Petroleum (Australia: Energy) due to valuations and a positive outlook and Giant Manufacturing (Taiwan: Consumer Discretionary), a well-run bicycle brand that is benefiting from rising interest in cycling as a recreational sport and a means of urban commuting. We also bought Link REIT, a defensively positioned portfolio of shopping centres and car parks in Hong Kong. We sold Samsung Fire & Marine (South Korea: Financials) and Samsung Electronics (South Korea: Information Technology) due to concerns over corporate governance across the Samsung group. We also sold Want Want (China: Consumer Staples) on worries about the sustainability of their products. Outlook A recent team visit to India left usheartened by the positiveresponseof CEOs we met to the long-term potential of Modi s economicreforms. We continue to find high quality companies in the Indian market which should provide reasonable returns over the long-term, although it remains very difficult to find companies in the broader Asia Pacific region at current valuations. Despite a large fall in China, we are not buying any Mainland positions because the quality of the companies is unchanged. We maintain high cash levels because of the extended valuations of quality companies in the region. This should allow us to take advantage of lower share prices when markets decline to more reasonable levels. Cumulative performance Time Since period mths mths yrs yrs yrs yrs launch Fund return % (4.7) (3.6) Benchmark return % (12.5) (6.9) (1.5) Sector return % (10.5) (5.9) Quartile ranking Discrete performance Time period Fund return % Benchmark: MSCI Asia Pacific (ex-japan) Index. Sector: IA Asia Pacific (ex-japan). Past performance should not be used as a guide to future performance, which is not guaranteed. Ten largest holdings Stock name CSL Oversea-Chinese Banking CK Hutchison Holdings Brambles Taiwan Semiconductor Manufacturing Housing Development Finance Asustek Computer Kotak Mahindra Bank DBS Group Holdings Hong Kong & China Gas Types of shares Income and Accumulation. 12 mths to 12 mths to 12 mths to 12 mths to 12 mths to 31/07/15 31/07/14 31/07/13 31/07/12 31/07/ (0.3) 22.0 % of Fund Stock name % of Fund 5.53 CSL Oversea-Chinese Banking Cheung Kong Holdings Hong Kong & China Gas Taiwan Semiconductor Manufacturing Housing Development Finance Axiata Group DBS Group Holdings Mahindra & Mahindra Newcrest Mining

37 First State Asia Pacific Leaders Fund Portfolio statement Holdings Market value '000 Total net assets % UNITED STATES (1.48%*) 63, ,775,109 ResMed 63, JAPAN (2.05%*) 116, ,969,300 Pigeon 116, AUSTRALIA (14.92%*) 1,216, ,538,646 Brambles 403, ,692,404 CSL 446, ,445,309 Newcrest Mining 180, ,141,514 Treasury Wine Estates 83, ,139,232 Woodside Petroleum 101, CHINA (6.07%*) 48, ,396,000 China Telecom 'H' 48, HONG KONG (15.57%*) 1,347, ,786,600 AIA Group 211, ,169,900 ASM Pacific Technology 47, ,876,000 Cathay Pacific Airways 160, ,409,436 CK Hutchison Holdings 412, ,199,847 Hong Kong & China Gas 241, ,356,000 Li & Fung 140, ,949,000 Link REIT** 82, ,557,000 Yue Yuen Industrial Holdings 51, INDIA (21.65%*) 1,984, ,985,776 Dr Reddy's Laboratories 204, ,108,174 Dr Reddy's Laboratories ADR 44, ,720,521 Godrej Consumer Products 119, ,942,858 Housing Development Finance 280, ,738,509 Idea Cellular 91, ,886,213 IDFC 106, ,537,966 Infosys 124, ,289,200 Infosys ADR 122, ,994,128 Kotak Mahindra Bank 257, ,188,394 Lupin 122, ,626,379 Mahindra & Mahindra 144, ,375 Shriram Transport Finance 5, ,706,168 Tata Consultancy Services 193, ,800,449 Tata Power 42, ,417,371 Tech Mahindra 76, ,276,170 Titan 49, MALAYSIA (3.09%*) 146, ,739,454 Axiata Group 146, PHILIPPINES (1.78%*) 115, ,638,960 Ayala 115, SINGAPORE (9.68%*) 807, ,259,200 Dairy Farm International Holdings 70, ,341,243 DBS Group Holdings 248, ,609,600 Ezion Holdings 48, ,032,651 Great Eastern Holdings 21, ,285,886 Oversea-Chinese Banking 419,

38 First State Asia Pacific Leaders Fund Portfolio statement Holdings Market value '000 Total net assets % SOUTH KOREA (8.11%*) 259, ,399,717 LG 76, ,567 LG Household & Health Care 64, ,142,500 Shinhan Financial Group 118, TAIWAN (8.52%*) 1,221, ,193,000 Asustek Computer 267, ,726,000 Delta Electronics 135, ,981,497 E.Sun Financial Holding 124, ,948,000 Giant Manufacturing 79, ,886,000 MediaTek 133, ,323,208 President Chain Store 89, ,312,807 Taiwan Semiconductor Manufacturing 391, THAILAND (0.50%*) - - Portfolio of investments 7,326, Net other assets 761, Total net assets 8,087, All investments held are listed, unless otherwise stated. For the purposes of this portfolio holdings analysis, securities are shown based on their country of listing. * Comparative figures shown in brackets relate to 31 July ** Real Estate Investment Trust (REIT). Stocks shown as ADRs represent American Depositary Receipts. Since the previous report the Industry Sector Classification headings have been updated by data providers. Where the portfolio statement shows Industry Sectors, the new sector names have been reflected in the report in respect of the current holdings and comparative holdings have been reanalysed where appropriate. 35

39 First State Asia Pacific Leaders Fund Summary Fund performance Net asset value and ongoing charges figure Net Asset Value of share class ( ) Shares in issue Net Asset Value per share (p/c)* Ongoing Charges Figure (%) Share class A Accumulation 31/07/13 31/07/14 31/07/15 Share class A Income 31/07/13 31/07/14 31/07/15 Share class B Accumulation 31/07/13 31/07/14 31/07/15 Share class B Income 31/07/13 31/07/14 31/07/15 Share class A Accumulation (EUR share class) 31/07/13 31/07/14 31/07/15 Share class A Income (EUR share class) 31/07/13 31/07/14 31/07/15 Share class B Accumulation (EUR share class) 31/07/13 31/07/14 31/07/15 Share class B Income (EUR share class) 31/07/14 31/07/15 2,424,921,662 1,756,274,695 1,430,800,317 59,994,508 35,004,362 27,737,254 3,293,130,039 3,612,763,638 4,668,235, ,555, ,201, ,934, ,809, ,802, ,128,822 8,059,236 10,772,357 18,105, ,340, ,901, ,316,515 1,904,449 17,323, ,971, ,609, ,903,909 40,784,690 22,649,182 16,352, ,006, ,158, ,673, ,884, ,184, ,294, ,978, ,680, ,151,750 6,431,767 8,191,381 12,555, ,849, ,003, ,424,854 1,994,050 16,532, / / / / / / / / / / / *Where 2 figures are shown for a share class denominated in EUR, the first figure is in GBP in pence and the second figure is in EUR in cents. Amounts in Euros have been converted at the (EUR) exchange rate at 12:00 midday on 31 July

40 First State Asia Pacific Leaders Fund Summary Fund performance Share price history and revenue record Calendar year Highest share price (p/c) Lowest share price (p/c) per share (p/c) Share class A Accumulation * Share class A Income * Share class B Accumulation * Share class B Income * Share class A Accumulation (EUR share class) * Share class A Income (EUR share class) * Share class B Accumulation (EUR share class) *

41 First State Asia Pacific Leaders Fund Summary Fund performance Share price history and revenue record Calendar year Highest share price (p/c) Lowest share price (p/c) per share (p/c) Share class B Income (EUR share class) * The share classes marked with EUR are stated in Euros. The Euro prices are calculated using the exchange rate at the valuation point on that date. * To 31 July Share class A Income (EUR share class) was launched 29 March Share class B Accumulation (EUR share class) was launched 4 May Share class B Income (EUR share class) was launched 13 February

42 First State Asia Pacific Leaders Fund Statement of total return for the year ended 31 July 2015 Notes '000 '000 '000 '000 Income: Net capital gains 2 687, ,853 Revenue 3 152, ,476 Expenses 4 (84,844) (71,594) Finance costs: interest 6 (11) (3) Net revenue before taxation 67,931 47,879 Taxation 5 (8,504) (9,203) Net revenue after taxation 59,427 38,676 Total return before distributions 747, ,529 Finance costs: distributions 6 (63,088) (44,938) Change in net assets attributable to shareholders from investment activities 683, ,591 Statement of change in net assets attributable to shareholders for the year ended 31 July 2015 Opening net assets attributable to shareholders Amounts receivable on issue of shares Less: Amounts payable on cancellation of shares Dilution adjustment Stamp duty reserve tax Change in net assets attributable to shareholders from investment activities Retained distribution on accumulation shares Closing net assets attributable to shareholders '000 '000 '000 '000 6,966,625 6,869,811 1,279, ,418 (899,849) (1,102,476) 379,907 (234,058) (31) 683, ,591 57,056 41,472 8,087,582 6,966,625 Notes to the financial statements are on pages 41 to

43 First State Asia Pacific Leaders Fund Balance sheet Assets Portfolio of investments Debtors Cash and bank balances Total other assets Total assets Liabilities Creditors payable on income shares Total liabilities Net assets attributable to shareholders Notes '000 '000 7,326,497 6,507, ,883 63, , , , ,749 8,172,789 7,039,729 9 (79,172) (69,144) (6,035) (3,960) (85,207) (73,104) 8,087,582 6,966,625 Notes to the financial statements are on pages 41 to

44 First State Asia Pacific Leaders Fund Notes to the Financial Statements Accounting basis and policies Please see pages 10 to 12 for accounting basis and policies. Net capital gains The net capital gains during the year comprise: Non-derivative securities Forward foreign exchange currency contracts Currency gains/(losses) Net capital gains Revenue Overseas taxable revenue Overseas non-taxable revenue Property revenue from overseas REITs Overseas scrip dividends Interest from bank deposits Total revenue Expenses Payable to the ACD, associates of the ACD, and agents of either of them: ACD's periodic charge Payable to the Depositary, associates of the Depositary, and agents of either of them: Depositary's fees Other expenses: Audit fee Registrar fees Safe custody charges Other expenses Total expenses '000 ' , , (388) 17,665 (26,022) 687, ,853 '000 '000 (3,371) (1,015) 140, ,782 1,697-13,433 9, , ,476 '000 '000 80,607 68, , ,059 1, ,481 2,580 84,844 71,594 41

45 First State Asia Pacific Leaders Fund Notes to the Financial Statements 5. (a) (b) (c) (d) 6. Taxation Analysis of charge in year: Irrecoverable overseas tax Indian capital gains tax '000 '000 5,260 3,952 3,244 5,251 8,504 9,203 Total current tax (note 5b) Factors affecting current tax charge for the year: The tax assessed for the year is lower than (2014: lower than) the standard rate of corporation tax in the UK for an OEIC of 20% (2014: 20%). The differences are explained below: Net revenue before taxation 67,931 47,879 Corporation tax of 20% (2014: 20%) 13,586 9,576 Effects of: Non taxable scrip dividends* (2,686) (1,887) Overseas non-taxable revenue* (28,090) (22,156) Movement in excess management expenses 17,190 14,467 Irrecoverable overseas tax 5,260 3,952 Indian capital gains tax 3,244 5,251 Current tax charge for year (note 5a) 8,504 9,203 OEICs are exempt from tax on capital gains. Therefore, any capital return is not included in the above reconciliation. *As an authorised OEIC these items are not subject to corporation tax. Deferred taxation: There is no provision required for deferred taxation at the Balance sheet date in the current or prior year. Factors that may affect future tax charges: At the year end, after offset against revenue taxable on receipt, there is a potential deferred tax asset of 81,864,479 (31/07/14: 64,674,219) this relates to surplus management expenses. No deferred tax asset was recognised in the current or prior year as it was considered unlikely the Fund would generate sufficient taxable profits in the future to utilise these amounts. Finance costs s and interest The distributions take account of revenue received on the issue of shares and revenue deducted on the cancellation of shares, and comprises: Interim distribution Final distribution Add: revenue deducted on cancellation of shares Deduct: revenue received on issue of shares Net distributions for the year Interest from bank deposits Total finance costs Details of the distribution per share is set out in the tables on pages 46 to 48. '000 '000 9,644 7,170 54,538 38,943 64,182 46,113 1,827 1,416 (2,921) (2,591) 63,088 44, ,099 44,941 42

46 First State Asia Pacific Leaders Fund Notes to the Financial Statements Movement between net revenue and net distributions '000 '000 Net revenue after taxation 59,427 38,676 Movement in net income as a result of conversions Expenses charged to capital Indian capital gains tax 3,244 5,251 Net distributions for the year Debtors Sales awaiting settlement Amounts receivable for issue of shares Accrued revenue Total debtors Creditors Purchases awaiting settlement Amounts payable for cancellation of shares Accrued expenses Total creditors Portfolio transaction costs Analysis of total trade costs: Non-derivative securities Trades in the year before transaction costs Commissions Taxes 63,088 44,938 '000 '000 30,929 3,823 12,256 45,207 16,698 14,775 59,883 63,805 '000 '000 60,610 58,242 10,277 4,210 8,285 6,692 79,172 69,144 Purchases Sales '000 '000 '000 '000 2,430,417 2,469,084 2,290,992 2,819,814 2,430,417 2,469,084 2,290,992 2,819,814 3,746 3,915 (3,470) (4,109) 917 1,270 (3,019) (3,335) 4,663 5,185 (6,489) (7,444) 2,435,080 2,474,269 2,284,503 2,812,370 Total costs Total net trades in the year after transaction costs 11. Contingent liabilities and commitments As at 31 July 2015, the Fund had no contingent liabilities (31/07/14: nil) and no commitments (31/07/14: nil). 43

47 First State Asia Pacific Leaders Fund Notes to the Financial Statements 12. (a) (b) (c) Derivatives and other financial instruments General In pursuing its investment objectives the Fund holds equity shares. The main risk arising from the Fund s financial instruments is market price risk. Market price risk arises mainly from uncertainty about future prices of the financial instruments held. Investment risk in the portfolio is regularly reviewed and controlled through the adoption of parameters limiting exposures to various factors such as industries, countries, and company size. The Fund has little exposure to credit or cash flow risk. Certain transactions in securities that the Fund enters into expose it to the risk that the counter-party will not deliver the investment (purchase) or cash (sale) after the Fund has fulfilled its responsibilities. The Fund only buys and sells investments through brokers which have been approved by the ACD as an acceptable counter-party. This list is reviewed quarterly. The Fund s assets comprise mainly realisable securities which can be readily sold in normal market conditions. The Fund s main liability is the redemption of any shares that investors wish to sell. In general, the ACD manages the cash to ensure that it can meet its liabilities. Assets from a fund may need to be sold if insufficient cash is available to finance such redemptions. The Fund s holdings are reviewed on a regular basis, with particular emphasis on the market capitalisation of the issuer (securities issued by larger capitalised companies generally have greater liquidity), and the number of days it would take to trade out of a given securities position or percentage of the Fund as a whole (determined by reference to available market trading volumes). Funds that have a higher concentration of securities which are deemed to be less liquid are regularly monitored. As a proportion of the Fund s investment portfolio is invested in overseas securities the Balance sheet can be affected by movements in foreign exchange rates. The Investment Manager may seek to manage exposure to currency movements by using forward foreign exchange contracts or by hedging the sterling value of investments that are priced in other currencies. Income received in other currencies is converted to sterling on or near the date of receipt. The market value of investments is taken to equal fair value for the purposes of Financial Reporting Standard 29. Given all the activities of the Fund, none of the investments held fall within the definition of investments held for trading as set out in Financial Reporting Standard 13. Fair value of financial assets and financial liabilities There is no material difference between the value of the financial assets and liabilities, as shown in the Balance sheet, and their fair value. Interest rate risk The Fund does not invest in either fixed or floating rate securities and interest rate risk exposure is restricted to interest receivable on bank deposits or payable on bank overdraft positions which will be affected by fluctuations in interest rates. As at 31 July 2015, 9.72% (31 July 2014: 6.72%) of the Fund's assets were interest bearing. Analysis of the Fund's currency exposure The following summarises the Sterling value of currencies of the Fund in which the investments, including cash, debtors and creditors, are denominated. As at 31 July the Fund had the following net currency exposure (excluding sterling): Net foreign currency assets/(liabilities) Net foreign currency assets/(liabilities) Monetary Non-monetary Monetary Non-monetary exposures exposures Total exposures exposures Total Currency '000 '000 '000 '000 '000 '000 Australian dollar (17,426) 1,216,415 1,198,989 (10,120) 1,039,300 1,029,180 Euro , ,767 Hong Kong dollar 16,745 1,396,064 1,412,809 (9,839) 1,507,587 1,497,748 Indian rupee 8,527 1,817,208 1,825,735 (13,938) 1,481,964 1,468,026 Japanese yen , ,637 (1,262) 143, ,899 Malaysian ringgit 2, , ,476 (406) 214, ,407 Philippine peso 1, , ,103 (2,802) 123, ,163 Singapore dollar 10, , ,948 (5,409) 605, ,634 South Korean won - 259, ,112 2, , ,154 Taiwanese dollar 2,339 1,221,681 1,224,020 52, , ,212 Thai baht ,826 34,826 US dollar 322, , , , , , ,258 7,326,497 7,673, ,838 6,507,980 6,798,818 44

48 First State Asia Pacific Leaders Fund Notes to the Financial Statements Related parties First State Investments (UK) Limited, ("the ACD") is a related party to the Fund as defined by Financial Reporting Standard 8 Related Party Disclosures. By virtue of the regulations governing OEICs, the ACD is party to every transaction in respect of shares of the Fund, which are summarised in the Statement of Change in Net Assets attributable to Shareholders. Amounts due at the year end in respect of issues and cancellations are included in the Balance Sheet. Amounts paid to First State Investments (UK) Limited in respect of ACD fees are disclosed in note 4, with 6,816,391 (31/07/14: 5,920,701) due at the year end. As at 31 July 2015 Commonwealth Bank of Australia (UK) Staff Pension Scheme, a related party of the ACD, owned 0.02% (31/07/14: 0.02%) of the Net Asset Value of the Fund. As at 31 July 2015 RBC as trustee for First State Investment Services (UK) Limited Employee Benefits Trust, a related party of the ACD, owned 0.27% (31/07/14: 0.37%) of the Net Asset Value of the Fund. Share classes The Fund has eight share classes in issue. The ACD's periodic charge on each share class is as follows: Share class A Accumulation (Retail): Share class A Income (Retail): Share class B Accumulation (Institutional): Share class B Income (Institutional): Share class A Accumulation (EUR share class) (Retail): Share class A Income (EUR share class) (Retail): Share class B Accumulation (EUR share class) (Institutional): Share class B Income (EUR share class) (Institutional): The net asset value of each share class, the net asset value per share and the number of shares in each class are given in the Performance Record on page 36. The distributions per share class are given in the Tables on pages 46 to 48. All share classes have the same rights on winding up. %

49 First State Asia Pacific Leaders Fund Tables for the year ended 31 July 2015 in pence and cents per share Group 1 Interim - Shares purchased prior to 1 August 2014 Final - Shares purchased prior to 1 February 2015 Group 2 Interim - Shares purchased between 1 August 2014 and 31 January 2015 Final - Shares purchased between 1 February 2015 and 31 July 2015 Share class A Accumulation paid to/payable 30/09/2015 paid 30/09/2014 Net revenue Equalisation Group 1 (p) (p) (p) (p) Interim Final Group 2 (p) (p) (p) (p) Interim Final Share class A Income paid to/payable 30/09/2015 paid 30/09/2014 Net revenue Equalisation Group 1 (p) (p) (p) (p) Interim Final Group 2 (p) (p) (p) (p) Interim Final Share class B Accumulation paid to/payable 30/09/2015 paid 30/09/2014 Net revenue Equalisation Group 1 (p) (p) (p) (p) Interim Final Group 2 (p) (p) (p) (p) Interim Final Share class B Income paid to/payable 30/09/2015 paid 30/09/2014 Net revenue Equalisation Group 1 (p) (p) (p) (p) Interim Final Group 2 (p) (p) (p) (p) Interim Final

50 First State Asia Pacific Leaders Fund Tables for the year ended 31 July 2015 Share class A Accumulation (EUR share class) paid to/payable 30/09/2015 paid 30/09/2014 Net revenue Equalisation Group 1 (c) (c) (c) (c) Interim Final Group 2 (c) (c) (c) (c) Interim Final Share class A Income (EUR share class) paid to/payable 30/09/2015 paid 30/09/2014 Net revenue Equalisation Group 1 (c) (c) (c) (c) Interim Final Group 2 (c) (c) (c) (c) Interim Final Share class B Accumulation (EUR share class) paid to/payable 30/09/2015 paid 30/09/2014 Net revenue Equalisation Group 1 (c) (c) (c) (c) Interim Final Group 2 (c) (c) (c) (c) Interim Final Share class B Income (EUR share class) paid to/payable 30/09/2015 paid 30/09/2014 Net revenue Equalisation Group 1 (c) (c) (c) (c) Interim Final Group 2 (c) (c) (c) (c) Interim Final

51 First State Asia Pacific Leaders Fund Tables for the year ended 31 July 2015 Corporate Tax for all share classes (unaudited) A shareholder liable to corporation tax receives this distribution, excluding equalisation, as follows: Interim % of the dividend together with the tax credit is received as franked investment income. Interim % of the dividend is received as an annual payment (non foreign element) received after the deduction of tax at a rate equal to the basic rate of income tax and is liable to corporation tax. The tax deemed to be deducted is treated as income tax. Interim % of the dividend is received as an annual payment (foreign element) received after the deduction of tax at a rate equal to the basic rate of income tax. It is treated as foreign income in the hands of the corporate investor and is liable to corporation tax. The associated deemed tax is treated as foreign tax in the hand of the investor who may be able to claim double tax relief. Investors cannot reclaim any of this deemed tax on the foreign element from HM Revenue & Customs. Final % of the dividend together with the tax credit is received as franked investment income. Final % of the dividend is received as an annual payment (non foreign element) received after the deduction of tax at a rate equal to the basic rate of income tax and is liable to corporation tax. The tax deemed to be deducted is treated as income tax. Final % of the dividend is received as an annual payment (foreign element) received after the deduction of tax at a rate equal to the basic rate of income tax. It is treated as foreign income in the hands of the corporate investor and is liable to corporation tax. The associated deemed tax is treated as foreign tax in the hand of the investor who may be able to claim double tax relief. Investors cannot reclaim any of this deemed tax on the foreign element from HM Revenue & Customs. Shareholders should consult their professional advisers for any advice regarding their tax position. 48

52 First State Asia Pacific Sustainability Fund Authorised Fund Manager's Report for the year ended 31 July 2015 Investment objective and policy The Fund aims to achieve long-term capital growth. The Fund invests in equities in the Asia Pacific region (excluding Japan, including Australasia). The Fund invests in companies which are positioned to benefit from, and contribute to, the sustainable development of the countries in which they operate. Clarification point: : The Fund s emphasis on sustainability development incorporates three key features in making investment decisions. These are: I Company classification (identifying companies whose management are believed able to manage sustainability risks and opportunities facing their companies, seeking out sustainability companies with a positive sustainable development impact); II Integration of environmental, social and corporate governance factors into investment analysis; III Engagement with and exit from companies based on our own research and external global norms-based screening (the fund manager will engage senior management on any identified environmental, social and governance issues, and exit a stock if insufficient progress is made). Risks and reward profile Share class A Accumulation Share class B Accumulation Share class A Accumulation (EUR share class) Share class B Accumulation (EUR share class) Lower risk Higher risk Potentially lower rewards Potentially higher rewards The synthetic risk reward indicator (the SRRI) rating is not a measure of the risk of you losing your investment but describes how much the value of the Fund went up and down in the past; The SRRI rating is based on historical data which may not be a reliable indication of the future risks and rewards of the Fund; We cannot guarantee that the rating of the Fund will remain the same, it may change over time; Even the lowest rating 1 does not mean a risk free investment; On a scale of 1 (less risky) to 7 (more risky), this Fund has a rating of 5 due to its past performance and the nature of its investments. Shares with a rating of 5 might have higher risks, but also higher returns; Risk is taken in order to make a higher potential return, the more risk a fund takes, the higher the potential return but the greater the risk of loss; and The value of the Fund and its return is not guaranteed and may fall as well as rise. You may get back less than you originally invested. The Fund might also experience the following risks: Emerging market risk: emerging markets may not provide the same level of investor protection as a developed market; they may involve a higher risk than investing in developed markets. Currency risk: the Fund invests in assets which are denominated in other currencies; changes in exchange rates will affect the value of the Fund. For further information on risks, please refer to the risk factors section in the Company's prospectus. Performance The fund rose by 10.8% in sterling terms over the year and provided returns of 47.5% and 79.2% over three and five years to 31 July Key positive contributors to performance included Marico (India: Consumer Staples), which managed to push through price increases, and Kotak Mahindra Bank (India: Financials) which rose as the announcement of an acquisition was well received by investors. Dr Reddy s Laboratories (India: Health Care) gained with the Indian market. On the negative side, DGB Financial Group (South Korea: Financials) was weak due to concerns over an acquisition of an insurance business, while Sembcorp Industries (Singapore: Industrials) fell on fears about the impact of the oil price on its marine division. XL Axiata (Indonesia: Telecom Services) declined due to the intensity of the competitive environment and disruption as the transition from voice to data reduced cash flows. 49

53 First State Asia Pacific Sustainability Fund Authorised Fund Manager's Report for the year ended 31 July 2015 Portfolio Changes Significantnewpositionsoverthe period included Infosys Technologies (India: Information Technologies), agood quality large company with new management, net cash on the balance sheet and a sensible valuation. We purchased Asustek Computer (Taiwan: Information Technology), a computer hardware manufacturer with a solid track record and reputable brand endorsements from the likes of Google, Microsoft and Intel, which is striving to be a world class leader in green technology. We also bought IDFC (India: Financials), a high quality Indian financial company, on the basis that it is well positioned to contribute to and benefit from an uptick in the Indian investment cycle, particularly in infrastructure. We sold Samsung Fire & Marine (South Korea: Financials) on concerns around governance and its ability to establish the franchise overseas as the domestic market matures and Sembcorp Industries (Singapore: Industrials) on the belief that there are better quality companies within the strategy over the long-term. We sold Uni-President Enterprises (Taiwan: Consumer Staples) having lost faith in the sustainability positioning of the franchise. Outlook The fund remains defensively positioned and we are focused on companies with good quality managements, conservative balance sheets and growing but predictable cash flows. Cumulative performance Time Since period mths mths yrs yrs yrs yrs launch Fund return % (5.0) (4.3) Benchmark return % (12.5) (6.9) (1.5) Sector return % (10.5) (5.9) Quartile ranking Discrete performance Time period Fund return % Benchmark: MSCI Asia Pacific (ex-japan) Index. Sector: IA Asia Pacific (ex-japan). Past performance should not be used as a guide to future performance, which is not guaranteed. Ten largest holdings Stock name Tech Mahindra Vitasoy International Holdings Marico CSL Infosys Standard Foods Delta Electronics Thailand Ayala Idea Cellular Taiwan Semiconductor Manufacturing Types of shares Accumulation. 12 mths to 12 mths to 12 mths to 12 mths to 12 mths to 31/07/15 31/07/14 31/07/13 31/07/12 31/07/ % of Fund Stock name % of Fund 5.76 Marico Tech Mahindra Taiwan Semiconductor Manufacturing CSL Dabur India Public Bank Standard Foods Delta Electronics (Thailand) Idea Cellular Kasikornbank

54 First State Asia Pacific Sustainability Fund Portfolio statement Holdings Market value '000 Total net assets % UNITED STATES (0.00%*) 1, ,453 Expeditors International of Washington 1, AUSTRALIA (5.64%*) 25, ,845,847 Brambles 9, ,427 CSL 14, ,668 ResMed CDI 1, BANGLADESH (0.00%*) ,014,056 BRAC Bank CHINA (3.48%*) 6, ,349,000 China Mengniu Dairy 3, ,225,920 Weifu High-Technology Group 'B' 2, HONG KONG (4.31%*) 28, ,200 ASM Pacific Technology ,108 MTR 2, ,231,229 Towngas China 7, ,271,559 Vitasoy International Holdings 17, INDIA (30.14%*) 106, ,675 Container Corporation of India 1, ,003,039 Dabur India 5, ,947 Dr Reddy's Laboratories 10, ,216 Housing Development Finance 10, ,168,340 Idea Cellular 10, ,682,405 IDFC 2, ,164 Info Edge India 1, ,216,310 Infosys 13, ,463,876 Kotak Mahindra Bank 10, ,678 Mahindra Lifespace Developers ,921,871 Marico 17, ,651 Tata Chemicals ,590,848 Tech Mahindra 19, ,325 Tube Investments of India 2, INDONESIA (2.17%*) 8, ,286,100 Selamat Sempurna 2, ,106,400 XL Axiata 5, MALAYSIA (5.52%*) 9, ,171,799 Axiata Group 4, ,530,360 Public Bank 4, PHILIPPINES (7.66%*) 32, ,100,110 Ayala 11, ,966,894 Bank of the Philippine Islands 6, ,230 Globe Telecom 3, ,660,391 Manila Water 9, SINGAPORE (6.58%*) 8, ,496,000 Sheng Siong Group 3, ,373,000 Singapore Post 4, SOUTH KOREA (6.13%*) 3, ,430 DGB Financial Group 3, SRI LANKA (0.50%*) 5, ,059,200 Dialog Axiata 1, ,286,047 Hemas Holdings 3,

55 First State Asia Pacific Sustainability Fund Portfolio statement Holdings Market value '000 Total net assets % TAIWAN (17.79%*) 57, ,550 Airtac International Group 2, ,000 Asustek Computer 4, ,436,301 Chroma ATE 8, ,566,330 Delta Electronics 4, ,310,139 E.Sun Financial Holding 9, ,000 Giant Manufacturing 2, ,000 PChome Online 1, ,479,832 Standard Foods 12, ,693,124 Taiwan Semiconductor Manufacturing 10, THAILAND (7.09%*) 15, ,116,900 Delta Electronics (Thailand) 11, ,207,100 Kasikornbank 3, Portfolio of investments 310, Net other assets 20, Total net assets 330, All investments held are listed, unless otherwise stated. For the purposes of this portfolio holdings analysis, securities are shown based on their country of listing. * Comparative figures shown in brackets relate to 31 July Stocks shown as CDIs represent Chess Depositary Interests. Since the previous report the Industry Sector Classification headings have been updated by data providers. Where the portfolio statement shows Industry Sectors, the new sector names have been reflected in the report in respect of the current holdings and comparative holdings have been reanalysed where appropriate. 52

56 First State Asia Pacific Sustainability Fund Summary Fund performance Net asset value and ongoing charges figure Share class A Accumulation 31/07/13 31/07/14 31/07/15 Share class B Accumulation 31/07/13 31/07/14 31/07/15 Share class A Accumulation (EUR share class) 31/07/13 31/07/14 31/07/15 Share class B Accumulation (EUR share class) 31/07/13 31/07/14 31/07/15 Net Asset Value of share class ( ) Shares in issue Net Asset Value per share (p/c)* Ongoing Charges Figure (%) 79,373,722 26,682, ,978,368 18,509, ,452,481 17,123, ,193,225 52,940, ,347,697 55,456, ,926,256 58,667, ,172,060 9,920, / ,794,469 5,821, / ,884,631 9,499, / ,815,610 20,904, / ,568,998 15,820, / ,609,249 19,760, / *Where 2 figures are shown for a share class denominated in EUR or USD, the first figure is in GBP in pence and the second figure is in EUR/USD in cents. Amounts in Euros and US dollars have been converted at the (EUR) and (USD) exchange rate at 12:00 midday on 31 July

57 First State Asia Pacific Sustainability Fund Summary Fund performance Share price history and revenue record Calendar year Highest share price (p/c) Lowest share price (p/c) per share (p/c) Share class A Accumulation * Share class B Accumulation * Share class A Accumulation (EUR share class) * Share class B Accumulation (EUR share class) * The share classes marked with EUR or USD are stated in Euros/US dollars. The Euro and US dollar prices are calculated using the exchange rate at the valuation point on that date. * To 31 July Share class B Accumulation (EUR share class) was launched 7 September

58 First State Asia Pacific Sustainability Fund Statement of total return for the year ended 31 July 2015 Notes '000 '000 '000 '000 Income: Net capital gains 2 28,241 20,667 Revenue 3 6,519 5,931 Expenses 4 (3,796) (3,203) Finance costs: interest 6 (2) - Net revenue before taxation 2,721 2,728 Taxation 5 (326) (309) Net revenue after taxation 2,395 2,419 Total return before distributions 30,636 23,086 Finance costs: distributions 6 (2,663) (2,448) Change in net assets attributable to shareholders from investment activities 27,973 20,638 Statement of change in net assets attributable to shareholders for the year ended 31 July 2015 Opening net assets attributable to shareholders Amounts receivable on issue of shares Less: Amounts payable on cancellation of shares Dilution adjustment Stamp duty reserve tax Change in net assets attributable to shareholders from investment activities Retained distribution on accumulation shares Closing net assets attributable to shareholders '000 '000 '000 ' , ,555 47,351 15,503 (26,880) (43,423) 20,471 (27,920) (2) 27,973 20,638 2,697 2, , ,690 Notes to the financial statements are on pages 57 to

59 First State Asia Pacific Sustainability Fund Balance sheet Assets Portfolio of investments Debtors Cash and bank balances Total other assets Total assets Liabilities Creditors Total liabilities Net assets attributable to shareholders Notes '000 ' , , ,151 23,428 7,848 24,276 8, , ,315 9 (3,504) (625) (3,504) (625) 330, ,690 Notes to the financial statements are on pages 57 to

60 First State Asia Pacific Sustainability Fund Notes to the Financial Statements Accounting basis and policies Please see pages 10 to 12 for accounting basis and policies. Net capital gains The net capital gains during the year comprise: Non-derivative securities Currency gains/(losses) Net capital gains Revenue Overseas taxable revenue* Overseas non-taxable revenue Property revenue from overseas REITs* Overseas scrip dividends Interest from bank deposits* Front end load income Total revenue *Prior year figures have been reanalysed to reclass revenue from overseas REITs and bank deposits. Expenses Payable to the ACD, associates of the ACD, and agents of either of them: ACD's periodic charge Payable to the Depositary, associates of the Depositary, and agents of either of them: Depositary's fees Other expenses: Audit fee Registrar fees Safe custody charges Other expenses Total expenses '000 '000 28,047 21, (541) 28,241 20,667 '000 '000 3 (13) 5,631 4, ,519 5,931 '000 '000 3,433 2, ,796 3,203 57

61 First State Asia Pacific Sustainability Fund Notes to the Financial Statements 5. (a) (b) (c) (d) 6. Taxation Analysis of charge in year: Irrecoverable overseas tax Indian capital gains tax '000 ' Total current tax (note 5b) Factors affecting current tax charge for the year: The tax assessed for the year is lower than (2014: lower than) the standard rate of corporation tax in the UK for an OEIC of 20% (2014: 20%). The differences are explained below: Net revenue before taxation 2,721 2,728 Corporation tax of 20% (2014: 20%) Effects of: Non taxable scrip dividends* (20) (24) Overseas non-taxable revenue* (1,126) (998) Revenue taxable in different periods - 15 Movement in excess management expenses Irrecoverable overseas tax Overseas tax expensed - (5) Indian capital gains tax Current tax charge for year (note 5a) OEICs are exempt from tax on capital gains. Therefore, any capital return is not included in the above reconciliation. *As an authorised OEIC these items are not subject to corporation tax. Deferred taxation: There is no provision required for deferred taxation at the Balance sheet date in the current or prior year. Factors that may affect future tax charges: Finance costs s and interest Interim distribution Final distribution Add: revenue deducted on cancellation of shares Deduct: revenue received on issue of shares Net distributions for the year Interest from bank deposits Total finance costs Details of the distribution per share is set out in the tables on pages 62 to At the year end, after offset against revenue taxable on receipt, there is a potential deferred tax asset of 2,873,074 (31/07/14: 2,270,663) this relates to surplus management expenses. No deferred tax asset was recognised in the current or prior year as it was considered unlikely the Fund would generate sufficient taxable profits in the future to utilise these amounts. The distributions take account of revenue received on the issue of shares and revenue deducted on the cancellation of shares, and comprises: '000 ' ,305 1,596 2,697 2, (100) (57) 2,663 2, ,665 2,448 58

62 First State Asia Pacific Sustainability Fund Notes to the Financial Statements Movement between net revenue and net distributions '000 '000 Net revenue after taxation 2,395 2,419 Movement in net income as a result of conversions 11 7 Expenses charged to capital - 7 Indian capital gains tax Net distributions for the year Debtors Sales awaiting settlement Amounts receivable for issue of shares Accrued revenue Total debtors Creditors Purchases awaiting settlement Amounts payable for cancellation of shares Accrued expenses Total creditors Portfolio transaction costs Analysis of total trade costs: Non-derivative securities Trades in the year before transaction costs Commissions Taxes 2,663 2,448 '000 ' ,151 '000 '000 2, , Purchases Sales '000 '000 '000 ' ,259 53,854 91,117 68, ,259 53,854 91,117 68, (182) (120) (146) (100) (328) (220) 101,522 53,978 90,789 67,914 Total costs Total net trades in the year after transaction costs 11. Contingent liabilities and commitments As at 31 July 2015, the Fund had no contingent liabilities (31/07/14: nil) and no commitments (31/07/14: nil). 59

63 First State Asia Pacific Sustainability Fund Notes to the Financial Statements 12. (a) (b) Derivatives and other financial instruments General In pursuing its investment objectives the Fund holds equity shares. The main risk arising from the Fund s financial instruments is market price risk. Market price risk arises mainly from uncertainty about future prices of the financial instruments held. Investment risk in the portfolio is regularly reviewed and controlled through the adoption of parameters limiting exposures to various factors such as industries, countries, and company size. The Fund has little exposure to credit or cash flow risk. Certain transactions in securities that the Fund enters into expose it to the risk that the counter-party will not deliver the investment (purchase) or cash (sale) after the Fund has fulfilled its responsibilities. The Fund only buys and sells investments through brokers which have been approved by the ACD as an acceptable counter-party. This list is reviewed quarterly. The Fund s assets comprise mainly realisable securities which can be readily sold in normal market conditions. The Fund s main liability is the redemption of any shares that investors wish to sell. In general, the ACD manages the cash to ensure that it can meet its liabilities. Assets from a fund may need to be sold if insufficient cash is available to finance such redemptions. The Fund s holdings are reviewed on a regular basis, with particular emphasis on the market capitalisation of the issuer (securities issued by larger capitalised companies generally have greater liquidity), and the number of days it would take to trade out of a given securities position or percentage of the Fund as a whole (determined by reference to available market trading volumes). Funds that have a higher concentration of securities which are deemed to be less liquid are regularly monitored. As a proportion of the Fund s investment portfolio is invested in overseas securities the Balance sheet can be affected by movements in foreign exchange rates. The Investment Manager may seek to manage exposure to currency movements by using forward foreign exchange contracts or by hedging the sterling value of investments that are priced in other currencies. Income received in other currencies is converted to sterling on or near the date of receipt. The market value of investments is taken to equal fair value for the purposes of Financial Reporting Standard 29. Given all the activities of the Fund, none of the investments held fall within the definition of investments held for trading as set out in Financial Reporting Standard 13. Fair value of financial assets and financial liabilities There is no material difference between the value of the financial assets and liabilities, as shown in the Balance sheet, and their fair value. Interest rate risk The Fund does not invest in either fixed or floating rate securities and interest rate risk exposure is restricted to interest receivable on bank deposits or payable on bank overdraft positions which will be affected by fluctuations in interest rates. As at 31 July 2015, 7.08% (31 July 2014: 2.81%) of the Fund's assets were interest bearing. 60

64 First State Asia Pacific Sustainability Fund Notes to the Financial Statements 12. (c) Derivatives and other financial instruments Analysis of the Fund's currency exposure The following summarises the Sterling value of currencies of the Fund in which the investments, including cash, debtors and creditors, are denominated. As at 31 July the Fund had the following net currency exposure (excluding sterling): Net foreign currency assets Net foreign currency assets Monetary Non-monetary Monetary Non-monetary exposures exposures Total exposures exposures Total Currency '000 '000 '000 '000 '000 '000 Australian dollar - 25,462 25, ,749 15,751 Bangladeshi taka (1) Euro (46) - (46) 1,260-1,260 Hong Kong dollar (114) 34,817 34, ,783 21,812 Indian rupee , , ,312 84,539 Indonesian rupiah (503) 8,070 7,567-6,073 6,073 Malaysian ringgit (1) 9,304 9,303 (1) 15,432 15,431 Philippine peso (1,498) 32,271 30,773 (113) 21,442 21,329 Singapore dollar - 8,862 8,862-18,407 18,407 South Korean won - 3,974 3, ,131 17,312 Sri Lankan rupee - 5,411 5,411-1,398 1,398 Taiwanese dollar ,233 57, ,791 50,297 Thai baht - 15,830 15,830-19,798 19,798 US dollar 19,125 1,722 20, , , ,597 2, , ,407 Related parties First State Investments (UK) Limited, ("the ACD") is a related party to the Fund as defined by Financial Reporting Standard 8 Related Party Disclosures. By virtue of the regulations governing OEICs, the ACD is party to every transaction in respect of shares of the Fund, which are summarised in the Statement of Change in Net Assets attributable to Shareholders. Amounts due at the year end in respect of issues and cancellations are included in the Balance Sheet. Amounts paid to First State Investments (UK) Limited in respect of ACD fees are disclosed in note 4, with 298,933 (31/07/14: 245,763) due at the year end. As at 31 July 2015 Commonwealth Bank of Australia (UK) Staff Pension Scheme, a related party of the ACD, owned 0.01% (31/07/14: 0.02%) of the Net Asset Value of the Fund. As at 31 July 2015 RBC as trustee for First State Investment Services (UK) Limited Employee Benefits Trust, a related party of the ACD, owned 0.23% (31/07/14: 0.25%) of the Net Asset Value of the Fund. Share classes The Fund has four share classes in issue. The ACD's periodic charge on each share class is as follows: Share class A Accumulation (Retail): Share class B Accumulation (Institutional): Share class A Accumulation (EUR share class) (Retail): Share class B Accumulation (EUR share class) (Institutional): The net asset value of each share class, the net asset value per share and the number of shares in each class are given in the Performance Record on page 53. The distributions per share class are given in the Tables on pages 62 to 63. All share classes have the same rights on winding up. %

65 First State Asia Pacific Sustainability Fund Tables for the year ended 31 July 2015 in pence and cents per share Group 1 Interim - Shares purchased prior to 1 August 2014 Final - Shares purchased prior to 1 February 2015 Group 2 Interim - Shares purchased between 1 August 2014 and 31 January 2015 Final - Shares purchased between 1 February 2015 and 31 July 2015 Share class A Accumulation paid to/payable 30/09/2015 paid 30/09/2014 Net revenue Equalisation Group 1 (p) (p) (p) (p) Interim Final Group 2 (p) (p) (p) (p) Interim Final Share class B Accumulation paid to/payable 30/09/2015 paid 30/09/2014 Net revenue Equalisation Group 1 (p) (p) (p) (p) Interim Final Group 2 (p) (p) (p) (p) Interim Final Share class A Accumulation (EUR share class) paid to/payable 30/09/2015 paid 30/09/2014 Net revenue Equalisation Group 1 (c) (c) (c) (c) Interim Final Group 2 (c) (c) (c) (c) Interim Final

66 First State Asia Pacific Sustainability Fund Tables for the year ended 31 July 2015 Share class B Accumulation (EUR share class) paid to/payable 30/09/2015 paid 30/09/2014 Net revenue Equalisation Group 1 (c) (c) (c) (c) Interim Final Group 2 (c) (c) (c) (c) Interim Final Corporate Tax for all share classes (unaudited) A shareholder liable to corporation tax receives this distribution, excluding equalisation, as follows: Interim % of the dividend together with the tax credit is received as franked investment income. Interim % of the dividend is received as an annual payment (non foreign element) received after the deduction of tax at a rate equal to the basic rate of income tax and is liable to corporation tax. The tax deemed to be deducted is treated as income tax. Interim % of the dividend is received as an annual payment (foreign element) received after the deduction of tax at a rate equal to the basic rate of income tax. It is treated as foreign income in the hands of the corporate investor and is liable to corporation tax. The associated deemed tax is treated as foreign tax in the hand of the investor who may be able to claim double tax relief. Investors cannot reclaim any of this deemed tax on the foreign element from HM Revenue & Customs. Final % of the dividend together with the tax credit is received as franked investment income. Final % of the dividend is received as an annual payment (non foreign element) received after the deduction of tax at a rate equal to the basic rate of income tax and is liable to corporation tax. The tax deemed to be deducted is treated as income tax. Final % of the dividend is received as an annual payment (foreign element) received after the deduction of tax at a rate equal to the basic rate of income tax. It is treated as foreign income in the hands of the corporate investor and is liable to corporation tax. The associated deemed tax is treated as foreign tax in the hand of the investor who may be able to claim double tax relief. Investors cannot reclaim any of this deemed tax on the foreign element from HM Revenue & Customs. Shareholders should consult their professional advisers for any advice regarding their tax position. 63

67 First State Greater China Growth Fund Authorised Fund Manager's Report for the year ended 31 July 2015 Investment objective and policy The Fund aims to achieve long-term capital growth. The Fund invests in equity and equity type securities issued by companies established or having a predominant part of their economic activities in the People s Republic of China, Hong Kong and Taiwan. Risks and reward profile Share class A Accumulation Share class B Accumulation Share class A Accumulation (EUR share class) Share class B Accumulation (EUR share class) Lower risk Higher risk Potentially lower rewards Potentially higher rewards * * 6 7 The synthetic risk reward indicator (the SRRI) rating is not a measure of the risk of you losing your investment but describes how much the value of the Fund went up and down in the past; The SRRI rating is based on historical data which may not be a reliable indication of the future risks and rewards of the Fund; We cannot guarantee that the rating of the Fund will remain the same, it may change over time; Even the lowest rating 1 does not mean a risk free investment; On a scale of 1 (less risky) to 7 (more risky), this Fund has a rating of 5 due to its past performance and the nature of its investments. Shares with a rating of 5 might have higher risks, but also higher returns; Risk is taken in order to make a higher potential return, the more risk a fund takes, the higher the potential return but the greater the risk of loss; and The value of the Fund and its return is not guaranteed and may fall as well as rise. You may get back less than you originally invested. *The SRRI changed from 6 to 5 on 21 July The Fund might also experience the following risks: Emerging market risk: emerging markets may not provide the same level of investor protection as a developed market; they may involve a higher risk than investing in developed markets. Currency risk: the Fund invests in assets which are denominated in other currencies; changes in exchange rates will affect the value of the Fund. For further information on risks, please refer to the risk factors section in the Company's prospectus. Performance The fund rose by 5.1% over twelve months, and by 34.3% and 45.2% over three and five years to 31 July On the positive side, China Merchants Bank (China: Financials) rose as a result of increased trading volumes and revenues from the Shanghai-Hong Kong Stock Connect platform, while Taiwan Semiconductor (TSMC) (Taiwan: Information Technology) saw its share price boosted by confident management guidance and asset sales leading to better than expected results. China Taiping Insurance (China: Financials) added to performance as it rallied with the general market, supported by strong results and premium growth. On the negative side, China Oilfield Services (China: Energy) has been hit by lower oil prices, while Delta Electronics (Taiwan: Information Technology) fell as results were poorer than expected, due to pricing pressure and an increase in operating expenditure. CPMC Holdings (Hong Kong: Materials) also declined on weaker than expected earnings. Portfolio Changes There were a number of major purchases over the period. We bought Gree Electric Appliances (China: Consumer Discretionary), the leading manufacturer of air-conditioning units in China, Sino Biopharmaceutical (China: Health Care), based on the strength of management and a positive outlook for health care spending in China, and auto glass manufacturer Fuyao Glass (China: Consumer Discretionary), after it completed a secondary listing in Hong Kong. We sold Mindray Medical (China: Health Care) on doubts around its strategy and succession plans, as well as intensifying competition from its peers. Uni-President Enterprises (Taiwan: Consumer Staples) was sold on valuation concerns, while China Resources Gas (China: Utilities) was sold due to concerns over penetration levels and its exposure to industrial regions where growth is slowing. 64

68 First State Greater China Growth Fund Authorised Fund Manager's Report for the year ended 31 July 2015 Outlook China s A-share market has experienced an unprecedented period of growth and volatility in recent months, which has impacted the wider Greater China region. Since late last year, Chinese equities had enjoyed a credit-fuelled rise, only to see a sharp correction in mid-june as government scrutiny on stock financing activities drove the market down. Despite steep declines in the market, stock valuations are generally still quite high, especially for good quality companies. Longer-term, China should continue to grow its domestic economy, while the level of urbanisation should also rise potential beneficiaries include companies like ENN Energy and China Vanke. We favour Taiwan technology names that are industry leaders in their respective fields such as TSMC (foundry), Delta Electronics (power supplies) and Advantech (industrial PCs). Cumulative performance Time Since period mths mths yrs yrs yrs yrs launch Fund return % (13.0) (1.6) Benchmark return % (15.0) (3.9) Sector return % (15.5) (1.4) Quartile ranking Discrete performance Time period Fund return % Benchmark: MSCI Golden Dragon Index. Sector: IA China/Greater China Past performance should not be used as a guide to future performance, which is not guaranteed. Ten largest holdings Stock name Taiwan Semiconductor Manufacturing CK Hutchison Holdings Delta Electronics Tencent Holdings Tong Ren Tang Technologies 'H' China Merchants Bank 'H' ENN Energy Holdings AIA Group First State China 'A' Income Towngas China Types of shares Accumulation. 12 mths to 12 mths to 12 mths to 12 mths to 12 mths to 31/07/15 31/07/14 31/07/13 31/07/12 31/07/ (4.4) 13.1 % of Fund Stock name % of Fund 5.09 Cheung Kong Holdings Taiwan Semiconductor Manufacturing China Oilfield Services Delta Electronics Tencent Holdings Advantech ENN Energy Holdings China Merchants Bank First State China 'A' Income Uni-President Enterprises

69 First State Greater China Growth Fund Portfolio statement Holdings Market value '000 Total net assets % UNITED STATES (2.38%*) 11, ,141 Baidu ADR 11, CHINA (36.32%*) 167, ,916,000 China BlueChemical 'H' 2, ,288,669 China Construction Bank 'H' 6, ,935,000 China Mengniu Dairy 11, ,315,848 China Merchants Bank 'H' 15, ,848,000 China Oilfield Services 'H' 9, ,327,737 China Resources Land 4, ,323,283 China Telecom 'H' 4, ,445,920 China Vanke 'A' 3, ,804,124 China Vanke 'B' 10, ,325,000 CNOOC 4, ,624,000 ENN Energy Holdings 15, ,396,370 First State China 'A' Income 14, ,678,800 Fuyao Glass Industry Group 'H' 3, ,432,294 Gree Electric Appliances 'A' 5, ,144,416 Jiangling Motors 'B' 5, ,532,000 Lenovo Group 5, ,211,092 Luthai Textile 'B' 8, ,975,000 Shenzhou International Group Holdings 6, ,649,000 Tong Ren Tang Technologies 'H' 17, ,081,000 Want Want China Holdings 5, ,349,948 Weifu High-Technology Group 'B' 7, HONG KONG (26.71%*) 124, ,461,000 AIA Group 14, ,900 ASM Pacific Technology 3, ,318,000 China Conch Venture Holdings 3, ,066,884 China Taiping Insurance Holdings 13, ,108,000 CK Hutchison Holdings 20, ,828,000 CPMC Holdings 4, ,502,000 CSPC Pharmaceutical Group 7, ,207,675 Link REIT** 12, ,713,500 Luye Pharma Group 1, ,584,000 Minth Group 8, ,908,000 Sino Biopharmaceutical 4, ,459,100 Tencent Holdings 17, ,538,495 Towngas China 14, SINGAPORE (0.97%*) 4, ,666 Dairy Farm International Holdings 4,

70 First State Greater China Growth Fund Portfolio statement Holdings Market value '000 Total net assets % TAIWAN (32.92%*) 114, ,304,391 Advantech 14, ,550 Airtac International Group 2, ,000 Asustek Computer 2, ,907,000 Axiomtek 4, ,638,344 Delta Electronics 17, ,083,323 Flytech Technology 4, ,794,000 Giant Manufacturing 9, ,956 KMC Kuei Meng International 1, ,570,198 Posiflex Technology 4, ,411,896 President Chain Store 6, ,000 Sporton International 2, ,819,260 Standard Foods 5, ,397,000 Taiwan FamilyMart 6, ,757,262 Taiwan Semiconductor Manufacturing 21, ,300 TSC Auto ID Technology 4, ,776,000 UDE 1, ,000 Voltronic Power Technology 3, Portfolio of investments 422, Net other assets 8, Total net assets 430, All investments held are listed, unless otherwise stated. For the purposes of this portfolio holdings analysis, securities are shown based on their country of listing. * Comparative figures shown in brackets relate to 31 July ** Real Estate Investment Trust (REIT). This investment is a related party (see note 13). 67

71 First State Greater China Growth Fund Summary Fund performance Net asset value and ongoing charges figure Share class A Accumulation 31/07/13 31/07/14 31/07/15 Share class B Accumulation 31/07/13 31/07/14 31/07/15 Share class A Accumulation (EUR share class) 31/07/13 31/07/14 31/07/15 Share class B Accumulation (EUR share class) 31/07/13 31/07/14 31/07/15 Net Asset Value of share class ( ) Shares in issue Net Asset Value per share (p/c)* Ongoing Charges Figure (%) 365,922,012 78,011, ,003,549 53,866, ,541,438 38,974, ,870,830 29,063, ,107,091 29,500, ,049,820 30,907, ,137,571 9,178, / ,903,087 6,268, / ,779,758 5,197, / ,932,102 28,424, / ,627,462 35,165, / ,295,525 38,005, / *Where 2 figures are shown for a share class denominated in EUR or USD, the first figure is in GBP in pence and the second figure is in EUR/USD in cents. Amounts in Euros and US dollars have been converted at the (EUR) and (USD) exchange rate at 12:00 midday on 31 July

72 First State Greater China Growth Fund Summary Fund performance Share price history and revenue record Calendar year Highest share price (p/c) Lowest share price (p/c) per share (p/c) Share class A Accumulation * Share class B Accumulation * Share class A Accumulation (EUR share class) * Share class B Accumulation (EUR share class) * The share classes marked with EUR or USD are stated in Euros/US dollars. The Euro and US dollar prices are calculated using the exchange rate at the valuation point on that date. * To 31 July Share class B Accumulation (EUR share class) was launched 24 September

73 First State Greater China Growth Fund Statement of total return for the year ended 31 July 2015 Notes '000 '000 '000 '000 Income: Net capital gains 2 21,552 22,970 Revenue 3 12,940 11,966 Expenses 4 (7,044) (7,825) Finance costs: interest 6 (9) (26) Net revenue before taxation 5,887 4,115 Taxation 5 (61) (511) Net revenue after taxation 5,826 3,604 Total return before distributions 27,378 26,574 Finance costs: distributions 6 (5,873) (3,705) Change in net assets attributable to shareholders from investment activities 21,505 22,869 Statement of change in net assets attributable to shareholders for the year ended 31 July 2015 Opening net assets attributable to shareholders Amounts receivable on issue of shares Less: Amounts payable on cancellation of shares Dilution adjustment Stamp duty reserve tax Change in net assets attributable to shareholders from investment activities Retained distribution on accumulation shares Closing net assets attributable to shareholders '000 '000 '000 ' , ,863 17,023 16,726 (87,282) (122,544) (70,259) (105,818) (22) 21,505 22,869 5,761 3, , ,641 Notes to the financial statements are on pages 72 to

74 First State Greater China Growth Fund Balance sheet Assets Portfolio of investments Debtors Cash and bank balances Total other assets Total assets Liabilities Creditors Total liabilities Net assets attributable to shareholders Notes '000 ' , , ,959 3,672 11, ,361 4, , ,688 9 (5,058) (1,047) (5,058) (1,047) 430, ,641 Notes to the financial statements are on pages 72 to

75 First State Greater China Growth Fund Notes to the Financial Statements Accounting basis and policies Please see pages 10 to 12 for accounting basis and policies. Net capital gains The net capital gains during the year comprise: Non-derivative securities Forward foreign exchange currency contracts Currency losses Net capital gains Revenue Overseas taxable revenue Overseas non-taxable revenue Property revenue from overseas REITs Overseas scrip dividends s from Regulated Collective Investment Schemes: Offshore distribution non taxable Interest from bank deposits Front end load income Total revenue Expenses Payable to the ACD, associates of the ACD, and agents of either of them: ACD's periodic charge Payable to the Depositary, associates of the Depositary, and agents of either of them: Depositary's fees Other expenses: Audit fee Registrar fees Safe custody charges Other expenses Total expenses '000 '000 21,859 23, (326) (373) 21,552 22,970 '000 '000 1 (309) 11,852 10, ,940 11,966 '000 '000 6,712 7, ,044 7,825 72

76 First State Greater China Growth Fund Notes to the Financial Statements 5. (a) (b) (c) (d) Taxation Analysis of charge in year: Irrecoverable overseas tax Factors affecting current tax charge for the year: Net revenue before taxation Corporation tax of 20% (2014: 20%) Effects of: Non taxable scrip dividends* Overseas non-taxable revenue* Revenue taxable in different periods Movement in excess management expenses Irrecoverable overseas tax '000 ' The tax assessed for the year is lower than (2014: lower than) the standard rate of corporation tax in the UK for an OEIC of 20% (2014: 20%). The differences are explained below: 5,887 4,115 1, (19) (2,449) (2,158) ,272 1, Current tax charge for year (note 5a) OEICs are exempt from tax on capital gains. Therefore, any capital return is not included in the above reconciliation. *As an authorised OEIC these items are not subject to corporation tax. Deferred taxation: There is no provision required for deferred taxation at the Balance sheet date in the current or prior year. Factors that may affect future tax charges: At the year end, after offset against revenue taxable on receipt, there is a potential deferred tax asset of 8,881,786 (31/07/14: 7,610,307) this relates to surplus management expenses. No deferred tax asset was recognised in the current or prior year as it was considered unlikely the Fund would generate sufficient taxable profits in the future to utilise these amounts. Finance costs s and interest The distributions take account of revenue received on the issue of shares and revenue deducted on the cancellation of shares, and comprises: '000 '000 Interim distribution Final distribution 5,592 3,557 5,762 3,692 Add: revenue deducted on cancellation of shares Deduct: revenue received on issue of shares (91) (37) Net distributions for the year 5,873 3,705 Interest from bank deposits 9 26 Total finance costs 5,882 3,731 Details of the distribution per share is set out in the tables on pages 77 to 78. Movement between net revenue and net distributions '000 '000 Net revenue after taxation 5,826 3,604 Movement in net income as a result of conversions Expenses charged to capital - 20 Net distributions for the year 5,873 3,705 73

77 First State Greater China Growth Fund Notes to the Financial Statements Debtors Sales awaiting settlement Amounts receivable for issue of shares Accrued revenue Overseas tax recoverable Total debtors Creditors Purchases awaiting settlement Amounts payable for cancellation of shares Accrued expenses Total creditors Portfolio transaction costs Analysis of total trade costs: Non-derivative securities Trades in the year before transaction costs Commissions Taxes '000 ' ,125 3, ,959 3,672 '000 '000 2,172-2, ,058 1,047 Purchases Sales '000 '000 '000 ' , , , , , , , , (261) (309) (288) (308) (549) (617) 103, , , ,279 Total costs Total net trades in the year after transaction costs 11. Contingent liabilities and commitments As at 31 July 2015, the Fund had no contingent liabilities (31/07/14: nil) and no commitments (31/07/14: nil). 74

78 First State Greater China Growth Fund Notes to the Financial Statements 12. (a) (b) (c) Derivatives and other financial instruments General In pursuing its investment objectives the Fund holds equity shares. The main risk arising from the Fund s financial instruments is market price risk. Market price risk arises mainly from uncertainty about future prices of the financial instruments held. Investment risk in the portfolio is regularly reviewed and controlled through the adoption of parameters limiting exposures to various factors such as industries, countries, and company size. The Fund has little exposure to credit or cash flow risk. Certain transactions in securities that the Fund enters into expose it to the risk that the counter-party will not deliver the investment (purchase) or cash (sale) after the Fund has fulfilled its responsibilities. The Fund only buys and sells investments through brokers which have been approved by the ACD as an acceptable counter-party. This list is reviewed quarterly. The Fund s assets comprise mainly realisable securities which can be readily sold in normal market conditions. The Fund s main liability is the redemption of any shares that investors wish to sell. In general, the ACD manages the cash to ensure that it can meet its liabilities. Assets from a fund may need to be sold if insufficient cash is available to finance such redemptions. The Fund s holdings are reviewed on a regular basis, with particular emphasis on the market capitalisation of the issuer (securities issued by larger capitalised companies generally have greater liquidity), and the number of days it would take to trade out of a given securities position or percentage of the Fund as a whole (determined by reference to available market trading volumes). Funds that have a higher concentration of securities which are deemed to be less liquid are regularly monitored. As a proportion of the Fund s investment portfolio is invested in overseas securities the Balance sheet can be affected by movements in foreign exchange rates. The Investment Manager may seek to manage exposure to currency movements by using forward foreign exchange contracts or by hedging the sterling value of investments that are priced in other currencies. Income received in other currencies is converted to sterling on or near the date of receipt. The market value of investments is taken to equal fair value for the purposes of Financial Reporting Standard 29. Given all the activities of the Fund, none of the investments held fall within the definition of investments held for trading as set out in Financial Reporting Standard 13. Fair value of financial assets and financial liabilities There is no material difference between the value of the financial assets and liabilities, as shown in the Balance sheet, and their fair value. Interest rate risk The Fund does not invest in either fixed or floating rate securities and interest rate risk exposure is restricted to interest receivable on bank deposits or payable on bank overdraft positions which will be affected by fluctuations in interest rates. As at 31 July 2015, 2.65% (31 July 2014: 0.14%) of the Fund's assets were interest bearing. Analysis of the Fund's currency exposure The following summarises the Sterling value of currencies of the Fund in which the investments, including cash, debtors and creditors, are denominated. As at 31 July the Fund had the following net currency exposure (excluding sterling): Net foreign currency assets Net foreign currency assets Monetary Non-monetary Monetary Non-monetary exposures exposures Total exposures exposures Total Currency '000 '000 '000 '000 '000 '000 Chinese yuan 942 9,195 10, Euro 4,791-4, Hong Kong dollar , ,883 1, , ,909 Taiwanese dollar , ,457 2, , ,293 US dollar - 31,007 31,007-40,094 40,094 6, , ,275 4, , ,416 75

79 First State Greater China Growth Fund Notes to the Financial Statements Related parties First State Investments (UK) Limited, ("the ACD") is a related party to the Fund as defined by Financial Reporting Standard 8 Related Party Disclosures. By virtue of the regulations governing OEICs, the ACD is party to every transaction in respect of shares of the Fund, which are summarised in the Statement of Change in Net Assets attributable to Shareholders. Amounts due at the year end in respect of issues and cancellations are included in the Balance Sheet. Amounts paid to First State Investments (UK) Limited in respect of ACD fees are disclosed in note 4, with 520,198 (31/07/14: 564,565) due at the year end. As at 31 July 2015 Commonwealth Bank of Australia (UK) Staff Pension Scheme, a related party of the ACD, owned 0.19% (31/07/14: 0.15%) of the Net Asset Value of the Fund. As at 31 July 2015 RBC as trustee for First State Investment Services (UK) Limited Employee Benefits Trust, a related party of the ACD, owned 0.49% (31/07/14: 0.42%) of the Net Asset Value of the Fund. Share classes The Fund has four share classes in issue. The ACD's periodic charge on each share class is as follows: Share class A Accumulation (Retail): Share class B Accumulation (Institutional): Share class A Accumulation (EUR share class) (Retail): Share class B Accumulation (EUR share class) (Institutional): The net asset value of each share class, the net asset value per share and the number of shares in each class are given in the Performance Record on page 68. The distributions per share class are given in the Tables on pages 77 to 78. All share classes have the same rights on winding up. %

80 First State Greater China Growth Fund Tables for the year ended 31 July 2015 in pence and cents per share Group 1 Interim - Shares purchased prior to 1 August 2014 Final - Shares purchased prior to 1 February 2015 Group 2 Interim - Shares purchased between 1 August 2014 and 31 January 2015 Final - Shares purchased between 1 February 2015 and 31 July 2015 Share class A Accumulation paid to/payable 30/09/2015 paid 30/09/2014 Net revenue Equalisation Group 1 (p) (p) (p) (p) Interim Final Group 2 (p) (p) (p) (p) Interim Final Share class B Accumulation paid to/payable 30/09/2015 paid 30/09/2014 Net revenue Equalisation Group 1 (p) (p) (p) (p) Interim Final Group 2 (p) (p) (p) (p) Interim Final Share class A Accumulation (EUR share class) paid to/payable 30/09/2015 paid 30/09/2014 Net revenue Equalisation Group 1 (c) (c) (c) (c) Interim Final Group 2 (c) (c) (c) (c) Interim Final

81 First State Greater China Growth Fund Tables for the year ended 31 July 2015 Share class B Accumulation (EUR share class) paid to/payable 30/09/2015 paid 30/09/2014 Net revenue Equalisation Group 1 (c) (c) (c) (c) Interim Final Group 2 (c) (c) (c) (c) Interim Final Corporate Tax for all share classes (unaudited) A shareholder liable to corporation tax receives this distribution, excluding equalisation, as follows: Interim % of the dividend together with the tax credit is received as franked investment income. Interim % of the dividend is received as an annual payment (non foreign element) received after the deduction of tax at a rate equal to the basic rate of income tax and is liable to corporation tax. The tax deemed to be deducted is treated as income tax. Interim % of the dividend is received as an annual payment (foreign element) received after the deduction of tax at a rate equal to the basic rate of income tax. It is treated as foreign income in the hands of the corporate investor and is liable to corporation tax. The associated deemed tax is treated as foreign tax in the hand of the investor who may be able to claim double tax relief. Investors cannot reclaim any of this deemed tax on the foreign element from HM Revenue & Customs. Final % of the dividend together with the tax credit is received as franked investment income. Final % of the dividend is received as an annual payment (non foreign element) received after the deduction of tax at a rate equal to the basic rate of income tax and is liable to corporation tax. The tax deemed to be deducted is treated as income tax. Final % of the dividend is received as an annual payment (foreign element) received after the deduction of tax at a rate equal to the basic rate of income tax. It is treated as foreign income in the hands of the corporate investor and is liable to corporation tax. The associated deemed tax is treated as foreign tax in the hand of the investor who may be able to claim double tax relief. Investors cannot reclaim any of this deemed tax on the foreign element from HM Revenue & Customs. Shareholders should consult their professional advisers for any advice regarding their tax position. 78

82 First State Indian Subcontinent Fund Authorised Fund Manager's Report for the year ended 31 July 2015 Investment objective and policy The Fund aims to achieve long-term capital growth. The Fund will comprise investments in a diversified portfolio of companies of the Indian subcontinent. The Fund concentrates on securities that are listed, traded or dealt in on Regulated Markets in the Indian subcontinent and instruments issued by companies established, operating or having a predominant part of their economic activities in the Indian subcontinent and listed on other Regulated Markets. Risks and reward profile Share class A Accumulation Share class B Accumulation Share class A Accumulation (EUR share class) Share class B Accumulation (USD share class) Lower risk Higher risk Potentially lower rewards Potentially higher rewards The synthetic risk reward indicator (the SRRI) rating is not a measure of the risk of you losing your investment but describes how much the value of the Fund went up and down in the past; The SRRI rating is based on historical data which may not be a reliable indication of the future risks and rewards of the Fund; We cannot guarantee that the rating of the Fund will remain the same, it may change over time; Even the lowest rating 1 does not mean a risk free investment; On a scale of 1 (less risky) to 7 (more risky), this Fund has a rating of 6 due to its past performance and the nature of its investments. Shares with a rating of 6 might have higher risks, but also higher returns; Risk is taken in order to make a higher potential return, the more risk a fund takes, the higher the potential return but the greater the risk of loss; and The value of the Fund and its return is not guaranteed and may fall as well as rise. You may get back less than you originally invested. The Fund might also experience the following risks: Emerging market risk: emerging markets may not provide the same level of investor protection as a developed market; they may involve a higher risk than investing in developed markets. Currency risk: the Fund invests in assets which are denominated in other currencies; changes in exchange rates will affect the value of the Fund. For further information on risks, please refer to the risk factors section in the Company's prospectus. Performance The fund rose by 29.2% in sterling terms over the year and has provided returns of 92.8% and 85.7% over three and five years to 31 July Key positive contributors to performance were Marico (Consumer Staples) which rose as it managed to push through price increases and Kotak Mahindra Bank (Financials) which gained as the announcement of an acquisition was well received. Dr Reddy s Laboratories (Health Care) rose strongly with the Indian market. On the negative side, Tata Power Company (Utilities) declined on uncertainty over power tariffs and Makemytrip (Consumer Discretionary) was weak on increased competition. Mahindra Lifespace (Industrials) fell on depressed property prices. Portfolio Changes Significant new positions over the period included Infosys Technologies (Information Technology), a good quality large company with new management, net cash on the balance sheet and a sensible valuation. We also bought Indraprastha Gas (Energy), a conservatively run utility well positioned for India's transition away from crude oil, and IDFC (Financials) on the basis of its strong management. We sold Eicher Motors (Consumer Discretionary) and Shree Cement (Materials) on valuation concerns, and EID Parry (Materials) as we were unable to build conviction about the long-term outlook of the franchise. 79

83 First State Indian Subcontinent Fund Authorised Fund Manager's Report for the year ended 31 July 2015 Outlook The fund remains defensively positioned and we are focused on companies with good quality managements, conservative balance sheets and growing but predictable cash flows. Cumulative performance Time Since period mths mths yrs yrs yrs yrs launch Fund return % 4.6 (3.2) Benchmark return % 3.4 (7.8) Sector return % (6.2) (4.3) (2.5) Quartile ranking Discrete performance Time period Fund return % Benchmark: MSCI India Index. Sector: IA specialist. Past performance should not be used as a guide to future performance, which is not guaranteed. Ten largest holdings Stock name Dr Reddy's Laboratories Marico Infosys Housing Development Finance Tech Mahindra Idea Cellular Kotak Mahindra Bank Dabur India Tube Investments of India HDFC Bank Types of shares Accumulation. 12 mths to 12 mths to 12 mths to 12 mths to 12 mths to 31/07/15 31/07/14 31/07/13 31/07/12 31/07/ (16.3) 15.1 % of Fund Stock name % of Fund 7.15 Tech Mahindra Marico Kotak Mahindra Bank Dabur India Idea Cellular Dr Reddy's Laboratories Housing Development Finance Tata Power Pidilite Industries Tube Investments of India

84 First State Indian Subcontinent Fund Portfolio statement Holdings Market value '000 Total net assets % UNITED STATES (0.00%*) 1, ,785 MakeMyTrip 1, BANGLADESH (0.80%*) 5, ,075 Bata Shoe Company (Bangladesh) 1, ,796,704 BRAC Bank ,600 Delta Brac Housing Finance ,961 Marico Bangladesh 2, INDIA (90.31%*) 242, ,869 Cholamandalam Investment and Finance 4, ,651,840 City Union Bank 3, ,098 Container Corporation of India 7, ,303 Cummins India 3, ,958,363 Dabur India 11, ,466 Dr Reddy's Laboratories 20, ,163,844 Elgi Equipments 1, ,154 GlaxoSmithKline Consumer Healthcare 1, ,254 Godrej Consumer Products 7, ,256,116 Great Eastern Shipping 4, ,592 HDFC Bank 10, ,248,081 Housing Development Finance 16, ,033,741 Idea Cellular 13, ,650,645 IDFC 6, ,757 Indoco Remedies ,253 Indraprastha Gas 4, ,272 Info Edge India 4, ,614,160 Infosys 17, ,366,865 Jyothy Laboratories 4, ,865,401 Kansai Nerolac Paints 4, ,817,548 Kotak Mahindra Bank 12, ,511,708 Linde India 5, ,909 Lupin 4, ,380 Mahindra & Mahindra 6, ,019 Mahindra Lifespace Developers 2, ,097,225 Marico 17, ,101 Pidilite Industries 4, ,103 Tata Chemicals 4, ,391,209 Tata Power 7, ,057,100 Tech Mahindra 16, ,643,502 Tube Investments of India 10, SRI LANKA (3.26%*) 16, ,927,600 Cargills Ceylon 2, ,146,664 Commercial Bank of Ceylon 4, ,797,700 Dialog Axiata 4, ,962,613 Hemas Holdings 4, Portfolio of investments 265, Net other assets 27, Total net assets 293, All investments held are listed, unless otherwise stated. For the purposes of this portfolio holdings analysis, securities are shown based on their country of listing. * Comparative figures shown in brackets relate to 31 July

85 First State Indian Subcontinent Fund Summary Fund performance Net asset value and ongoing charges figure Share class A Accumulation 31/07/13 31/07/14 31/07/15 Share class B Accumulation 31/07/13 31/07/14 31/07/15 Share class A Accumulation (EUR share class) 31/07/13 31/07/14 31/07/15 Share class B Accumulation (USD share class) 31/07/13 31/07/14 31/07/15 *Where 2 figures are shown for a share class denominated in EUR or USD, the first figure is in GBP in pence and the second figure is in EUR/USD in cents. Amounts in Euros and US dollars have been converted at the (EUR) and (USD) exchange rate at 12:00 midday on 31 July Share price history and revenue record Calendar year Net Asset Value of share class ( ) Shares in issue 5,956,028 5,720, ,693,604 22,187, ,847,407 41,838, ,697,680 9,678, / ,502,788 21,206, / ,378,042 24,144, / ,035,014 1,621, / ,209,119 15,048, / Highest share price (p/c) Net Asset Value per share (p/c)* 192,084,135 89,892, ,067,823 59,543, ,657,027 44,822, Lowest share price (p/c) Ongoing Charges Figure (%) per share (p/c) Share class A Accumulation * Share class B Accumulation * Share class A Accumulation (EUR share class) * Share class B Accumulation (USD share class) * The share classes marked with EUR or USD are stated in Euros/US dollars. The Euro and US dollar prices are calculated using the exchange rate at the valuation point on that date. * To 31 July Share class B Accumulation was launched 9 November Share class B Accumulation (USD share class) was launched 25 March 2013, closed 28 January 2014 and relaunched on 8 December

86 First State Indian Subcontinent Fund Statement of total return for the year ended 31 July 2015 Notes '000 '000 '000 '000 Income: Net capital gains 2 67,814 51,498 Revenue 3 3,293 2,615 Expenses 4 (4,919) (3,849) Finance costs: interest 6 (1) - Net expenses before taxation (1,627) (1,234) Taxation 5 (530) (749) Net expenses after taxation (2,157) (1,983) Total return before distributions 65,657 49,515 Finance costs: distributions 6 (19) (51) Change in net assets attributable to shareholders from investment activities 65,638 49,464 Statement of change in net assets attributable to shareholders for the year ended 31 July 2015 Opening net assets attributable to shareholders Amounts receivable on issue of shares Less: Amounts payable on cancellation of shares Dilution adjustment Stamp duty reserve tax Change in net assets attributable to shareholders from investment activities Retained distribution on accumulation shares Closing net assets attributable to shareholders '000 '000 '000 ' , ,773 37,212 22,931 (37,060) (57,051) 152 (34,120) (2) 65,638 49, , ,264 Notes to the financial statements are on pages 85 to

87 First State Indian Subcontinent Fund Balance sheet Assets Portfolio of investments Debtors Cash and bank balances Total other assets Total assets Liabilities Creditors Total liabilities Net assets attributable to shareholders Notes '000 ' , , ,498 12,914 28,374 13, , ,086 9 (1,129) (822) (1,129) (822) 293, ,264 Notes to the financial statements are on pages 85 to

88 First State Indian Subcontinent Fund Notes to the Financial Statements Accounting basis and policies Please see pages 10 to 12 for accounting basis and policies. Net capital gains The net capital gains during the year comprise: Non-derivative securities Forward foreign exchange currency contracts Currency gains/(losses) Net capital gains Revenue Overseas taxable revenue Overseas non-taxable revenue Interest from bank deposits Front end load income Total revenue Expenses Payable to the ACD, associates of the ACD, and agents of either of them: ACD's periodic charge Payable to the Depositary, associates of the Depositary, and agents of either of them: Depositary's fees Other expenses: Audit fee Registrar fees Safe custody charges Other expenses Total expenses '000 '000 67,652 51,888 (1) (390) 67,814 51,498 '000 ' ,669 2, ,293 2,615 '000 '000 4,397 3, ,919 3,849 85

89 First State Indian Subcontinent Fund Notes to the Financial Statements 5. (a) (b) (c) (d) Taxation Analysis of charge in year: Irrecoverable overseas tax Indian capital gains tax '000 ' Total current tax (note 5b) Factors affecting current tax charge for the year: The tax assessed for the year is higher than (2014: higher than) the standard rate of corporation tax in the UK for an OEIC of 20% (2014: 20%). The differences are explained below: Net expenses before taxation (1,627) (1,234) Corporation tax of 20% (2014: 20%) (325) (247) Effects of: Overseas non-taxable revenue* (534) (408) Movement in excess management expenses Irrecoverable overseas tax Indian capital gains tax Current tax charge for year (note 5a) OEICs are exempt from tax on capital gains. Therefore, any capital return is not included in the above reconciliation. *As an authorised OEIC these items are not subject to corporation tax. Deferred taxation: There is no provision required for deferred taxation at the Balance sheet date in the current or prior year. Factors that may affect future tax charges: At the year end, after offset against revenue taxable on receipt, there is a potential deferred tax asset of 4,746,523 (31/07/14: 3,887,482) this relates to surplus management expenses. No deferred tax asset was recognised in the current or prior year as it was considered unlikely the Fund would generate sufficient taxable profits in the future to utilise these amounts. Finance costs s and interest The distributions take account of revenue received on the issue of shares and revenue deducted on the cancellation of shares, and comprises: Final distribution Add: revenue deducted on cancellation of shares Deduct: revenue received on issue of shares Net distributions for the year Interest from bank deposits Total finance costs Details of the distribution per share is set out in the tables on pages 89 to 90. Movement between net expenses and net distributions '000 ' (1) (12) '000 '000 Net expenses after taxation (2,157) (1,983) Revenue deficit 1,666 1,300 Movement in net income as a result of conversions 2 9 Indian capital gains tax Net distributions for the year

90 First State Indian Subcontinent Fund Notes to the Financial Statements (a) Debtors Sales awaiting settlement Amounts receivable for issue of shares Accrued revenue Total debtors Creditors Purchases awaiting settlement Amounts payable for cancellation of shares Accrued expenses Total creditors Portfolio transaction costs Analysis of total trade costs: Non-derivative securities Trades in the year before transaction costs Commissions Taxes Total costs Total net trades in the year after transaction costs '000 ' '000 ' , Purchases Sales '000 '000 '000 '000 75,877 26,235 92,694 66,554 75,877 26,235 92,694 66, (149) (100) (108) (71) (257) (171) 76,140 26,312 92,437 66,383 Contingent liabilities and commitments As at 31 July 2015, the Fund had no contingent liabilities (31/07/14: nil) and no commitments (31/07/14: nil). Derivatives and other financial instruments General In pursuing its investment objectives the Fund holds equity shares. The main risk arising from the Fund s financial instruments is market price risk. Market price risk arises mainly from uncertainty about future prices of the financial instruments held. Investment risk in the portfolio is regularly reviewed and controlled through the adoption of parameters limiting exposures to various factors such as industries, countries, and company size. The Fund has little exposure to credit or cash flow risk. Certain transactions in securities that the Fund enters into expose it to the risk that the counter-party will not deliver the investment (purchase) or cash (sale) after the Fund has fulfilled its responsibilities. The Fund only buys and sells investments through brokers which have been approved by the ACD as an acceptable counter-party. This list is reviewed quarterly. The Fund s assets comprise mainly realisable securities which can be readily sold in normal market conditions. The Fund s main liability is the redemption of any shares that investors wish to sell. In general, the ACD manages the cash to ensure that it can meet its liabilities. Assets from a fund may need to be sold if insufficient cash is available to finance such redemptions. The Fund s holdings are reviewed on a regular basis, with particular emphasis on the market capitalisation of the issuer (securities issued by larger capitalised companies generally have greater liquidity), and the number of days it would take to trade out of a given securities position or percentage of the Fund as a whole (determined by reference to available market trading volumes). Funds that have a higher concentration of securities which are deemed to be less liquid are regularly monitored. As a proportion of the Fund s investment portfolio is invested in overseas securities the Balance sheet can be affected by movements in foreign exchange rates. The Investment Manager may seek to manage exposure to currency movements by using forward foreign exchange contracts or by hedging the sterling value of investments that are priced in other currencies. Income received in other currencies is converted to sterling on or near the date of receipt. The market value of investments is taken to equal fair value for the purposes of Financial Reporting Standard 29. Given all the activities of the Fund, none of the investments held fall within the definition of investments held for trading as set out in Financial Reporting Standard

91 First State Indian Subcontinent Fund Notes to the Financial Statements 12. (b) (c) Derivatives and other financial instruments Fair value of financial assets and financial liabilities There is no material difference between the value of the financial assets and liabilities, as shown in the Balance sheet, and their fair value. Interest rate risk The Fund does not invest in either fixed or floating rate securities and interest rate risk exposure is restricted to interest receivable on bank deposits or payable on bank overdraft positions which will be affected by fluctuations in interest rates. As at 31 July 2015, 9.38% (31 July 2014: 5.68%) of the Fund's assets were interest bearing. Analysis of the Fund's currency exposure The following summarises the Sterling value of currencies of the Fund in which the investments, including cash, debtors and creditors, are denominated. As at 31 July the Fund had the following net currency exposure (excluding sterling): Net foreign currency assets Net foreign currency assets Monetary Non-monetary Monetary Non-monetary exposures exposures Total exposures exposures Total Currency '000 '000 '000 '000 '000 '000 Bangladeshi taka 6 5,779 5, ,812 1,819 Euro Indian rupee 1, , , , ,081 Sri Lankan rupee 22 16,598 16,620-7,399 7,399 US dollar 24,284 1,078 25, , , ,651 1, , ,546 Related parties First State Investments (UK) Limited, ("the ACD") is a related party to the Fund as defined by Financial Reporting Standard 8 Related Party Disclosures. By virtue of the regulations governing OEICs, the ACD is party to every transaction in respect of shares of the Fund, which are summarised in the Statement of Change in Net Assets attributable to Shareholders. Amounts due at the year end in respect of issues and cancellations are included in the Balance Sheet. Amounts paid to First State Investments (UK) Limited in respect of ACD fees are disclosed in note 4, with 380,148 (31/07/14: 310,510) due at the year end. As at 31 July 2015 Commonwealth Bank of Australia (UK) Staff Pension Scheme, a related party of the ACD, owned 0.01% (31/07/14: 0.01%) of the Net Asset Value of the Fund. Share classes The Fund has four share classes in issue. The ACD's periodic charge on each share class is as follows: Share class A Accumulation (Retail): Share class B Accumulation (Institutional): Share class A Accumulation (EUR share class) (Retail): Share class B Accumulation (USD share class) (Institutional): The net asset value of each share class, the net asset value per share and the number of shares in each class are given in the Performance Record on page 82. The distributions per share class are given in the Table on pages 89 to 90. All share classes have the same rights on winding up. %

92 First State Indian Subcontinent Fund Table for the year ended 31 July 2015 in pence and cents per share Group 1 Interim - Shares purchased prior to 1 August 2014 Final - Shares purchased prior to 1 February 2015 Group 2 Interim - Shares purchased between 1 August 2014 and 31 January 2015 Final - Shares purchased between 1 February 2015 and 31 July 2015 Share class A Accumulation paid to/payable 30/09/2015 paid 30/09/2014 Net revenue Equalisation Group 1 (p) (p) (p) (p) Interim Final Group 2 (p) (p) (p) (p) Interim Final This share class is in deficit and therefore not making a distribution. Share class B Accumulation paid to/payable 30/09/2015 paid 30/09/2014 Net revenue Equalisation Group 1 (p) (p) (p) (p) Interim Final Group 2 (p) (p) (p) (p) Interim Final This share class is in deficit and therefore not making a distribution. Share class A Accumulation (EUR share class) paid to/payable 30/09/2015 paid 30/09/2014 Net revenue Equalisation Group 1 (c) (c) (c) (c) Interim Final Group 2 (c) (c) (c) (c) Interim Final This share class is in deficit and therefore not making a distribution. 89

93 First State Indian Subcontinent Fund Table for the year ended 31 July 2015 Share class B Accumulation (USD share class) paid to/payable 30/09/2015 paid 30/09/2014 Net revenue Equalisation Group 1 (c) (c) (c) (c) Interim Final Group 2 (c) (c) (c) (c) Interim Final Corporate Tax for all share classes (unaudited) A shareholder liable to corporation tax receives this distribution, excluding equalisation, as follows: Interim % of the dividend together with the tax credit is received as franked investment income. Interim % of the dividend is received as an annual payment (non foreign element) received after the deduction of tax at a rate equal to the basic rate of income tax and is liable to corporation tax. The tax deemed to be deducted is treated as income tax. Interim % of the dividend is received as an annual payment (foreign element) received after the deduction of tax at a rate equal to the basic rate of income tax. It is treated as foreign income in the hands of the corporate investor and is liable to corporation tax. The associated deemed tax is treated as foreign tax in the hand of the investor who may be able to claim double tax relief. Investors cannot reclaim any of this deemed tax on the foreign element from HM Revenue & Customs. Final % of the dividend together with the tax credit is received as franked investment income. Final % of the dividend is received as an annual payment (non foreign element) received after the deduction of tax at a rate equal to the basic rate of income tax and is liable to corporation tax. The tax deemed to be deducted is treated as income tax. Final % of the dividend is received as an annual payment (foreign element) received after the deduction of tax at a rate equal to the basic rate of income tax. It is treated as foreign income in the hands of the corporate investor and is liable to corporation tax. The associated deemed tax is treated as foreign tax in the hand of the investor who may be able to claim double tax relief. Investors cannot reclaim any of this deemed tax on the foreign element from HM Revenue & Customs. Shareholders should consult their professional advisers for any advice regarding their tax position. 90

94 First State Emerging Markets Bond Fund Authorised Fund Manager's Report for the year ended 31 July 2015 Investment objective and policy The Fund aims to achieve an investment return from income and capital appreciation. The Fund primarily invests in debt securities issued or guaranteed by governments, financial institutions or companies in Emerging Markets. The Fund may also invest in securities which are economically linked to Emerging Markets. The majority of the Fund will be invested in debt securities denominated in US dollars. The Fund will invest at least 80 per cent of its net assets in bonds and other debt securities issued or guaranteed by governments of Emerging Markets or their agencies, and by companies established or having significant operations in Emerging Markets. The Fund may invest in investment grade, non investment grade and unrated debt securities. The Fund may hold more than 30 per cent of its net assets in debt securities rated below investment grade. Risks and reward profile Share class A Hedged Accumulation Share class A Hedged Income Share class B Hedged Accumulation Share class B Hedged Income Share class A Hedged Accumulation (EUR share class) Share class A Hedged Income (EUR share class) Share class B Hedged Income (EUR share class) Share class B Accumulation (USD share class) Share class B Gross Accumulation (USD share class) Share class Z Gross Hedged Accumulation Share class Z Gross Hedged Accumulation (USD share class) Lower risk Higher risk Potentially lower rewards Potentially higher rewards * * * * * * * * * * * The synthetic risk reward indicator (the SRRI) rating is not a measure of the risk of you losing your investment but describes how much the value of the Fund went up and down in the past; The SRRI rating is based on historical data which may not be a reliable indication of the future risks and rewards of the Fund; We cannot guarantee that the rating of the Fund will remain the same, it may change over time; Even the lowest rating 1 does not mean a risk free investment; On a scale of 1 (less risky) to 7 (more risky), this Fund has a rating of 4 due to its past performance and the nature of its investments. Shares with a rating of 4 might have higher risks, but also higher returns; Risk is taken in order to make a higher potential return, the more risk a fund takes, the higher the potential return but the greater the risk of loss; and The value of the Fund and its return is not guaranteed and may fall as well as rise. You may get back less than you originally invested. *The SRRI changed from 5 to 4 on 21 July The Fund might also experience the following risks: Emerging market risk: emerging markets may not provide the same level of investor protection as a developed market; they may involve a higher risk than investing in developed markets. Interest rate risk: interest rates affect the Fund's investments. If rates go up, the value of investments fall and vice versa. Credit risk: the issuers of bonds or similar investments that the Fund buys may not pay income or repay capital to the Fund when due. For further information on risks, please refer to the risk factors section in the Company's prospectus. 91

95 First State Emerging Markets Bond Fund Authorised Fund Manager's Report for the year ended 31 July 2015 Performance Over the 12 months to July 2015 the fund lost 0.1%. The emerging market (EM) debt index (JPM Global Diversified) returned 0.4% during the 12 months to 31 July Steep falls in commodity prices weighed on the market, as many EM countries in the benchmark are commodity exporters. Among the worst performing countries were therefore the oil exporters such as Venezuela (-37.6%) and Ecuador (-10.3%). Ukraine was the second worst performer (-28%) as the conflict in the Eastern part of the country continues and as the funding needs make a debt restructuring very likely. The Ukrainian government has indicated that it is looking for a 40% haircut in a debt restructuring. Jamaica (+14.6%), Honduras (+13.1%) and Argentina (+7.5%) were among the top performers. Jamaica has very high debt levels, but has been complying with the fiscal targets of an IMF agreement which aims to restore sustainable debt levels. In Argentina, despite the default on restructured debt, investors are looking forward to a more market-friendly government after the October 2015 election when the current President Cristina Kirchner cannot be a candidate. Portfolio The fund maintained an overweight position to Eastern Europe throughout the period as we anticipated the regionwould outperform. Central and Eastern Europe is a region of commodity importers, and manufacturing exporters to the EU, with increased competitiveness. We also retained an underweight in Latin American credits, as we think the yields on these do not compensate us for the risk from volatility in US Treasuries. We hold selective overweight positions in high-quality credits in the Middle East and North Africa, but we reduced overall exposure to Corporates which we do not believe to be attractively priced. Outlook We anticipate further bouts of market volatility in the run-up to the first interest rate increase by the Federal Reserve. In EM we expect continued differentiation between the economic and asset price performance of individual countries. Country selection will therefore remain an important driver of performance. Cumulative performance Time Since period mths mths yrs yrs yrs yrs launch Fund return % (1.6) 0.3 (0.1) Benchmark return % (0.9) Sector return % (2.9) (2.3) (6.7) Quartile ranking Discrete performance Time period Fund return % Benchmark: JP Morgan EMBI Global Diversified Sector: Global Emerging Markets Bond Average Past performance should not be used as a guide to future performance, which is not guaranteed. 12 mths to 12 mths to 12 mths to 12 mths to 12 mths to 31/07/15 31/07/14 31/07/13 31/07/12 31/07/11 (0.1) 7.6 (0.3)

96 First State Emerging Markets Bond Fund Authorised Fund Manager's Report for the year ended 31 July 2015 Ten largest holdings Stock name % of Fund Stock name % of Fund Argentina Boden Bonds 7% 03/10/ Ivory Coast Government International Bond 5.75% /12/2032 United States Treasury Bill 0% 20/08/ Lithuania Government International Bond 7.375% /02/2020 Hungary Government International Bond 5.375% 1.90 Ecuador Government International Bond 7.95% /02/ /06/2024 Republic of Serbia 6.75% 01/11/ Russian Foreign Bond - Eurobond 7.5% 31/03/ Petrobras Global Finance 3.25% 17/03/ Republic of Latvia 2.75% 12/01/ Petroleos Mexicanos 5.5% 27/06/ Instituto Costarricense de Electricidad 6.95% 10/11/ Sri Lanka Government International Bond 5.875% 1.54 Venezuela Government International Bond 7.75% /07/ /10/2019 Republic of Armenia 6% 30/09/ Slovenia Government International Bond 4.125% /02/2019 Instituto Costarricense de Electricidad 6.95% 10/11/ KazMunayGas National 7% 05/05/ KazMunayGas National 6.375% 09/04/ Croatia Government International Bond 6% 26/01/ Types of shares Income and Accumulation. 93

97 First State Emerging Markets Bond Fund Portfolio statement Nominal Values Market value '000 Total net assets % UNITED STATES (0.00%*) 1, ,000,000 United States Treasury Bill 0% 20/08/2015 1, IRELAND (0.93%*) ,000 Vnesheconombank Via VEB Finance 6.8% 22/11/ LUXEMBOURG (0.88%*) - - NETHERLANDS (1.69%*) 2, ,700,000 Petrobras Global Finance 3.25% 17/03/2017 1, ,000,000 Petrobras Global Finance 3% 15/01/ ,000 Petrobras Global Finance 6.85% 05/06/ CHINA (2.06%*) 1, ,250,000 Alibaba Group Holding 3.125% 28/11/ ,000 The Export-Import Bank of China 2.5% 31/07/ HONG KONG (1.00%*) ,400,000 CNOOC Finance % 09/05/ INDIA (1.66%*) ,400,000 Indian Railway Finance 3.917% 26/02/ INDONESIA (4.60%*) 4, ,000 Indonesia Government International Bond % 04/03/ ,000 Indonesia Government International Bond 3.75% 25/04/ ,000 Indonesia Government International Bond 5.875% 15/01/ ,000 Indonesia Government International Bond 4.125% 15/01/ ,000,000 Indonesia Government International Bond 5.125% 15/01/ ,200,000 Pelabuhan Indonesia II 4.25% 05/05/ ,500,000 Pertamina 5.25% 23/05/ PAKISTAN (1.55%*) ,000 Pakistan Government International Bond 6.75% 03/12/ ,000 Pakistan Government International Bond 8.25% 15/04/ PHILIPPINES (2.02%*) ,000 Philippine Government International Bond 7.75% 14/01/ SRI LANKA (1.29%*) 1, ,300,000 Sri Lanka Government International Bond 5.875% 25/07/2022 1, VIETNAM (0.00%*) ,300,000 Vietnam Government International Bond 4.8% 19/11/ ARMENIA (1.12%*) 1, ,251,000 Republic of Armenia 6% 30/09/2020 1, AZERBAIJAN (0.83%*) 1, ,000 Republic of Azerbaijan International Bond 4.75% 18/03/ ,300,000 State Oil Company of the Azerbaijan Republic Bond 6.95% 18/03/ BAHRAIN (1.00%*) 1, ,900,000 Bahrain Government International Bond 6.125% 05/07/2022 1, BELARUS (0.95%*) - - CROATIA (3.30%*) 2, ,300,000 Croatia Government International Bond 6.625% 14/07/ ,400,000 Croatia Government International Bond 6.375% 24/03/ ,000 Croatia Government International Bond 6% 26/01/

98 First State Emerging Markets Bond Fund Portfolio statement Nominal Values Market value '000 Total net assets % EGYPT (0.75%*) 2, ,000 African Export-Import Bank 4.75% 29/07/ ,000 Egypt Government International Bond 5.75% 29/04/ ,200,000 Egypt Government International Bond 5.875% 11/06/ ,000 Egypt Government International Bond 6.875% 30/04/ GABON (0.00%*) ,300,000 Gabonese Republic Bond 6.375% 12/12/ GEORGIA (0.00%*) ,000,000 Georgia Government International Bond 6.875% 12/04/ HUNGARY (3.66%*) 4, ,100,000 Hungary Government International Bond 4.125% 19/02/ ,600,000 Hungary Government International Bond 5.375% 21/02/2023 1, ,000,000 Hungary Government International Bond 5.375% 25/03/ ,000 Hungary Government International Bond 7.625% 29/03/ ,000 Magyar Export-Import Bank 4% 30/01/ IRAQ (0.79%*) - - ISRAEL (1.85%*) 1, ,000 Israel Electric 5.625% 21/06/ ,000 Israel Electric 6.875% 21/06/ ,000,000 Israel Electric 5% 12/11/ IVORY COAST (1.93%*) ,200,000 Ivory Coast Government International Bond 5.75% 31/12/2032** KAZAKHSTAN (2.95%*) 3, ,200,000 Eurasian Development Bank 5% 26/09/ ,000 Kazakhstan Government International Bond 4.875% 14/10/ ,400,000 KazMunayGas National 7% 05/05/ ,100,000 KazMunayGas National 6.375% 09/04/2021 1, ,000 KazMunayGas National 5.75% 30/04/ ,000 KazMunayGas National 6% 07/11/ KENYA (1.64%*) ,000,000 Kenya Government International Bond 5.875% 24/06/ KUWAIT (0.00%*) ,100,000 Kuwait Projects 4.8% 05/02/ LATVIA (1.58%*) ,000 Republic of Latvia 2.75% 12/01/ LEBANON (2.17%*) 2, ,500,000 Lebanon Government International Bond 5.45% 28/11/ ,000,000 Lebanon Government International Bond 6% 27/01/ ,000 Lebanon Government International Bond 6.2% 26/02/ ,000 Lebanon Government International Bond 6.65% 26/02/ LITHUANIA (2.93%*) - - MOROCCO (1.73%*) 1, ,640,000 OCP 5.625% 25/04/2024 1, ,000 OCP 4.5% 22/10/

99 First State Emerging Markets Bond Fund Portfolio statement Nominal Values Market value '000 Total net assets % NAMIBIA (0.00%*) ,000,000 Namibia International Bonds 5.5% 03/11/ POLAND (2.23%*) 2, ,000 Poland Government International Bond 6.375% 15/07/ ,000,000 Poland Government International Bond 3% 17/03/ ,200,000 Poland Government International Bond 4% 22/01/ ROMANIA (1.60%*) 1, ,350,000 Romanian Government International Bond 4.375% 22/08/ ,000 Romanian Government International Bond 4.875% 22/01/ ,000 Romanian Government International Bond 6.125% 22/01/ RUSSIA (1.73%*) 2, ,000 Russian Foreign Bond - Eurobond 3.5% 16/01/ ,000,000 Russian Foreign Bond - Eurobond 5% 29/04/ ,400,000 Russian Foreign Bond - Eurobond 4.875% 16/09/ ,500 Russian Foreign Bond - Eurobond 7.5% 31/03/ SERBIA (1.20%*) 3, ,400,000 Republic of Serbia 5.25% 21/11/ ,200,000 Republic of Serbia 4.875% 25/02/ ,000 Republic of Serbia 7.25% 28/09/ ,674,256 Republic of Serbia 6.75% 01/11/2024 1, SLOVENIA (2.33%*) ,300,000 Slovenia Government International Bond 5.25% 18/02/ SOUTH AFRICA (3.37%*) 2, ,300,000 Eskom Holdings 5.75% 26/01/ ,200,000 South Africa Government International Bond 5.5% 09/03/ ,000,000 South Africa Government International Bond 5.375% 24/07/ TUNISIA (0.00%*) ,000,000 Banque Centrale de Tunisie 5.75% 30/01/ TURKEY (4.23%*) 3, ,000 Export Credit Bank of Turkey 5% 23/09/ ,050,000 Hazine Mustesarligi Varlik Kiralama 2.803% 26/03/ ,300,000 Turkey Government International Bond 6.75% 03/04/ ,300,000 Turkey Government International Bond 7.5% 07/11/ ,000 Turkey Government International Bond 5.125% 25/03/ ,000 Turkey Government International Bond 6% 14/01/ UAE (1.64%*) 2, ,000,000 Dubai DOF Sukuk 5% 30/04/ ,800,000 IPIC GMTN 5% 15/11/2020 1, ,200,000 Sukuk Funding No % 03/12/ ZAMBIA (1.01%*) ,000 Zambia Government International Bond 8.97% 30/07/ ARGENTINA (0.51%*) 4, ,500,000 Argentina Boden Bonds 7% 03/10/2015 2, ,427 Argentine Republic Government International Bond 8.28% 31/12/ ,500,000 Argentine Republic Government International Bond 2.5% 31/12/ ,790,000 Argentine Republic Government International Bond FRN 0% 15/12/

100 First State Emerging Markets Bond Fund Portfolio statement Nominal Values Market value '000 Total net assets % BERMUDA (0.00%*) ,100,000 Bermuda Government International Bond 4.138% 03/01/ BRAZIL (4.15%*) 1, ,000 Brazilian Government International Bond 4.25% 07/01/ ,200,000 Brazilian Government International Bond 5.625% 07/01/ ,000 Brazilian Government International Bond 5% 27/01/ ,000,000 Caixa Economica Federal 2.375% 06/11/ CHILE (1.91%*) ,000 Empresa Nacional del Petroleo 4.75% 06/12/ COLOMBIA (4.08%*) 2, ,800,000 Colombia Government International Bond 4.375% 12/07/2021 1, ,200,000 Colombia Government International Bond 2.625% 15/03/ ,000 Colombia Government International Bond 4% 26/02/ ,000 Colombia Government International Bond 6.125% 18/01/ COSTA RICA (2.59%*) 1, ,100,000 Instituto Costarricense de Electricidad 6.95% 10/11/2021 1, DOMINICAN REPUBLIC (2.05%*) 2, ,000 Dominican Republic International Bond 6.6% 28/01/ ,700,000 Dominican Republic International Bond 5.5% 27/01/2025 1, ,350,000 Dominican Republic International Bond 6.85% 27/01/ ECQUADOR (1.85%*) - - JAMAICA (0.94%*) 1, ,100,000 Jamaica Government International Bond 7.625% 09/07/ ,000,000 Jamaica Government International Bond 6.75% 28/04/ ,000 Jamaica Government International Bond 7.875% 28/07/ MEXICO (3.83%*) 5, ,300,000 Mexico Government International Bond 3.6% 30/01/ ,000 Mexico Government International Bond 4.75% 08/03/ ,600,000 Mexico Government International Bond 4.6% 23/01/ ,000 Mexico Government International Bond 5.75% 12/10/ ,300,000 Petroleos Mexicanos 5.5% 21/01/ ,800,000 Petroleos Mexicanos 5.5% 27/06/2044 1, ,000,000 Petroleos Mexicanos 5.625% 23/01/ PANAMA (0.54%*) ,000 Panama Government International Bond 4% 22/09/ PERU (1.07%*) ,500,000 Corp Financiera de Desarrollo 3.25% 15/07/ URUGUAY (1.13%*) ,000 Uruguay Government International Bond 4.5% 14/08/ VENEZUELA (4.23%*) 1, ,000 Petroleos de Venezuela 5.25% 12/04/ ,000 Petroleos de Venezuela 9% 17/11/ ,000 Petroleos de Venezuela 6% 16/05/ ,000,000 Petroleos de Venezuela 5.375% 12/04/

101 First State Emerging Markets Bond Fund Portfolio statement Market value '000 Total net assets % DERIVATIVES ((0.85%*)) Euro - - Bought EUR5,122 for USD5,597 Settlement 17/08/ Bought EUR15,991 for USD17,531 Settlement 17/08/ Bought EUR731 for USD796 Settlement 17/08/ Bought EUR721 for USD785 Settlement 17/08/ Bought EUR32,117 for USD35,263 Settlement 17/08/ Bought EUR16,003 for USD17,571 Settlement 17/08/ Bought EUR22 for USD24 Settlement 17/08/ Bought EUR4 for USD4 Settlement 17/08/ Bought EUR5 for USD5 Settlement 17/08/ Bought EUR1,412 for USD1,553 Settlement 17/08/ Bought EUR2,377 for USD2,620 Settlement 17/08/ Bought EUR2,155 for USD2,377 Settlement 17/08/ Bought EUR1,616 for USD1,787 Settlement 17/08/ Bought EUR2,160 for USD2,388 Settlement 17/08/ Bought EUR2,195 for USD2,430 Settlement 17/08/ Bought EUR6,853 for USD7,561 Settlement 17/08/ Bought EUR7,613,196 for USD8,384,192 Settlement 17/08/2015 (16) (0.02) Bought EUR9,379,560 for USD10,329,437 Settlement 17/08/2015 (20) (0.02) Bought EUR17,967,382 for USD19,786,957 Settlement 17/08/2015 (38) (0.04) US Dollar Bought USD2,983,377 for GBP1,912,226 Settlement 17/08/ Bought USD422,058 for EUR381,227 Settlement 17/08/ Bought USD236,518 for EUR213,636 Settlement 17/08/ Bought USD191,524 for EUR172,995 Settlement 17/08/ Bought USD19,436 for GBP12,446 Settlement 17/08/ Bought USD10,022 for EUR9,088 Settlement 17/08/ Bought USD18,207 for GBP11,679 Settlement 17/08/ Bought USD9,092 for GBP5,827 Settlement 17/08/ Bought USD4,108 for GBP2,632 Settlement 17/08/ Bought USD1,760 for GBP1,126 Settlement 17/08/ Bought USD1,529 for EUR1,387 Settlement 17/08/ Bought USD5,340 for GBP3,425 Settlement 17/08/ Bought USD13,443 for GBP8,632 Settlement 17/08/ Bought USD140 for EUR127 Settlement 17/08/ Bought USD18,534 for GBP11,902 Settlement 17/08/ Bought USD150 for GBP96 Settlement 17/08/ Bought USD652 for GBP418 Settlement 17/08/ Bought USD3 for GBP2 Settlement 17/08/ Bought USD277 for GBP178 Settlement 17/08/ Bought USD919 for GBP591 Settlement 17/08/ Bought USD190 for EUR175 Settlement 17/08/ Bought USD4,662 for GBP3,000 Settlement 17/08/ Bought USD5,060 for GBP3,262 Settlement 17/08/ Bought USD16,213 for GBP10,427 Settlement 17/08/ Bought USD21,217 for GBP13,645 Settlement 17/08/ Bought USD24,121 for GBP15,513 Settlement 17/08/ Bought USD20,608 for EUR19,008 Settlement 17/08/ Sold USD15,768,375 for GBP10,183,782 Settlement 17/08/ Sold USD14,217,964 for GBP9,182,471 Settlement 17/08/ Sold USD11,215,015 for GBP7,243,059 Settlement 17/08/

102 First State Emerging Markets Bond Fund Portfolio statement Market value '000 Total net assets % Sold USD4,908,573 for GBP3,170,133 Settlement 17/08/ Sold USD153,871 for GBP99,376 Settlement 17/08/ Sold USD41,494 for GBP26,783 Settlement 17/08/ Sold USD35,228 for GBP22,715 Settlement 17/08/ Sold USD28,344 for GBP18,236 Settlement 17/08/ Sold USD8,640 for GBP5,577 Settlement 17/08/ Sold USD5,286 for GBP3,412 Settlement 17/08/ Sold USD16,881 for GBP10,848 Settlement 17/08/ Sold USD16,739 for GBP10,757 Settlement 17/08/ Sold USD13,619 for GBP8,752 Settlement 17/08/ Sold USD727 for GBP468 Settlement 17/08/ Sold USD679 for GBP437 Settlement 17/08/ Sold USD24 for GBP15 Settlement 17/08/ Sold USD78 for GBP50 Settlement 17/08/ Sold USD16 for GBP10 Settlement 17/08/ Sold USD16 for GBP10 Settlement 17/08/ Sold USD10 for GBP6 Settlement 17/08/ Sold USD258 for GBP166 Settlement 17/08/ Sold USD78 for GBP50 Settlement 17/08/ Sold USD609 for GBP391 Settlement 17/08/ Sold USD584 for GBP374 Settlement 17/08/ Sold USD66,715 for GBP42,842 Settlement 17/08/ Sold USD502 for GBP321 Settlement 17/08/ Sold USD699 for GBP447 Settlement 17/08/ Sold USD859 for GBP550 Settlement 17/08/ Sold USD4,513 for GBP2,895 Settlement 17/08/ Sold USD2,027 for GBP1,298 Settlement 17/08/ Sold USD90,012 for GBP57,799 Settlement 17/08/ Sold USD5,507 for GBP3,530 Settlement 17/08/ Sold USD4,201 for GBP2,687 Settlement 17/08/ Sold USD9,426 for GBP6,040 Settlement 17/08/ Sold USD18,252 for GBP11,706 Settlement 17/08/ Sold USD9,361 for GBP5,994 Settlement 17/08/ Sold USD7,190 for GBP4,600 Settlement 17/08/ Sold USD23,145 for GBP14,845 Settlement 17/08/ Sold USD31,047 for GBP19,914 Settlement 17/08/ Sold USD11,848 for GBP7,580 Settlement 17/08/ Sold USD56,637 for GBP36,279 Settlement 17/08/ Sold USD1,874,707 for GBP1,203,796 Settlement 17/08/ Sold USD515,150 for GBP330,191 Settlement 17/08/2015 (1) - Portfolio of investments 87, Net other assets 7, Total net assets 95, All holdings represent securities quoted on a listed securities market, unless otherwise stated. For the purposes of this portfolio holdings analysis, securities are shown based on their country of listing. Stocks shown as FRNs represent Floating Rate Notes - debt instruments that pay a floating rate of interest, usually based on an accepted market benchmark rate such as LIBOR. * Comparative figures shown in brackets relate to 31 July ** Defaulted bonds. ^ Including derivative liabilities. Nominal values are all in USD. 99

103 First State Emerging Markets Bond Fund Portfolio statement Market value '000 Total net assets % Summary of portfolio by credit ratings Rating block Investment grade 41, Speculative grade 40, Unrated 5, Total bonds 87, Other 7, Total net assets 95, The credit ratings used in the above table have been supplied by Standard & Poor's. Financial derivative instruments exposure Value ( ) Forward foreign currency contracts (Hedging) 102,754 Total financial derivative instruments exposure 102,754 Counterparties to financial derivative instruments and efficient portfolio management techniques Value ( ) State Street Bank and Trust Company 102,754 The counterparty exposure represents the amount that the Fund could lose if the counterparty defaulted. This is calculated as the unrealised profit or loss on the trade. It is therefore a different amount to the value of the sum of the notionals. 100

104 First State Emerging Markets Bond Fund Summary Fund performance Net asset value and ongoing charges figure Net Asset Value of share class ( ) Shares in issue Net Asset Value per share (p/c)* Ongoing Charges Figure (%) Share class A Hedged Accumulation 31/07/13 10,538,201 9,488, /07/14 31/07/15 Share class A Hedged Income 31/07/13 13,998,349 7,456,172 7,858,076 11,706,626 6,270,282 7,558, /07/14 8,503,113 7,878, /07/15 Share class B Hedged Accumulation 31/07/13 7,157, ,064 6,936, , /07/14 3,078,303 2,994, /07/15 Share class B Hedged Income 31/07/13 11,898,233 85,936 11,580,050 92, /07/14 729, , /07/15 Share class A Hedged Accumulation (EUR share class) 31/07/13 3,196,830 7,780,123 3,425,636 8,115, / /07/14 8,202,278 8,722, / /07/15 Share class A Hedged Income (EUR share class) 31/07/13 6,527,831 7,087,611 7,894,809 7,896, / / /07/14 6,672,907 7,864, / /07/15 Share class B Hedged Income (EUR share class) 31/07/13 5,200,881 2,003,425 7,241,956 2,296, / / /07/14 197, , / /07/15 Share class B Accumulation (USD share class) 31/07/13 12,306,868 2,172,141 17,335,793 3,507, / / /07/14 25,036,519 41,340, / /07/15 Share class B Gross Accumulation (USD share class) 31/07/15 Share class Z Gross Hedged Accumulation 31/07/15 Share class Z Gross Accumulation (USD share class) 31/07/15 22,331,718 18,972, , ,283 34,101,037 30,016, , , / / / *Where 2 figures are shown for a share class denominated in EUR or USD, the first figure is in GBP in pence and the second figure is in EUR/USD in cents. Amounts in Euros and US dollars have been converted at the (EUR) and (USD) exchange rate at 12:00 midday on 31 July

105 First State Emerging Markets Bond Fund Summary Fund performance Share price history and revenue record Calendar year Highest share price (p/c) Lowest share price (p/c) per share (p/c) Share class A Hedged Accumulation * Share class A Hedged Income * Share class B Hedged Accumulation * Share class B Hedged Income * Share class A Hedged Accumulation (EUR share class) * Share class A Hedged Income (EUR share class) * Share class B Hedged Income (EUR share class) * Share class B Accumulation (USD share class) * Share class B Gross Accumulation (USD share class) 2015* Share class Z Gross Hedged Accumulation *

106 First State Emerging Markets Bond Fund Summary Fund performance Share class A Hedged Accumulation was launched 25 October Share class A Hedged Income was launched 25 October Share class B Hedged Accumulation was launched 28 December Share class B Hedged Income was launched 29 January Share class A Hedged Accumulation (EUR share class) was launched 25 October Share class A Hedged Income (EUR share class) was launched 25 October Share class B Hedged Income (EUR share class) was launched 26 March Share class B Accumulation (USD share class) was launched 19 April Share class Z Gross Accumulation (USD share class) * The share classes marked with EUR or USD are stated in Euros/US dollars. The Euro and US dollar prices are calculated using the exchange rate at the valuation point on that date. * To 31 July Share class B Gross Accumulation (USD share class) was launched 12 May Share class Z Gross Hedged Accumulation was launched 31 October Share class Z Gross Accumulation (USD share class) was launched 31 October

107 First State Emerging Markets Bond Fund Statement of total return for the year ended 31 July 2015 Notes '000 '000 '000 '000 Income: Net capital (losses)/gains 2 (3,578) 424 Revenue 3 4,106 2,210 Expenses 4 (893) (644) Finance costs: interest Net revenue before taxation 3,213 1,566 Taxation Net revenue after taxation 3,213 1,566 Total return before distributions (365) 1,990 Finance costs: distributions 6 (4,105) (2,209) Change in net assets attributable to shareholders from investment activities (4,470) (219) Statement of change in net assets attributable to shareholders for the year ended 31 July 2015 Opening net assets attributable to shareholders Amounts receivable on issue of shares Less: Amounts payable on cancellation of shares Dilution adjustment Change in net assets attributable to shareholders from investment activities Retained distribution on accumulation shares Closing net assets attributable to shareholders '000 '000 '000 '000 66,418 37,770 72,871 31,370 (41,982) (4,022) 30,889 27, (4,470) (219) 2,307 1,471 95,253 66,418 Notes to the financial statements are on pages 106 to

108 First State Emerging Markets Bond Fund Balance sheet Assets Portfolio of investments Debtors Cash and bank balances Total other assets Total assets Liabilities Derivative liabilities Creditors payable on income shares Total other liabilities Total liabilities Net assets attributable to shareholders Notes '000 '000 87,535 63, ,089 3,560 8,370 4,456 9,459 8,016 96,994 71,168 (75) (565) 9 (1,104) (3,862) (562) (323) (1,666) (4,185) (1,741) (4,750) 95,253 66,418 Notes to the financial statements are on pages 106 to

109 First State Emerging Markets Bond Fund Notes to the Financial Statements Accounting basis and policies Please see pages 10 to 12 for accounting basis and policies. Net capital (losses)/gains The net capital (losses)/gains during the year comprise: Non-derivative securities Forward foreign exchange currency contracts Currency gains/(losses) Net capital (losses)/gains Revenue Interest from bank deposits Interest from government and fixed interest securities Currency hedge gains/(losses) Total revenue Expenses Payable to the ACD, associates of the ACD, and agents of either of them: ACD's periodic charge Payable to the Depositary, associates of the Depositary, and agents of either of them: Depositary's fees Other expenses: Audit fee Registrar fees Safe custody charges Other expenses Total expenses '000 '000 2,197 (1,510) (6,089) 2, (172) (3,578) 424 '000 ' ,171 2,212 (66) (2) 4,106 2,210 '000 '

110 First State Emerging Markets Bond Fund Notes to the Financial Statements 5. (a) (b) (c) Taxation Analysis of charge in year: There is no corporation tax charge in the current year or prior year. Factors affecting current tax charge for the year: s and interest '000 '000 The tax assessed for the year is lower than (2014: lower than) the standard rate of corporation tax in the UK for an OEIC of 20% (2014: 20%). The differences are explained below: Net revenue before taxation Corporation tax of 20% (2014: 20%) Effects of: Tax deductible interest distributions Current tax charge for year OEICs are exempt from tax on capital gains. Therefore, any capital return is not included in the above reconciliation. Deferred taxation: There is no provision required for deferred taxation at the Balance sheet date in the current or prior year. Finance costs Interim distribution Final distribution Income tax withheld Add: revenue deducted on cancellation of shares Deduct: revenue received on issue of shares Net distributions for the year Interest Total finance costs 3,213 1, (643) (313) - - The distributions take account of revenue received on the issue of shares and revenue deducted on the cancellation of shares, and comprises: '000 '000 1, ,711 1, ,136 2, (490) (299) 4,105 2, ,105 2,209 Details of the distribution per share is set out in the tables on pages 111 to 113. Movement between net revenue and net distributions '000 '000 Net revenue after taxation 3,213 1,566 Movement in net income as a result of conversions (1) - Expenses charged to capital Net distributions for the year 4,105 2,209 Debtors Sales awaiting settlement Amounts receivable for issue of shares Accrued revenue Total debtors '000 '000-2, ,089 3,

111 First State Emerging Markets Bond Fund Notes to the Financial Statements (a) Creditors Purchases awaiting settlement Amounts payable for cancellation of shares Accrued expenses Income tax payable Total creditors Portfolio transaction costs Non-derivative securities Trades in the year before transaction costs Commissions Taxes Total costs Total net trades in the year after transaction costs '000 ' , ,104 3,862 Purchases Sales '000 '000 '000 ' , ,631 97,268 70, , ,631 97,268 70, , ,631 97,268 70,595 Contingent liabilities and commitments As at 31 July 2015, the Fund had no contingent liabilities (31/07/14: nil) and no commitments (31/07/14: nil). Derivatives and other financial instruments General In pursuing its investment objectives the Fund holds fixed interest securities. The Fund invests principally in fixed interest securities. Certain fixed interest securities are liable to default risk whereby the nominal capital is not or is unlikely to be returned to investors. The value of fixed interest stocks is not fixed and may go down as well as up. This may be the result of a specific factor affecting the value of an individual fixed interest stock or be caused by a general market factor (such as government policy or the health of the underlying economy) which can affect the entire portfolio. Any change to the interest rates relevant for particular securities may result in either revenue increasing or decreasing, or the ACD being unable to secure similar returns on the expiry of contracts or the sale of securities. In addition changes to prevailing rates or changes in expectations of future rates may result in an increase or decrease in the value of securities held. In addition, the management of the Fund complies with the Financial Conduct Authority COLL sourcebook, which includes rules limiting the size of investment in any particular holding. Market price risk arises mainly from uncertainty about future prices of the financial instruments held. Investment risk in the portfolio is regularly reviewed and controlled through the adoption of parameters limiting exposures to various factors such as industries, countries, and company size. The Fund enters into transactions in financial instruments which expose it to the risk that the counter-party will not deliver the investment (purchase) or cash (sale) after the Fund has fulfilled its obligations. The Fund only buys and sells financial instruments through parties that have been approved by the ACD as acceptable. These are reviewed on an ongoing basis. The Fund s main liability is the redemption of any shares that investors wish to sell. In general, the ACD manages the cash to ensure that it can meet its liabilities. Assets from a fund may need to be sold if insufficient cash is available to finance such redemptions. The Fund s holdings are reviewed on a regular basis, with particular emphasis on the market capitalisation of the issuer (securities issued by larger capitalised companies generally have greater liquidity), and the number of days it would take to trade out of a given securities position or percentage of the Fund as a whole (determined by reference to available market trading volumes). Funds that have a higher concentration of securities which are deemed to be less liquid are regularly monitored. As a proportion of the Fund s investment portfolio is invested in overseas securities the Balance sheet can be affected by movements in foreign exchange rates. The Investment Manager may seek to manage exposure to currency movements by using forward foreign exchange contracts or by hedging the sterling value of investments that are priced in other currencies. Income received in other currencies is converted to sterling on or near the date of receipt. The market value of investments is taken to equal fair value for the purposes of Financial Reporting Standard 29. Given all the activities of the Fund, none of the investments held fall within the definition of investments held for trading as set out in Financial Reporting Standard

112 First State Emerging Markets Bond Fund Notes to the Financial Statements 12. (b) (c) (d) Derivatives and other financial instruments Fair value of financial assets and financial liabilities There is no material difference between the value of the financial assets and liabilities, as shown in the Balance sheet, and their fair value. Interest rate risk The Fund receives revenue from fixed interest investments. Given that the Fund's objective is to achieve a total investment return from income and capital appreciation, these cash flows are considered to be of primary importance and are actively managed. The interest rate risk profile of the company's financial assets and liabilities at 31 July was: Floating rate financial assets Fixed rate financial assets Fixed rate financial assets weighted average interest rate Fixed rate financial assets weighted average period for which rate is fixed Financial liabilities not carrying interest Total Currency '000 '000 % Years '000 ' July 2015 Sterling ,666 28,666 Euro ,205 24,205 US dollar 8,370 87, (53,345) 42,382 Total 8,370 87,357 (474) 95, July 2014 Sterling ,111 25,111 Euro ,714 14,715 Mexican peso - 1, ,210 US dollar 4,454 61, (41,021) 25,382 Total 4,455 63,150 (1,187) 66,418 Analysis of the Fund's currency exposure The following summarises the Sterling value of currencies of the Fund in which the investments, including cash, debtors and creditors, are denominated. As at 31 July the Fund had the following net currency exposure (excluding sterling): Net foreign currency assets Net foreign currency assets Monetary Non-monetary Monetary Non-monetary exposures exposures Total exposures exposures Total Currency '000 '000 '000 '000 '000 '000 Euro 24,205-24,205 14,715-14,715 Mexican peso ,201 1,210 US dollar (44,975) 87,357 42,382 (36,567) 61,949 25,382 (20,770) 87,357 66,587 (21,843) 63,150 41,307 Derivative risk The Manager may enter into derivatives transactions for investment purposes and for efficient portfolio management purposes. A relatively small market movement may have a potentially larger impact on derivatives than on the underlying assets and the use of derivatives can therefore increase the volatility of the value of units in the Scheme. However it is not anticipated that the use of derivatives will have a significant effect on the risk profile of the Scheme. Exposure to the various markets may be balanced through tactical asset allocation of futures contracts. Tactical asset allocation is a technique which allows the ACD to undertake a switch in the Fund's exposure by the use of derivatives rather than through the sale and purchase by the Fund of transferable securities. Due to the use of derivatives, the percentage movements in the value of the Fund will be different from the percentage movements in the markets. At the period end, as the sensitivity analysis or value at risk are not significant, no additional disclosure has been shown. 109

113 First State Emerging Markets Bond Fund Notes to the Financial Statements Related parties First State Investments (UK) Limited, ("the ACD") is a related party to the Fund as defined by Financial Reporting Standard 8 Related Party Disclosures. By virtue of the regulations governing OEICs, the ACD is party to every transaction in respect of shares of the Fund, which are summarised in the Statement of Change in Net Assets attributable to Shareholders. Amounts due at the year end in respect of issues and cancellations are included in the Balance Sheet. Amounts paid to First State Investments (UK) Limited in respect of ACD fees are disclosed in note 4, with 64,043 (31/07/14: 53,419) due at the year end. As at 31 July 2015 CFS Managed Property Limited, a related party of the ACD, owned 24.74% (31/07/14: 45.53%) of the Net Asset Value of the Fund. As at 31 July 2015 First State Investments Services (UK) Limited, a related party of the ACD, owned 0.27% (31/07/14: 0.71%) of the Net Asset Value of the Fund. Share classes The Fund has eleven share classes in issue. The ACD's periodic charge on each share class is as follows: Share class A Hedged Accumulation (Institutional): Share class A Hedged Income (Institutional): Share class B Hedged Accumulation (Institutional): Share class B Hedged Income: Share class A Hedged Accumulation (EUR share class): Share class A Hedged Income (EUR share class): Share class B Hedged Income (EUR share class): Share class B Accumulation (USD share class) (Institutional): Share class B Gross Accumulation (USD share class): Share class Z Gross Hedged Accumulation: Share class Z Gross Accumulation (USD share class): The net asset value of each share class, the net asset value per share and the number of shares in each class are given in the Performance Record on page 101. The distributions per share class are given in the Tables on pages 111 to 113. All share classes have the same rights on winding up. %

114 First State Emerging Markets Bond Fund Tables for the year ended 31 July 2015 in pence and cents per share Group 1 Interim - Shares purchased prior to 1 August 2014 Final - Shares purchased prior to 1 February 2015 Group 2 Interim - Shares purchased between 1 August 2014 and 31 January 2015 Final - Shares purchased between 1 February 2015 and 31 July 2015 Share class A Hedged Accumulation paid to/payable 30/09/2015 paid 30/09/2014 Gross revenue Income tax Net revenue Equalisation Group 1 (p) (p) (p) (p) (p) (p) Interim Final Group 2 (p) (p) (p) (p) (p) (p) Interim Final Share class A Hedged Income paid to/payable 30/09/2015 paid 30/09/2014 Gross revenue Income tax Net revenue Equalisation Group 1 (p) (p) (p) (p) (p) (p) Interim Final Group 2 (p) (p) (p) (p) (p) (p) Interim Final Share class B Hedged Accumulation paid to/payable 30/09/2015 paid 30/09/2014 Gross revenue Income tax Net revenue Equalisation Group 1 (p) (p) (p) (p) (p) (p) Interim Final Group 2 (p) (p) (p) (p) (p) (p) Interim Final Share class B Hedged Income paid to/payable 30/09/2015 paid 30/09/2014 Gross revenue Income tax Net revenue Equalisation Group 1 (p) (p) (p) (p) (p) (p) Interim Final Group 2 (p) (p) (p) (p) (p) (p) Interim Final

115 First State Emerging Markets Bond Fund Tables for the year ended 31 July 2015 Share class A Hedged Accumulation (EUR share class) paid to/payable 30/09/2015 paid 30/09/2014 Gross revenue Income tax Net revenue Equalisation Group 1 (c) (c) (c) (c) (c) (c) Interim Final Group 2 (c) (c) (c) (c) (c) (c) Interim Final Share class A Hedged Income (EUR share class) paid to/payable 30/09/2015 paid 30/09/2014 Gross revenue Income tax Net revenue Equalisation Group 1 (c) (c) (c) (c) (c) (c) Interim Final Group 2 (c) (c) (c) (c) (c) (c) Interim Final Share class B Hedged Income (EUR share class) paid to/payable 30/09/2015 paid 30/09/2014 Gross revenue Income tax Net revenue Equalisation Group 1 (c) (c) (c) (c) (c) (c) Interim Final Group 2 (c) (c) (c) (c) (c) (c) Interim Final Share class B Accumulation (USD share class) paid to/payable 30/09/2015 paid 30/09/2014 Gross revenue Income tax Net revenue Equalisation Group 1 (c) (c) (c) (c) (c) (c) Interim Final Group 2 (c) (c) (c) (c) (c) (c) Interim Final Share class B Gross Accumulation (USD share class) Gross revenue Income tax Net revenue Equalisation paid to/payable 30/09/2015 Group 1 (c) (c) (c) (c) (c) Final Group 2 (c) (c) (c) (c) (c) Final

116 First State Emerging Markets Bond Fund Tables for the year ended 31 July 2015 Share class Z Gross Hedged Accumulation Gross revenue Income tax Net revenue Equalisation paid to/payable 30/09/2015 Group 1 (p) (p) (p) (p) (p) Interim Final Group 2 (p) (p) (p) (p) (p) Interim Final Share class Z Gross Accumulation (USD share class) Gross revenue Income tax Net revenue Equalisation paid to/payable 30/09/2015 Group 1 (p) (p) (p) (p) (p) Interim Final Group 2 (p) (p) (p) (p) (p) Interim Final

117 First State Emerging Markets Local Currency Bond Fund Authorised Fund Manager's Report for the year ended 31 July 2015 Investment objective and policy The Fund aims to achieve an investment return from income and capital appreciation. The Fund primarily invests in local denominated debt securities issued or guaranteed by governments, financial institutions or companies in Emerging Markets and in related derivatives. The Fund will invest at least 80 per cent of its net assets in local bonds and other debt securities issued or guaranteed by governments of Emerging Markets or their agencies, and by companies established or having significant operations in Emerging Markets. The Fund may invest in investment grade, non-investment grade and unrated debt securities. The Fund may hold more than 30 per cent of its net assets in debt securities rated below investment grade. In order to achieve the investment objective and policy the Fund may use derivatives for both investment and Efficient Portfolio Management purposes. Risks and reward profile Share class B Income Share class B Income (GBP share class) Share class B Hedged Income (GBP share class) Share class B Hedged Income (EUR share class) Share class Z Gross Accumulation Lower risk Higher risk Potentially lower rewards Potentially higher rewards * * * The synthetic risk reward indicator (the SRRI) rating is not a measure of the risk of you losing your investment but describes how much the value of the Fund went up and down in the past; The SRRI rating is based on historical data which may not be a reliable indication of the future risks and rewards of the Fund; We cannot guarantee that the rating of the Fund will remain the same, it may change over time; Even the lowest rating 1 does not mean a risk free investment; On a scale of 1 (less risky) to 7 (more risky), this Fund has a rating of 5 due to its past performance and the nature of its investments. Shares with a rating of 5 might have higher risks, but also higher returns; Risk is taken in order to make a higher potential return, the more risk a fund takes, the higher the potential return but the greater the risk of loss; and The value of the Fund and its return is not guaranteed and may fall as well as rise. You may get back less than you originally invested. *The SRRI changed from 5 to 4 on 21 July The Fund might also experience the following risks: Emerging market risk: emerging markets may not provide the same level of investor protection as a developed market; they may involve a higher risk than investing in developed markets. Currency risk: the Fund invests in assets which are denominated in other currencies; changes in exchange rates will affect the value of the Fund. Interest rate risk: interest rates affect the Fund's investments. If rates go up, the value of investments fall and vice versa. Credit risk: the issuers of bonds or similar investments that the Fund buys may not pay income or repay capital to the Fund when due. Derivative risk: derivatives are highly sensitive to changes in the value of the asset they are based on. The impact to the Fund is greater where derivatives are more widely used. Currency hedged share class risk: hedging transactions are designed to reduce currency risk for investors. There is no guarantee that the hedging will be totally successful or that it can eliminate currency risk entirely. For further information on risks, please refer to the risk factors section in the Company's prospectus. 114

118 First State Emerging Markets Local Currency Bond Fund Authorised Fund Manager's Report for the year ended 31 July 2015 Performance Over the 12 months to July 2015 the fund lost 15.7% in US dollar terms, outperforming the global emerging market (EM) local currency bond markets (JP Morgan GBI-EM Global Diversified Index) which declined by 16.7%, primarily due to widespread EM foreign exchange weakness. The underlying index of EM bonds gained in local currency terms during the period overall, primarily from interest returns, while the bonds themselves saw a small capital loss in local currency terms. These local currency-denominated gains in the underlying bonds were ultimately overwhelmed by the degree of weakening in their respective EM currencies relative to the US dollar. Portfolio Our high-conviction positioning for a strengthening in the US dollar, and corresponding lower overall EM currency risk exposure, was a positive factor over the period. Early identification of risks in Russia, Brazil and Nigeria with decisive positioning to protect capital in these markets helped, as did absolute value gains from off-benchmark positions primarily in Asia. We took an opportunistic approach to duration (a measure of sensitivity to changes in interest rates) exposure. Outlook Going forward we expect that economic data in Asia will continue to disappoint, including from China where the monetary authorities are now struggling to contain the fallout from the government s ill-conceived, and largely ineffective, intervention measures to halt the decline of the stock market. In this context, US growth outperformance is likely to support the US dollar against EM currencies, although we re conscious that currency valuations sit in many cases at record lows. On the other hand, we see risk premia in the long-end of the curves as too low reflecting a somewhat complacent and overly-sanguine view of the impact of the transition to more normal interest rates. As such we continue to prefer the policyanchored short-end of the curve. Cumulative performance Time Since period mths mths yrs yrs yrs yrs launch Fund return % (7.0) (9.6) (15.7) (11.2) Benchmark return % (6.2) (7.6) (16.7) (11.7) Sector return % (4.5) (3.6) (10.4) Quartile ranking Discrete performance Time period Fund return % Benchmark: JPM GBI-EM Global Diversified USD TR Sector: Global Emerging Markets Bond Average Past performance should not be used as a guide to future performance, which is not guaranteed. 12 mths to 12 mths to 12 mths to 12 mths to 12 mths to 31/07/15 31/07/14 31/07/13 31/07/12 31/07/11 (15.7)

119 First State Emerging Markets Local Currency Bond Fund Authorised Fund Manager's Report for the year ended 31 July 2015 Ten largest holdings Stock name Brazil Notas do Tesouro Nacional Serie F 10% 01/01/2017 Thailand Government Bond 3.65% 17/12/2021 South Africa Government Bond 10.5% 21/12/2026 Peru Government Bond 6.95% 12/08/2031 Turkey Government Bond 10.5% 15/01/2020 Thailand Government Bond 3.625% 16/06/2023 Turkey Government Bond 6.3% 14/02/2018 Indonesia Treasury Bond 10.5% 15/08/2030 Hungary Government Bond 4% 25/04/2018 Colombia Global Depositary Note 10% 24/07/2024 Types of shares Income and Accumulation. % of Fund Stock name % of Fund 7.65 Brazil Notas do Tesouro Nacional Serie F 10% /01/ Romania Government Bond 5.85% 26/04/ Brazil Notas do Tesouro Nacional Serie F 10% /01/ Russian Federal Bond - OFZ 7.5% 27/02/ Colombia Global Depositary Note 10% 24/07/ Russian Federal Bond - OFZ 6.2% 31/01/ Turkey Government Bond 8.8% 27/09/ Brazil Notas do Tesouro Nacional Serie F 10% /01/ Indonesia Treasury Bond 10.5% 15/08/ Hungary Government Bond 4% 25/04/

120 First State Emerging Markets Local Currency Bond Fund Portfolio statement Nominal Values Market value $'000 Total net assets % INDONESIA (6.81%*) 2, IDR4,500,000,000 Indonesia Treasury Bond 8.375% 15/03/ IDR10,700,000,000 Indonesia Treasury Bond 9% 15/03/ IDR11,785,000,000 Indonesia Treasury Bond 10.5% 15/08/ IDR4,800,000,000 Indonesia Treasury Bond 8.375% 15/03/ MALAYSIA (7.77%*) 1, MYR1,500,000 Malaysia Government Bond 3.889% 31/07/ MYR3,000,000 Malaysia Government Bond 4.048% 30/09/ MYR2,100,000 Malaysia Government Bond 3.844% 15/04/ PHILIPPINES (0.00%*) PHP8,000,000 Philippine Government International Bond 6.25% 14/01/ THAILAND (4.73%*) 2, THB44,805,000 Thailand Government Bond 3.65% 17/12/2021 1, THB36,175,000 Thailand Government Bond 3.625% 16/06/2023 1, THB5,000,000 Thailand Government Bond 3.85% 12/12/ THB6,700,000 Thailand Government Bond 4.875% 22/06/ HUNGARY (5.11%*) 1, HUF225,000,000 Hungary Government Bond 4% 25/04/ HUF88,000,000 Hungary Government Bond 5.5% 20/12/ HUF64,180,000 Hungary Government Bond 3.5% 24/06/ HUF45,000,000 Hungary Government Bond 7.5% 12/11/ HUF70,000,000 Hungary Government Bond 6% 24/11/ NIGERIA (3.70%*) - - POLAND (9.39%*) 3, PLN1,100,000 Poland Government Bond 5% 25/04/ PLN1,200,000 Poland Government Bond 4.75% 25/10/ PLN2,200,000 Poland Government Bond 4.75% 25/04/ PLN1,100,000 Poland Government Bond 5.25% 25/10/ PLN1,100,000 Poland Government Bond 3.75% 25/04/ PLN1,700,000 Poland Government Bond 3.25% 25/07/ PLN2,760,000 Poland Government Bond 4% 25/10/ ROMANIA (4.83%*) RON 1,600,000 Romania Government Bond 5.85% 26/04/ RUSSIA (8.51%*) RUB 50,000,000 Russian Federal Bond - OFZ 7% 16/08/ SOUTH AFRICA (8.40%*) 3, ZAR4,000,000 South Africa Government Bond 8% 21/12/ ZAR4,500,000 South Africa Government Bond 7.25% 15/01/ ZAR7,200,000 South Africa Government Bond 6.75% 31/03/ ZAR13,500,000 South Africa Government Bond 10.5% 21/12/2026 1, ZAR9,000,000 South Africa Government Bond 7% 28/02/ ZAR5,000,000 South Africa Government Bond 6.5% 28/02/ ZAR1,700,000 South Africa Government Bond 8.75% 28/02/ TURKEY (4.65%*) 3, TRY3,000,000 Turkey Government Bond 6.3% 14/02/ TRY1,600,000 Turkey Government Bond 10.4% 27/03/ TRY3,000,000 Turkey Government Bond 10.5% 15/01/2020 1, TRY1,900,000 Turkey Government Bond 9.5% 12/01/

121 First State Emerging Markets Local Currency Bond Fund Portfolio statement Nominal Values Market value $'000 Total net assets % BRAZIL (13.12%*) 3, BRL9,000,000 Brazil Notas do Tesouro Nacional Serie F 10% 01/01/2017 2, BRL2,000,000 Brazil Notas do Tesouro Nacional Serie F 10% 01/01/ BRL3,000,000 Brazil Notas do Tesouro Nacional Serie F 10% 01/01/ COLOMBIA (5.83%*) 1, COP1,632,300,000 Colombia Global Depositary Note 7% 11/09/ COP2,000,000,000 Colombia Global Depositary Note 10% 24/07/ COP1,500,000,000 Colombia Global Depositary Note 6% 28/04/ MEXICO (8.05%*) 2, MXN6,000,000 America Movil SAB de CV 6% 09/06/ MXN4,700,000 Mexican Bonos 7.75% 14/12/ MXN10,000,000 Mexican Bonos 6.5% 09/06/ MXN10,000,000 Mexican Bonos 10% 05/12/ MXN5,000,000 Mexican Bonos 7.75% 29/05/ MXN5,000,000 Mexican Bonos 7.75% 13/11/ PERU (1.71%*) 1, PEN3,943,000 Peru Government Bond 6.95% 12/08/2031 1, DERIVATIVES (0.51%*) Interest Rate Swap - - 3,500,000 Citibank Interest Rate Swap Rec PLN WIBOR Pay PLN 2.03% 24/04/2020 (6) (0.02) 400,000,000 Merrill Lynch International Interest Rate Swap Pay HUF BUBOR Rec HUF 1.99% 16/12/2018 (1) (0.01) 2,500,000,000 Merrill Lynch International Interest Rate Swap Pay KRW LIBOR Rec KRW 1.96% 26/02/ ,500,000 Merrill Lynch International Interest Rate Swap Pay MYR KLIBOR Rec MYR % (9) (0.02) Forward Currency Contracts - - Australian Dollar - - Sold AUD1,145,000 for USD876,547 Settlement 16/09/ Brazilian Real - - Sold BRL4,385,299 for USD1,371,134 Settlement 16/09/ Colombian Peso - - Bought COP800,000,000 for USD295,617 Settlement 16/09/2015 (19) (0.06) Bought CLP500,000,000 for USD778,938 Settlement 25/09/2015 (41) (0.12) Sold CLP500,000,000 for USD765,306 Settlement 25/09/ Euro - - Bought EUR648,266 for PLN2,700,000 Settlement 24/09/2015 (2) (0.01) Bought EUR246,525 for HUF77,000,000 Settlement 16/09/2015 (3) (0.01) Bought EUR837,324 for PLN3,500,000 Settlement 24/09/2015 (6) (0.02) Bought EUR2,500,000 for USD2,770,807 Settlement 09/12/2015 (21) (0.06) Bought EUR7,046,019 for USD7,759,576 Settlement 17/08/2015 (23) (0.07) Sold EUR1,025,791 for USD1,166,877 Settlement 16/09/ Sold EUR1,500,000 for USD1,653,462 Settlement 24/09/ Sold EUR159,969 for USD177,103 Settlement 17/08/ Japanese Yen - - Sold JPY190,000,000 for USD1,532,042 Settlement 16/12/2015 (1) - Malaysian Ringgit - - Bought MYR1,400,000 for USD363,333 Settlement 16/12/2015 (5) (0.01) Bought MYR1,295,000 for USD336,626 Settlement 16/12/2015 (5) (0.01) 118

122 First State Emerging Markets Local Currency Bond Fund Portfolio statement Market value $'000 Total net assets % Mexican Peso - - Bought MXN7,700,000 for USD488,289 Settlement 07/08/2015 (14) (0.04) Bought MXN20,275,000 for USD1,305,236 Settlement 07/08/2015 (58) (0.17) New Taiwan Dollar - - Sold TWD21,800,000 for USD701,845 Settlement 16/09/ Sold TWD11,200,000 for USD366,044 Settlement 16/09/ Peruvian Nuevo Sol - - Sold PEN6,800,000 for USD2,127,660 Settlement 04/09/ Sold PEN2,200,000 for USD685,999 Settlement 04/09/ Polish Zloty - - Bought PLN4,650,000 for EUR1,103,203 Settlement 24/09/ Bought PLN2,700,000 for EUR664,401 Settlement 24/09/2015 (15) (0.04) Pound Sterling - - Bought GBP5,636,805 for USD8,727,922 Settlement 17/08/ Sold GBP10,117 for USD15,731 Settlement 17/08/ Sold GBP192,180 for USD298,076 Settlement 17/08/2015 (1) - Romanian New Leu - - Bought RON1,600,000 for EUR361,022 Settlement 16/12/ Russian Ruble - - Bought RUB30,000,000 for USD493,016 Settlement 16/09/2015 (6) (0.02) Bought RUB27,800,000 for USD494,530 Settlement 16/09/2015 (43) (0.13) Singapore Dollar - - Sold SGD1,500,000 for USD1,112,489 Settlement 16/09/ South African Rand - - Sold ZAR490,000 for USD38,217 Settlement 09/12/ Thai Baht - - Sold THB32,165,810 for USD929,411 Settlement 16/12/ Turkish Lira - - Sold TRY1,130,000 for USD421,588 Settlement 16/09/ Portfolio of investments 30, Net other assets 3, Total net assets 33, All holdings represent securities quoted on a listed securities market, unless otherwise stated. For the purposes of this portfolio holdings analysis, securities are shown based on their country of listing. Any derivative contracts were traded on an eligible derivatives exchange. * Comparative figures shown in brackets relate to 31 July ^ Including derivative liabilities. 119

123 First State Emerging Markets Local Currency Bond Fund Portfolio statement Market value $'000 Total net assets % Summary of portfolio by credit ratings Rating block Investment grade 28, Speculative grade 1, Total bonds 29, Other 3, Total net assets 33, The credit ratings used in the above table have been supplied by Standard & Poor's. Financial derivative instruments exposure Value ( ) Exchange traded derivatives (11,821) Forward foreign currency contracts 14,983,073 Total financial derivative instruments exposure 14,971,252 The financial derivative instruments exposure represents the value of what is "economically commanded" by the instrument Efficient portfolio management techniques Value ( ) Underlying exposure obtained through efficient portfolio management techniques 14,971,252 Counterparties to financial derivative instruments and efficient portfolio management Value ( ) techniques Citigroup Global Markets 48,578 HSBC Bank plc 115,751 JP Morgan Securities Plc (60,694) Merrill Lynch (12,551) Standard Chartered 4,321 State Street Bank and Trust Company 26,806 The counterparty exposure represents the amount that the Fund could lose if the counterparty defaulted. This is calculated as the unrealised profit or loss on the trade. It is therefore a different amount to the value of the sum of the notionals. 120

124 First State Emerging Markets Local Currency Bond Fund Summary Fund performance Net asset value and ongoing charges figure Share class B Income 31/07/14 31/07/15 Share Class B Income (GBP share class) 31/07/14 31/07/15 Share Class B Hedged Income (GBP share class) 31/07/14 31/07/15 Share Class B Hedged Income (EUR share class) 31/07/14 31/07/15 Share class Z Gross Accumulation 31/07/15 Share price history and revenue record Calendar year Net Asset Value of share class ($) Shares in issue 10,329,619 10,005, ,665,732 10,451, ,334,288 6,069, / ,877,607 6,492, / ,416,279 6,067, / ,408,874 6,397, / ,271,350 7,268, / ,359,031 7,666, / , , * Where 2 figures are shown for a share class denominated in GBP or EUR, the first figure is in USD in cent and the second figure is in GBP/EUR in pence/cents. Amounts in Pounds and Euros have been converted at the (GBP) and (EUR) exchange rate at 12:00 midday on 31 July Highest share price (p/c) Net Asset Value per share (c/p)* Lowest share price (p/c) Ongoing Charges Figure (%) per share (p/c) Share class B Income * Share Class B Income (GBP share class) * Share Class B Hedged Income (GBP share class) * Share Class B Hedged Income (EUR share class) * Share class Z Gross Accumulation * The share classes marked with GBP or EUR are stated in Pounds/Euros. The Pound and Euro prices are calculated using the exchange rate at the valuation point on that date. * To 31 July Share class B Income was launched 24 March Share Class B Income (GBP share class) was launched 24 March Share Class B Hedged Income (GBP share class) was launched 24 March Share Class B Hedged Income (EUR share class) was launched 24 March Share class Z Gross Accumulation was launched 31 October

125 First State Emerging Markets Local Currency Bond Fund Statement of total return for the year ended 31 July 2015 Notes $'000 $'000 $'000 $'000 Income: Net capital (losses)/gains 2 (9,711) 1,550 Revenue 3 2,190 1,046 Expenses 4 (374) (276) Finance costs: interest 6 (6) (6) Net revenue before taxation 1, Taxation 5 (36) (10) Net revenue after taxation 1, Total return before distributions (7,937) 2,304 Finance costs: distributions 6 (2,152) (1,040) Change in net assets attributable to shareholders from investment activities (10,089) 1,264 Statement of change in net assets attributable to shareholders for the year ended 31 July 2015 Opening net assets attributable to shareholders Amounts receivable on issue of shares Less: Amounts payable on cancellation of shares Dilution adjustment Change in net assets attributable to shareholders from investment activities Retained distribution on accumulation shares Closing net assets attributable to shareholders $'000 $'000 $'000 $'000 41,352-2,156 80,028 (25) (39,941) 2,131 40, (10,089) 1, ,399 41,352 Notes to the financial statements are on pages 124 to

126 First State Emerging Markets Local Currency Bond Fund Balance sheet Assets Portfolio of investments Debtors Cash and bank balances Total other assets Total assets Liabilities Derivative liabilities Creditors Bank overdrafts payable on income shares Total other liabilities Total liabilities Net assets attributable to shareholders Notes $'000 $'000 30,340 38, ,431 5,323 3,551 5,273 5,982 10,596 36,322 49,300 (279) (198) 9 (1,719) (5,517) (62) (1,474) (863) (759) (2,644) (7,750) (2,923) (7,948) 33,399 41,352 Notes to the financial statements are on pages 124 to

127 First State Emerging Markets Local Currency Bond Fund Notes to the Financial Statements Accounting basis and policies Please see pages 10 to 12 for accounting basis and policies. Net capital (losses)/gains The net capital (losses)/gains during the year comprise: Non-derivative securities Derivative contracts Forward foreign exchange currency contracts Currency losses Net capital (losses)/gains Revenue Overseas non-taxable revenue Interest from bank deposits Interest from government and fixed interest securities Currency hedge losses Total revenue Expenses Payable to the ACD, associates of the ACD, and agents of either of them: ACD's periodic charge Payable to the Depositary, associates of the Depositary, and agents of either of them: Depositary's fees Other expenses: Audit fee Safe custody charges Other expenses Total expenses $'000 $'000 (7,567) 1,432 4 (4) (1,962) 133 (186) (11) (9,711) 1,550 $'000 $'000 (2) ,218 1,045 (29) - 2,190 1,046 $'000 $'

128 First State Emerging Markets Local Currency Bond Fund Notes to the Financial Statements 5. (a) (b) (c) 6. Taxation Analysis of charge in year: Irrecoverable overseas tax Taiwan capital gains tax Total current tax (note 5b) Factors affecting current tax charge for the year: s and interest $'000 $' The tax assessed for the year is lower than (2014: lower than) the standard rate of corporation tax in the UK for an OEIC of 20% (2014: 20%). The differences are explained below: Net revenue before taxation Corporation tax of 20% (2014: 20%) Effects of: Irrecoverable overseas tax Tax deductible interest distributions Expenses not deductible for tax purposes Taiwan capital gains tax Current tax charge for year (note 5a) OEICs are exempt from tax on capital gains. Therefore, any capital return is not included in the above reconciliation. Deferred taxation: There is no provision required for deferred taxation at the Balance sheet date in the current or prior year. Finance costs 1, (363) (153) The distributions take account of revenue received on the issue of shares and revenue deducted on the cancellation of shares, and comprises: Interim distribution Final distribution Income tax withheld Add: revenue deducted on cancellation of shares Deduct: revenue received on issue of shares Net distributions for the year Interest from bank deposits Total finance costs $'000 $' , (15) - 2,152 1, ,158 1,046 Details of the distribution per share is set out in the tables on pages 131 to 132. Movement between net revenue and net distributions $'000 $'000 Net revenue after taxation 1, Movement in net income as a result of conversions (1) - Expenses charged to capital* Taiwan capital gains tax* 5 10 Net distributions for the year 2,152 1,040 * Prior year figures have been reanalysed to disclose Taiwan capital gains tax. 125

129 First State Emerging Markets Local Currency Bond Fund Notes to the Financial Statements Debtors Sales awaiting settlement Accrued revenue Overseas tax recoverable Total debtors Creditors Purchases awaiting settlement Accrued expenses Income tax payable Total creditors Portfolio transaction costs Analysis of total trade costs: $'000 $'000 1,838 4, ,431 5,323 $'000 $'000 1,425 5, ,719 5,517 Purchases Sales $'000 $'000 $'000 $'000 Non-derivative securities 40,638 55,957 41,496 19,138 Derivative contracts* 28,803 4,700 28,899 4,700 Trades in the year before transaction costs 69,441 60,657 70,395 23,838 Taxes - - (9) (2) Total costs - - (9) (2) Total net trades in the year after transaction costs 69,441 60,657 70,386 23,836 *Purchases and/or sales of derivatives contracts do not incur transaction costs.the prior year figures have been restated to disclose the derivative contracts. 11. Contingent liabilities and commitments As at 31 July 2015, the Fund had no contingent liabilities (31/07/14: $nil) and no commitments (31/07/14: nil). 126

130 First State Emerging Markets Local Currency Bond Fund Notes to the Financial Statements 12. (a) (b) Derivatives and other financial instruments General In pursuing its investment objectives the Fund holds fixed interest securities. The Fund invests principally in fixed interest securities. Certain fixed interest securities are liable to default risk whereby the nominal capital is not or is unlikely to be returned to investors. The value of fixed interest stocks is not fixed and may go down as well as up. This may be the result of a specific factor affecting the value of an individual fixed interest stock or be caused by a general market factor (such as government policy or the health of the underlying economy) which can affect the entire portfolio. Any change to the interest rates relevant for particular securities may result in either revenue increasing or decreasing, or the ACD being unable to secure similar returns on the expiry of contracts or the sale of securities. In addition changes to prevailing rates or changes in expectations of future rates may result in an increase or decrease in the value of securities held. In addition, the management of the Fund complies with the Financial Conduct Authority COLL sourcebook, which includes rules limiting the size of investment in any particular holding. Market price risk arises mainly from uncertainty about future prices of the financial instruments held. Investment risk in the portfolio is regularly reviewed and controlled through the adoption of parameters limiting exposures to various factors such as industries, countries, and company size. The Fund enters into transactions in financial instruments which expose it to the risk that the counter-party will not deliver the investment (purchase) or cash (sale) after the Fund has fulfilled its obligations. The Fund only buys and sells financial instruments through parties that have been approved by the ACD as acceptable. These are reviewed on an ongoing basis. The Fund s main liability is the redemption of any shares that investors wish to sell. In general, the ACD manages the cash to ensure that it can meet its liabilities. Assets from a fund may need to be sold if insufficient cash is available to finance such redemptions. The Fund s holdings are reviewed on a regular basis, with particular emphasis on the market capitalisation of the issuer (securities issued by larger capitalised companies generally have greater liquidity), and the number of days it would take to trade out of a given securities position or percentage of the Fund as a whole (determined by reference to available market trading volumes). Funds that have a higher concentration of securities which are deemed to be less liquid are regularly monitored. As a proportion of the Fund s investment portfolio is invested in overseas securities the Balance sheet can be affected by movements in foreign exchange rates. The Investment Manager may seek to manage exposure to currency movements by using forward foreign exchange contracts or by hedging the sterling value of investments that are priced in other currencies. Income received in other currencies is converted to sterling on or near the date of receipt. The market value of investments is taken to equal fair value for the purposes of Financial Reporting Standard 29. Given all the activities of the Fund, none of the investments held fall within the definition of investments held for trading as set out in Financial Reporting Standard 13. Fair value of financial assets and financial liabilities There is no material difference between the value of the financial assets and liabilities, as shown in the Balance sheet, and their fair value. Interest rate risk The Fund receives revenue from fixed interest investments. Given that the Fund's objective is to achieve a total investment return from income and capital appreciation, these cash flows are considered to be of primary importance and are actively managed. 127

131 First State Emerging Markets Local Currency Bond Fund Notes to the Financial Statements 12. Derivatives and other financial instruments The interest rate risk profile of the company's financial assets and liabilities at 31 July was: Floating rate financial assets Fixed rate financial assets Fixed rate financial assets weighted average interest rate Fixed rate financial assets weighted average period for which rate is fixed Financial liabilities not carrying interest Total Currency $'000 $'000 % Years $'000 $' July 2015 Australian dollar (828) (828) Brazilian real 3 3, (1,244) 2,662 Colombian peso (62) 1, ,119 Euro ,101 7,185 Hungarian forint 59 1, (233) 1,729 Indonesian rupiah - 2, ,553 Japanese yen (1,532) (1,532) Malaysian ringgit 8 1, ,120 2,812 Mexican peso - 2, ,745 4,545 Peruvian nuevo sol - 1, (2,758) (1,545) Philippine peso Polish zloty 133 3, ,616 Romanian new leu Russian ruble ,654 Singapore dollar (1,090) (1,090) South African rand 1 3, ,491 South Korean won Taiwanese dollar (1,041) (1,041) Thai baht - 2, (897) 1,929 Turkish lira 111 3, (345) 3,146 US dollar 3, (2,200) 917 Total 3,489 29,934 (24) 33, July 2014 Australian dollar (1,682) (1,682) Brazilian real - 5, ,013 Chilean peso - - (1,044) (1,044) Colombian peso (667) 2, ,800 Czech Republic koruna - - (1,457) (1,457) Euro 3 - (3,752) (3,749) Hungarian forint 11 2, ,214 Indian rupee - - 1,669 1,669 Indonesian rupiah - 2, ,338 Malaysian ringgit 8 3, ,047 Mexican peso 15 3, ,065 5,410 Nigerian naira (807) 1, Peruvian nuevo sol ,805 2,512 Philippine peso Polish zloty - 3, ,249 6,130 Romanian new leu - 1, (853) 1,146 Russian ruble - 3, (353) 3,164 South African rand - 3, (1) 3,472 South Korean won Thai baht - 1, ,667 Turkish lira 3 1, ,338 3,262 US dollar 5,233 - (5,356) (123) Total 3,799 38,294 (741) 41,

132 First State Emerging Markets Local Currency Bond Fund Notes to the Financial Statements 12. (c) (d) Derivatives and other financial instruments Analysis of the Fund's currency exposure The following summarises the US Dollar value of currencies of the Fund in which the investments, including cash, debtors and creditors, are denominated. As at 31 July the Fund had the following net currency exposure (excluding US Dollar): Net foreign currency assets Net foreign currency assets Monetary Non-monetary Monetary Non-monetary exposures exposures Total exposures exposures Total Currency $'000 $'000 $'000 $'000 $'000 $'000 Australian dollar (828) - (828) (1,682) - (1,682) Brazilian real (1,241) 3,903 2, ,423 6,013 Chilean peso (1,044) - (1,044) Colombian peso 260 1,859 2,119 (611) 2,411 1,800 Czech Republic koruna (1,457) - (1,457) Euro 7,185-7,185 (3,749) - (3,749) Hungarian forint (174) 1,903 1, ,115 2,214 Indian rupee ,669-1,669 Indonesian rupiah 91 2,462 2, ,817 3,338 Japanese yen (1,532) - (1,532) Malaysian ringgit 1,128 1,684 2, ,214 4,047 Mexican peso 1,745 2,800 4,545 2,080 3,330 5,410 Nigerian naira (777) 1, Peruvian nuevo sol (2,759) 1,214 (1,545) 1, ,512 Philippine peso Polish zloty 505 3,111 3,616 2,249 3,881 6,130 Romanian new leu (853) 1,999 1,146 Russian ruble ,654 (353) 3,517 3,164 Singapore dollar (1,090) - (1,090) South African rand 28 3,463 3,491 (1) 3,473 3,472 South Korean won Taiwanese dollar (1,041) - (1,041) Thai baht (897) 2,826 1, ,958 2,667 Turkish lira (234) 3,380 3,146 1,341 1,921 3,262 2,547 29,935 32,482 3,181 38,294 41,475 Derivative risk The Manager may enter into derivatives transactions for investment purposes and for efficient portfolio management purposes. A relatively small market movement may have a potentially larger impact on derivatives than on the underlying assets and the use of derivatives can therefore increase the volatility of the value of units in the Scheme. However it is not anticipated that the use of derivatives will have a significant effect on the risk profile of the Scheme. Exposure to the various markets may be balanced through tactical asset allocation of futures contracts. Tactical asset allocation is a technique which allows the ACD to undertake a switch in the Fund's exposure by the use of derivatives rather than through the sale and purchase by the Fund of transferable securities. Due to the use of derivatives, the percentage movements in the value of the Fund will be different from the percentage movements in the markets. Due to the level of investment in derivatives, the First State Emerging Market Local Currency Bond Fund is considered to be a sophisticated fund, for this reason further numerical analysis has been provided in the form of a Value at Risk (VaR) analysis, shown below. It is important to note that VaR is calculated on an ex ante basis. This means that the calculations are based on the current portfolio holdings and not by reference to the volatility of the historical portfolio returns. For the Fund the 1m 99% VaR as at 31/7/2015 was 6.05%. This means that, given the portfolio s current holdings and in normal market conditions, we would not expect a loss of greater than 6.05% of the Fund s portfolio in 99 months out of 100. In addition, this fund is monitored with reference to its benchmark. The 1m 99% VaR of the benchmark as at 31/07/2015 was 6.93%. This means that the VaR of the fund was 0.87% times the VaR of the benchmark. 129

133 First State Emerging Markets Local Currency Bond Fund Notes to the Financial Statements Related parties First State Investments (UK) Limited, ("the ACD") is a related party to the Fund as defined by Financial Reporting Standard 8 Related Party Disclosures. By virtue of the regulations governing OEICs, the ACD is party to every transaction in respect of shares of the Fund, which are summarised in the Statement of Change in Net Assets attributable to Shareholders. Amounts due at the year end in respect of issues and cancellations are included in the Balance Sheet. Amounts paid to First State Investments (UK) Limited in respect of ACD fees are disclosed in note 4, with 17,810 (31/07/14: 21,749) due at the year end. As at 31 July 2015 CFS Managed Property Limited, a related party of the ACD, owned 65.52% (31/07/14: 99.96%) of the Net Asset Value of the Fund. As at 31 July 2015 First State Investments Services (UK) Limited, a related party of the ACD, owned 0.03% (31/07/14: nil) of the Net Asset Value of the Fund. Share classes The Fund has five share classes in issue. The ACD's periodic charge on each share class is as follows: % Share class B Hedged Income (EUR share class): 0.60 Share class B Income: 0.60 Share Class B Income (GBP share class): 0.60 Share Class B Hedged Income (GBP share class): 0.60 Share class Z Gross Accumulation: - The net asset value of each share class, the net asset value per share and the number of shares in each class are given in the Performance Record on page 121. The distributions per share class are given in the Table on pages 131 to 132. All share classes have the same rights on winding up. 130

134 First State Emerging Markets Local Currency Bond Fund Table for the year ended 31 July 2015 in pence and cents per share Group 1 Interim - Shares purchased prior to 1 August 2014 Final - Shares purchased prior to 1 February 2015 Group 2 Interim - Shares purchased between 1 August 2014 and 31 January 2015 Final - Shares purchased between 1 February 2015 and 31 July 2015 Share class B Income paid to/payable 30/09/2015 paid 30/09/2014 Gross revenue Income tax Net revenue Equalisation Group 1 (c) (c) (c) (c) (c) (c) Interim Final Group 2 (c) (c) (c) (c) (c) (c) Interim Final Interim Interim Final Share Class B Income (GBP share class) paid to/payable 30/09/2015 paid 30/09/2014 Gross revenue Income tax Net revenue Equalisation Group 1 (p) (p) (p) (p) (p) (p) Interim Final Group 2 (p) (p) (p) (p) (p) (p) Interim Final Share Class B Hedged Income (GBP share class) paid to/payable 30/09/2015 paid 30/09/2014 Gross revenue Income tax Net revenue Equalisation Group 1 (p) (p) (p) (p) (p) (p) Interim Final Group 2 (p) (p) (p) (p) (p) (p) Interim Final Share Class B Hedged Income (EUR share class) paid to/payable 30/09/2015 paid 30/09/2014 Gross revenue Income tax Net revenue Equalisation Group 1 (c) (c) (c) (c) (c) (c) Interim Final Group 2 (c) (c) (c) (c) (c) (c) Interim Final

135 First State Emerging Markets Local Currency Bond Fund Table for the year ended 31 July 2015 Share class Z Gross Accumulation Gross revenue Income tax Net revenue Equalisation paid to/payable 30/09/2015 Group 1 (c) (c) (c) (c) (c) Interim Final Group 2 (c) (c) (c) (c) (c) Interim Final

136 First State Global Emerging Markets Fund Authorised Fund Manager's Report for the year ended 31 July 2015 Investment objective and policy The Fund aims to achieve long-term capital growth. The Fund invests worldwide in equities in emerging economies, including those of companies listed on developed market exchanges whose activities predominantly take place in emerging market countries. Clarification point: Emerging Economies are defined as countries which are not classified as a developed market by MSCI or FTSE, or which are categorised by the World Bank as middle or low-income or which are not members of the Organisation for Economic Co-operation and Development. Risks and reward profile Share class A Accumulation Share class B Accumulation Lower risk Higher risk Potentially lower rewards Potentially higher rewards The synthetic risk reward indicator (the SRRI) rating is not a measure of the risk of you losing your investment but describes how much the value of the Fund went up and down in the past; The SRRI rating is based on historical data which may not be a reliable indication of the future risks and rewards of the Fund; We cannot guarantee that the rating of the Fund will remain the same, it may change over time; Even the lowest rating 1 does not mean a risk free investment; On a scale of 1 (less risky) to 7 (more risky), this Fund has a rating of 5 due to its past performance and the nature of its investments. Shares with a rating of 5 might have higher risks, but also higher returns; Risk is taken in order to make a higher potential return, the more risk a fund takes, the higher the potential return but the greater the risk of loss; and The value of the Fund and its return is not guaranteed and may fall as well as rise. You may get back less than you originally invested. The Fund might also experience the following risks: Emerging market risk: emerging markets may not provide the same level of investor protection as a developed market; they may involve a higher risk than investing in developed markets. Currency risk: the Fund invests in assets which are denominated in other currencies; changes in exchange rates will affect the value of the Fund. For further information on risks, please refer to the risk factors section in the Company's prospectus. Performance The Fund fell by 5.4% in sterling terms over the year and has provided returns of 8.7% and 29.8% over three and five years to 31 July Performance was helped by some of our Indian holdings. Dr Reddy s Laboratories (India: Health Care) grew despite limited new launches, continuing competitive pressure and currency volatility in key markets. Marico s (India: Consumer Staples) domestic business has fared well and lower input costs have helped. Unilever (UK: Consumer Staples) has risen to the challenge of tough economic headwinds as well as currency volatility across emerging markets. On the negative side, Tullow Oil (UK: Energy) declined with the oil price which has resulted in capital expenditure constraints and a dividend cut. AngloGold Ashanti (South Africa: Materials) fell with the gold price, and, like other miners, considered spin-offs, although management decided against any. Impala Platinum (South Africa: Materials) underperformed as the company experienced an extremely challenging year a five-month strike, rising costs and pressure on margins. Portfolio Changes Significant purchases over the period included Grupo Santander Mexico (Financials), a conservatively-capitalised bank in a consolidated industry, and Natura Cosmeticos (Brazil: Consumer Staples), a leading Brazilian cosmetics company going through a business model transition. We also bought Tata Steel (India: Materials), an unpopular cyclical company, but one with no governance or solvency concerns. We sold Samsung Fire & Marine (South Korea: Financials) on worries about corporate governance within the Samsung group. We sold Jeronimo Martins (Portugal: Consumer Staples) and Taiwan Semiconductor (Information Technology) on valuation concerns. 133

137 First State Global Emerging Markets Fund Authorised Fund Manager's Report for the year ended 31 July 2015 Outlook We have less client money invested in China and Hong Kong today than we did in We still have no crystal ball for macroeconomics, but we fail to see how the Chinese economy can sustain itself for very much longer. The portfolio remains defensive with a focus on higher quality management teams and franchises. Some valuations have improved, especially if one considers weaker currencies. Brazil looks more interesting than it has done for some years and, as a democracy, should be able to address the various corruption scandals that have affected it. Cumulative performance Time Since period mths mths yrs yrs yrs yrs launch Fund return % (9.3) (8.6) (5.4) Benchmark return % (14.3) (8.3) (6.3) Sector return % (6.2) (4.3) (2.5) Quartile ranking Discrete performance Time period Fund return % Benchmark: MSCI Emerging Markets Index. Sector: IA Global Emerging Markets. Past performance should not be used as a guide to future performance, which is not guaranteed. Ten largest holdings Stock name Unilever Uni-President Enterprises Standard Bank Group Dr Reddy's Laboratories Coca-Cola HBC Housing Development Finance Idea Cellular LG Shoprite Holdings SABMiller Types of shares Accumulation. 12 mths to 12 mths to 12 mths to 12 mths to 12 mths to 31/07/15 31/07/14 31/07/13 31/07/12 31/07/11 (5.4) % of Fund Stock name % of Fund 6.60 Unilever Uni-President Enterprises Standard Bank Group Coca-Cola HBC Idea Cellular Samsung Fire & Marine Insurance Tiger Brands SABMiller Shoprite Holdings LG

138 First State Global Emerging Markets Fund Portfolio statement Holdings Market value '000 Total net assets % UNITED KINGDOM (9.74%*) 71, ,881 Antofagasta 5, ,898 PZ Cussons 2, ,672 SABMiller 13, ,848,971 Tullow Oil 4, ,593,738 Unilever 46, BELGIUM (0.00%*) ,672 Anheuser-Busch InBev Strip VVPR - - PORTUGAL (1.31%*) - - SWITZERLAND (2.53%*) 17, ,327,632 Coca-Cola HBC 17, JAPAN (0.12%*) - - AUSTRALIA (0.99%*) 4, ,416,078 Oil Search 4, CHINA (2.21%*) 18, ,355,568 China Resources Enterprise 13, ,152,665 Weifu High-Technology Group 'B' 4, HONG KONG (3.39%*) 23, ,995,252 Hong Kong & China Gas 11, ,877,000 Towngas China 3, ,772,500 Yue Yuen Industrial Holdings 7, INDIA (15.73%*) 128, ,265 Dr Reddy's Laboratories 17, ,216,174 Housing Development Finance 16, ,086,304 Idea Cellular 15, ,738,210 IDFC 2, ,685,440 Kotak Mahindra Bank 11, ,714 Mahindra & Mahindra 8, ,081 Mahindra Lifespace Developers 1, ,559,021 Marico 11, ,195 Nestle India 8, ,392,929 Tata Chemicals 6, ,744,969 Tata Power 6, ,115,870 Tata Steel 5, ,346,656 Tech Mahindra 12, ,959 Trent 3, INDONESIA (1.05%*) 6, ,332,600 XL Axiata 6, MALAYSIA (0.82%*) 5, ,885,666 Axiata Group 5, PHILIPPINES (1.09%*) 8, ,880 Ayala 4, ,023,200 Manila Water 3, SOUTH KOREA (5.05%*) 21, ,284 LG 14, ,450 Shinhan Financial Group 7,

139 First State Global Emerging Markets Fund Portfolio statement Holdings Market value '000 Total net assets % TAIWAN (6.52%*) 39, ,075,850 Airtac International Group 3, ,391,000 Chroma ATE 4, ,506,776 President Chain Store 7, ,241,447 Uni-President Enterprises 25, THAILAND (0.72%*) - - CZECH REPUBLIC (0.46%*) 3, ,500 Komercni banka 3, EGYPT (2.31%*) 13, ,485,978 Commercial International Bank GDR 6, ,041,282 Juhayna Food Industries 6, NIGERIA (2.93%*) 23, ,670,574 Guaranty Trust Bank 6, ,229 Guaranty Trust Bank GDR 2, ,239,277 Guinness Nigeria 1, ,504,556 Lafarge Africa 4, ,302,188 Nigerian Breweries 1, ,616,822 Unilever Nigeria 7, OMAN (1.10%*) 8, ,288,443 Bank Muscat 8, ,463 Bank Muscat 4.5% 20/03/ ,462 Bank Muscat 4.5% 20/03/ ,313,782 Bank Muscat 3.5% 19/03/ POLAND (1.27%*) 10, ,073 Bank Pekao 10, QATAR (0.77%*) 2, ,079 Industries Qatar 2, RUSSIA (0.65%*) 3, ,782,380 M.video 3, SOUTH AFRICA (13.77%*) 86, ,072 AdBEE (RF) ,425,744 Adcock Ingram Holdings 6, ,514 Adcock Ingram Warrants Expiry 26/07/ ,166,020 African Oxygen 5, ,011 AngloGold Ashanti 3, ,823,430 Grindrod 3, ,182,716 Illovo Sugar 3, ,547,320 Impala Platinum Holdings 3, ,205,219 Pick n Pay Stores 3, ,665 Pioneer Foods 5, ,670,772 Shoprite Holdings 14, ,364 SPAR Group 5, ,513,029 Standard Bank Group 19, ,215 Tiger Brands 13, TURKEY (3.55%*) 19, ,546,502 Anadolu Efes Biracilik Ve Malt Sanayii 7, ,125,840 Enka Insaat ve Sanayi 3, ,609 Turk Traktor ve Ziraat Makineleri 3, ,124,846 Yazicilar Holdings 5,

140 First State Global Emerging Markets Fund Portfolio statement Holdings Market value '000 Total net assets % BRAZIL (4.64%*) 31, ,005,384 Cia Hering 2, ,827,908 Duratex 7, ,010,800 Natura Cosmeticos 4, ,229,683 Porto Seguro 9, ,300 Tractebel Energia 4, ,120 WEG 2, ,970 Wilson Sons BDR 1, CHILE (9.49%*) 77, ,639,821 Aguas Andinas A Shares 8, ,188,270 Cencosud 6, ,379,967 Cia Cervecerias Unidas 9, ,462,448 Cia Sud Americana de Vapores 12, ,889,623 Embotelladora Andina 'A' Preference 2, ,747 Embotelladora Andina 'B' ADR 1, ,146,118 Empresa Nacional de Electricidad 3, ,873 ENTEL Chile 6, ,921,491 Inversiones Aguas Metropolitanas 11, ,895,967 Quinenco 8, ,200,287 SONDA 5, MEXICO (0.96%*) 15, ,276,230 Grupo Financiero Santander Mexico ADR 7, ,729,829 Grupo Herdez 8, Portfolio of investments 641, Net other assets 57, Total net assets 698, All investments held are listed, unless otherwise stated. For the purposes of this portfolio holdings analysis, securities are shown based on their country of listing. * Comparative figures shown in brackets relate to 31 July Stocks shown as ADRs, GDRs and BDRs represent American Depositary Receipts, Global Depositary Receipts and Brazilian Depositary Receipts. Delisted securities. 137

141 First State Global Emerging Markets Fund Summary Fund performance Net asset value and ongoing charges figure Share class A Accumulation 31/07/13 31/07/14 31/07/15 Share class B Accumulation 31/07/13 31/07/14 31/07/15 Share price history and revenue record Calendar year Net Asset Value of share class ( ) Shares in issue 102,089,492 16,763, ,319,225 13,141, ,939,009 9,850, ,137,233 99,969, ,257,686 99,031, ,040, ,157, Highest share price (p) Net Asset Value per share (p) Lowest share price (p) Ongoing Charges Figure (%) per share (p) Share class A Accumulation * Share class B Accumulation * * To 31 July

142 First State Global Emerging Markets Fund Statement of total return for the year ended 31 July 2015 Notes '000 '000 '000 '000 Income: Net capital losses 2 (45,320) (1,249) Revenue 3 17,754 16,925 Expenses 4 (8,787) (8,589) Finance costs: interest Net revenue before taxation 8,967 8,336 Taxation 5 (479) (1,497) Net revenue after taxation 8,488 6,839 Total return before distributions (36,832) 5,590 Finance costs: distributions 6 (8,558) (7,333) Change in net assets attributable to shareholders from investment activities (45,390) (1,743) Statement of change in net assets attributable to shareholders for the year ended 31 July 2015 Opening net assets attributable to shareholders Amounts receivable on issue of shares Less: Amounts payable on cancellation of shares Dilution adjustment Stamp duty reserve tax Change in net assets attributable to shareholders from investment activities Retained distribution on accumulation shares Closing net assets attributable to shareholders '000 '000 '000 ' , ,227 35,967 5,799 (47,862) (32,991) (11,895) (27,192) (4) (45,390) (1,743) 8,467 7, , ,577 Notes to the financial statements are on pages 141 to

143 First State Global Emerging Markets Fund Balance sheet Assets Portfolio of investments Debtors Cash and bank balances Total other assets Total assets Liabilities Creditors Total liabilities Net assets attributable to shareholders Notes '000 ' , , ,161 4,183 59,124 50,468 60,285 54, , ,196 9 (2,648) (3,619) (2,648) (3,619) 698, ,577 Notes to the financial statements are on pages 141 to

144 First State Global Emerging Markets Fund Notes to the Financial Statements Accounting basis and policies Please see pages 10 to 12 for accounting basis and policies. Net capital losses The net capital losses during the year comprise: Non-derivative securities Forward foreign exchange currency contracts Currency losses Net capital losses Revenue Dividends from UK companies Overseas taxable revenue Overseas non-taxable revenue UK scrip dividends Overseas scrip dividends Interest from bank deposits Interest from government and fixed interest securities Interest on capital revenue from Brazilian companies Front end load income Total revenue Expenses Payable to the ACD, associates of the ACD, and agents of either of them: ACD's periodic charge Payable to the Depositary, associates of the Depositary, and agents of either of them: Depositary's fees Other expenses: Audit fee Registrar fees Safe custody charges Other expenses Total expenses '000 '000 (44,920) 481 (2) - (398) (1,730) (45,320) (1,249) '000 '000 1,933 1,856 1, ,224 13, ,754 16,925 '000 '000 8,120 7, ,787 8,

145 First State Global Emerging Markets Fund Notes to the Financial Statements 5. (a) (b) (c) (d) 6. Taxation Analysis of charge in year: Irrecoverable overseas tax Indian capital gains tax Total current tax (note 5b) Factors affecting current tax charge for the year: Net revenue before taxation Corporation tax of 20% (2014: 20%) Effects of: UK dividends* Non taxable scrip dividends* Overseas non-taxable revenue* Movement in excess management expenses Irrecoverable overseas tax Overseas tax expensed Indian capital gains tax Current tax charge for year (note 5a) OEICs are exempt from tax on capital gains. Therefore, any capital return is not included in the above reconciliation. *As an authorised OEIC these items are not subject to corporation tax. Deferred taxation: There is no provision required for deferred taxation at the Balance sheet date in the current or prior year. Factors that may affect future tax charges: Finance costs s and interest Interim distribution Final distribution Add: revenue deducted on cancellation of shares Deduct: revenue received on issue of shares Net distributions for the year Interest Total finance costs Details of the distribution per share is set out in the tables on page 147. '000 ' , ,497 The tax assessed for the year is lower than (2014: lower than) the standard rate of corporation tax in the UK for an OEIC of 20% (2014: 20%). The differences are explained below: 8,967 8,336 1,793 1,667 (387) (371) (76) (100) (2,645) (2,701) 1,363 1, ,079 (48) (18) ,497 At the year end, after offset against revenue taxable on receipt, there is a potential deferred tax asset of 8,940,343 (31/07/14: 7,577,980) this relates to surplus management expenses. No deferred tax asset was recognised in the current or prior year as it was considered unlikely the Fund would generate sufficient taxable profits in the future to utilise these amounts. The distributions take account of revenue received on the issue of shares and revenue deducted on the cancellation of shares, and comprises: '000 '000 2,398 1,757 6,069 5,532 8,467 7, (74) (20) 8,558 7, ,558 7,

146 First State Global Emerging Markets Fund Notes to the Financial Statements Movement between net revenue and net distributions '000 '000 Net revenue after taxation 8,488 6,839 Movement in net income as a result of conversions Expenses charged to capital - 60 Indian capital gains tax Net distributions for the year Debtors Sales awaiting settlement Amounts receivable for issue of shares Accrued revenue Total debtors Creditors Purchases awaiting settlement Amounts payable for cancellation of shares Accrued expenses Total creditors Portfolio transaction costs Analysis of total trade costs: Non-derivative securities Trades in the year before transaction costs Commissions Taxes 8,558 7,333 '000 '000-3, , ,161 4,183 '000 '000 1,610 2, ,648 3,619 Purchases Sales '000 '000 '000 ' , , , , , , , , (193) (438) (141) (284) (334) (722) 108, , , ,200 Total costs Total net trades in the year after transaction costs 11. Contingent liabilities and commitments As at 31 July 2015, the Fund had no contingent liabilities (31/07/14: nil) and no commitments (31/07/14: nil). 143

147 First State Global Emerging Markets Fund Notes to the Financial Statements 12. (a) (b) Derivatives and other financial instruments General In pursuing its investment objectives the Fund holds equity shares. The main risk arising from the Fund s financial instruments is market price risk. Market price risk arises mainly from uncertainty about future prices of the financial instruments held. Investment risk in the portfolio is regularly reviewed and controlled through the adoption of parameters limiting exposures to various factors such as industries, countries, and company size. The Fund has little exposure to credit or cash flow risk. Certain transactions in securities that the Fund enters into expose it to the risk that the counter-party will not deliver the investment (purchase) or cash (sale) after the Fund has fulfilled its responsibilities. The Fund only buys and sells investments through brokers which have been approved by the ACD as an acceptable counter-party. This list is reviewed quarterly. The Fund s assets comprise mainly realisable securities which can be readily sold in normal market conditions. The Fund s main liability is the redemption of any shares that investors wish to sell. In general, the ACD manages the cash to ensure that it can meet its liabilities. Assets from a fund may need to be sold if insufficient cash is available to finance such redemptions. The Fund s holdings are reviewed on a regular basis, with particular emphasis on the market capitalisation of the issuer (securities issued by larger capitalised companies generally have greater liquidity), and the number of days it would take to trade out of a given securities position or percentage of the Fund as a whole (determined by reference to available market trading volumes). Funds that have a higher concentration of securities which are deemed to be less liquid are regularly monitored. As a proportion of the Fund s investment portfolio is invested in overseas securities the Balance sheet can be affected by movements in foreign exchange rates. The Investment Manager may seek to manage exposure to currency movements by using forward foreign exchange contracts or by hedging the sterling value of investments that are priced in other currencies. Income received in other currencies is converted to sterling on or near the date of receipt. The market value of investments is taken to equal fair value for the purposes of Financial Reporting Standard 29. Given all the activities of the Fund, none of the investments held fall within the definition of investments held for trading as set out in Financial Reporting Standard 13. Fair value of financial assets and financial liabilities There is no material difference between the value of the financial assets and liabilities, as shown in the Balance sheet, and their fair value. Interest rate risk The Fund does not invest in either fixed or floating rate securities and interest rate risk exposure is restricted to interest receivable on bank deposits or payable on bank overdraft positions which will be affected by fluctuations in interest rates. As at 31 July 2015, 8.46% (31 July 2014: 6.75%) of the Fund's assets were interest bearing. 144

148 First State Global Emerging Markets Fund Notes to the Financial Statements 12. (c) 13. Derivatives and other financial instruments Analysis of the Fund's currency exposure The following summarises the Sterling value of currencies of the Fund in which the investments, including cash, debtors and creditors, are denominated. As at 31 July the Fund had the following net currency exposure (excluding sterling): Net foreign currency assets Net foreign currency assets Monetary Non-monetary Monetary Non-monetary exposures exposures Total exposures exposures Total Currency '000 '000 '000 '000 '000 '000 Australian dollar - 4,929 4,929-7,376 7,376 Brazilian real ,817 31, ,687 34,729 Chilean peso 35 75,421 75,456 (1) 68,789 68,788 Czech Republic koruna - 3,795 3, ,454 3,455 Egyptian pound 1 6,793 6,794-6,271 6,271 Euro (513) 9,759 9,246 Hong Kong dollar (1) 41,131 41, ,887 41,963 Indian rupee , , , ,815 Indonesian rupiah (934) 6,662 5,728-7,836 7,836 Japanese yen , ,141 Malaysian ringgit - 5,184 5,184-6,152 6,152 Mexican peso - 8,029 8,029-7,154 7,154 Nigerian naira - 21,361 21, ,368 17,699 Omani rial 3 8,553 8,556-8,231 8,231 Philippine peso (474) 8,496 8,022-8,129 8,129 Polish zloty - 10,385 10, ,509 9,858 Qatari rial - 2,692 2,692-5,769 5,769 Russian ruble South African rand (184) 86,122 85,938 (1,537) 102, ,412 South Korean won - 21,679 21, ,769 38,010 Taiwanese dollar ,741 40,021 19,603 48,733 68,336 Thai baht ,414 5,414 Turkish lira (1) 19,403 19, ,498 26,783 US dollar 22,993 21,347 44,340 (155) 20,476 20,321 22, , ,764 21, , ,890 Related parties First State Investments (UK) Limited, ("the ACD") is a related party to the Fund as defined by Financial Reporting Standard 8 Related Party Disclosures. By virtue of the regulations governing OEICs, the ACD is party to every transaction in respect of shares of the Fund, which are summarised in the Statement of Change in Net Assets attributable to Shareholders. Amounts due at the year end in respect of issues and cancellations are included in the Balance Sheet. Amounts paid to First State Investments (UK) Limited in respect of ACD fees are disclosed in note 4, with 648,775 (31/07/14: 678,126) due at the year end. As at 31 July 2015 Commonwealth Bank of Australia (UK) Staff Pension Scheme, a related party of the ACD, owned 0.01% (31/07/14: 0.01%) of the Net Asset Value of the Fund. As at 31 July 2015 RBC as trustee for First State Investment Services (UK) Limited Employee Benefits Trust, a related party of the ACD, owned 0.84% (31/07/14: 1.16%) of the Net Asset Value of the Fund. 145

149 First State Global Emerging Markets Fund Notes to the Financial Statements 14. Share classes The Fund has two share classes in issue. The ACD's periodic charge on each share class is as follows: % Share class A Accumulation (Retail): 1.75 Share class B Accumulation (Institutional): 1.00 The net asset value of each share class, the net asset value per share and the number of shares in each class are given in the Performance Record on page 138. The distributions per share class are given in the Tables on page 147. All share classes have the same rights on winding up. 146

150 First State Global Emerging Markets Fund Tables for the year ended 31 July 2015 in pence per share Group 1 Interim - Shares purchased prior to 1 August 2014 Final - Shares purchased prior to 1 February 2015 Group 2 Interim - Shares purchased between 1 August 2014 and 31 January 2015 Final - Shares purchased between 1 February 2015 and 31 July 2015 Share class A Accumulation paid to/payable 30/09/2015 paid 30/09/2014 Net revenue Equalisation Group 1 (p) (p) (p) (p) Interim Final Group 2 (p) (p) (p) (p) Interim Final Share class B Accumulation paid to/payable 30/09/2015 paid 30/09/2014 Net revenue Equalisation Group 1 (p) (p) (p) (p) Interim Final Group 2 (p) (p) (p) (p) Interim Final Corporate Tax for all share classes (unaudited) A shareholder liable to corporation tax receives this distribution, excluding equalisation, as follows: Interim % of the dividend together with the tax credit is received as franked investment income. Interim % of the dividend is received as an annual payment (non foreign element) received after the deduction of tax at a rate equal to the basic rate of income tax and is liable to corporation tax. The tax deemed to be deducted is treated as income tax. Interim % of the dividend is received as an annual payment (foreign element) received after the deduction of tax at a rate equal to the basic rate of income tax. It is treated as foreign income in the hands of the corporate investor and is liable to corporation tax. The associated deemed tax is treated as foreign tax in the hand of the investor who may be able to claim double tax relief. Investors cannot reclaim any of this deemed tax on the foreign element from HM Revenue & Customs. Final % of the dividend together with the tax credit is received as franked investment income. Final % of the dividend is received as an annual payment (non foreign element) received after the deduction of tax at a rate equal to the basic rate of income tax and is liable to corporation tax. The tax deemed to be deducted is treated as income tax. Final % of the dividend is received as an annual payment (foreign element) received after the deduction of tax at a rate equal to the basic rate of income tax. It is treated as foreign income in the hands of the corporate investor and is liable to corporation tax. The associated deemed tax is treated as foreign tax in the hand of the investor who may be able to claim double tax relief. Investors cannot reclaim any of this deemed tax on the foreign element from HM Revenue & Customs. Shareholders should consult their professional advisers for any advice regarding their tax position. 147

151 First State Global Emerging Markets Leaders Fund Authorised Fund Manager's Report for the year ended 31 July 2015 Investment objective and policy The Fund aims to achieve long-term capital growth. The Fund invests worldwide in large and mid capitalisation equities in emerging economies, including those of companies listed on developed market exchanges whose activities predominantly take place in emerging market countries. Clarification point: Large and mid capitalisation typically refers to equities with a minimum market capitalisation of US$1 billion and a minimum free float of US$500 million. Emerging Economies are defined as countries which are not classified as a developed markets by MSCI or FTSE, or which are categorised by the World Bank as middle or low-income or which are not members of the Organisation for Economic Co-operation and Development. Risks and reward profile Share class A Accumulation Share class B Accumulation Share class A Accumulation (EUR share class) Share class B Accumulation (EUR share class) Lower risk Higher risk Potentially lower rewards Potentially higher rewards * * The synthetic risk reward indicator (the SRRI) rating is not a measure of the risk of you losing your investment but describes how much the value of the Fund went up and down in the past; The SRRI rating is based on historical data which may not be a reliable indication of the future risks and rewards of the Fund; We cannot guarantee that the rating of the Fund will remain the same, it may change over time; Even the lowest rating 1 does not mean a risk free investment; On a scale of 1 (less risky) to 7 (more risky), this Fund has a rating of 5 due to its past performance and the nature of its investments. Shares with a rating of 5 might have higher risks, but also higher returns; Risk is taken in order to make a higher potential return, the more risk a fund takes, the higher the potential return but the greater the risk of loss; and The value of the Fund and its return is not guaranteed and may fall as well as rise. You may get back less than you originally invested. *The SRRI changed from 6 to 5 on 21 July The Fund might also experience the following risks: Emerging market risk: emerging markets may not provide the same level of investor protection as a developed market; they may involve a higher risk than investing in developed markets. Currency risk: the Fund invests in assets which are denominated in other currencies; changes in exchange rates will affect the value of the Fund. For further information on risks, please refer to the risk factors section in the Company's prospectus. Performance The Fund fell by 1.3% in sterling terms over the year and has provided returns of 11.3% and 36.6% over three and five years to 31 July Performance was helped by Dr Reddy s Laboratories (India: Health Care) which grew despite limited new launches, continuing competitive pressure and currency volatility in key markets. Unilever (UK: Consumer Staples) has risen to the challenge of tough economic headwinds as well as currency volatility across emerging markets. Housing Development Finance (India: Financials) rose as it continued to expand its strong, customer-focused business, through its conservative culture. On the negative side, Tullow Oil (UK: Energy) declined with the oil price which has resulted in capital expenditure constraints and a dividend cut. Tata Power (India: Utilities) has been disappointing and we would like to see the company given a little more attention from the parent, as well as a reduction in debt levels which is limiting opportunities. Natura Cosmeticos (Brazil: Consumer Staples) has been impacted by its business model transition taking time to deliver results and some management changes. Portfolio Changes Significant purchases over the twelve months included Infosys (India: Information Technology), a company we have known for most of the last 20 years which is one of the most honest companies we have analysed. We bought LG Chemicals (South Korea: Materials), a cyclical company with reasonable corporate governance which is cash generative and profitable, and SGS (Switzerland: Industrials), a high quality multinational with a focus on emerging markets. 148

152 First State Global Emerging Markets Leaders Fund Authorised Fund Manager's Report for the year ended 31 July 2015 We sold Samsung Fire & Marine (South Korea: Financials) on worries about corporate governance within the Samsung group. We sold both Kasikornbank (Thailand: Financials) and Commercial International Bank (Egypt: Financials) on valuation concerns. Outlook We have less client money invested in China and Hong Kong today than we did in We still have no crystal ball for macroeconomics, but we fail to see how the Chinese economy can sustain itself for very much longer. The portfolio remains defensive with a focus on higher quality management teams and franchises. Some valuations have improved, especially if one considers weaker currencies. Brazil looks more interesting than it has done for some years and, as a democracy, should be able to address the various corruption scandals that have affected it. Cumulative performance Time Since period mths mths yrs yrs yrs yrs launch Fund return % (6.4) (8.5) (1.3) Benchmark return % (14.3) (8.3) (6.3) Sector return % (6.2) (4.3) (2.5) Quartile ranking Discrete performance Time period Fund return % Benchmark: MSCI Emerging Markets Index. Sector: IA Global Emerging Markets. Past performance should not be used as a guide to future performance, which is not guaranteed. Ten largest holdings Stock name Unilever Housing Development Finance Uni-President Enterprises Tiger Brands Dr Reddy's Laboratories Standard Bank Group Bank Pekao Infosys Cia Cervecerias Unidas Idea Cellular Types of shares Accumulation. 12 mths to 12 mths to 12 mths to 12 mths to 12 mths to 31/07/15 31/07/14 31/07/13 31/07/12 31/07/11 (1.3) % of Fund Stock name % of Fund 8.92 Unilever SABMiller Housing Development Finance Samsung Fire & Marine Insurance Tiger Brands Standard Bank Group Uni-President Enterprises Bank Pekao Idea Cellular Tata Power

153 First State Global Emerging Markets Leaders Fund Portfolio statement Holdings or Nominal Values Market value '000 Total net assets % UNITED KINGDOM (12.96%*) 296, ,251,638 Antofagasta 18, ,207 SABMiller 30, ,336,146 Tullow Oil 15, ,041,756 Unilever 232, BELGIUM (0.00%*) ,366 Anheuser-Busch InBev Strip VVPR - - SWITZERLAND (2.83%*) 92, ,811,771 Coca-Cola HBC 63, ,135 SGS 29, JAPAN (1.66%*) 40, ,626,800 Unicharm 40, AUSTRALIA (0.48%*) - - CHINA (2.44%*) 91, ,971,000 China Mengniu Dairy 28, ,243,323 China Resources Enterprise 62, HONG KONG (2.35%*) 111, ,706,955 Hong Kong & China Gas 40, ,242,000 Li & Fung 26, ,425,000 Yue Yuen Industrial Holdings 44, INDIA (18.31%*) 616, ,046,790 Dr Reddy's Laboratories 83, ,470 Dr Reddy's Laboratories ADR 19, ,449,153 Housing Development Finance 139, ,689,423 Idea Cellular 65, ,013,212 Infosys 75, ,739,509 Mahindra & Mahindra 50, ,768 Nestle India 34, ,251,249 Tata Consultancy Services 31, ,845,474 Tata Power 60, ,475,164 Tech Mahindra 55, MALAYSIA (2.25%*) 85, ,139,077 Axiata Group 56, ,032,630 Public Bank 28, PHILIPPINES (1.55%*) 68, ,337,240 Ayala 36, ,128,934 Bank of the Philippine Islands 32, SOUTH KOREA (8.61%*) 100, ,201 LG 20, ,472 LG Chem 38, ,772,080 Shinhan Financial Group 40, TAIWAN (6.20%*) 146, ,928,000 MediaTek 12, ,490,025 Taiwan Semiconductor Manufacturing 40, ,089,441 Uni-President Enterprises 92, THAILAND (1.26%*) - - EGYPT (1.60%*) - - HUNGARY (0.00%*) 17, ,717,902 Richter Gedeon Nyrt 17,

154 First State Global Emerging Markets Leaders Fund Portfolio statement Holdings or Nominal Values Market value '000 Total net assets % NIGERIA (0.00%*) 5, ,561,727 Guaranty Trust Bank 5, OMAN (0.53%*) 17, ,915,339 Bank Muscat 17, OMR2,454,390 Bank Muscat 4.5% 20/03/ OMR2,454,388 Bank Muscat 4.5% 20/03/ OMR2,675,436 Bank Muscat 3.5% 19/03/ POLAND (2.70%*) 81, ,024,211 Bank Pekao 81, SOUTH AFRICA (11.11%*) 282, ,951,213 AngloGold Ashanti 11, ,616,835 Impala Platinum Holdings 14, ,237,608 Remgro 55, ,750,696 SPAR Group 27, ,968,391 Standard Bank Group 83, ,243,497 Tiger Brands 90, TURKEY (1.63%*) 31, ,681,999 Akbank 12, ,692,304 Anadolu Efes Biracilik Ve Malt Sanayii 18, BRAZIL (8.35%*) 157, ,022,196 Banco Bradesco 41, ,363,919 Cia Hering 7, ,573,259 Duratex 12, ,113,100 Klabin 8, ,787,400 Natura Cosmeticos 32, ,354,700 Tractebel Energia 22, ,367,054 WEG 32, CHILE (4.63%*) 146, ,102,412 Aguas Andinas A Shares 37, ,624,811 Cia Cervecerias Unidas 70, ,775 Cia Cervecerias Unidas ADR 10, ,476,772 ENTEL Chile 29, MEXICO (1.13%*) 73, ,492,827 Grupo Financiero Santander Mexico ADR 24, ,372,000 Kimberly-Clark de Mexico 'A' 48, Portfolio of investments 2,462, Net other assets 144, Total net assets 2,607, All investments held are listed, unless otherwise stated. For the purposes of this portfolio holdings analysis, securities are shown based on their country of listing. * Comparative figures shown in brackets relate to 31 July Stocks shown as ADRs represent American Depositary Receipts. Delisted securities. Since the previous report the Industry Sector Classification headings have been updated by data providers. Where the portfolio statement shows Industry Sectors, the new sector names have been reflected in the report in respect of the current holdings and comparative holdings have been reanalysed where appropriate. 151

155 First State Global Emerging Markets Leaders Fund Summary Fund performance Net asset value and ongoing charges figure Share class A Accumulation 31/07/13 31/07/14 31/07/15 Share class B Accumulation 31/07/13 31/07/14 31/07/15 Share class A Accumulation (EUR share class) 31/07/13 31/07/14 31/07/15 Share class B Accumulation (EUR share class) 31/07/13 31/07/14 31/07/15 Net Asset Value of share class ( ) Shares in issue Net Asset Value per share (p/c)* Ongoing Charges Figure (%) 1,939,496, ,540, ,178,212, ,699, ,299, ,718, ,733,758, ,214, ,587,571, ,516, ,484,630, ,849, ,014, ,605, / ,053, ,009, / ,514,308 61,814, / ,647, ,341, / ,626, ,203, / ,378, ,460, / *Where 2 figures are shown for a share class denominated in EUR, the first figure is in GBP in pence and the second figure is in EUR in cents. Amounts in Euros have been converted at the (EUR) exchange rate at 12:00 midday on 31 July

156 First State Global Emerging Markets Leaders Fund Summary Fund performance Share price history and revenue record Highest share price (p/c) Lowest share price (p/c) per share (p/c) Calendar year Share class A Accumulation * Share class B Accumulation * Share class A Accumulation (EUR share class) * Share class B Accumulation (EUR share class) * The share classes marked with EUR are stated in Euros. The Euro prices are calculated using the exchange rate at the valuation point on that date. * To 31 July Share class B Accumulation (EUR share class) was launched 23 June

157 First State Global Emerging Markets Leaders Fund Statement of total return for the year ended 31 July 2015 Notes '000 '000 '000 '000 Income: Net capital losses 2 (29,388) (59,046) Revenue 3 72,301 76,640 Expenses 4 (36,391) (44,636) Finance costs: interest 6 (3) (2) Net revenue before taxation 35,907 32,002 Taxation 5 (4,412) (8,585) Net revenue after taxation 31,495 23,417 Total return before distributions 2,107 (35,629) Finance costs: distributions 6 (32,537) (28,034) Change in net assets attributable to shareholders from investment activities (30,430) (63,663) Statement of change in net assets attributable to shareholders for the year ended 31 July 2015 Opening net assets attributable to shareholders Amounts receivable on issue of shares Less: Amounts payable on cancellation of shares Dilution adjustment Stamp duty reserve tax Change in net assets attributable to shareholders from investment activities Retained distribution on accumulation shares Closing net assets attributable to shareholders '000 '000 '000 '000 3,335,464 4,384,916 44, ,873 (772,526) (1,143,742) (727,902) (1,011,869) (267) (30,430) (63,663) 30,311 26,347 2,607,823 3,335,464 Notes to the financial statements are on pages 156 to

158 First State Global Emerging Markets Leaders Fund Balance sheet Assets Portfolio of investments Debtors Cash and bank balances Total other assets Total assets Liabilities Creditors Total liabilities Net assets attributable to shareholders Notes '000 '000 2,462,930 3,088, ,178 24, , , , ,869 2,628,046 3,345,943 9 (20,223) (10,479) (20,223) (10,479) 2,607,823 3,335,464 Notes to the financial statements are on pages 156 to

159 First State Global Emerging Markets Leaders Fund Notes to the Financial Statements Accounting basis and policies Please see pages 10 to 12 for accounting basis and policies. Net capital losses The net capital losses during the year comprise: Non-derivative securities Forward foreign exchange currency contracts Currency gains/(losses) Net capital losses Revenue Dividends from UK companies Overseas taxable revenue Overseas non-taxable revenue UK scrip dividends Overseas scrip dividends Interest from bank deposits Interest from government and fixed interest securities Interest on capital revenue from Brazilian companies Front end load income Total revenue Expenses Payable to the ACD, associates of the ACD, and agents of either of them: ACD's periodic charge Payable to the Depositary, associates of the Depositary, and agents of either of them: Depositary's fees Other expenses: Audit fee Registrar fees Safe custody charges Other expenses Total expenses '000 '000 (39,594) (30,671) (645) - 10,851 (28,375) (29,388) (59,046) '000 '000 10,778 9,485 (31) (40) 55,626 61,096-1,991 2, ,612 2, ,425 72,301 76,640 '000 '000 34,147 42, ,303 1, ,917 2,053 36,391 44,

160 First State Global Emerging Markets Leaders Fund Notes to the Financial Statements 5. (a) (b) (c) (d) 6. Taxation Analysis of charge in year: Irrecoverable overseas tax Indian capital gains tax Total current tax (note 5b) Factors affecting current tax charge for the year: Net revenue before taxation Corporation tax of 20% (2014: 20%) Effects of: UK dividends* Non taxable scrip dividends* Overseas non-taxable revenue* Movement in excess management expenses Irrecoverable overseas tax Overseas tax expensed Indian capital gains tax Current tax charge for year (note 5a) OEICs are exempt from tax on capital gains. Therefore, any capital return is not included in the above reconciliation. *As an authorised OEIC these items are not subject to corporation tax. Deferred taxation: There is no provision required for deferred taxation at the Balance sheet date in the current or prior year. Factors that may affect future tax charges: Finance costs s and interest Interim distribution Final distribution Add: revenue deducted on cancellation of shares Deduct: revenue received on issue of shares Net distributions for the year Interest from bank deposits Total finance costs Details of the distribution per share is set out in the tables on pages 162 to 163. '000 '000 3,549 4, ,196 4,412 8,585 The tax assessed for the year is lower than (2014: higher than) the standard rate of corporation tax in the UK for an OEIC of 20% (2014: 20%). The differences are explained below: 35,907 32,002 7,181 6,400 (2,156) (1,897) (462) (416) (11,125) (12,219) 6,645 8,208 3,549 4,389 (83) (76) 863 4,196 4,412 8,585 At the year end, after offset against revenue taxable on receipt, there is a potential deferred tax asset of 35,553,672 (31/07/14: 28,909,070) this relates to surplus management expenses. No deferred tax asset was recognised in the current or prior year as it was considered unlikely the Fund would generate sufficient taxable profits in the future to utilise these amounts. The distributions take account of revenue received on the issue of shares and revenue deducted on the cancellation of shares, and comprises: '000 '000 10,691 7,517 19,620 18,830 30,311 26,347 2,290 1,917 (64) (230) 32,537 28, ,540 28,

161 First State Global Emerging Markets Leaders Fund Notes to the Financial Statements Movement between net revenue and net distributions '000 '000 Net revenue after taxation 31,495 23,417 Movement in net income as a result of conversions Expenses charged to capital - 9 Indian capital gains tax 863 4,196 Net distributions for the year Debtors Sales awaiting settlement Accrued revenue Overseas tax recoverable Total debtors Creditors Purchases awaiting settlement Amounts payable for cancellation of shares Accrued expenses Total creditors Portfolio transaction costs Analysis of total trade costs: Non-derivative securities Trades in the year before transaction costs Commissions Taxes Total costs Total net trades in the year after transaction costs 32,537 28,034 '000 '000 57,756 18,546 4,203 5, ,178 24,377 '000 '000 1,845 1,090 15,140 5,776 3,238 3,613 20,223 10,479 Purchases Sales '000 '000 '000 ' , ,351 1,140,181 1,737, , ,351 1,140,181 1,737, ,278 (1,657) (2,927) (1,267) (1,835) 1,256 2,166 (2,924) (4,762) 551, ,517 1,137,257 1,733, Contingent liabilities and commitments As at 31 July 2015, the Fund had no contingent liabilities (31/07/14: nil) and no commitments (31/07/14: nil). 158

162 First State Global Emerging Markets Leaders Fund Notes to the Financial Statements 12. (a) (b) Derivatives and other financial instruments General In pursuing its investment objectives the Fund holds equity shares. The main risk arising from the Fund s financial instruments is market price risk. Market price risk arises mainly from uncertainty about future prices of the financial instruments held. Investment risk in the portfolio is regularly reviewed and controlled through the adoption of parameters limiting exposures to various factors such as industries, countries, and company size. The Fund has little exposure to credit or cash flow risk. Certain transactions in securities that the Fund enters into expose it to the risk that the counter-party will not deliver the investment (purchase) or cash (sale) after the Fund has fulfilled its responsibilities. The Fund only buys and sells investments through brokers which have been approved by the ACD as an acceptable counter-party. This list is reviewed quarterly. The Fund s assets comprise mainly realisable securities which can be readily sold in normal market conditions. The Fund s main liability is the redemption of any shares that investors wish to sell. In general, the ACD manages the cash to ensure that it can meet its liabilities. Assets from a fund may need to be sold if insufficient cash is available to finance such redemptions. The Fund s holdings are reviewed on a regular basis, with particular emphasis on the market capitalisation of the issuer (securities issued by larger capitalised companies generally have greater liquidity), and the number of days it would take to trade out of a given securities position or percentage of the Fund as a whole (determined by reference to available market trading volumes). Funds that have a higher concentration of securities which are deemed to be less liquid are regularly monitored. As a proportion of the Fund s investment portfolio is invested in overseas securities the Balance sheet can be affected by movements in foreign exchange rates. The Investment Manager may seek to manage exposure to currency movements by using forward foreign exchange contracts or by hedging the sterling value of investments that are priced in other currencies. Income received in other currencies is converted to sterling on or near the date of receipt. The market value of investments is taken to equal fair value for the purposes of Financial Reporting Standard 29. Given all the activities of the Fund, none of the investments held fall within the definition of investments held for trading as set out in Financial Reporting Standard 13. Fair value of financial assets and financial liabilities There is no material difference between the value of the financial assets and liabilities, as shown in the Balance sheet, and their fair value. Interest rate risk The Fund does not invest in either fixed or floating rate securities and interest rate risk exposure is restricted to interest receivable on bank deposits or payable on bank overdraft positions which will be affected by fluctuations in interest rates. As at 31 July 2015, 3.95% (31 July 2014: 7.00%) of the Fund's assets were interest bearing. 159

163 First State Global Emerging Markets Leaders Fund Notes to the Financial Statements 12. (c) 13. Derivatives and other financial instruments Analysis of the Fund's currency exposure The following summarises the Sterling value of currencies of the Fund in which the investments, including cash, debtors and creditors, are denominated. As at 31 July the Fund had the following net currency exposure (excluding sterling): Net foreign currency assets Net foreign currency assets Monetary Non-monetary Monetary Non-monetary exposures exposures Total exposures exposures Total Currency '000 '000 '000 '000 '000 '000 Australian dollar ,026 16,026 Brazilian real 2, , , , ,247 Chilean peso , , , ,562 Czech Republic koruna Euro ,221-1,221 Hong Kong dollar 9, , , , ,030 Hungarian forint - 17,546 17, Indian rupee 11, , ,981 8, , ,351 Indonesian rupiah ,804-3,804 Japanese yen 90 40,376 40,466-55,353 55,353 Malaysian ringgit 3,569 85,170 88,739-75,185 75,185 Mexican peso - 48,302 48,302-37,592 37,592 Nigerian naira - 5,066 5, Omani rial 1 17,422 17,423-17,603 17,603 Philippine peso - 68,193 68,193-51,491 51,491 Polish zloty - 81,560 81,560-89,896 89,896 South African rand 1 282, ,886 6, , ,190 South Korean won - 100, ,044 4, , ,053 Swiss franc ,454 29,673-23,971 23,971 Taiwanese dollar 8, , ,426 15, , ,635 Thai baht ,885 41,885 Turkish lira 1 31,162 31,163-54,195 54,195 US dollar 18,737 54,064 72, ,946 76, ,753 55,435 2,103,103 2,158, ,698 2,585,346 2,755,044 Related parties First State Investments (UK) Limited, ("the ACD") is a related party to the Fund as defined by Financial Reporting Standard 8 Related Party Disclosures. By virtue of the regulations governing OEICs, the ACD is party to every transaction in respect of shares of the Fund, which are summarised in the Statement of Change in Net Assets attributable to Shareholders. Amounts due at the year end in respect of issues and cancellations are included in the Balance Sheet. Amounts paid to First State Investments (UK) Limited in respect of ACD fees are disclosed in note 4, with 2,498,364 (31/07/14: 3,139,893) due at the year end. As at 31 July 2015 Commonwealth Bank of Australia (UK) Staff Pension Scheme, a related party of the ACD, owned 0.06% (31/07/14: 0.04%) of the Net Asset Value of the Fund. As at 31 July 2015 RBC as trustee for First State Investment Services (UK) Limited Employee Benefits Trust, a related party of the ACD, owned 0.36% (31/07/14: 0.28%) of the Net Asset Value of the Fund. As at 31 July 2015 HSBC Institutional Trust Services (Singapore) Limited, a related party of the ACD, owned 0.39% (31/07/14: nil) of the Net Asset Value of the Fund. 160

164 First State Global Emerging Markets Leaders Fund Notes to the Financial Statements 14. Share classes The Fund has four share classes in issue. The ACD's periodic charge on each share class is as follows: Share class A Accumulation (Retail): Share class B Accumulation (Institutional): Share class A Accumulation (EUR share class) (Retail): Share class B Accumulation (EUR share class) (Institutional): The net asset value of each share class, the net asset value per share and the number of shares in each class are given in the Performance Record on page 152. The distributions per share class are given in the Tables on pages 162 to 163. All share classes have the same rights on winding up. %

165 First State Global Emerging Markets Leaders Fund Tables for the year ended 31 July 2015 in pence and cents per share Group 1 Interim - Shares purchased prior to 1 August 2014 Final - Shares purchased prior to 1 February 2015 Group 2 Interim - Shares purchased between 1 August 2014 and 31 January 2015 Final - Shares purchased between 1 February 2015 and 31 July 2015 Share class A Accumulation paid to/payable 30/09/2015 paid 30/09/2014 Net revenue Equalisation Group 1 (p) (p) (p) (p) Interim Final Group 2 (p) (p) (p) (p) Interim Final Share class B Accumulation paid to/payable 30/09/2015 paid 30/09/2014 Net revenue Equalisation Group 1 (p) (p) (p) (p) Interim Final Group 2 (p) (p) (p) (p) Interim Final Share class A Accumulation (EUR share class) paid to/payable 30/09/2015 paid 30/09/2014 Net revenue Equalisation Group 1 (c) (c) (c) (c) Interim Final Group 2 (c) (c) (c) (c) Interim Final

166 First State Global Emerging Markets Leaders Fund Tables for the year ended 31 July 2015 Share class B Accumulation (EUR share class) paid to/payable 30/09/2015 paid 30/09/2014 Net revenue Equalisation Group 1 (c) (c) (c) (c) Interim Final Group 2 (c) (c) (c) (c) Interim Final Corporate Tax for all share classes (unaudited) A shareholder liable to corporation tax receives this distribution, excluding equalisation, as follows: Interim % of the dividend together with the tax credit is received as franked investment income. Interim % of the dividend is received as an annual payment (non foreign element) received after the deduction of tax at a rate equal to the basic rate of income tax and is liable to corporation tax. The tax deemed to be deducted is treated as income tax. Interim % of the dividend is received as an annual payment (foreign element) received after the deduction of tax at a rate equal to the basic rate of income tax. It is treated as foreign income in the hands of the corporate investor and is liable to corporation tax. The associated deemed tax is treated as foreign tax in the hand of the investor who may be able to claim double tax relief. Investors cannot reclaim any of this deemed tax on the foreign element from HM Revenue & Customs. Final % of the dividend together with the tax credit is received as franked investment income. Final % of the dividend is received as an annual payment (non foreign element) received after the deduction of tax at a rate equal to the basic rate of income tax and is liable to corporation tax. The tax deemed to be deducted is treated as income tax. Final % of the dividend is received as an annual payment (foreign element) received after the deduction of tax at a rate equal to the basic rate of income tax. It is treated as foreign income in the hands of the corporate investor and is liable to corporation tax. The associated deemed tax is treated as foreign tax in the hand of the investor who may be able to claim double tax relief. Investors cannot reclaim any of this deemed tax on the foreign element from HM Revenue & Customs. Shareholders should consult their professional advisers for any advice regarding their tax position. 163

167 First State Global Emerging Markets Sustainability Fund Authorised Fund Manager's Report for the year ended 31 July 2015 Investment objective and policy The Fund aims to achieve long-term capital growth. The Fund invests in a diversified portfolio of securities of issuers established or having significant operations in emerging economies and listed, traded or dealt in on regulated markets worldwide. The Fund invests in companies which are positioned to benefit from, and contribute to, the sustainable development of the countries in which they operate. Clarification point: The Fund s emphasis on sustainability development incorporates three key features in making investment decisions. These are: I Company classification (identifying companies whose management are believed able to manage sustainability risks and opportunities facing their companies, seeking out sustainability companies with a positive sustainable development impact); II Integration of environmental, social and corporate governance factors into investment analysis; III Engagement with and exit from companies based on our own research and external global norms-based screening (the fund manager will engage senior management on any identified environmental, social and governance issues, and exit a stock if insufficient progress is made). Risks and reward profile Share class A Accumulation Share class B Accumulation Share class A Accumulation (EUR share class) Share class B Accumulation (EUR share class) Lower risk Higher risk Potentially lower rewards Potentially higher rewards The synthetic risk reward indicator (the SRRI) rating is not a measure of the risk of you losing your investment but describes how much the value of the Fund went up and down in the past; The SRRI rating is based on historical data which may not be a reliable indication of the future risks and rewards of the Fund; We cannot guarantee that the rating of the Fund will remain the same, it may change over time; Even the lowest rating 1 does not mean a risk free investment; On a scale of 1 (less risky) to 7 (more risky), this Fund has a rating of 5 due to its past performance and the nature of its investments. Shares with a rating of 5 might have higher risks, but also higher returns; Risk is taken in order to make a higher potential return, the more risk a fund takes, the higher the potential return but the greater the risk of loss; and The value of the Fund and its return is not guaranteed and may fall as well as rise. You may get back less than you originally invested. The Fund might also experience the following risks: Emerging market risk: emerging markets may not provide the same level of investor protection as a developed market; they may involve a higher risk than investing in developed markets. Currency risk: the Fund invests in assets which are denominated in other currencies; changes in exchange rates will affect the value of the Fund. For further information on risks, please refer to the risk factors section in the Company's prospectus. Performance The Fund rose by 0.9% in sterling terms over the year, and provided returns of 23.6% and 45.0% over three and five years to 31 July Performance was helped by Marico (India: Consumer Staples) which managed to push through price increases and Unilever (UK: Consumer Staples) which climbed despite results confirming the demand outlook was still challenging. Jeronimo Martins (Portugal: Consumer Staples) rose as concerns about deflation eased in the core markets of Portugal and Poland, where the company recorded strong sales growth. On the negative side, Natura Cosmeticos (Brazil: Consumer Staples) fell as Brazil remains a tough market and the company is transitioning its business model. Vapores (Chile: Industrials) was impacted by the large depreciation in the Chilean peso and the shipping cycle. XL Axiata (Indonesia: Telecom Services) declined due to the intensity of the competitive environment and disruption as the transition from voice to data reduced cash flows. 164

168 First State Global Emerging Markets Sustainability Fund Authorised Fund Manager's Report for the year ended 31 July 2015 Portfolio Changes Significant purchases over the period included Infosys Technologies (India: Information Technology), agood quality large company with new management, net cash on the balance sheet and a sensible valuation. We bought Entel (Chile: Telecom Services), a well-run company operating in a sensible regulatory environment, and building market share in neighbouring Peru. We also bought Sul America, Brazil s largest independent insurance group, focusing on health insurance with family stewards who have been at the helm for 120 years and a share structure designed for a multi-generational timeframe. We sold ENN Energy (China: Utilities) having lost conviction in the quality of management following a significant related party transaction and Globe Telecom (Philippines: Telecom Services) as we believed there were better investment ideas outside Asia at more reasonable valuations. We also sold Kasikornbank (Thailand: Financials) due to concerns about its credit cycle. Outlook The fund remains defensively positioned and we are focused on companies with pricing power, strong sustainable cash flows and growing dividend yields. Cumulative performance Time Since period mths mths yrs yrs yrs yrs launch Fund return % (6.6) (6.3) Benchmark return % (14.3) (8.3) (6.3) Sector return % (6.2) (4.3) (2.5) Quartile ranking Discrete performance Time period Fund return % Benchmark: MSCI Emerging Markets Index. Sector: IA Global Emerging Markets. Past performance should not be used as a guide to future performance, which is not guaranteed. Ten largest holdings Stock name Unilever Marico Natura Cosmeticos Tech Mahindra Standard Foods Dr Reddy's Laboratories Jeronimo Martins Manila Water Cia Sud Americana de Vapores Inversiones Aguas Metropolitanas Types of shares Accumulation. 12 mths to 12 mths to 12 mths to 12 mths to 12 mths to 31/07/15 31/07/14 31/07/13 31/07/12 31/07/ % of Fund Stock name % of Fund 6.45 Marico Unilever Tech Mahindra Jeronimo Martins Standard Foods Guaranty Trust Bank Public Bank Dabur India Delta Electronics Thailand Manila Water

169 First State Global Emerging Markets Sustainability Fund Portfolio statement Holdings Market value '000 Total net assets % UNITED KINGDOM (5.96%*) 22, ,247,718 PZ Cussons 4, ,496 Unilever 18, PORTUGAL (3.16%*) 8, ,152 Jeronimo Martins 8, SWITZERLAND (0.65%*) 3, ,458 SGS 3, JAPAN (1.21%*) 2, ,000 Kansai Paint 2, BANGLADESH (0.00%*) ,203 BRAC Bank CHINA (3.22%*) 4, ,000 China Mengniu Dairy 1, ,122,965 Weifu High-Technology Group 'B' 2, HONG KONG (1.29%*) 3, ,443,447 Towngas China 3, INDIA (21.63%*) 56, ,174,203 Dabur India 3, ,731 Dr Reddy's Laboratories 8, ,812 Housing Development Finance 5, ,889,084 Idea Cellular 3, ,096 Infosys 4, ,896 Kotak Mahindra Bank 2, ,576 Mahindra Lifespace Developers ,894,605 Marico 12, ,189,197 Tech Mahindra 11, ,024 Tube Investments of India 2, INDONESIA (2.17%*) 3, ,833,000 XL Axiata 3, MALAYSIA (4.40%*) 7, ,004,423 Axiata Group 3, ,225,990 Public Bank 3, PHILIPPINES (6.39%*) 15, ,932 Ayala 4, ,823,409 Bank of the Philippine Islands 3, ,300,320 Manila Water 7, SOUTH KOREA (1.93%*) 1, ,236 DGB Financial Group 1, SRI LANKA (0.15%*) 1, ,317,420 Hemas Holdings 1, TAIWAN (8.31%*) 20, ,606,772 Chroma ATE 3, ,540 Delta Electronics ,554,151 E.Sun Financial Holding 1, ,793,459 Standard Foods 11, ,276,154 Taiwan Semiconductor Manufacturing 3, THAILAND (3.84%*) 5, ,066,100 Delta Electronics Thailand 5,

170 First State Global Emerging Markets Sustainability Fund Portfolio statement Holdings Market value '000 Total net assets % BOTSWANA (0.61%*) 1, ,293,373 Choppies Enterprises 1, EGYPT (1.90%*) 3, ,963 Commercial International Bank GDR 1, ,418,567 Juhayna Food Industries 2, GHANA (0.00%*) ,466 Unilever Ghana NIGERIA (6.37%*) 13, ,299,913 Chemical and Allied Products ,221,883 Dangote Flour Mills ,710,364 Guaranty Trust Bank 5, ,471 Guaranty Trust Bank GDR 2, ,190,299 Lafarge Africa 2, ,512,022 Unilever Nigeria 3, POLAND (0.82%*) 2, ,204 Bank Pekao 2, SOUTH AFRICA (8.08%*) 24, ,673 AdBEE (RF) ,480 Adcock Ingram Holdings 2, ,667 Adcock Ingram Holdings Warrants Expiry 26/07/ ,179,074 African Oxygen 4, ,631,531 Pick n Pay Holdings 2, ,571 Shoprite Holdings 5, ,976 SPAR Group 3, ,426 Standard Bank Group 2, ,735 Tiger Brands 4, BRAZIL (7.13%*) 34, ,203,700 Banco Bradesco 6, ,100 Mahle Metal Leve 3, ,462,000 Marcopolo 1, ,433,500 Natura Cosmeticos 11, ,963 Porto Seguro 2, ,317,200 Sul America 4, ,000 Tractebel Energia ,029,980 WEG 3, CHILE (7.72%*) 29, ,502,495 Aguas Andinas A Shares 4, ,241 Banco de Credito e Inversiones 2, ,599,765 Cia Sud Americana de Vapores 7, ,068 ENTEL Chile 3, ,329,628 Inversiones Aguas Metropolitanas 6, ,899,902 SONDA 4,

171 First State Global Emerging Markets Sustainability Fund Portfolio statement Holdings Market value '000 Total net assets % MEXICO (0.70%*) 3, ,769,790 Grupo Herdez 3, Portfolio of investments 268, Net other assets 11, Total net assets 279, All investments held are listed, unless otherwise stated. For the purposes of this portfolio holdings analysis, securities are shown based on their country of listing. * Comparative figures shown in brackets relate to 31 July Stocks shown as GDRs represent Global Depositary Receipts. Since the previous report the Industry Sector Classification headings have been updated by data providers. Where the portfolio statement shows Industry Sectors, the new sector names have been reflected in the report in respect of the current holdings and comparative holdings have been reanalysed where appropriate. 168

172 First State Global Emerging Markets Sustainability Fund Summary Fund performance Net asset value and ongoing charges figure Share class A Accumulation 31/07/13 31/07/14 31/07/15 Share class B Accumulation 31/07/13 31/07/14 31/07/15 Share class A Accumulation (EUR share class) 31/07/13 31/07/14 31/07/15 Share class B Accumulation (EUR share class) 31/07/13 31/07/14 31/07/15 Net Asset Value of share class ( ) Shares in issue Net Asset Value per share (p/c)* Ongoing Charges Figure (%) 58,347,396 26,298, ,224,773 17,542, ,010,253 8,652, ,331,319 84,178, ,877,186 86,623, ,542,642 90,205, ,130,538 5,891, / ,686,375 3,543, / ,634,634 3,001, / ,522,019 24,653, / ,902,348 30,845, / ,362,709 29,909, / *Where 2 figures are shown for a share class denominated in EUR or USD, the first figure is in GBP in pence and the second figure is in EUR/USD in cents. Amounts in Euros and US dollars have been converted at the (EUR) and (USD) exchange rate at 12:00 midday on 31 July

173 First State Global Emerging Markets Sustainability Fund Summary Fund performance Share price history and revenue record Calendar year Highest share price (p/c) Lowest share price (p/c) per share (p/c) Share class A Accumulation * Share class B Accumulation * Share class A Accumulation (EUR share class) * Share class B Accumulation (EUR share class) * The share classes marked with EUR or USD are stated in Euros/US dollars. The Euro and US dollar prices are calculated using the exchange rate at the valuation point on that date. * To 31 July Share class B Accumulation (EUR share class) was launched 1 October

174 First State Global Emerging Markets Sustainability Fund Statement of total return for the year ended 31 July 2015 Notes '000 '000 '000 '000 Income: Net capital gains ,151 Revenue 3 7,826 7,383 Expenses 4 (3,328) (3,241) Finance costs: interest Net revenue before taxation 4,498 4,142 Taxation 5 (518) (548) Net revenue after taxation 3,980 3,594 Total return before distributions 4,578 10,745 Finance costs: distributions 6 (4,027) (3,618) Change in net assets attributable to shareholders from investment activities 551 7,127 Statement of change in net assets attributable to shareholders for the year ended 31 July 2015 Opening net assets attributable to shareholders Amounts receivable on issue of shares Less: Amounts payable on cancellation of shares Dilution adjustment Stamp duty reserve tax Change in net assets attributable to shareholders from investment activities Retained distribution on accumulation shares Closing net assets attributable to shareholders '000 '000 '000 ' , ,331 17,777 14,372 (32,533) (25,772) (14,756) (11,400) (7) 551 7,127 3,989 3, , ,691 Notes to the financial statements are on pages 173 to

175 First State Global Emerging Markets Sustainability Fund Balance sheet Assets Portfolio of investments Debtors Cash and bank balances Total other assets Total assets Liabilities Creditors Total liabilities Net assets attributable to shareholders Notes '000 ' , , ,013 10,568 12,762 11, , ,190 9 (1,370) (4,499) (1,370) (4,499) 279, ,691 Notes to the financial statements are on pages 173 to

176 First State Global Emerging Markets Sustainability Fund Notes to the Financial Statements Accounting basis and policies Please see pages 10 to 12 for accounting basis and policies. Net capital gains The net capital gains during the year comprise: Non-derivative securities Forward foreign exchange currency contracts Currency gains/(losses) Net capital gains Revenue Dividends from UK companies Overseas taxable revenue Overseas non-taxable revenue UK scrip dividends Overseas scrip dividends Interest from bank deposits Interest on capital revenue from Brazilian companies Front end load income Total revenue Expenses Payable to the ACD, associates of the ACD, and agents of either of them: ACD's periodic charge Payable to the Depositary, associates of the Depositary, and agents of either of them: Depositary's fees Other expenses: Audit fee Registrar fees Safe custody charges Other expenses Total expenses '000 ' ,863 (1) (712) 598 7,151 '000 ' ,128 5, ,826 7,383 '000 '000 2,931 2, ,328 3,

177 First State Global Emerging Markets Sustainability Fund Notes to the Financial Statements 5. (a) (b) (c) (d) 6. Taxation Analysis of charge in year: Irrecoverable overseas tax Indian capital gains tax Total current tax (note 5b) Factors affecting current tax charge for the year: Net revenue before taxation Corporation tax of 20% (2014: 20%) Effects of: UK dividends* Non taxable scrip dividends* Overseas non-taxable revenue* Movement in excess management expenses Irrecoverable overseas tax Overseas tax expensed Indian capital gains tax Current tax charge for year (note 5a) OEICs are exempt from tax on capital gains. Therefore, any capital return is not included in the above reconciliation. *As an authorised OEIC these items are not subject to corporation tax. Deferred taxation: There is no provision required for deferred taxation at the Balance sheet date in the current or prior year. Factors that may affect future tax charges: Finance costs s and interest Interim distribution Final distribution Add: revenue deducted on cancellation of shares Deduct: revenue received on issue of shares Net distributions for the year Interest Total finance costs Details of the distribution per share is set out in the tables on pages 179 to 180. '000 ' The tax assessed for the year is lower than (2014: lower than) the standard rate of corporation tax in the UK for an OEIC of 20% (2014: 20%). The differences are explained below: 4,498 4, (132) (119) (28) (37) (1,226) (1,197) (19) (6) At the year end, after offset against revenue taxable on receipt, there is a potential deferred tax asset of 2,375,301 (31/07/14: 1,897,071) this relates to surplus management expenses. No deferred tax asset was recognised in the current or prior year as it was considered unlikely the Fund would generate sufficient taxable profits in the future to utilise these amounts. The distributions take account of revenue received on the issue of shares and revenue deducted on the cancellation of shares, and comprises: '000 ' ,051 2,758 3,989 3, (84) (92) 4,027 3, ,027 3,

178 First State Global Emerging Markets Sustainability Fund Notes to the Financial Statements Movement between net revenue and net distributions '000 '000 Net revenue after taxation 3,980 3,594 Movement in net income as a result of conversions 4 (1) Indian capital gains tax Net distributions for the year 4,027 3,618 Debtors Sales awaiting settlement Amounts receivable for issue of shares Accrued revenue Overseas tax recoverable Total debtors Creditors Purchases awaiting settlement Amounts payable for cancellation of shares Accrued expenses Total creditors Portfolio transaction costs Analysis of total trade costs: Non-derivative securities Trades in the year before transaction costs Commissions Taxes '000 ' '000 ' , ,370 4,499 Purchases Sales '000 '000 '000 '000 71,361 72,665 86,800 75,958 71,361 72,665 86,800 75, (153) (133) (113) (109) (266) (242) 71,544 72,878 86,534 75,716 Total costs Total net trades in the year after transaction costs 11. Contingent liabilities and commitments As at 31 July 2015, the Fund had no contingent liabilities (31/07/14: nil) and no commitments (31/07/14: nil). 175

179 First State Global Emerging Markets Sustainability Fund Notes to the Financial Statements 12. (a) (b) Derivatives and other financial instruments General In pursuing its investment objectives the Fund holds equity shares. The main risk arising from the Fund s financial instruments is market price risk. Market price risk arises mainly from uncertainty about future prices of the financial instruments held. Investment risk in the portfolio is regularly reviewed and controlled through the adoption of parameters limiting exposures to various factors such as industries, countries, and company size. The Fund has little exposure to credit or cash flow risk. Certain transactions in securities that the Fund enters into expose it to the risk that the counter-party will not deliver the investment (purchase) or cash (sale) after the Fund has fulfilled its responsibilities. The Fund only buys and sells investments through brokers which have been approved by the ACD as an acceptable counter-party. This list is reviewed quarterly. The Fund s assets comprise mainly realisable securities which can be readily sold in normal market conditions. The Fund s main liability is the redemption of any shares that investors wish to sell. In general, the ACD manages the cash to ensure that it can meet its liabilities. Assets from a fund may need to be sold if insufficient cash is available to finance such redemptions. The Fund s holdings are reviewed on a regular basis, with particular emphasis on the market capitalisation of the issuer (securities issued by larger capitalised companies generally have greater liquidity), and the number of days it would take to trade out of a given securities position or percentage of the Fund as a whole (determined by reference to available market trading volumes). Funds that have a higher concentration of securities which are deemed to be less liquid are regularly monitored. As a proportion of the Fund s investment portfolio is invested in overseas securities the Balance sheet can be affected by movements in foreign exchange rates. The Investment Manager may seek to manage exposure to currency movements by using forward foreign exchange contracts or by hedging the sterling value of investments that are priced in other currencies. Income received in other currencies is converted to sterling on or near the date of receipt. The market value of investments is taken to equal fair value for the purposes of Financial Reporting Standard 29. Given all the activities of the Fund, none of the investments held fall within the definition of investments held for trading as set out in Financial Reporting Standard 13. Fair value of financial assets and financial liabilities There is no material difference between the value of the financial assets and liabilities, as shown in the Balance sheet, and their fair value. Interest rate risk The Fund does not invest in either fixed or floating rate securities and interest rate risk exposure is restricted to interest receivable on bank deposits or payable on bank overdraft positions which will be affected by fluctuations in interest rates. As at 31 July 2015, 4.30% (31 July 2014: 3.65%) of the Fund's assets were interest bearing. 176

180 First State Global Emerging Markets Sustainability Fund Notes to the Financial Statements 12. (c) 13. Derivatives and other financial instruments Analysis of the Fund's currency exposure The following summarises the Sterling value of currencies of the Fund in which the investments, including cash, debtors and creditors, are denominated. As at 31 July the Fund had the following net currency exposure (excluding sterling): Net foreign currency assets Net foreign currency assets Monetary Non-monetary Monetary Non-monetary exposures exposures Total exposures exposures Total Currency '000 '000 '000 '000 '000 '000 Bangladeshi taka (1) Botswana pula - 1,953 1,953-1,759 1,759 Brazilian real ,092 34,272 (129) 20,667 20,538 Chilean peso (1) 29,114 29,113-22,373 22,373 Egyptian pound - 2,313 2,313-2,490 2,490 Euro 61 8,229 8,290 5,837 9,150 14,987 Ghanaian cedi Hong Kong dollar 1 7,725 7, ,079 13,109 Indian rupee ,047 56, ,700 62,906 Indonesian rupiah 1 3,213 3,214-6,279 6,279 Japanese yen - 2,743 2,743-3,499 3,499 Malaysian ringgit - 7,095 7,095-12,744 12,744 Mexican peso - 3,004 3,004-2,033 2,033 Nigerian naira (1) 11,336 11,335 (36) 10,682 10,646 Philippine peso (798) 15,565 14, ,507 18,531 Polish zloty - 2,433 2,433-2,375 2,375 South African rand - 24,181 24,181 (3,475) 23,399 19,924 South Korean won 98 1,861 1,959-5,581 5,581 Sri Lankan rupee - 1,369 1, Swiss franc 35 3,000 3, ,889 1,912 Taiwanese dollar ,143 20,314 1,777 24,062 25,839 Thai baht - 5,963 5,963-11,128 11,128 US dollar 7,342 4,070 11,412-6,401 6,401 7, , ,089 4, , ,481 Related parties First State Investments (UK) Limited, ("the ACD") is a related party to the Fund as defined by Financial Reporting Standard 8 Related Party Disclosures. By virtue of the regulations governing OEICs, the ACD is party to every transaction in respect of shares of the Fund, which are summarised in the Statement of Change in Net Assets attributable to Shareholders. Amounts due at the year end in respect of issues and cancellations are included in the Balance Sheet. Amounts paid to First State Investments (UK) Limited in respect of ACD fees are disclosed in note 4, with 234,372 (31/07/14: 245,599) due at the year end. As at 31 July 2015 RBC as trustee for First State Investment Services (UK) Limited Employee Benefits Trust, a related party of the ACD, owned 0.09% (31/07/14: 0.09%) of the Net Asset Value of the Fund. 177

181 First State Global Emerging Markets Sustainability Fund Notes to the Financial Statements 14. Share classes The Fund has four share classes in issue. The ACD's periodic charge on each share class is as follows: Share class A Accumulation (Retail): Share class B Accumulation (Institutional): Share class A Accumulation (EUR share class) (Retail): Share class B Accumulation (EUR share class) (Institutional): The net asset value of each share class, the net asset value per share and the number of shares in each class are given in the Performance Record on page 169. The distributions per share class are given in the Tables on pages 179 to 180. All share classes have the same rights on winding up. %

182 First State Global Emerging Markets Sustainability Fund Tables for the year ended 31 July 2015 in pence and cents per share Group 1 Interim - Shares purchased prior to 1 August 2014 Final - Shares purchased prior to 1 February 2015 Group 2 Interim - Shares purchased between 1 August 2014 and 31 January 2015 Final - Shares purchased between 1 February 2015 and 31 July 2015 Share class A Accumulation paid to/payable 30/09/2015 paid 30/09/2014 Net revenue Equalisation Group 1 (p) (p) (p) (p) Interim Final Group 2 (p) (p) (p) (p) Interim Final Share class B Accumulation paid to/payable 30/09/2015 paid 30/09/2014 Net revenue Equalisation Group 1 (p) (p) (p) (p) Interim Final Group 2 (p) (p) (p) (p) Interim Final Share class A Accumulation (EUR share class) paid to/payable 30/09/2015 paid 30/09/2014 Net revenue Equalisation Group 1 (c) (c) (c) (c) Interim Final Group 2 (c) (c) (c) (c) Interim Final

183 First State Global Emerging Markets Sustainability Fund Tables for the year ended 31 July 2015 Share class B Accumulation (EUR share class) paid to/payable 30/09/2015 paid 30/09/2014 Net revenue Equalisation Group 1 (c) (c) (c) (c) Interim Final Group 2 (c) (c) (c) (c) Interim Final Corporate Tax for all share classes (unaudited) A shareholder liable to corporation tax receives this distribution, excluding equalisation, as follows: Interim % of the dividend together with the tax credit is received as franked investment income. Interim % of the dividend is received as an annual payment (non foreign element) received after the deduction of tax at a rate equal to the basic rate of income tax and is liable to corporation tax. The tax deemed to be deducted is treated as income tax. Interim % of the dividend is received as an annual payment (foreign element) received after the deduction of tax at a rate equal to the basic rate of income tax. It is treated as foreign income in the hands of the corporate investor and is liable to corporation tax. The associated deemed tax is treated as foreign tax in the hand of the investor who may be able to claim double tax relief. Investors cannot reclaim any of this deemed tax on the foreign element from HM Revenue & Customs. Final % of the dividend together with the tax credit is received as franked investment income. Final % of the dividend is received as an annual payment (non foreign element) received after the deduction of tax at a rate equal to the basic rate of income tax and is liable to corporation tax. The tax deemed to be deducted is treated as income tax. Final % of the dividend is received as an annual payment (foreign element) received after the deduction of tax at a rate equal to the basic rate of income tax. It is treated as foreign income in the hands of the corporate investor and is liable to corporation tax. The associated deemed tax is treated as foreign tax in the hand of the investor who may be able to claim double tax relief. Investors cannot reclaim any of this deemed tax on the foreign element from HM Revenue & Customs. Shareholders should consult their professional advisers for any advice regarding their tax position. 180

184 First State Global Agribusiness Fund Authorised Fund Manager's Report for the year ended 31 July 2015 Investment objective and policy The Fund aims to achieve long-term capital growth. The Fund invests primarily in a diversified portfolio of equity and equity related instruments of issuers in the agribusiness sector, and which are listed, traded or dealt in on regulated markets worldwide. The sector includes but is not limited to companies involved in the production, processing, transporting, trading and marketing of soft commodities, as well as those that supply products and services (including seeds, fertilisers, crop nutrients, agricultural equipment and water) to the agricultural industry. Soft commodities include, amongst others, coarse grains, soyabeans, sugar, coffee, cocoa, palm oil, livestock, forestry, pulp and water. The Fund will not invest in physical commodities or derivatives relating to commodities. Risks and reward profile Share class A Accumulation Share class B Accumulation Share class A Accumulation (EUR share class) Share class B Accumulation (EUR share class) Lower risk Higher risk Potentially lower rewards Potentially higher rewards The synthetic risk reward indicator (the SRRI) rating is not a measure of the risk of you losing your investment but describes how much the value of the Fund went up and down in the past; The SRRI rating is based on historical data which may not be a reliable indication of the future risks and rewards of the Fund; We cannot guarantee that the rating of the Fund will remain the same, it may change over time; Even the lowest rating 1 does not mean a risk free investment; On a scale of 1 (less risky) to 7 (more risky), this Fund has a rating of 6 due to its past performance and the nature of its investments. Shares with a rating of 6 might have higher risks, but also higher returns; Risk is taken in order to make a higher potential return, the more risk a fund takes, the higher the potential return but the greater the risk of loss; and The value of the Fund and its return is not guaranteed and may fall as well as rise. You may get back less than you originally invested. The Fund might also experience the following risks: Emerging market risk: emerging markets may not provide the same level of investor protection as a developed market; they may involve a higher risk than investing in developed markets. Investment in agriculture and related sectors: the specialist nature of the Fund exposes it to particular environmental, economic, legislative and regulatory factors which may adversely affect the value of these investments. Currency risk: the Fund invests in assets which are denominated in other currencies; changes in exchange rates will affect the value of the Fund. For further information on risks, please refer to the risk factors section in the Company's prospectus. Fund Performance The Fund rose by 5.3% over the past 12 months, underperforming its benchmark. It produced returns of 10.6% and 29.0% over the three and five year periods to 31 July Our overweight position in Brazilian sugar and ethanol conglomerate Cosan detracted from relative performance. Declining commodity prices (crude oil and sugar), delays related to the spin-off of its natural gas unit, and a weak domestic economy weighed on the company s share price. In addition, the Brazilian real (BRL) depreciated by 29% versus the British pound (GBP), hurting currency translation back to GBP. Despite this, we retain conviction in this name, driven by potential upside from its corporate restructuring, a very compelling valuation and the prospects of stronger cash flow generation as the sugar cycle recovers. 181

185 First State Global Agribusiness Fund Authorised Fund Manager's Report for the year ended 31 July 2015 This was partially offset by the Fund s overweight exposuretoirish packaging company, Smurfit Kappa. The company has benefited from acquisitions and a supportive environment for European containerboard volumes and prices, allowing margins and returns to expand. Despite the strong performance, the Fund remains overweight this name as the valuation remains attractive and earnings continue to grow driven by favourable kraftliner (a type of linerboard) demand dynamics, internal initiatives and recent mergers and acquisitions (M&A). Australian agribusiness group Elders also made a positive contribution to relative returns. The company s share price performance has benefited from strong earnings growth underpinned by operational gains, cost management initiatives and favourable market conditions supporting its cattle export business and agricultural retail segment. Portfolio Activity The Fund has been selectively adding to packaging companies in North America, where supply demand conditions are fairly balanced, pricing is stable, and valuations look attractive. Outlook While US dollar (USD) commodity prices have softened over the last 12 months, farmers profitability outside the US has remained at healthy levels, particularly in South America and Asia where weak local currencies are more than compensating for the slide in USD prices. In the absence of a severe weather event, we anticipate grain production and inventories to remain at high levels while grain prices remain below the levels enjoyed in recent years. Under this scenario, the Fund remains overweight the Food Processing sector, where companies benefit from lower grain-related costs, and the Supply Chain sector, where higher grain volumes going through storage and elevators improve the profitability of grain handlers. Meanwhile, the Fund is underweight the plantation segment, where lower palm oil prices will continue to pressure earnings and valuations. We are also underweight in the agricultural equipment space, where valuations are fairly rich and demand is expected to remain depressed for longer. Cumulative performance Time Since period mths mths yrs yrs yrs yrs launch Fund return % (3.9) (6.6) Benchmark return % (3.7) (5.5) Sector return % (2.4) Quartile ranking Discrete performance Time period Fund return % Benchmark: 75% DAX Global Agribusiness Index/25% S&P Global Timber & Forestry Index. Sector: IA Global. Past performance should not be used as a guide to future performance, which is not guaranteed. Ten largest holdings Stock name Monsanto Archer Daniels Midland Syngenta Potash Corp of Saskatchewan Tyson Foods 'A' Mosaic Kubota CF Industries Holdings Weyerhaeuser REIT Smurfit Kappa Group Types of shares Accumulation. 12 mths to 12 mths to 12 mths to 12 mths to 12 mths to 31/07/15 31/07/14 31/07/13 31/07/12 31/07/ (3.9) 9.3 (2.7) 19.8 % of Fund Stock name % of Fund 7.12 Monsanto Archer Daniels Midland Syngenta Weyerhaeuser Deere & Company Mosaic BRF Agrium Kubota Wilmar International

186 First State Global Agribusiness Fund Portfolio statement Holdings Market value '000 Total net assets % UNITED KINGDOM (1.81%*) ,258 Louisiana-Pacific ,276 Mondi UNITED STATES (46.14%*) 5, ,789 Archer Daniels Midland ,084 Bunge ,539 CF Industries Holdings ,363 Deere ,329 Green Plains ,467 International Paper ,289 Monsanto ,502 Mosaic ,980 Packaging Corp of America ,181 Pilgrim's Pride ,535 Potlatch REIT** ,755 Tyson Foods 'A' ,701 Westrock ,669 Weyerhaeuser REIT** CANADA (11.61%*) 1, ,449 Agrium ,563 Canfor ,425 IC Potash ,000 IC Potash Warrants Expiry 18 June ,644 Interfor ,452 Potash Corp of Saskatchewan ,920 West Fraser Timber FINLAND (2.52%*) ,478 Stora Enso 'R' ,684 UPM-Kymmene GERMANY (0.19%*) - - IRELAND (2.76%*) ,405 Glanbia ,660 Smurfit Kappa Group NORWAY (2.09%*) ,211 Leroy Seafood Group ,124 Scottish Salmon ,639 Yara International SWEDEN (0.60%*) ,273 Svenska Cellulosa 'B' SWITZERLAND (5.33%*) Syngenta ,714 Syngenta ADR JAPAN (3.05%*) ,000 Kubota AUSTRALIA (0.95%*) ,208 Australian Dairy Farms ,420 Australian Dairy Farms Warrants Expiry 31/03/ ,953 Elders

187 First State Global Agribusiness Fund Portfolio statement Holdings Market value '000 Total net assets % CHINA (0.00%*) ,000 China Agri-Industries Holdings ,000 China BlueChemical 'H' HONG KONG (1.80%*) - - INDONESIA (0.31%*) ,500 Astra Agro Lestari MALAYSIA (0.00%*) ,900 Genting Plantations Bhd NEW ZEALAND (0.66%*) ,767 Scales ,768 Synlait Milk SINGAPORE (5.98%*) ,100 Bumitama Agri ,700 First Resources ,600 Wilmar International THAILAND (0.24%*) - - RUSSIA (3.27%*) - - BRAZIL (7.31%*) ,400 BRF ADR ,374 Cosan ,200 JBS Kepler Weber Warrants Expiry 15/06/ ,500 Minerva ,136 Ouro Fino Saude Animal Participacoes CHILE (0.63%*) - - MEXICO (0.30%*) - - Portfolio of investments 12, Net other assets Total net assets 13, All investments held are listed, unless otherwise stated. For the purposes of this portfolio holdings analysis, securities are shown based on their country of listing. * Comparative figures shown in brackets relate to 31 July ** Real Estate Investment Trust (REIT). Stocks shown as ADRs represent American Depositary Receipts. 184

188 First State Global Agribusiness Fund Summary Fund performance Net asset value and ongoing charges figure Share class A Accumulation 31/07/13 31/07/14 31/07/15 Share class B Accumulation 31/07/13 31/07/14 31/07/15 Share class A Accumulation (EUR share class) 31/07/13 31/07/14 31/07/15 Share class B Accumulation (EUR share class) 31/07/13 31/07/14 31/07/15 Net Asset Value of share class ( ) Shares in issue Net Asset Value per share (p/c)* Ongoing Charges Figure (%) 22,564,103 17,685, ,385,338 11,725, ,750,471 4,455, ,708,908 6,662, ,382,806 8,204, ,309,993 5,452, , , / , , / ,700 74, / , , / , , / , , / *Where 2 figures are shown for a share class denominated in EUR or USD, the first figure is in GBP in pence and the second figure is in EUR/USD in cents. Amounts in Euros and US dollars have been converted at the (EUR) and (USD) exchange rate at 12:00 midday on 31 July

189 First State Global Agribusiness Fund Summary Fund performance Share price history and revenue record Calendar year Highest share price (p/c) Lowest share price (p/c) per share (p/c) Share class A Accumulation * Share class B Accumulation * Share class A Accumulation (EUR share class) * Share class B Accumulation (EUR share class) * The share classes marked with EUR or USD are stated in Euros/US dollars. The Euro and US dollar prices are calculated using the exchange rate at the valuation point on that date. * To 31 July Share class A Accumulation was launched 24 May Share class B Accumulation was launched 24 May Share class A Accumulation (EUR share class) was launched 24 May Share class B Accumulation (EUR share class) was launched 24 May

190 First State Global Agribusiness Fund Statement of total return for the year ended 31 July 2015 Notes '000 '000 '000 '000 Income: Net capital gains/(losses) 2 2,118 (1,057) Revenue Expenses 4 (336) (481) Finance costs: interest Net revenue before taxation Taxation 5 (61) (70) Net expenses after taxation (35) (34) Total return before distributions 2,083 (1,091) Finance costs: distributions 6 (28) (43) Change in net assets attributable to shareholders from investment activities 2,055 (1,134) Statement of change in net assets attributable to shareholders for the year ended 31 July 2015 Opening net assets attributable to shareholders Amounts receivable on issue of shares Less: Amounts payable on cancellation of shares Dilution adjustment Change in net assets attributable to shareholders from investment activities Retained distribution on accumulation shares Closing net assets attributable to shareholders '000 '000 '000 '000 25,513 32,176 1,627 3,272 (15,975) (8,850) (14,348) (5,578) ,055 (1,134) ,277 25,513 Notes to the financial statements are on pages 189 to

191 First State Global Agribusiness Fund Balance sheet Assets Portfolio of investments Debtors Cash and bank balances Total other assets Total assets Liabilities Creditors Bank overdrafts Total liabilities Net assets attributable to shareholders Notes '000 '000 12,823 24, ,235 13,558 26,124 9 (281) (609) - (2) (281) (611) 13,277 25,513 Notes to the financial statements are on pages 189 to

192 First State Global Agribusiness Fund Notes to the Financial Statements Accounting basis and policies Please see pages 10 to 12 for accounting basis and policies. Net capital gains/(losses) The net capital gains/(losses) during the year comprise: Non-derivative securities Currency losses Net capital gains/(losses) Revenue '000 '000 2,121 (1,003) (3) (54) 2,118 (1,057) '000 '000 Dividends from UK companies 5 23 Overseas taxable revenue 5 16 Overseas non-taxable revenue Property revenue from overseas REITs (9) 10 Interest from bank deposits 1 1 Interest on capital revenue from Brazilian companies 9 16 Total revenue Expenses Payable to the ACD, associates of the ACD, and agents of either of them: ACD's periodic charge Payable to the Depositary, associates of the Depositary, and agents of either of them: Depositary's fees Other expenses: Audit fee Registrar fees Safe custody charges Other expenses Total expenses '000 '

193 First State Global Agribusiness Fund Notes to the Financial Statements 5. (a) (b) (c) (d) 6. Taxation Analysis of charge in year: Irrecoverable overseas tax Indian capital gains tax Adjustments in respect of prior years Total current tax (note 5b) '000 ' Factors affecting current tax charge for the year: The tax assessed for the year is higher than (2014: higher than) the standard rate of corporation tax in the UK for an OEIC of 20% (2014: 20%). The differences are explained below: Net revenue before taxation Corporation tax of 20% (2014: 20%) 5 7 Effects of: UK dividends* (1) (5) Overseas non-taxable revenue* (69) (90) Movement in excess management expenses Irrecoverable overseas tax Adjustments in respect of prior years - 2 Overseas tax expensed (1) (1) Indian capital gains tax - 18 Current tax charge for year (note 5a) OEICs are exempt from tax on capital gains. Therefore, any capital return is not included in the above reconciliation. *As an authorised OEIC these items are not subject to corporation tax. Deferred taxation: There is no provision required for deferred taxation at the Balance sheet date in the current or prior year. Factors that may affect future tax charges: At the year end, after offset against revenue taxable on receipt, there is a potential deferred tax asset of 382,305 (31/07/14: 316,349) this relates to surplus management expenses. No deferred tax asset was recognised in the current or prior year as it was considered unlikely the Fund would generate sufficient taxable profits in the future to utilise these amounts. Finance costs s and interest The distributions take account of revenue received on the issue of shares and revenue deducted on the cancellation of shares, and comprises: Interim distribution Final distribution Add: revenue deducted on cancellation of shares Deduct: revenue received on issue of shares Net distributions for the year Interest Total finance costs Details of the distribution per share is set out in the tables on pages 194 to 195. '000 ' (1) (4)

194 First State Global Agribusiness Fund Notes to the Financial Statements Movement between net expenses and net distributions '000 '000 Net expenses after taxation (35) (34) Revenue deficit Movement in net income as a result of conversions 1 6 Indian capital gains tax - 18 Net distributions for the year Debtors Sales awaiting settlement Amounts receivable for issue of shares Accrued revenue Overseas tax recoverable Total debtors Creditors Purchases awaiting settlement Amounts payable for cancellation of shares Accrued expenses Total creditors Portfolio transaction costs Analysis of total trade costs: Non-derivative securities Trades in the year before transaction costs Commissions Taxes '000 ' '000 ' Purchases Sales '000 '000 '000 '000 10,312 13,091 24,438 17,806 10,312 13,091 24,438 17, (22) (24) 7 10 (3) (3) (25) (27) 10,331 13,122 24,413 17,779 Total costs Total net trades in the year after transaction costs 11. Contingent liabilities and commitments As at 31 July 2015, the Fund had no contingent liabilities (31/07/14: nil) and no commitments (31/07/14: nil). 191

195 First State Global Agribusiness Fund Notes to the Financial Statements 12. (a) (b) Derivatives and other financial instruments General In pursuing its investment objectives the Fund holds equity shares. The main risk arising from the Fund s financial instruments is market price risk. Market price risk arises mainly from uncertainty about future prices of the financial instruments held. Investment risk in the portfolio is regularly reviewed and controlled through the adoption of parameters limiting exposures to various factors such as industries, countries, and company size. The Fund has little exposure to credit or cash flow risk. Certain transactions in securities that the Fund enters into expose it to the risk that the counter-party will not deliver the investment (purchase) or cash (sale) after the Fund has fulfilled its responsibilities. The Fund only buys and sells investments through brokers which have been approved by the ACD as an acceptable counter-party. This list is reviewed quarterly. The Fund s assets comprise mainly realisable securities which can be readily sold in normal market conditions. The Fund s main liability is the redemption of any shares that investors wish to sell. In general, the ACD manages the cash to ensure that it can meet its liabilities. Assets from a fund may need to be sold if insufficient cash is available to finance such redemptions. The Fund s holdings are reviewed on a regular basis, with particular emphasis on the market capitalisation of the issuer (securities issued by larger capitalised companies generally have greater liquidity), and the number of days it would take to trade out of a given securities position or percentage of the Fund as a whole (determined by reference to available market trading volumes). Funds that have a higher concentration of securities which are deemed to be less liquid are regularly monitored. As a proportion of the Fund s investment portfolio is invested in overseas securities the Balance sheet can be affected by movements in foreign exchange rates. The Investment Manager may seek to manage exposure to currency movements by using forward foreign exchange contracts or by hedging the sterling value of investments that are priced in other currencies. Income received in other currencies is converted to sterling on or near the date of receipt. The market value of investments is taken to equal fair value for the purposes of Financial Reporting Standard 29. Given all the activities of the Fund, none of the investments held fall within the definition of investments held for trading as set out in Financial Reporting Standard 13. Fair value of financial assets and financial liabilities There is no material difference between the value of the financial assets and liabilities, as shown in the Balance sheet, and their fair value. Interest rate risk The Fund does not invest in either fixed or floating rate securities and interest rate risk exposure is restricted to interest receivable on bank deposits or payable on bank overdraft positions which will be affected by fluctuations in interest rates. As at 31 July 2015, 3.89% (31 July 2014: 2.72%) of the Fund's assets were interest bearing. 192

196 First State Global Agribusiness Fund Notes to the Financial Statements 12. (c) Derivatives and other financial instruments Analysis of the Fund's currency exposure The following summarises the Sterling value of currencies of the Fund in which the investments, including cash, debtors and creditors, are denominated. As at 31 July the Fund had the following net currency exposure (excluding sterling): Net foreign currency assets Net foreign currency assets Monetary Non-monetary Monetary Non-monetary exposures exposures Total exposures exposures Total Currency '000 '000 '000 '000 '000 '000 Australian dollar Brazilian real Canadian dollar (37) 1,762 1,725 (12) 2,961 2,949 Chilean peso Euro 73 1,098 1, ,395 1,431 Hong Kong dollar (210) Indonesian rupiah (10) Japanese yen Malaysian ringgit Mexican peso New Zealand dollar Norwegian krone Singapore dollar ,525 1,526 Swedish krona (22) Swiss franc Thai baht US dollar - 7,145 7, ,898 15, ,620 12,668 (6) 24,427 24,421 Related parties First State Investments (UK) Limited, ("the ACD") is a related party to the Fund as defined by Financial Reporting Standard 8 Related Party Disclosures. By virtue of the regulations governing OEICs, the ACD is party to every transaction in respect of shares of the Fund, which are summarised in the Statement of Change in Net Assets attributable to Shareholders. Amounts due at the year end in respect of issues and cancellations are included in the Balance Sheet. Amounts paid to First State Investments (UK) Limited in respect of ACD fees are disclosed in note 4, with 12,695 (31/07/14: 26,136) due at the year end. Share classes The Fund has four share classes in issue. The ACD's periodic charge on each share class is as follows: Share class A Accumulation (Retail): Share class B Accumulation (Institutional): Share class A Accumulation (EUR share class) (Retail): Share class B Accumulation (EUR share class) (Institutional): The net asset value of each share class, the net asset value per share and the number of shares in each class are given in the Performance Record on page 185. The distributions per share class are given in the Tables on pages 194 to 195. All share classes have the same rights on winding up. %

197 First State Global Agribusiness Fund Tables for the year ended 31 July 2015 in pence and cents per share Group 1 Interim - Shares purchased prior to 1 August 2014 Final - Shares purchased prior to 1 February 2015 Group 2 Interim - Shares purchased between 1 August 2014 and 31 January 2015 Final - Shares purchased between 1 February 2015 and 31 July 2015 Share class A Accumulation paid to/payable 30/09/2015 paid 30/09/2014 Net revenue Equalisation Group 1 (p) (p) (p) (p) Interim Final Group 2 (p) (p) (p) (p) Interim Final This share class is in deficit and therefore not making a distribution. Share class B Accumulation paid to/payable 30/09/2015 paid 30/09/2014 Net revenue Equalisation Group 1 (p) (p) (p) (p) Interim Final Group 2 (p) (p) (p) (p) Interim Final Share class A Accumulation (EUR share class) paid to/payable 30/09/2015 paid 30/09/2014 Net revenue Equalisation Group 1 (c) (c) (c) (c) Interim Final Group 2 (c) (c) (c) (c) Interim Final This share class is in deficit and therefore not making a distribution. 194

198 First State Global Agribusiness Fund Tables for the year ended 31 July 2015 Share class B Accumulation (EUR share class) paid to/payable 30/09/2015 paid 30/09/2014 Net revenue Equalisation Group 1 (c) (c) (c) (c) Interim Final Group 2 (c) (c) (c) (c) Interim Final Corporate Tax for all share classes (unaudited) A shareholder liable to corporation tax receives this distribution, excluding equalisation, as follows: Interim % of the dividend together with the tax credit is received as franked investment income. Interim % of the dividend is received as an annual payment (non foreign element) received after the deduction of tax at a rate equal to the basic rate of income tax and is liable to corporation tax. The tax deemed to be deducted is treated as income tax. Interim % of the dividend is received as an annual payment (foreign element) received after the deduction of tax at a rate equal to the basic rate of income tax. It is treated as foreign income in the hands of the corporate investor and is liable to corporation tax. The associated deemed tax is treated as foreign tax in the hand of the investor who may be able to claim double tax relief. Investors cannot reclaim any of this deemed tax on the foreign element from HM Revenue & Customs. Final % of the dividend together with the tax credit is received as franked investment income. Final % of the dividend is received as an annual payment (non foreign element) received after the deduction of tax at a rate equal to the basic rate of income tax and is liable to corporation tax. The tax deemed to be deducted is treated as income tax. Final % of the dividend is received as an annual payment (foreign element) received after the deduction of tax at a rate equal to the basic rate of income tax. It is treated as foreign income in the hands of the corporate investor and is liable to corporation tax. The associated deemed tax is treated as foreign tax in the hand of the investor who may be able to claim double tax relief. Investors cannot reclaim any of this deemed tax on the foreign element from HM Revenue & Customs. Shareholders should consult their professional advisers for any advice regarding their tax position. 195

199 First State Global Resources Fund Authorised Fund Manager's Report for the year ended 31 July 2015 Investment objective and policy The Fund aims to achieve long-term capital growth. The Fund invests in equities in the natural resources and energy sectors worldwide. Risks and reward profile Share class A Accumulation Share class B Accumulation Share class A Accumulation (EUR share class) Share class B Accumulation (EUR share class) Lower risk Higher risk Potentially lower rewards Potentially higher rewards * * * * 7 The synthetic risk reward indicator (the SRRI) rating is not a measure of the risk of you losing your investment but describes how much the value of the Fund went up and down in the past; The SRRI rating is based on historical data which may not be a reliable indication of the future risks and rewards of the Fund; We cannot guarantee that the rating of the Fund will remain the same, it may change over time; Even the lowest rating 1 does not mean a risk free investment; On a scale of 1 (less risky) to 7 (more risky), this Fund has a rating of 6 due to its past performance and the nature of its investments. Shares with a rating of 6 might have higher risks, but also higher returns; Risk is taken in order to make a higher potential return, the more risk a fund takes, the higher the potential return but the greater the risk of loss; and The value of the Fund and its return is not guaranteed and may fall as well as rise. You may get back less than you originally invested. *The SRRI changed from 7 to 6 on 12 November The Fund might also experience the following risks: Currency risk: the Fund invests in assets which are denominated in other currencies; changes in exchange rates will affect the value of the Fund. Single sector risk: investing in a single sector may be riskier than investing in a number of different sectors. Investing in a larger number of sectors helps spread risk. Investing in a larger number of sectors helps spread risk. Global resources: the Fund may be vulnerable to price fluctuations and other factors that particularly affect the global resources sector, for example taxes, government regulation or supply. For further information on risks, please refer to the risk factors section in the Company's prospectus. Fund Performance The Fund fell by 36.5% over the 12 months and by 36.1% and 41.8% over three and five years to 31 July Theperformance is largely attributable tothe Fund s exposures to North American Exploration & Production (E&P) companies. Bankers Petroleum shares were weighed down by the falling oil price. Despite this, we believe that company management is doing a good job managing its heavy oil assets in Albania. Due to successful cost-control initiatives in recent years, Bankers is in an enviable position to maintain balance sheet strength, despite lower oil prices. With over 5bn barrels of original oil in place, the company s assets offer long-term growth potential, and yet Bankers is trading at a significant discount to its closest peers on all key metrics. Therefore, we expect continued results from cost-saving initiatives and enhanced oil recovery pilots to lead to a higher share price and relative valuation. This was partially offset by our overweight position in large integrated energy company Exxon Mobil, which added value. Exxon has a globally diversified portfolio of high quality, long-life assets, primarily in low political risk jurisdictions. Its defensive characteristics provide resilience in a falling oil price environment. We took some profits on Exxon after relative strength, switching these sale proceeds into Chevron, which offers a reasonable valuation, attractive growth and an attractive dividend yield. 196

200 First State Global Resources Fund Authorised Fund Manager's Report for the year ended 31 July 2015 Portfolio Activity We increased the Fund s exposures to diversified mining companies, BHP Billiton and Rio Tinto. Both companies have a high quality suite of assets that are in general low cost, long life and expandable. Predominately located in low-risk countries, they offer above average returns and operating margins. Both have exhibited improving capital discipline by reducing spending and costs while paying down debt, and have confirmed their intention to maintain their dividend policy. We have also opportunistically added to some of our smaller diamond positions like Petra and Dominion Diamonds. Rough diamond prices have been in decline for the last nine months as credit availability, emerging market currency volatility and tepid demand have impacted the market. We had reduced the Fund s position in Royal Dutch Shell in March to partially fund our preference for Total, Chevron and Exxon Mobil, however, we sold our remaining position in April post Shell s bid for BG Group at a 50% premium to the last price. While we acknowledge the attraction of BG s gas business and Shell s need for growth, the premium is considered to be excessive in our view. Outlook We invest in high quality companies with robust balance sheets and wider-than-average margins companies which we think are well positioned to withstand macroeconomic challenges and benefit from a cyclical recovery. We continue to look for opportunities to add to select copper equities on market weakness. We have made small additions to our diamond equity positions reflecting our long term confidence in the supply constraints this market faces. Cumulative performance Time Since period mths mths yrs yrs yrs yrs launch Fund return % (22.7) (16.7) (36.5) (36.1) (41.8) Benchmark return % (23.0) (17.9) (33.5) (34.3) (37.5) Sector return % (2.4) Quartile ranking Discrete performance Time period Fund return % 12 mths to 12 mths to 12 mths to 12 mths to 12 mths to 31/07/15 31/07/14 31/07/13 31/07/12 31/07/11 (36.5) 11.0 (9.4) (30.3) 30.6 Benchmark: 75% HSBC Global Mining Accumulation index and 25% MSCI All Country World Energy Index. ( Note: The benchmark changed from the HSBC Global Mining Index to the above on 01/11/2007 ) Sector: IA Global. Past performance should not be used as a guide to future performance, which is not guaranteed. Ten largest holdings Stock name Rio Tinto BHP Billiton Exxon Mobil Glencore Chevron Lundin Mining Goldcorp Antofagasta Total Southern Copper Types of shares Accumulation. % of Fund Stock name % of Fund 8.43 Rio Tinto BHP Billiton Exxon Mobil Vale Glencore Freeport-McMoRan Copper & Gold Franco-Nevada Goldcorp Schlumberger Chevron

201 First State Global Resources Fund Portfolio statement Holdings Market value '000 Total net assets % UNITED KINGDOM (16.97%*) 47, ,324,611 Antofagasta 7, ,134 BHP Billiton 5, ,507 Fresnillo 2, ,485,260 Glencore 17, ,611,925 Petra Diamonds 5, ,359 Randgold Resources 3, ,522 Rio Tinto 5, UNITED STATES (26.68%*) 65, ,248 Anadarko Petroleum 3, ,118 Chevron 9, ,997 Concho Resources 4, ,171 Diamondback Energy ,683 EOG Resources 4, ,027 Exxon Mobil 22, ,785 Freeport-McMoRan Copper & Gold 4, ,056 Memorial Resource Development 1, ,553 Nucor 1, ,747 RSP Permian ,479 Schlumberger 1, ,684 Southern Copper 7, ,475 Stillwater Mining 5, CANADA (24.66%*) 92, ,500 ARC Resources 1, ,935,885 Bankers Petroleum 2, ,003 Cameco 5, ,215 Canadian Natural Resources 3, ,853,831 Capstone Mining ,527,374 Copper Mountain Mining ,442,529 Denison Mines ,670 Detour Gold 2, ,450 Dominion Diamond 1, ,137 Eldorado Gold 1, ,276 Enbridge 6, ,050 First Quantum Minerals 3, ,664 Franco-Nevada 6, ,696 Gibson Energy 2, ,293 Goldcorp 7, ,446,242 Highland Copper ,311,553 Highland Copper Warrants 11/09/ ,311 Highland Copper Warrants 20/09/ ,266 HudBay Minerals 2, ,835,849 IC Potash ,999 Kennady Diamonds ,969,270 Lucara Diamond 1, ,652,266 Lundin Mining 8, ,900 MAG Silver ,008,995 Mountain Province Diamonds 2, ,224 Peyto Exploration & Development 1, ,776 PrairieSky Royalty 3, ,244,212 Romarco Minerals 4, ,670 Seven Generations Energy ,205 Silver Wheaton 5,

202 First State Global Resources Fund Portfolio statement Holdings Market value '000 Total net assets % 168,028 Suncor Energy 3, ,660 Tahoe Resources 2, ,985 TMAC Resources 2, ,896,215 Torex Gold Resources 1, ,847,500 Trevali Mining 1, ,615 Whitecap Resources 1, ,666,218 Woulfe Mining ,002 Woulfe Mining Warrants 31/08/ FRANCE (0.00%*) 7, ,114 Total 7, GERMANY (0.00%*) 2, ,919 Aurubis ,658 Core Laboratories 1, LUXEMBOURG (0.99%*) 1, ,317 ArcelorMittal 1, AUSTRALIA (17.80%*) 70, ,525,239 Alumina 3, ,383,721 Berkeley Resources ,989,191 BHP Billiton 24, ,090,781 Independence Group 1, ,441,678 Mineral Deposits ,127,428 Oil Search 3, ,032,641 Rio Tinto 25, ,180 Sandfire Resources ,367,935 Senex Energy ,222,689 Sirius Resources 3, ,380,611 South32 3, ,394,893 Sundance Energy Australia ,136,701 Western Areas 1, CHINA (1.56%*) 6, ,466,000 China Shenhua 'H' 6, SOUTH AFRICA (0.56%*) 1, ,494 Royal Bafokeng Platinum 1, BRAZIL (5.73%*) 1, ,820 Vale Preference ADR 1, MEXICO (1.04%*) 1, ,006,600 Grupo Mexico 'B' 1, Portfolio of investments 298, Net other assets 3, Total net assets 301, All investments held are listed, unless otherwise stated. For the purposes of this portfolio holdings analysis, securities are shown based on their country of listing. * Comparative figures shown in brackets relate to 31 July Stocks shown as ADRs represent American Depositary Receipts. 199

203 First State Global Resources Fund Summary Fund performance Net asset value and ongoing charges figure Share class A Accumulation 31/07/13 31/07/14 31/07/15 Share class B Accumulation 31/07/13 31/07/14 31/07/15 Share class A Accumulation (EUR share class) 31/07/13 31/07/14 31/07/15 Share class B Accumulation (EUR share class) 31/07/13 31/07/14 31/07/15 Net Asset Value of share class ( ) Shares in issue Net Asset Value per share (p/c)* Ongoing Charges Figure (%) 156,648,053 58,696, ,807,081 45,458, ,671,197 31,599, ,484, ,774, ,423, ,118, ,862, ,983, ,752,224 38,119, / ,974,343 40,645, / ,298,168 29,087, / ,115,595 6,451, / ,995,425 6,992, / ,856,842 8,406, / *Where 2 figures are shown for a share class denominated in EUR or USD, the first figure is in GBP in pence and the second figure is in EUR/USD in cents. Amounts in Euros and US dollars have been converted at the (EUR) and (USD) exchange rate at 12:00 midday on 31 July

204 First State Global Resources Fund Summary Fund performance Share price history and revenue record Calendar year Highest share price (p/c) Lowest share price (p/c) per share (p/c) Share class A Accumulation * Share class B Accumulation * Share class A Accumulation (EUR share class) * Share class B Accumulation (EUR share class) * The share classes marked with EUR or USD are stated in Euros/US dollars. The Euro and US dollar prices are calculated using the exchange rate at the valuation point on that date. * To 31 July Share class B Accumulation (EUR share class) was launched 24 September

205 First State Global Resources Fund Statement of total return for the year ended 31 July 2015 Notes '000 '000 '000 '000 Income: Net capital (losses)/gains 2 (183,157) 48,202 Revenue 3 10,886 11,791 Expenses 4 (4,283) (5,576) Finance costs: interest 6 (1) - Net revenue before taxation 6,602 6,215 Taxation 5 (706) (814) Net revenue after taxation 5,896 5,401 Total return before distributions (177,261) 53,603 Finance costs: distributions 6 (5,913) (5,433) Change in net assets attributable to shareholders from investment activities (183,174) 48,170 Statement of change in net assets attributable to shareholders for the year ended 31 July 2015 Opening net assets attributable to shareholders Amounts receivable on issue of shares Less: Amounts payable on cancellation of shares Dilution adjustment Stamp duty reserve tax Change in net assets attributable to shareholders from investment activities Retained distribution on accumulation shares Closing net assets attributable to shareholders '000 '000 '000 ' , ,001 58,810 57,001 (101,883) (105,208) (43,073) (48,207) (46) (183,174) 48,170 5,689 5, , ,201 Notes to the financial statements are on pages 204 to

206 First State Global Resources Fund Balance sheet Assets Portfolio of investments Debtors Cash and bank balances Total other assets Total assets Liabilities Creditors Total liabilities Net assets attributable to shareholders Notes '000 ' , , ,918 8,570 7,785 18,984 11,703 27, , ,835 9 (8,305) (6,634) (8,305) (6,634) 301, ,201 Notes to the financial statements are on pages 204 to

207 First State Global Resources Fund Notes to the Financial Statements Accounting basis and policies Please see pages 10 to 12 for accounting basis and policies. Net capital (losses)/gains The net capital (losses)/gains during the year comprise: Non-derivative securities Forward foreign exchange currency contracts Currency gains/(losses) Net capital (losses)/gains Revenue Dividends from UK companies Overseas taxable revenue Overseas non-taxable revenue Interest from bank deposits Interest on capital revenue from Brazilian companies Total revenue Expenses Payable to the ACD, associates of the ACD, and agents of either of them: ACD's periodic charge Payable to the Depositary, associates of the Depositary, and agents of either of them: Depositary's fees Other expenses: Audit fee Registrar fees Safe custody charges Other expenses Total expenses '000 '000 (183,170) 48,611 - (2) 13 (407) (183,157) 48,202 '000 '000 1,336 2,752 (49) (69) 8,863 7, ,529 10,886 11,791 '000 '000 3,914 5, ,283 5,

208 First State Global Resources Fund Notes to the Financial Statements 5. (a) (b) (c) (d) Taxation Analysis of charge in year: Irrecoverable overseas tax Factors affecting current tax charge for the year: Net revenue before taxation Corporation tax of 20% (2014: 20%) Effects of: UK dividends* Overseas non-taxable revenue* Movement in excess management expenses Irrecoverable overseas tax Overseas tax expensed Current tax charge for year (note 5a) OEICs are exempt from tax on capital gains. Therefore, any capital return is not included in the above reconciliation. *As an authorised OEIC these items are not subject to corporation tax. Deferred taxation: There is no provision required for deferred taxation at the Balance sheet date in the current or prior year. Factors that may affect future tax charges: Finance costs s and interest Interim distribution Final distribution Add: revenue deducted on cancellation of shares Deduct: revenue received on issue of shares Net distributions for the year Interest from bank deposits Total finance costs Details of the distribution per share is set out in the tables on pages 209 to 210. Movement between net revenue and net distributions Net revenue after taxation Movement in net income as a result of conversions Net distributions for the year '000 ' The tax assessed for the year is lower than (2014: lower than) the standard rate of corporation tax in the UK for an OEIC of 20% (2014: 20%). The differences are explained below: 6,602 6,215 1,320 1,243 (267) (550) (1,773) (1,509) (21) (46) At the year end, after offset against revenue taxable on receipt, there is a potential deferred tax asset of 7,424,098 (31/07/14: 6,683,737) this relates to surplus management expenses. No deferred tax asset was recognised in the current or prior year as it was considered unlikely the Fund would generate sufficient taxable profits in the future to utilise these amounts. The distributions take account of revenue received on the issue of shares and revenue deducted on the cancellation of shares, and comprises: '000 '000 2,533 2,539 3,156 2,699 5,689 5, (334) (275) 5,913 5, ,914 5,433 '000 '000 5,896 5, ,913 5,

209 First State Global Resources Fund Notes to the Financial Statements Debtors Sales awaiting settlement Amounts receivable for issue of shares Accrued revenue Overseas tax recoverable Total debtors Creditors Purchases awaiting settlement Amounts payable for cancellation of shares Accrued expenses Total creditors Portfolio transaction costs Analysis of total trade costs: Non-derivative securities Trades in the year before transaction costs Commissions Taxes Total costs Total net trades in the year after transaction costs '000 '000 3, , ,918 8,570 '000 '000 3,263 6,102 4, ,305 6,634 Purchases Sales '000 '000 '000 ' , , , , , , , , (336) (523) (8) (19) (344) (542) 219, , , , Contingent liabilities and commitments As at 31 July 2015, the Fund had no contingent liabilities (31/07/14: 2,036,833) and no commitments (31/07/14: nil). 206

210 First State Global Resources Fund Notes to the Financial Statements 12. (a) (b) (c) Derivatives and other financial instruments General In pursuing its investment objectives the Fund holds equity shares. The main risk arising from the Fund s financial instruments is market price risk. Market price risk arises mainly from uncertainty about future prices of the financial instruments held. Investment risk in the portfolio is regularly reviewed and controlled through the adoption of parameters limiting exposures to various factors such as industries, countries, and company size. The Fund has little exposure to credit or cash flow risk. Certain transactions in securities that the Fund enters into expose it to the risk that the counter-party will not deliver the investment (purchase) or cash (sale) after the Fund has fulfilled its responsibilities. The Fund only buys and sells investments through brokers which have been approved by the ACD as an acceptable counter-party. This list is reviewed quarterly. The Fund s assets comprise mainly realisable securities which can be readily sold in normal market conditions. The Fund s main liability is the redemption of any shares that investors wish to sell. In general, the ACD manages the cash to ensure that it can meet its liabilities. Assets from a fund may need to be sold if insufficient cash is available to finance such redemptions. The Fund s holdings are reviewed on a regular basis, with particular emphasis on the market capitalisation of the issuer (securities issued by larger capitalised companies generally have greater liquidity), and the number of days it would take to trade out of a given securities position or percentage of the Fund as a whole (determined by reference to available market trading volumes). Funds that have a higher concentration of securities which are deemed to be less liquid are regularly monitored. As a proportion of the Fund s investment portfolio is invested in overseas securities the Balance sheet can be affected by movements in foreign exchange rates. The Investment Manager may seek to manage exposure to currency movements by using forward foreign exchange contracts or by hedging the sterling value of investments that are priced in other currencies. Income received in other currencies is converted to sterling on or near the date of receipt. The market value of investments is taken to equal fair value for the purposes of Financial Reporting Standard 29. Given all the activities of the Fund, none of the investments held fall within the definition of investments held for trading as set out in Financial Reporting Standard 13. Fair value of financial assets and financial liabilities There is no material difference between the value of the financial assets and liabilities, as shown in the Balance sheet, and their fair value. Interest rate risk The Fund does not invest in either fixed or floating rate securities and interest rate risk exposure is restricted to interest receivable on bank deposits or payable on bank overdraft positions which will be affected by fluctuations in interest rates. As at 31 July 2015, 2.58% (31 July 2014: 3.64%) of the Fund's assets were interest bearing. Analysis of the Fund's currency exposure The following summarises the Sterling value of currencies of the Fund in which the investments, including cash, debtors and creditors, are denominated. As at 31 July the Fund had the following net currency exposure (excluding sterling): Net foreign currency assets Net foreign currency assets Monetary Non-monetary Monetary Non-monetary exposures exposures Total exposures exposures Total Currency '000 '000 '000 '000 '000 '000 Australian dollar (1) 70,137 70,136 (1,116) 92,860 91,744 Canadian dollar ,360 93,015 (427) 128, ,335 Euro 257 9,523 9,780 5,133 5,170 10,303 Hong Kong dollar 414 6,673 7, ,130 8,679 Mexican peso - 1,729 1,729 (62) 5,414 5,352 South African rand (25) 1,196 1,171 (34) 2,912 2,878 US dollar (103) 68,707 68,604 (2,013) 169, ,317 1, , ,522 2, , ,

211 First State Global Resources Fund Notes to the Financial Statements Related parties First State Investments (UK) Limited, ("the ACD") is a related party to the Fund as defined by Financial Reporting Standard 8 Related Party Disclosures. By virtue of the regulations governing OEICs, the ACD is party to every transaction in respect of shares of the Fund, which are summarised in the Statement of Change in Net Assets attributable to Shareholders. Amounts due at the year end in respect of issues and cancellations are included in the Balance Sheet. Amounts paid to First State Investments (UK) Limited in respect of ACD fees are disclosed in note 4, with 259,034 (31/07/14: 421,227) due at the year end. As at 31 July 2015 Commonwealth Bank of Australia (UK) Staff Pension Scheme, a related party of the ACD, owned 0.09% (31/07/14: nil) of the Net Asset Value of the Fund. As at 31 July 2015 JLT Benefit Solutions Ltd (London), a related party of the ACD, owned nil (31/07/14: 0.08%) of the Net Asset Value of the Fund. Share classes The Fund has four share classes in issue. The ACD's periodic charge on each share class is as follows: Share class A Accumulation (Retail): Share class B Accumulation (Institutional): Share class A Accumulation (EUR share class) (Retail): Share class B Accumulation (EUR share class) (Institutional): The net asset value of each share class, the net asset value per share and the number of shares in each class are given in the Performance Record on page 200. The distributions per share class are given in the Tables on pages 209 to 210. All share classes have the same rights on winding up. %

212 First State Global Resources Fund Tables for the year ended 31 July 2015 in pence and cents per share Group 1 Interim - Shares purchased prior to 1 August 2014 Final - Shares purchased prior to 1 February 2015 Group 2 Interim - Shares purchased between 1 August 2014 and 31 January 2015 Final - Shares purchased between 1 February 2015 and 31 July 2015 Share class A Accumulation paid to/payable 30/09/2015 paid 30/09/2014 Net revenue Equalisation Group 1 (p) (p) (p) (p) Interim Final Group 2 (p) (p) (p) (p) Interim Final Share class B Accumulation paid to/payable 30/09/2015 paid 30/09/2014 Net revenue Equalisation Group 1 (p) (p) (p) (p) Interim Final Group 2 (p) (p) (p) (p) Interim Final Share class A Accumulation (EUR share class) paid to/payable 30/09/2015 paid 30/09/2014 Net revenue Equalisation Group 1 (c) (c) (c) (c) Interim Final Group 2 (c) (c) (c) (c) Interim Final

213 First State Global Resources Fund Tables for the year ended 31 July 2015 Share class B Accumulation (EUR share class) paid to/payable 30/09/2015 paid 30/09/2014 Net revenue Equalisation Group 1 (c) (c) (c) (c) Interim Final Group 2 (c) (c) (c) (c) Interim Final Corporate Tax for all share classes (unaudited) A shareholder liable to corporation tax receives this distribution, excluding equalisation, as follows: Interim % of the dividend together with the tax credit is received as franked investment income. Interim % of the dividend is received as an annual payment (non foreign element) received after the deduction of tax at a rate equal to the basic rate of income tax and is liable to corporation tax. The tax deemed to be deducted is treated as income tax. Interim % of the dividend is received as an annual payment (foreign element) received after the deduction of tax at a rate equal to the basic rate of income tax. It is treated as foreign income in the hands of the corporate investor and is liable to corporation tax. The associated deemed tax is treated as foreign tax in the hand of the investor who may be able to claim double tax relief. Investors cannot reclaim any of this deemed tax on the foreign element from HM Revenue & Customs. Final % of the dividend together with the tax credit is received as franked investment income. Final % of the dividend is received as an annual payment (non foreign element) received after the deduction of tax at a rate equal to the basic rate of income tax and is liable to corporation tax. The tax deemed to be deducted is treated as income tax. Final % of the dividend is received as an annual payment (foreign element) received after the deduction of tax at a rate equal to the basic rate of income tax. It is treated as foreign income in the hands of the corporate investor and is liable to corporation tax. The associated deemed tax is treated as foreign tax in the hand of the investor who may be able to claim double tax relief. Investors cannot reclaim any of this deemed tax on the foreign element from HM Revenue & Customs. Shareholders should consult their professional advisers for any advice regarding their tax position. 210

214 First State Worldwide Equity Fund Authorised Fund Manager's Report for the year ended 31 July 2015 Investment objective and policy The Fund aims to achieve long-term capital growth. The Fund will seek to invest in a diverse portfolio of equity securities which are listed, traded or dealt in on any of the Regulated Markets worldwide. The Fund is not managed to a benchmark and may have exposure to developed or emerging markets whilst maintaining its geographical diversity. The Fund may invest in any industry. Risks and reward profile Share class A Accumulation Share class A Income Share class B Accumulation Share class B Income Share class B Accumulation (EUR share class) Share class B Accumulation (USD share class) Lower risk Higher risk Potentially lower rewards Potentially higher rewards * * * * * 6 7 The synthetic risk reward indicator (the SRRI) rating is not a measure of the risk of you losing your investment but describes how much the value of the Fund went up and down in the past; The SRRI rating is based on historical data which may not be a reliable indication of the future risks and rewards of the Fund; We cannot guarantee that the rating of the Fund will remain the same, it may change over time; Even the lowest rating 1 does not mean a risk free investment; On a scale of 1 (less risky) to 7 (more risky), this Fund has a rating of 5 due to its past performance and the nature of its investments. Shares with a rating of 5 might have higher risks, but also higher returns; Risk is taken in order to make a higher potential return, the more risk a fund takes, the higher the potential return but the greater the risk of loss; and The value of the Fund and its return is not guaranteed and may fall as well as rise. You may get back less than you originally invested. * The SRRI changed from 6 to 5 on 21 July The Fund might also experience the following risks: Emerging market risk: emerging markets may not provide the same level of investor protection as a developed market; they may involve a higher risk than investing in developed markets. Currency risk: the Fund invests in assets which are denominated in other currencies; changes in exchange rates will affect the value of the Fund. For further information on risks, please refer to the risk factors section in the Company's prospectus. Performance The Fund rose by 10.8% in sterling terms over the year and produced a return of 28.1% over the three years to 31 July Chubb Corp (US: Financials) has been the subject of a takeover bid by Ace Ltd, which will own 70% of the company after the transaction closes. Ace is a well-respected company, but an aggressive one, and the size of this deal highlights this. Markel (US: Financials) has delivered solid performance as management continue to exercise a disciplined approach to underwriting. Unilever (UK: Consumer Staples) has risen to the challenge of tough economic headwinds as well as currency volatility across emerging markets. On the negative side, Tullow Oil (UK: Energy) declined with the oil price which has resulted in capital expenditure constraints and a dividend cut and Vapores (Chile: Industrials) has lagged as it continues with its restructuring. Natura Cosmeticos (Brazil: Consumer Staples) fell as Brazil is a difficult market at the moment and the company s business model transition is impacting results. 211

215 First State Worldwide Equity Fund Authorised Fund Manager's Report for the year ended 31 July 2015 Portfolio Changes Significant new positions established during the year included Berkshire Hathaway (US: Financials) which we are happy to hold going into a downturn. We also bought Merck, a German pharmaceutical company which is undergoing a cultural transformation, and Infosys (India: Information Technology), a company we have known for most of the last 20 years and which, in our opinion, is one of the most honest companies we have analysed. We sold Familymart (Japan: Consumer Staples), due to a challenging operating environment and governance worries, and Sawai Pharmaceuticals (Japan: Health Care) on concerns about regulation and pricing pressure. We also sold Shinhan Financial (South Korea: Financials) as international regulation and a tougher domestic regulator are likely to result in lower returns. Outlook The increasingly bubble-like valuations of some markets and in particular internet and biotechnology-related sectors, give us serious cause for concern. Consequently we have very little exposure to technology companies other than a small, much-reduced holding in Microsoft. We will continue to try to protect clients as far as we can from the coming storm - we are now six years into a bull market whose main fuel, money printing, has never ended up being good for shareholders. Cumulative performance Time Since period mths mths yrs yrs yrs yrs launch Fund return % (1.1) (1.0) Benchmark return % (3.1) Sector return % (2.4) Quartile ranking Discrete performance Time period Fund return % Benchmark: MSCI World Index. Sector: IA Global. Past performance should not be used as a guide to future performance, which is not guaranteed. Ten largest holdings Stock name Henkel Unilever Markel Chubb Nestle Waters Berkshire Hathaway 'A' Shares Unicharm Oversea-Chinese Banking Merck Types of shares Income and Accumulation. 12 mths to 12 mths to 12 mths to 12 mths to 12 mths to 31/07/15 31/07/14 31/07/13 31/07/12 31/07/ (2.5) % of Fund Stock name % of Fund 9.52 Unilever Chubb GlaxoSmithKline Nestle Markel Henkel Kansai Paint Baxter International Waters Standard Bank Group

216 First State Worldwide Equity Fund Portfolio statement Holdings Market value '000 Total net assets % UNITED KINGDOM (19.60%*) 3, ,692 GlaxoSmithKline ,318 PZ Cussons ,515 Tesco ,466 Tullow Oil ,861 Unilever 2, UNITED STATES (22.72%*) 8, ,175 Baxalta ,175 Baxter International Berkshire Hathaway 'A' Shares ,571 Chubb 1, ,734 Coca-Cola ,099 Colgate-Palmolive ,256 First Republic Bank ,895 Markel 2, ,166 Microsoft ,310 Waters ,366 Xylem AUSTRIA (1.23%*) ,772 Lenzing FRANCE (1.08%*) ,963 SES GERMANY (6.33%*) 3, ,220 Draegerwerk ,532 Henkel 2, ,051 Merck ,422 Pfeiffer Vacuum Technology NORWAY (0.57%*) ,890 Tomra Systems PORTUGAL (1.22%*) - - SPAIN (2.65%*) ,012 Distribuidora Internacional de Alimentacion SWITZERLAND (6.52%*) 2, ,251 Energiedienst Holding ,448 Kuehne + Nagel International ,421 Nestle 1, SGS JAPAN (10.06%*) 1, ,200 Ain Pharmaciez ,000 Kansai Paint ,900 Unicharm AUSTRALIA (2.26%*) ,179 Newcrest Mining CHINA (1.23%*) ,035 China Resources Enterprise INDIA (0.00%*) ,500 Infosys PHILIPPINES (1.13%*) ,700 Manila Water

217 First State Worldwide Equity Fund Portfolio statement Holdings Market value '000 Total net assets % SINGAPORE (2.59%*) ,505 Oversea-Chinese Banking SOUTH KOREA (1.69%*) - - SOUTH AFRICA (5.84%*) ,082 Standard Bank Group ,496 Tiger Brands TURKEY (0.64%*) - - BRAZIL (0.98%*) ,151 Duratex ,300 Natura Cosmeticos CHILE (3.52%*) 1, ,630 Cia Cervecerias Unidas ,426,128 Cia Sud Americana de Vapores ,966 ENTEL Chile ,370,078 Sociedad Matriz SAAM Portfolio of investments 26, Net other assets 2, Total net assets 28, All investments held are listed, unless otherwise stated. For the purposes of this portfolio holdings analysis, securities are shown based on their country of listing. * Comparative figures shown in brackets relate to 31 July

218 First State Worldwide Equity Fund Summary Fund performance Net asset value and ongoing charges figure Net Asset Value of share class ( ) Shares in issue Net Asset Value per share (p/c)* Ongoing Charges Figure (%) Share class A Accumulation 31/07/13 31/07/14 31/07/15 Share class A Income 31/07/13 31/07/14 31/07/15 3,207,304 2,815,330 2,076,847 4,276,154 3,672, ,101 2,661,572 2,397,601 1,596,511 3,497,392 3,083,331 81, Share class B Accumulation 31/07/13 10,601,027 8,658, /07/14 11,477,999 9,551, /07/15 Share class B Income 31/07/13 11,449,266 1,037,535 8,540, , /07/14 2,095,767 1,985, /07/15 Share class B Accumulation (EUR share class) 31/07/13 6,261,769 16,202,153 5,353,511 17,300, / /07/14 7,139,457 7,765, / /07/15 Share class B Accumulation (USD share class) 31/07/15 3,387,063 5,593,626 3,300,567 8,502, / / *Where 2 figures are shown for a share class denominated in EUR or USD, the first figure is in GBP in pence and the second figure is in EUR/USD in cents. Amounts in Euros and US dollars have been converted at the (EUR) and (USD) exchange rate at 12:00 midday on 31 July

219 First State Worldwide Equity Fund Summary Fund performance Share price history and revenue record Calendar year Highest share price (p/c) Lowest share price (p/c) per share (p/c) Share class A Accumulation * Share class A Income * Share class B Accumulation * Share class B Income * Share class B Accumulation (EUR share class) * Share class B Accumulation (USD share class) * The share classes marked with EUR or USD are stated in Euros/US dollars. The Euro and US dollar prices are calculated using the exchange rate at the valuation point on that date. * To 31 July Share class A Accumulation was launched 9 June Share class A Income was launched 17 June Share class B Accumulation was launched 9 June Share class B Income was launched 7 February Share class B Accumulation (EUR share class) was launched 24 August Share class B Accumulation (USD share class) was launched 28 August

220 First State Worldwide Equity Fund Statement of total return for the year ended 31 July 2015 Notes '000 '000 '000 '000 Income: Net capital gains/(losses) 2 3,042 (1,036) Revenue Expenses 4 (404) (482) Finance costs: interest Net revenue before taxation Taxation 5 (71) (81) Net revenue after taxation Total return before distributions 3,202 (868) Finance costs: distributions 6 (181) (193) Change in net assets attributable to shareholders from investment activities 3,021 (1,061) Statement of change in net assets attributable to shareholders for the year ended 31 July 2015 Opening net assets attributable to shareholders Amounts receivable on issue of shares Less: Amounts payable on cancellation of shares Dilution adjustment Stamp duty reserve tax Change in net assets attributable to shareholders from investment activities Retained distribution on accumulation shares Closing net assets attributable to shareholders '000 '000 '000 '000 27,201 35,325 13,799 4,912 (15,307) (12,153) (1,508) (7,241) (2) 3,021 (1,061) ,876 27,201 Notes to the financial statements are on pages 219 to

221 First State Worldwide Equity Fund Balance sheet Assets Portfolio of investments Debtors Cash and bank balances Total other assets Total assets Liabilities Creditors payable on income shares Total liabilities Net assets attributable to shareholders Notes '000 '000 26,134 24, ,766 2,023 2,837 2,286 28,971 27,274 9 (58) (61) (37) (12) (95) (73) 28,876 27,201 Notes to the financial statements are on pages 219 to

222 First State Worldwide Equity Fund Notes to the Financial Statements Accounting basis and policies Please see pages 10 to 12 for accounting basis and policies. Net capital gains/(losses) The net capital gains/(losses) during the year comprise: Non-derivative securities Forward foreign exchange currency contracts Currency gains/(losses) Net capital gains/(losses) Revenue Dividends from UK companies Overseas taxable revenue Overseas non-taxable revenue UK scrip dividends Overseas scrip dividends Interest from bank deposits Interest on capital revenue from Brazilian companies Total revenue Expenses Payable to the ACD, associates of the ACD, and agents of either of them: ACD's periodic charge Payable to the Depositary, associates of the Depositary, and agents of either of them: Depositary's fees Other expenses: Audit fee Registrar fees Safe custody charges Other expenses Total expenses '000 '000 2,952 (805) (15) (231) 3,042 (1,036) '000 ' (1) '000 '

223 First State Worldwide Equity Fund Notes to the Financial Statements 5. (a) (b) (c) (d) 6. Taxation Analysis of charge in year: Irrecoverable overseas tax Indian capital gains tax Total current tax (note 5b) Factors affecting current tax charge for the year: Net revenue before taxation Corporation tax of 20% (2014: 20%) Effects of: UK dividends* Non taxable scrip dividends* Overseas non-taxable revenue* Movement in excess management expenses Irrecoverable overseas tax Indian capital gains tax Current tax charge for year (note 5a) OEICs are exempt from tax on capital gains. Therefore, any capital return is not included in the above reconciliation. *As an authorised OEIC these items are not subject to corporation tax. Deferred taxation: There is no provision required for deferred taxation at the Balance sheet date in the current or prior year. Factors that may affect future tax charges: Finance costs s and interest Interim distribution Final distribution Add: revenue deducted on cancellation of shares Deduct: revenue received on issue of shares Net distributions for the year Interest Total finance costs Details of the distribution per share is set out in the tables on pages 225 to 226. '000 ' The tax assessed for the year is higher than (2014: higher than) the standard rate of corporation tax in the UK for an OEIC of 20% (2014: 20%). The differences are explained below: (29) (38) (6) (12) (88) (96) At the year end, after offset against revenue taxable on receipt, there is a potential deferred tax asset of 278,255 (31/07/14: 200,712) this relates to surplus management expenses. No deferred tax asset was recognised in the current or prior year as it was considered unlikely the Fund would generate sufficient taxable profits in the future to utilise these amounts. The distributions take account of revenue received on the issue of shares and revenue deducted on the cancellation of shares, and comprises: '000 ' (28) (9)

224 First State Worldwide Equity Fund Notes to the Financial Statements Movement between net revenue and net distributions '000 '000 Net revenue after taxation Revenue deficit 1 - Movement in net income as a result of conversions 20 1 Indian capital gains tax - 24 Net distributions for the year Debtors Sales awaiting settlement Amounts receivable for issue of shares Accrued revenue ACD expenses recoverable Overseas tax recoverable Total debtors Creditors Purchases awaiting settlement Amounts payable for cancellation of shares Accrued expenses Total creditors Portfolio transaction costs Analysis of total trade costs: Non-derivative securities Trades in the year before transaction costs Commissions Taxes Total costs Total net trades in the year after transaction costs '000 ' (1) (1) '000 ' Purchases Sales '000 '000 '000 '000 12,468 13,573 14,308 19,982 12,468 13,573 14,308 19, (11) (24) 6 14 (2) (2) (13) (26) 12,482 13,604 14,295 19, Contingent liabilities and commitments As at 31 July 2015, the Fund had no contingent liabilities (31/07/14: nil) and no commitments (31/07/14: nil). 221

225 First State Worldwide Equity Fund Notes to the Financial Statements 12. (a) (b) Derivatives and other financial instruments General In pursuing its investment objectives the Fund holds equity shares. The main risk arising from the Fund s financial instruments is market price risk. Market price risk arises mainly from uncertainty about future prices of the financial instruments held. Investment risk in the portfolio is regularly reviewed and controlled through the adoption of parameters limiting exposures to various factors such as industries, countries, and company size. The Fund has little exposure to credit or cash flow risk. Certain transactions in securities that the Fund enters into expose it to the risk that the counter-party will not deliver the investment (purchase) or cash (sale) after the Fund has fulfilled its responsibilities. The Fund only buys and sells investments through brokers which have been approved by the ACD as an acceptable counter-party. This list is reviewed quarterly. The Fund s assets comprise mainly realisable securities which can be readily sold in normal market conditions. The Fund s main liability is the redemption of any shares that investors wish to sell. In general, the ACD manages the cash to ensure that it can meet its liabilities. Assets from a fund may need to be sold if insufficient cash is available to finance such redemptions. The Fund s holdings are reviewed on a regular basis, with particular emphasis on the market capitalisation of the issuer (securities issued by larger capitalised companies generally have greater liquidity), and the number of days it would take to trade out of a given securities position or percentage of the Fund as a whole (determined by reference to available market trading volumes). Funds that have a higher concentration of securities which are deemed to be less liquid are regularly monitored. As a proportion of the Fund s investment portfolio is invested in overseas securities the Balance sheet can be affected by movements in foreign exchange rates. The Investment Manager may seek to manage exposure to currency movements by using forward foreign exchange contracts or by hedging the sterling value of investments that are priced in other currencies. Income received in other currencies is converted to sterling on or near the date of receipt. The market value of investments is taken to equal fair value for the purposes of Financial Reporting Standard 29. Given all the activities of the Fund, none of the investments held fall within the definition of investments held for trading as set out in Financial Reporting Standard 13. Fair value of financial assets and financial liabilities There is no material difference between the value of the financial assets and liabilities, as shown in the Balance sheet, and their fair value. Interest rate risk The Fund does not invest in either fixed or floating rate securities and interest rate risk exposure is restricted to interest receivable on bank deposits or payable on bank overdraft positions which will be affected by fluctuations in interest rates. As at 31 July 2015, 9.58% (31 July 2014: 7.44%) of the Fund's assets were interest bearing. 222

226 First State Worldwide Equity Fund Notes to the Financial Statements 12. (c) 13. Derivatives and other financial instruments Analysis of the Fund's currency exposure The following summarises the Sterling value of currencies of the Fund in which the investments, including cash, debtors and creditors, are denominated. As at 31 July the Fund had the following net currency exposure (excluding sterling): Net foreign currency assets Net foreign currency assets Monetary Non-monetary Monetary Non-monetary exposures exposures Total exposures exposures Total Currency '000 '000 '000 '000 '000 '000 Australian dollar (1) Brazilian real Chilean peso 2 1,512 1,514 (1) Euro 7 4,985 4, ,404 3,433 Hong Kong dollar Indian rupee Japanese yen 3 1,776 1, ,738 2,833 Norwegian krone Philippine peso Singapore dollar South African rand ,588 1,588 South Korean won Swiss franc 27 2,084 2, ,777 1,796 Turkish lira US dollar 1,705 8,311 10,016 1,450 6,177 7,627 1,753 22,248 24,001 1,592 19,657 21,249 Related parties First State Investments (UK) Limited, ("the ACD") is a related party to the Fund as defined by Financial Reporting Standard 8 Related Party Disclosures. By virtue of the regulations governing OEICs, the ACD is party to every transaction in respect of shares of the Fund, which are summarised in the Statement of Change in Net Assets attributable to Shareholders. Amounts due at the year end in respect of issues and cancellations are included in the Balance Sheet. Amounts paid to First State Investments (UK) Limited in respect of ACD fees are disclosed in note 4, with 25,893 (31/07/14: 27,732) due at the year end. As at 31 July 2015 Commonwealth Bank of Australia (UK) Staff Pension Scheme, a related party of the ACD, owned 3.96% (31/07/14: nil) of the Net Asset Value of the Fund. As at 31 July 2015 RBC as trustee for First State Investment Services (UK) Limited Employee Benefits Trust, a related party of the ACD, owned 7.24% (31/07/14: 6.89%) of the Net Asset Value of the Fund. As at 31 July 2015 JLT Benefit Solutions Ltd (London), a related party of the ACD, owned nil (31/07/14: 2.67%) of the Net Asset Value of the Fund. 223

227 First State Worldwide Equity Fund Notes to the Financial Statements 14. Share classes The Fund has six share classes in issue. The ACD's periodic charge on each share class is as follows: % Share class A Accumulation (Retail): 1.75 Share class A Income (Retail): 1.75 Share class B Accumulation (Institutional): 1.00 Share class B Income (Institutional): 1.00 Share class B Accumulation (EUR share class) (Institutional): 1.00 Share class B Accumulation (USD share class) (Institutional): 1.00 The net asset value of each share class, the net asset value per share and the number of shares in each class are given in the Performance Record on page 215. The distributions per share class are given in the Tables on pages 225 to 226. All share classes have the same rights on winding up. 224

228 First State Worldwide Equity Fund Tables for the year ended 31 July 2015 in pence and cents per share Group 1 Interim - Shares purchased prior to 1 August 2014 Final - Shares purchased prior to 1 February 2015 Group 2 Interim - Shares purchased between 1 August 2014 and 31 January 2015 Final - Shares purchased between 1 February 2015 and 31 July 2015 Share class A Accumulation paid to/payable 30/09/2015 paid 30/09/2014 Net revenue Equalisation Group 1 (p) (p) (p) (p) Interim Final Group 2 (p) (p) (p) (p) Interim Final Share class A Income paid to/payable 30/09/2015 paid 30/09/2014 Net revenue Equalisation Group 1 (p) (p) (p) (p) Interim Final Group 2 (p) (p) (p) (p) Interim Final Share class B Accumulation paid to/payable 30/09/2015 paid 30/09/2014 Net revenue Equalisation Group 1 (p) (p) (p) (p) Interim Final Group 2 (p) (p) (p) (p) Interim Final Share class B Income paid to/payable 30/09/2015 paid 30/09/2014 Net revenue Equalisation Group 1 (p) (p) (p) (p) Interim Final Group 2 (p) (p) (p) (p) Interim Final

229 First State Worldwide Equity Fund Tables for the year ended 31 July 2015 Share class B Accumulation (EUR share class) paid to/payable 30/09/2015 paid 30/09/2014 Net revenue Equalisation Group 1 (c) (c) (c) (c) Interim Final Group 2 (c) (c) (c) (c) Interim Final Share class B Accumulation (USD share class) Net revenue Equalisation paid to/payable 30/09/2015 Group 1 (c) (c) (c) Interim Final Group 2 (c) (c) (c) Interim Final Corporate Tax for all share classes (unaudited) A shareholder liable to corporation tax receives this distribution, excluding equalisation, as follows: Interim % of the dividend together with the tax credit is received as franked investment income. Interim % of the dividend is received as an annual payment (non foreign element) received after the deduction of tax at a rate equal to the basic rate of income tax and is liable to corporation tax. The tax deemed to be deducted is treated as income tax. Interim % of the dividend is received as an annual payment (foreign element) received after the deduction of tax at a rate equal to the basic rate of income tax. It is treated as foreign income in the hands of the corporate investor and is liable to corporation tax. The associated deemed tax is treated as foreign tax in the hand of the investor who may be able to claim double tax relief. Investors cannot reclaim any of this deemed tax on the foreign element from HM Revenue & Customs. Final % of the dividend together with the tax credit is received as franked investment income. Final % of the dividend is received as an annual payment (non foreign element) received after the deduction of tax at a rate equal to the basic rate of income tax and is liable to corporation tax. The tax deemed to be deducted is treated as income tax. Final % of the dividend is received as an annual payment (foreign element) received after the deduction of tax at a rate equal to the basic rate of income tax. It is treated as foreign income in the hands of the corporate investor and is liable to corporation tax. The associated deemed tax is treated as foreign tax in the hand of the investor who may be able to claim double tax relief. Investors cannot reclaim any of this deemed tax on the foreign element from HM Revenue & Customs. Shareholders should consult their professional advisers for any advice regarding their tax position. 226

230 First State Worldwide Leaders Fund Authorised Fund Manager's Report for the year ended 31 July 2015 Investment objective and policy The Fund aims to achieve long-term capital growth. The Fund invests primarily in a diverse portfolio of equity securities of larger capitalisation companies which are listed, traded or dealt in on any of the Regulated Markets worldwide. Larger capitalisation companies are currently defined as companies with a minimum investible market capitalisation (free float) of US$3 billion at the time of investment. The Investment Manager may review this definition as considered appropriate. The Fund is not managed to a benchmark and may have exposure to developed or Emerging Markets whilst maintaining its geographical diversity. The Fund may invest in any industry. Risks and reward profile Share class A Accumulation Share class B Accumulation Share class A Accumulation (EUR share class) Lower risk Higher risk Potentially lower rewards Potentially higher rewards * * The synthetic risk reward indicator (the SRRI) rating is not a measure of the risk of you losing your investment but describes how much the value of the Fund went up and down in the past; The SRRI rating is based on historical data which may not be a reliable indication of the future risks and rewards of the Fund; We cannot guarantee that the rating of the Fund will remain the same, it may change over time; Even the lowest rating 1 does not mean a risk free investment; On a scale of 1 (less risky) to 7 (more risky), this Fund has a rating of 6 due to its past performance and the nature of its investments. Shares with a rating of 6 might have higher risks, but also higher returns; Risk is taken in order to make a higher potential return, the more risk a fund takes, the higher the potential return but the greater the risk of loss; and The value of the Fund and its return is not guaranteed and may fall as well as rise. You may get back less than you originally invested. *The SRRI changed from 6 to 5 on 21 July The Fund might also experience the following risks: Emerging market risk: emerging markets may not provide the same level of investor protection as a developed market; they may involve a higher risk than investing in developed markets. Currency risk: the Fund invests in assets which are denominated in other currencies; changes in exchange rates will affect the value of the Fund. For further information on risks, please refer to the risk factors section in the Company's prospectus. Performance The Fund rose by 11.9% in sterling terms over the year and has produced a return of 42.0% and 62.0% over the three and five years to 31 July Positive contributors over the period included Chubb Corp (US: Financials) which has been the subject of a takeover bid by Ace Ltd, which will own 70% of the company after the transaction closes. Ace is a well-respected company, but an aggressive one, and the size of this deal highlights this. Markel (US: Financials) has delivered solid performance as management continue to exercise a disciplined approach to underwriting and Henkel (Germany: Consumer Staples) climbed as the company has carefully navigated the current difficult environment. On the negative side, Tullow Oil (UK: Energy) declined with the oil price which has resulted in capital expenditure constraints and a dividend cut. Tesco (UK: Consumer Staples) had a difficult year with a well-publicised accounting scandal and subsequent management changes. Shinhan Financial (South Korea) was weak as finding growth in an economy which offers little to none has been challenging. 227

231 First State Worldwide Leaders Fund Authorised Fund Manager's Report for the year ended 31 July 2015 Portfolio Changes Significant new positions established during the period included Berkshire Hathaway (US: Financials) which we are happy to hold going into a downturn. We bought Infosys Technologies (India: Information Technology), a company we have known for most of the last 20 years, and which, in our opinion, is one of the most honest companies we have analysed. We also bought Baxalta (US: Health Care), a business with huge long-term growth prospects tempered by a highly conservative, research-led culture. We sold Familymart (Japan: Consumer Staples), due to a challenging operating environment and governance worries, and Shinhan Financial (South Korea: Financials) as international regulation and a tougher domestic regulator are likely to result in lower returns. We also sold Becton Dickinson (US: Health Care) as health care companies are facing pricing pressure in developed markets as countries try to reduce fiscal deficits. Outlook The increasingly bubble-like valuations of some markets and in particular internet and biotechnology-related sectors, give us serious cause for concern. Consequently we have very little exposure to technology companies other than a small, much-reduced holding in Microsoft. We will continue to try to protect clients as far as we can from the coming storm - we are now six years into a bull market whose main fuel, money printing, has never ended up being good for shareholders. Cumulative performance Time Since period mths mths yrs yrs yrs yrs launch Fund return % (0.6) (0.5) Benchmark return % (3.1) Sector return % (2.4) Quartile ranking Discrete performance Time period Fund return % Benchmark: MSCI World Index. Sector: IA Global. Past performance should not be used as a guide to future performance, which is not guaranteed. Ten largest holdings Stock name Henkel Unilever Markel Chubb Waters Oversea-Chinese Banking Nestle Berkshire Hathaway 'A' Shares McCormick Non Voting Shares Unicharm Types of shares Accumulation. 12 mths to 12 mths to 12 mths to 12 mths to 12 mths to 31/07/15 31/07/14 31/07/13 31/07/12 31/07/ % of Fund Stock name % of Fund 8.98 Unilever Henkel Chubb GlaxoSmithKline Nestle Markel Baxter International Oversea-Chinese Banking Kansai Paint Unicharm

232 First State Worldwide Leaders Fund Portfolio statement Holdings Market value '000 Total net assets % UNITED KINGDOM (18.06%*) 4, ,236 GlaxoSmithKline ,907 Tesco ,805 Tullow Oil ,993 Unilever 3, UNITED STATES (23.56%*) 11, ,696 Baxalta ,044 Baxter International Berkshire Hathaway 'A' Shares 1, ,982 Chubb 1, ,670 Coca-Cola ,935 Colgate-Palmolive ,933 First Republic Bank ,087 Markel 2, ,610 McCormick Non Voting Shares 1, ,087 Microsoft ,969 Waters 1, ,014 Xylem FRANCE (0.00%*) ,719 SES GERMANY (7.21%*) 3, ,784 Henkel 3, ,204 Merck SPAIN (1.84%*) ,762 Distribuidora Internacional de Alimentacion SWITZERLAND (9.49%*) 2, ,647 Kuehne + Nagel International ,593 Nestle 1, SGS JAPAN (9.00%*) 1, ,000 Kansai Paint ,400 Unicharm 1, AUSTRALIA (1.08%*) - - INDIA (0.00%*) ,958 Infosys MALAYSIA (0.00%*) ,330 Axiata Group SINGAPORE (4.19%*) 1, ,190 Oversea-Chinese Banking 1, SOUTH KOREA (1.62%*) - - POLAND (1.69%*) ,339 Bank Pekao SOUTH AFRICA (4.35%*) 1, ,018 Standard Bank Group 1, Portfolio of investments 29, Net other assets 6, Total net assets 35, All investments held are listed, unless otherwise stated. For the purposes of this portfolio holdings analysis, securities are shown based on their country of listing. * Comparative figures shown in brackets relate to 31 July

233 First State Worldwide Leaders Fund Summary Fund performance Net asset value and ongoing charges figure Share class A Accumulation 31/07/13 31/07/14 31/07/15 Share class B Accumulation 31/07/13 31/07/14 31/07/15 Share class A Accumulation (EUR share class) 31/07/13 31/07/14 31/07/15 Share class P Accumulation 31/07/13 31/07/14 *Where 2 figures are shown for a share class denominated in EUR or USD, the first figure is in GBP in pence and the second figure is in EUR/USD in cents. Amounts in Euros and US dollars have been converted at the (EUR) and (USD) exchange rate at 12:00 midday on 31 July Share price history and revenue record Calendar year Net Asset Value of share class ( ) Shares in issue 3,359,880 1,127, ,105,509 4,348, ,324,567 4,509, ,189 11, / ,853 2, / ,078 2, / ,096,287 2,942, Highest share price (p/c) Net Asset Value per share (p/c)* 26,202,947 9,659, ,815,073 7,278, ,548,434 6,745, Lowest share price (p/c) Ongoing Charges Figure (%) per share (p/c) Share class A Accumulation * Share class B Accumulation * Share class A Accumulation (EUR share class) * Share class P Accumulation The share classes marked with EUR or USD are stated in Euros/US dollars. The Euro and US dollar prices are calculated using the exchange rate at the valuation point on that date. * To 31 July Share class A Accumulation (EUR share class) was launched 9 April Share class P Accumulation was closed 24 January

234 First State Worldwide Leaders Fund Statement of total return for the year ended 31 July 2015 Notes '000 '000 '000 '000 Income: Net capital gains/(losses) 2 3,694 (20) Revenue Expenses 4 (493) (558) Finance costs: interest Net revenue before taxation Taxation 5 (53) (73) Net revenue after taxation Total return before distributions 3, Finance costs: distributions 6 (180) (181) Change in net assets attributable to shareholders from investment activities 3,693 (28) Statement of change in net assets attributable to shareholders for the year ended 31 July 2015 Opening net assets attributable to shareholders Amounts receivable on issue of shares Less: Amounts payable on cancellation of shares Dilution adjustment Stamp duty reserve tax Change in net assets attributable to shareholders from investment activities Retained distribution on accumulation shares Closing net assets attributable to shareholders '000 '000 '000 '000 32,922 39,669 5,716 5,256 (6,647) (12,158) (931) (6,902) (5) 3,693 (28) ,875 32,922 Notes to the financial statements are on pages 233 to

235 First State Worldwide Leaders Fund Balance sheet Assets Portfolio of investments Debtors Cash and bank balances Total other assets Total assets Liabilities Creditors Total liabilities Net assets attributable to shareholders Notes '000 '000 29,198 27, ,723 5,885 6,807 6,059 36,005 33,085 9 (130) (163) (130) (163) 35,875 32,922 Notes to the financial statements are on pages 233 to

236 First State Worldwide Leaders Fund Notes to the Financial Statements Accounting basis and policies Please see pages 10 to 12 for accounting basis and policies. Net capital gains/(losses) The net capital gains/(losses) during the year comprise: Non-derivative securities Currency gains/(losses) Net capital gains/(losses) Revenue Dividends from UK companies Overseas taxable revenue Overseas non-taxable revenue Overseas scrip dividends Interest from bank deposits Class action Total revenue Expenses Payable to the ACD, associates of the ACD, and agents of either of them: ACD's periodic charge Payable to the Depositary, associates of the Depositary, and agents of either of them: Depositary's fees Other expenses: Audit fee Registrar fees Safe custody charges Other expenses Total expenses '000 '000 3, (67) 3,694 (20) '000 ' '000 '

237 First State Worldwide Leaders Fund Notes to the Financial Statements 5. (a) (b) (c) (d) Taxation Analysis of charge in year: Irrecoverable overseas tax Factors affecting current tax charge for the year: Net revenue before taxation Corporation tax of 20% (2014: 20%) Effects of: UK dividends* Non taxable scrip dividends* Overseas non-taxable revenue* Revenue taxable in different periods Movement in excess management expenses Irrecoverable overseas tax Overseas tax expensed Current tax charge for year (note 5a) OEICs are exempt from tax on capital gains. Therefore, any capital return is not included in the above reconciliation. *As an authorised OEIC these items are not subject to corporation tax. Deferred taxation: There is no provision required for deferred taxation at the Balance sheet date in the current or prior year. Factors that may affect future tax charges: Finance costs s and interest Interim distribution Final distribution Add: revenue deducted on cancellation of shares Deduct: revenue received on issue of shares Net distributions for the year Interest Total finance costs Details of the distribution per share is set out in the tables on pages 238 to 239. Movement between net revenue and net distributions Net revenue after taxation Movement in net income as a result of conversions Net distributions for the year '000 ' The tax assessed for the year is higher than (2014: higher than) the standard rate of corporation tax in the UK for an OEIC of 20% (2014: 20%). The differences are explained below: (32) (38) (13) (5) (92) (114) (1) At the year end, after offset against revenue taxable on receipt, there is a potential deferred tax asset of 567,731 (31/07/14: 476,674) this relates to surplus management expenses. No deferred tax asset was recognised in the current or prior year as it was considered unlikely the Fund would generate sufficient taxable profits in the future to utilise these amounts. The distributions take account of revenue received on the issue of shares and revenue deducted on the cancellation of shares, and comprises: '000 ' (10) (9) '000 '

238 First State Worldwide Leaders Fund Notes to the Financial Statements (a) Debtors Sales awaiting settlement Amounts receivable for issue of shares Accrued revenue Overseas tax recoverable Total debtors Creditors Purchases awaiting settlement Amounts payable for cancellation of shares Accrued expenses Total creditors Portfolio transaction costs Analysis of total trade costs: Non-derivative securities Trades in the year before transaction costs Commissions Taxes Total costs Total net trades in the year after transaction costs '000 ' '000 ' Purchases Sales '000 '000 '000 '000 10,648 36,864 11,940 49,579 10,648 36,864 11,940 49, (13) (20) 5 43 (1) (1) (14) (21) 10,662 36,920 11,926 49,558 Contingent liabilities and commitments As at 31 July 2015, the Fund had no contingent liabilities (31/07/14: nil) and no commitments (31/07/14: nil). Derivatives and other financial instruments General In pursuing its investment objectives the Fund holds equity shares. The main risk arising from the Fund s financial instruments is market price risk. Market price risk arises mainly from uncertainty about future prices of the financial instruments held. Investment risk in the portfolio is regularly reviewed and controlled through the adoption of parameters limiting exposures to various factors such as industries, countries, and company size. The Fund has little exposure to credit or cash flow risk. Certain transactions in securities that the Fund enters into expose it to the risk that the counter-party will not deliver the investment (purchase) or cash (sale) after the Fund has fulfilled its responsibilities. The Fund only buys and sells investments through brokers which have been approved by the ACD as an acceptable counter-party. This list is reviewed quarterly. The Fund s assets comprise mainly realisable securities which can be readily sold in normal market conditions. The Fund s main liability is the redemption of any shares that investors wish to sell. In general, the ACD manages the cash to ensure that it can meet its liabilities. Assets from a fund may need to be sold if insufficient cash is available to finance such redemptions. The Fund s holdings are reviewed on a regular basis, with particular emphasis on the market capitalisation of the issuer (securities issued by larger capitalised companies generally have greater liquidity), and the number of days it would take to trade out of a given securities position or percentage of the Fund as a whole (determined by reference to available market trading volumes). Funds that have a higher concentration of securities which are deemed to be less liquid are regularly monitored. 235

239 First State Worldwide Leaders Fund Notes to the Financial Statements 12. (b) (c) 13. Derivatives and other financial instruments As a proportion of the Fund s investment portfolio is invested in overseas securities the Balance sheet can be affected by movements in foreign exchange rates. The Investment Manager may seek to manage exposure to currency movements by using forward foreign exchange contracts or by hedging the sterling value of investments that are priced in other currencies. Income received in other currencies is converted to sterling on or near the date of receipt. The market value of investments is taken to equal fair value for the purposes of Financial Reporting Standard 29. Given all the activities of the Fund, none of the investments held fall within the definition of investments held for trading as set out in Financial Reporting Standard 13. Fair value of financial assets and financial liabilities There is no material difference between the value of the financial assets and liabilities, as shown in the Balance sheet, and their fair value. Interest rate risk The Fund does not invest in either fixed or floating rate securities and interest rate risk exposure is restricted to interest receivable on bank deposits or payable on bank overdraft positions which will be affected by fluctuations in interest rates. As at 31 July 2015, 18.74% (31 July 2014: 17.88%) of the Fund's assets were interest bearing. Analysis of the Fund's currency exposure The following summarises the Sterling value of currencies of the Fund in which the investments, including cash, debtors and creditors, are denominated. As at 31 July the Fund had the following net currency exposure (excluding sterling): Net foreign currency assets Net foreign currency assets Monetary Non-monetary Monetary Non-monetary exposures exposures Total exposures exposures Total Currency '000 '000 '000 '000 '000 '000 Australian dollar Euro (6) 4,528 4, ,979 2,992 Indian rupee Japanese yen 2 1,714 1, ,960 3,040 Malaysian ringgit Polish zloty Singapore dollar 1 1,633 1,634-1,381 1,381 South African rand - 1,008 1,008-1,431 1,431 South Korean won Swiss franc 38 2,617 2, ,125 3,150 US dollar 2,637 11,688 14,325 3,334 7,757 11,091 2,675 24,875 27,550 3,455 21,079 24,534 Related parties First State Investments (UK) Limited, ("the ACD") is a related party to the Fund as defined by Financial Reporting Standard 8 Related Party Disclosures. By virtue of the regulations governing OEICs, the ACD is party to every transaction in respect of shares of the Fund, which are summarised in the Statement of Change in Net Assets attributable to Shareholders. Amounts due at the year end in respect of issues and cancellations are included in the Balance Sheet. Amounts paid to First State Investments (UK) Limited in respect of ACD fees are disclosed in note 4, with 34,612 (31/07/14: 34,033) due at the year end. As at 31 July 2015 Commonwealth Bank of Australia (UK) Staff Pension Scheme, a related party of the ACD, owned 0.28% (31/07/14: nil) of the Net Asset Value of the Fund. As at 31 July 2015 JLT Benefit Solutions Ltd (London), a related party of the ACD, owned nil (31/07/14: 0.27%) of the Net Asset Value of the Fund. 236

240 First State Worldwide Leaders Fund Notes to the Financial Statements 14. Share classes The Fund has three share classes in issue. The ACD's periodic charge on each share class is as follows: % Share class A Accumulation (Retail): 1.50 Share class B Accumulation (Institutional): 0.75 Share class A Accumulation (EUR share class) (Retail): 1.50 The net asset value of each share class, the net asset value per share and the number of shares in each class are given in the Performance Record on page 230. The distributions per share class are given in the Tables on pages 238 to 239. All share classes have the same rights on winding up. 237

241 First State Worldwide Leaders Fund Tables for the year ended 31 July 2015 in pence and cents per share Group 1 Interim - Shares purchased prior to 1 August 2014 Final - Shares purchased prior to 1 February 2015 Group 2 Interim - Shares purchased between 1 August 2014 and 31 January 2015 Final - Shares purchased between 1 February 2015 and 31 July 2015 Share class A Accumulation paid to/payable 30/09/2015 paid 30/09/2014 Net revenue Equalisation Group 1 (p) (p) (p) (p) Interim Final Group 2 (p) (p) (p) (p) Interim Final Share class B Accumulation paid to/payable 30/09/2015 paid 30/09/2014 Net revenue Equalisation Group 1 (p) (p) (p) (p) Interim Final Group 2 (p) (p) (p) (p) Interim Final Share class A Accumulation (EUR share class) paid to/payable 30/09/2015 paid 30/09/2014 Net revenue Equalisation Group 1 (c) (c) (c) (c) Interim Final Group 2 (c) (c) (c) (c) Interim Final

242 First State Worldwide Leaders Fund Tables for the year ended 31 July 2015 Corporate Tax for all share classes (unaudited) A shareholder liable to corporation tax receives this distribution, excluding equalisation, as follows: Interim % of the dividend together with the tax credit is received as franked investment income. Interim % of the dividend is received as an annual payment (non foreign element) received after the deduction of tax at a rate equal to the basic rate of income tax and is liable to corporation tax. The tax deemed to be deducted is treated as income tax. Interim % of the dividend is received as an annual payment (foreign element) received after the deduction of tax at a rate equal to the basic rate of income tax. It is treated as foreign income in the hands of the corporate investor and is liable to corporation tax. The associated deemed tax is treated as foreign tax in the hand of the investor who may be able to claim double tax relief. Investors cannot reclaim any of this deemed tax on the foreign element from HM Revenue & Customs. Final % of the dividend together with the tax credit is received as franked investment income. Final % of the dividend is received as an annual payment (non foreign element) received after the deduction of tax at a rate equal to the basic rate of income tax and is liable to corporation tax. The tax deemed to be deducted is treated as income tax. Final % of the dividend is received as an annual payment (foreign element) received after the deduction of tax at a rate equal to the basic rate of income tax. It is treated as foreign income in the hands of the corporate investor and is liable to corporation tax. The associated deemed tax is treated as foreign tax in the hand of the investor who may be able to claim double tax relief. Investors cannot reclaim any of this deemed tax on the foreign element from HM Revenue & Customs. Shareholders should consult their professional advisers for any advice regarding their tax position. 239

243 First State Worldwide Sustainability Fund Authorised Fund Manager's Report for the year ended 31 July 2015 Investment objective and policy The Fund aims to achieve long-term capital growth. The Fund will seek to invest in a diverse portfolio of equity securities which are listed, traded or dealt in on any of the Regulated Markets worldwide. The Fund is not managed to a benchmark and may have exposure to developed or emerging markets whilst maintaining its geographical diversity. The Fund invests in companies which are positioned to benefit from, and contribute to, the sustainable development of the countries in which they operate. Clarification point: The Fund s emphasis on sustainability development incorporates three key features in making investment decisions. These are: I Company classification (identifying companies whose management are believed able to manage sustainability risks and opportunities facing their companies, seeking out sustainability companies with a positive sustainable development impact); II Integration of environmental, social and corporate governance factors into investment analysis; III Engagement with and exit from companies based on in-house ESG research (the fund manager will engage senior management on any identified environmental, social and governance issues, and exit a stock if insufficient progress is made). Risks and reward profile Share class A Accumulation Share class A Income Share class B Accumulation Share class B Income Share class A Accumulation (EUR share class) Share class B Accumulation (EUR share class) Share class B Accumulation (USD share class) Lower risk Higher risk Potentially lower rewards Potentially higher rewards The synthetic risk reward indicator (the SRRI) rating is not a measure of the risk of you losing your investment but describes how much the value of the Fund went up and down in the past; The SRRI rating is based on historical data which may not be a reliable indication of the future risks and rewards of the Fund; We cannot guarantee that the rating of the Fund will remain the same, it may change over time; Even the lowest rating 1 does not mean a risk free investment; On a scale of 1 (less risky) to 7 (more risky), this Fund has a rating of 5 due to its past performance and the nature of its investments. Shares with a rating of 5 might have higher risks, but also higher returns; Risk is taken in order to make a higher potential return, the more risk a fund takes, the higher the potential return but the greater the risk of loss; and The value of the Fund and its return is not guaranteed and may fall as well as rise. You may get back less than you originally invested. The Fund might also experience the following risks: Emerging market risk: emerging markets may not provide the same level of investor protection as a developed market; they may involve a higher risk than investing in developed markets. Currency risk: the Fund invests in assets which are denominated in other currencies; changes in exchange rates will affect the value of the Fund. For further information on risks, please refer to the risk factors section in the Company's prospectus. Performance The Fund rose by 13.4% in sterling terms over the year to the 31 July Waters Corp (US: Health Care) performed well due to positive results and AIN Pharmaciez (Japan: Health Care) benefited from continued consolidation of the Japanese pharmacy market along with growth in their distribution of generic drugs. Chubb Corp (US: Financials) rose strongly following a takeover offer from Swiss insurance giant, Ace Ltd. 240

244 First State Worldwide Sustainability Fund Authorised Fund Manager's Report for the year ended 31 July 2015 On the negative side, Dia (Spain: Consumer Staples) underperformed due to greater than expected food deflation in Europe and Vapores (Chile: Industrials) was impacted by the large depreciation in the Chilean peso and the shipping cycle. Natura Cosmeticos (Brazil: Consumer Staples) fell as Brazil remains a tough market and the company is transitioning its business model. Portfolio Changes Major purchases during the period included Natura Cosmeticos (Brazil: ConsumerStaples), aleading Brazilian cosmetics company whose franchise is founded on principles relating to sustainability, and Infosys Technologies (India: Information Technologies), a good quality large company with new management, net cash on the balance sheet and a sensible valuation. We also bought Merck (Germany: Health Care), the world s oldest operating chemical and pharmaceutical company, with a focus on contributing towards improved human development and better health outcomes globally. We sold Kingfisher (UK: Consumer Staples) on concerns about the outlook in some of its key markets and deflation in Europe and Sawai Pharmaceuticals (Japan: Health Care) on worries about regulation and pricing pressure. We sold Public Bank (Malaysia: Financials) due to valuation concerns. Outlook The fund remains defensively positioned and we are focused on companies with low debt levels, pricing power, strong sustainable cash flows and growing dividend yields. We remain cautious about quality US companies considering valuations. Meanwhile, some high quality companies we have been watching in Latin America and Asia are finally becoming more attractively valued and we believe opportunities may arise here. Cumulative performance Time Since period mths mths yrs yrs yrs yrs launch Fund return % (0.9) (0.2) Benchmark return % (3.1) Sector return % (2.4) Quartile ranking Discrete performance Time period Fund return % Benchmark: MSCI World Index. Sector: IA Global. Past performance should not be used as a guide to future performance, which is not guaranteed. Ten largest holdings Stock name Unilever Henkel Chubb Waters Ain Pharmaciez CSL Merck Markel Tech Mahindra Cia Sud Americana de Vapores Types of shares Income and Accumulation. 12 mths to 12 mths to 12 mths to 12 mths to 12 mths to 31/07/15 31/07/14 31/07/13 31/07/12 31/07/ (1.6) n/a n/a n/a % of Fund Stock name % of Fund 6.22 Unilever Distribuidora Internacional de Alimentacion Waters CSL Markel GlaxoSmithKline Henkel Jeronimo Martins Tech Mahindra Kansai Paint

245 First State Worldwide Sustainability Fund Portfolio statement Holdings Market value '000 Total net assets % UNITED KINGDOM (11.41%*) 12, ,724 GlaxoSmithKline 1, ,106 Spirax-Sarco Engineering ,071 Unilever 10, UNITED STATES (21.75%*) 35, ,759 ANSYS 1, ,674 Becton Dickinson 1, ,103 Chubb 7, ,298 Colgate-Palmolive 2, ,713 Donaldson ,139 Edwards Lifesciences ,835 Expeditors International of Washington ,346 Fresh Market 1, ,483 Jack Henry & Associates 1, ,659 Markel 4, ,945 United Natural Foods ,524 Varian Medical Systems 3, ,271 Waters 6, ,229 Xylem 2, AUSTRIA (1.74%*) 3, ,439 Lenzing 3, BELGIUM (1.28%*) ,847 Colruyt DENMARK (0.90%*) ,237 Novo Nordisk 'B' FINLAND (0.50%*) 3, ,198 Elisa 2, ,065 Wartsila GERMANY (4.98%*) 19, ,312 Draegerwerk 2, ,670 Henkel 9, ,010 Merck 5, ,519 Pfeiffer Vacuum Technology 1, NORWAY (0.45%*) ,318 Tomra Systems PORTUGAL (3.04%*) 2, ,898 Jeronimo Martins 2, SPAIN (7.24%*) 3, ,414 Bankinter 1, ,518 Distribuidora Internacional de Alimentacion 2, SWEDEN (1.54%*) 1, ,743 Svenska Handelsbanken 'A' Shares 1, SWITZERLAND (6.37%*) 9, ,433 ABB 1, ,109 Burckhardt Compression Holding ,048 Energiedienst Holding 1, ,288 Kuehne + Nagel International 2, ,543 SGS 3, Sika

246 First State Worldwide Sustainability Fund Portfolio statement Holdings Market value '000 Total net assets % JAPAN (9.40%*) 10, ,700 Ain Pharmaciez 5, ,000 Kansai Paint 3, ,700 Shimano ,300 Unicharm AUSTRALIA (5.38%*) 7, ,617 Brambles 2, ,506 CSL 5, INDIA (5.80%*) 15, ,526 Dr Reddy's Laboratories 1, ,848 Dr Reddy's Laboratories ADR 2, ,644 Housing Development Finance 2, ,356 Infosys ADR 3, ,916 Marico 1, ,870 Tech Mahindra 4, MALAYSIA (1.03%*) - - PHILIPPINES (3.46%*) 3, ,470,830 Bank of the Philippine Islands 1, ,927,230 Manila Water 1, NIGERIA (1.04%*) 1, ,566,938 Guaranty Trust Bank 1, POLAND (1.27%*) 2, ,719 Bank Pekao 2, SOUTH AFRICA (1.66%*) 1, ,933 Tiger Brands 1, BRAZIL (0.00%*) 5, ,500 Banco Bradesco 1, ,700 Natura Cosmeticos 3, ,000 Sul America 1, CHILE (2.12%*) 3, ,230,162 Cia Sud Americana de Vapores 3, Portfolio of investments 145, Net other assets 15, Total net assets 161, All investments held are listed, unless otherwise stated. For the purposes of this portfolio holdings analysis, securities are shown based on their country of listing. * Comparative figures shown in brackets relate to 31 July Stocks shown as ADRs represent American Depositary Receipts. 243

247 First State Worldwide Sustainability Fund Summary Fund performance Net asset value and ongoing charges figure Share class A Accumulation 31/07/13 31/07/14 31/07/15 Share class A Income 31/07/13 31/07/14 31/07/15 Share class B Accumulation 31/07/13 31/07/14 31/07/15 Share class B Income 31/07/13 31/07/14 31/07/15 Share class A Accumulation (EUR share class) 31/07/13 31/07/14 31/07/15 Share class B Accumulation (EUR share class) 31/07/13 31/07/14 31/07/15 Share class B Accumulation (USD share class) 31/07/14 31/07/15 Net Asset Value of share class ( ) Shares in issue Net Asset Value per share (p/c)* Ongoing Charges Figure (%) 2,640,884 2,157, ,974,396 1,640, ,078,737 1,532, , , , , , , ,466,477 34,274, ,681,648 56,770, ,961,500 59,567, ,615,022 2,310, ,448,923 5,804, ,692,171 11,745, ,784 22, / ,508 22, / ,978 22, / ,284,661 29,469, / ,573,290 43,241, / ,635,499 37,261, / ,534,312 20,002, / ,334,854 31,068, / *Where 2 figures are shown for a share class denominated in EUR or USD, the first figure is in GBP in pence and the second figure is in EUR/USD in cents. Amounts in Euros and US dollars have been converted at the (EUR) and (USD) exchange rate at 12:00 midday on 31 July

248 First State Worldwide Sustainability Fund Summary Fund performance Share price history and revenue record Calendar year Highest share price (p/c) Lowest share price (p/c) per share (p/c) Share class A Accumulation * Share class A Income * Share class B Accumulation * Share class B Income * Share class A Accumulation (EUR share class) * Share class B Accumulation (EUR share class) * Share class B Accumulation (USD share class) * The share classes marked with EUR or USD are stated in Euros/US dollars. The Euro and US dollar prices are calculated using the exchange rate at the valuation point on that date. * To 31 July Share class A Accumulation was launched 23 November Share class A Income was launched 20 December Share class B Accumulation was launched 1 November Share class B Income was launched 22 January Share class A Accumulation (EUR share class) was launched 27 June Share class B Accumulation (EUR share class) was launched 1 November Share class B Accumulation (USD share class) was launched 2 June

249 First State Worldwide Sustainability Fund Statement of total return for the year ended 31 July 2015 Notes '000 '000 '000 '000 Income: Net capital gains/(losses) 2 16,824 (2,687) Revenue 3 3,095 2,400 Expenses 4 (1,655) (1,241) Finance costs: interest Net revenue before taxation 1,440 1,159 Taxation 5 (238) (147) Net revenue after taxation 1,202 1,012 Total return before distributions 18,026 (1,675) Finance costs: distributions 6 (1,202) (1,023) Change in net assets attributable to shareholders from investment activities 16,824 (2,698) Statement of change in net assets attributable to shareholders for the year ended 31 July 2015 Opening net assets attributable to shareholders Assets transferred from OEICs* Amounts receivable on issue of shares Less: Amounts payable on cancellation of shares Dilution adjustment Stamp duty reserve tax Change in net assets attributable to shareholders from investment activities Retained distribution on accumulation shares Closing net assets attributable to shareholders *Relating to the transfer of assets from the an external party. '000 '000 '000 ' ,400 77,253-16,858 29,668 43,781 (18,142) (3,923) 11,526 39, (18) 16,824 (2,698) 1,123 1, , ,400 Notes to the financial statements are on pages 248 to

250 First State Worldwide Sustainability Fund Balance sheet Assets Portfolio of investments Debtors Cash and bank balances Total other assets Total assets Liabilities Creditors payable on income shares Total liabilities Net assets attributable to shareholders Notes '000 ' , , ,762 1,301 14,975 10,298 16,737 11, , ,886 9 (640) (1,432) (108) (54) (748) (1,486) 161, ,400 Notes to the financial statements are on pages 248 to

251 First State Worldwide Sustainability Fund Notes to the Financial Statements Accounting basis and policies Please see pages 10 to 12 for accounting basis and policies. Net capital gains/(losses) The net capital gains/(losses) during the year comprise: Non-derivative securities Forward foreign exchange currency contracts Currency gains/(losses) Net capital gains/(losses) Revenue Dividends from UK companies Overseas taxable revenue Overseas non-taxable revenue UK scrip dividends Interest from bank deposits Interest on capital revenue from Brazilian companies Total revenue Expenses Payable to the ACD, associates of the ACD, and agents of either of them: ACD's periodic charge Payable to the Depositary, associates of the Depositary, and agents of either of them: Depositary's fees Other expenses: Audit fee Registrar fees Safe custody charges Other expenses Total expenses '000 '000 16,516 (2,468) (219) 16,824 (2,687) '000 ' (5) 2,465 1, ,095 2,400 '000 '000 1,511 1, ,655 1,

252 First State Worldwide Sustainability Fund Notes to the Financial Statements 5. (a) (b) (c) (d) Taxation Analysis of charge in year: Irrecoverable overseas tax Factors affecting current tax charge for the year: Net revenue before taxation Corporation tax of 20% (2014: 20%) Effects of: UK dividends* Non taxable scrip dividends* Overseas non-taxable revenue* Movement in excess management expenses Irrecoverable overseas tax Overseas tax expensed Current tax charge for year (note 5a) OEICs are exempt from tax on capital gains. Therefore, any capital return is not included in the above reconciliation. *As an authorised OEIC these items are not subject to corporation tax. Deferred taxation: There is no provision required for deferred taxation at the Balance sheet date in the current or prior year. Factors that may affect future tax charges: Finance costs s and interest Interim distribution Final distribution Add: revenue deducted on cancellation of shares Deduct: revenue received on issue of shares Net distributions for the year Interest Total finance costs Details of the distribution per share is set out in the tables on pages 253 to 254. Movement between net revenue and net distributions Net revenue after taxation Movement in net income as a result of conversions Net distributions for the year '000 ' The tax assessed for the year is lower than (2014: lower than) the standard rate of corporation tax in the UK for an OEIC of 20% (2014: 20%). The differences are explained below: 1,440 1, (102) (88) - (10) (493) (381) (3) At the year end, after offset against revenue taxable on receipt, there is a potential deferred tax asset of 627,286 (31/07/14: 333,256) this relates to surplus management expenses. No deferred tax asset was recognised in the current or prior year as it was considered unlikely the Fund would generate sufficient taxable profits in the future to utilise these amounts. The distributions take account of revenue received on the issue of shares and revenue deducted on the cancellation of shares, and comprises: '000 ' ,231 1,019 1,231 1, (72) (107) 1,202 1, ,202 1,023 '000 '000 1,202 1, ,202 1,

253 First State Worldwide Sustainability Fund Notes to the Financial Statements (a) Debtors Sales awaiting settlement Amounts receivable for issue of shares Accrued revenue Overseas tax recoverable Total debtors Creditors Purchases awaiting settlement Amounts payable for cancellation of shares Accrued expenses Total creditors Portfolio transaction costs Analysis of total trade costs: Non-derivative securities Trades in the year before transaction costs Commissions Taxes Total costs Total net trades in the year after transaction costs '000 ' , ,762 1,301 '000 ' , ,432 Purchases Sales '000 '000 '000 '000 55,381 79,883 48,392 26,613 55,381 79,883 48,392 26, (52) (36) (12) (64) (36) 55,442 79,985 48,328 26,577 Contingent liabilities and commitments As at 31 July 2015, the Fund had no contingent liabilities (31/07/14: nil) and no commitments (31/07/14: nil). Derivatives and other financial instruments General In pursuing its investment objectives the Fund holds equity shares. The main risk arising from the Fund s financial instruments is market price risk. Market price risk arises mainly from uncertainty about future prices of the financial instruments held. Investment risk in the portfolio is regularly reviewed and controlled through the adoption of parameters limiting exposures to various factors such as industries, countries, and company size. The Fund has little exposure to credit or cash flow risk. Certain transactions in securities that the Fund enters into expose it to the risk that the counter-party will not deliver the investment (purchase) or cash (sale) after the Fund has fulfilled its responsibilities. The Fund only buys and sells investments through brokers which have been approved by the ACD as an acceptable counter-party. This list is reviewed quarterly. The Fund s assets comprise mainly realisable securities which can be readily sold in normal market conditions. The Fund s main liability is the redemption of any shares that investors wish to sell. In general, the ACD manages the cash to ensure that it can meet its liabilities. Assets from a fund may need to be sold if insufficient cash is available to finance such redemptions. The Fund s holdings are reviewed on a regular basis, with particular emphasis on the market capitalisation of the issuer (securities issued by larger capitalised companies generally have greater liquidity), and the number of days it would take to trade out of a given securities position or percentage of the Fund as a whole (determined by reference to available market trading volumes). Funds that have a higher concentration of securities which are deemed to be less liquid are regularly monitored. As a proportion of the Fund s investment portfolio is invested in overseas securities the Balance sheet can be affected by movements in foreign exchange rates. The Investment Manager may seek to manage exposure to currency movements by using forward foreign exchange contracts or by hedging the sterling value of investments that are priced in other currencies. Income received in other currencies is converted to sterling on or near the date of receipt. 250

254 First State Worldwide Sustainability Fund Notes to the Financial Statements 12. (b) (c) 13. Derivatives and other financial instruments The market value of investments is taken to equal fair value for the purposes of Financial Reporting Standard 29. Given all the activities of the Fund, none of the investments held fall within the definition of investments held for trading as set out in Financial Reporting Standard 13. Fair value of financial assets and financial liabilities There is no material difference between the value of the financial assets and liabilities, as shown in the Balance sheet, and their fair value. Interest rate risk The Fund does not invest in either fixed or floating rate securities and interest rate risk exposure is restricted to interest receivable on bank deposits or payable on bank overdraft positions which will be affected by fluctuations in interest rates. As at 31 July 2015, 9.25% (31 July 2014: 7.78%) of the Fund's assets were interest bearing. Analysis of the Fund's currency exposure The following summarises the Sterling value of currencies of the Fund in which the investments, including cash, debtors and creditors, are denominated. As at 31 July the Fund had the following net currency exposure (excluding sterling): Net foreign currency assets Net foreign currency assets Monetary Non-monetary Monetary Non-monetary exposures exposures Total exposures exposures Total Currency '000 '000 '000 '000 '000 '000 Australian dollar - 7,992 7, ,122 7,124 Brazilian real (55) 5,788 5, Chilean peso 1 3,428 3,429 (1) 2,807 2,806 Danish krone ,193 1,193 Euro ,864 33,123 8,017 24,873 32,890 Indian rupee 50 9,903 9,953 (127) 6,028 5,901 Japanese yen 32 10,722 10,754 (434) 12,449 12,015 Malaysian ringgit (61) 1,364 1,303 Nigerian naira - 1,017 1, ,380 1,422 Norwegian krone Philippine peso (242) 3,673 3, ,571 4,582 Polish zloty 1 2,473 2,474-1,684 1,684 South African rand - 1,854 1,854 (97) 2,201 2,104 Swedish krona - 1,455 1,455-2,038 2,038 Swiss franc 100 9,606 9, ,433 8,485 US dollar 8,612 41,250 49, ,438 30,493 8, , ,330 7, , ,642 Related parties First State Investments (UK) Limited, ("the ACD") is a related party to the Fund as defined by Financial Reporting Standard 8 Related Party Disclosures. By virtue of the regulations governing OEICs, the ACD is party to every transaction in respect of shares of the Fund, which are summarised in the Statement of Change in Net Assets attributable to Shareholders. Amounts due at the year end in respect of issues and cancellations are included in the Balance Sheet. Amounts paid to First State Investments (UK) Limited in respect of ACD fees are disclosed in note 4, with 135,969 (31/07/14: 112,301) due at the year end. As at 31 July 2015 RBC as trustee for First State Investment Services (UK) Limited Employee Benefits Trust, a related party of the ACD, owned 3.44% (31/07/14: 5.71%) of the Net Asset Value of the Fund. 251

255 First State Worldwide Sustainability Fund Notes to the Financial Statements 14. Share classes The Fund has seven share classes in issue. The ACD's periodic charge on each share class is as follows: % Share class A Accumulation (Retail): 1.75 Share class A Income (Retail): 1.75 Share class B Accumulation (Institutional): 1.00 Share class B Income (Institutional): 1.00 Share class A Accumulation (EUR share class) (Retail): 1.75 Share class B Accumulation (EUR share class) (Institutional): 1.00 Share class B Accumulation (USD share class) (Institutional): 1.00 The net asset value of each share class, the net asset value per share and the number of shares in each class are given in the Performance Record on page 244. The distributions per share class are given in the Tables on pages 253 to 254. All share classes have the same rights on winding up. 252

256 First State Worldwide Sustainability Fund Tables for the year ended 31 July 2015 in pence and cents per share Group 1 Interim - Shares purchased prior to 1 August 2014 Final - Shares purchased prior to 1 February 2015 Group 2 Interim - Shares purchased between 1 August 2014 and 31 January 2015 Final - Shares purchased between 1 February 2015 and 31 July 2015 Share class A Accumulation paid to/payable 30/09/2015 paid 30/09/2014 Net revenue Equalisation Group 1 (p) (p) (p) (p) Interim Final Group 2 (p) (p) (p) (p) Interim Final Share class A Income paid to/payable 30/09/2015 paid 30/09/2014 Net revenue Equalisation Group 1 (p) (p) (p) (p) Interim Final Group 2 (p) (p) (p) (p) Interim Final Share class B Accumulation paid to/payable 30/09/2015 paid 30/09/2014 Net revenue Equalisation Group 1 (p) (p) (p) (p) Interim Final Group 2 (p) (p) (p) (p) Interim Final Share class B Income paid to/payable 30/09/2015 paid 30/09/2014 Net revenue Equalisation Group 1 (p) (p) (p) (p) Interim Final Group 2 (p) (p) (p) (p) Interim Final

257 First State Worldwide Sustainability Fund Tables for the year ended 31 July 2015 Share class A Accumulation (EUR share class) paid to/payable 30/09/2015 paid 30/09/2014 Net revenue Equalisation Group 1 (c) (c) (c) (c) Interim Final Group 2 (c) (c) (c) (c) Interim Final Share class B Accumulation (EUR share class) paid to/payable 30/09/2015 paid 30/09/2014 Net revenue Equalisation Group 1 (c) (c) (c) (c) Interim Final Group 2 (c) (c) (c) (c) Interim Final Share class B Accumulation (USD share class) paid to/payable 30/09/2015 paid 30/09/2014 Net revenue Equalisation Group 1 (c) (c) (c) (c) Interim Final Group 2 (c) (c) (c) (c) Interim Final Corporate Tax for all share classes (unaudited) A shareholder liable to corporation tax receives this distribution, excluding equalisation, as follows: Interim % of the dividend together with the tax credit is received as franked investment income. Interim % of the dividend is received as an annual payment (non foreign element) received after the deduction of tax at a rate equal to the basic rate of income tax and is liable to corporation tax. The tax deemed to be deducted is treated as income tax. Interim % of the dividend is received as an annual payment (foreign element) received after the deduction of tax at a rate equal to the basic rate of income tax. It is treated as foreign income in the hands of the corporate investor and is liable to corporation tax. The associated deemed tax is treated as foreign tax in the hand of the investor who may be able to claim double tax relief. Investors cannot reclaim any of this deemed tax on the foreign element from HM Revenue & Customs. Final % of the dividend together with the tax credit is received as franked investment income. Final % of the dividend is received as an annual payment (non foreign element) received after the deduction of tax at a rate equal to the basic rate of income tax and is liable to corporation tax. The tax deemed to be deducted is treated as income tax. Final % of the dividend is received as an annual payment (foreign element) received after the deduction of tax at a rate equal to the basic rate of income tax. It is treated as foreign income in the hands of the corporate investor and is liable to corporation tax. The associated deemed tax is treated as foreign tax in the hand of the investor who may be able to claim double tax relief. Investors cannot reclaim any of this deemed tax on the foreign element from HM Revenue & Customs. Shareholders should consult their professional advisers for any advice regarding their tax position. 254

258 First State Global Interest Rates and Currency Fund Authorised Fund Manager's Report for the period ended 31 July 2015 Investment objective and policy The objective of the Fund is to achieve an absolute return (more than zero) over a 12 month period in any market conditions. Absolute return is not guaranteed over a 12 month period, or any, time period. There is a risk to capital and the Fund may experience periods of negative return. The Fund aims to invest in assets which offer exposure to global bond and currency markets. In order to gain this exposure the Fund will invest primarily in derivatives (whose value is linked to the price or future price of another underlying security or currency) cash and near cash, debt securities, money market instruments and deposits. Derivatives may include, but shall not be limited to, foreign exchange forwards, futures, options and swaps. At times the Fund s portfolio may be concentrated in a small number of such assets or positions or a combination of them. These will primarily be rated as investment grade, but may also be non-investment grade with low or no credit rating. In order to achieve its investment objective and policy the Fund may use derivatives for both investment and Efficient Portfolio Management purposes. Clarification point: The concentration limits are set out in Appendix III of the Prospectus, Investment management and borrowing powers of the company. Risks and reward profile Share class B Accumulation Share class B Hedged Accumulation (GBP share class) Share class B Gross Hedged Accumulation (EUR share class) Share class B Gross Accumulation Share class Z Gross Accumulation Lower risk Potentially lower rewards Higher risk Potentially higher rewards The synthetic risk reward indicator (the SRRI) rating is not a measure of the risk of you losing your investment but describes how much the value of the Fund went up and down in the past; The SRRI rating is based on historical data which may not be a reliable indication of the future risks and rewards of the Fund; We cannot guarantee that the rating of the Fund will remain the same, it may change over time; Even the lowest rating 1 does not mean a risk free investment; On a scale of 1 (less risky) to 7 (more risky), this Fund has a rating of 5 due to its past performance and the nature of its investments. Shares with a rating of 5 might have higher risks, but also higher returns; Risk is taken in order to make a higher potential return, the more risk a fund takes, the higher the potential return but the greater the risk of loss; and The value of the Fund and its return is not guaranteed and may fall as well as rise. You may get back less than you originally invested. The Fund might also experience the following risks: Currency risk: the Fund invests in assets which are denominated in other currencies; changes in exchange rates will affect the value of the Fund. Interest rate risk: interest rates affect the Fund's investments. If rates go up, the value of investments fall and vice versa. Derivative risk: derivative instruments are complex, have different characteristics than their underlying assets and are subject to additional risks, including leverage, liquidity and valuation; derivatives may result in gains or losses that are greater than the original amount invested. Counterparty risk: the insolvency of any institutions providing services such as safekeeping of assets or acting as counterparty to derivatives or other instruments, may expose the fund to financial loss. Currency hedged share class risk: hedging transactions are designed to reduce currency risk for investors. There is no guarantee that the hedging will be totally successful or that it can eliminate currency risk entirely. For further information on risks, please refer to the risk factors section in the Company's prospectus. 255

259 First State Global Interest Rates and Currency Fund Authorised Fund Manager's Report for the period ended 31 July 2015 Portfolio Activity We added rates and currency positions to the fund in March. In foreign exchange, we maintained a bias to the US dollar during the period, and remained cautious on emerging market commodity currencies. Our biggest positions were long Hungarian forint and short Thai baht and Korean won for most of the period. In rates we maintained neutral duration overall, but have had sizeable country allocations with long positions in the US, UK, Italy, Hungary and India and short Japan and Australasian countries. Outlook With the US economy getting closer to full employment, the prevailing themes for the last year remain valid. Prospects for rate hikes from the Federal Reserve should continue to support the US dollar, further pressuring commodity prices and emerging market economies. However, with the rest of the world still easing monetary conditions, subdued inflationary pressures should allow the Fed to remove stimulus very gradually. In Europe, with Greece out of the spotlight, for now, and further episodes of systemic risk pushed into the future, Europe should start to benefit from the European Central Bank s stimulus measures and real growth could emerge. Prospects for Asia are less sanguine with an overdue deleveraging process (paying off debt) gathering steam while exports, the traditional growth engine, are subdued. Cumulative performance Time Since period mths mths yrs yrs yrs yrs launch Fund return % (2.3) (2.4) Sector return % Quartile ranking Discrete performance Time period Fund return % 31 July 2015 % of Fund /03/15 to 12 mths to 12 mths to 12 mths to 12 mths to 31/07/15 31/07/14 31/07/13 31/07/12 31/07/11 (2.4) Benchmark: Global Interest Rates is absolute return fund designed to generate a positive return and therefore does not have benchmark. Past performance should not be used as a guide to future performance, which is not guaranteed. Largest holdings Stock name United States Treasury Note 0.375% 15/11/2015 United States Treasury Note 0.25% 15/12/2015 United States Treasury Bill 0% 03/09/2015 United States Treasury Note 1.375% 30/11/2015 United States Treasury Note 0.25% 15/09/2015 United States Treasury Bill 0% 20/08/2015 United States Treasury Note 0.25% 15/10/2015 United States Treasury Note 0.25% 31/10/2015 Types of shares Accumulation. 256

260 First State Global Interest Rates and Currency Fund Portfolio statement Nominal Values Market value $'000 Total net assets % UNITED STATES (0.00%*) 35, USD4,000,000 United States Treasury Bill 0% 20/08/2015 4, USD4,500,000 United States Treasury Bill 0% 03/09/2015 4, USD4,000,000 United States Treasury Note 0.25% 15/09/2015 4, USD3,000,000 United States Treasury Note 0.25% 15/10/2015 3, USD2,000,000 United States Treasury Note 0.25% 31/10/2015 2, USD7,000,000 United States Treasury Note 0.375% 15/11/2015 7, USD4,000,000 United States Treasury Note 1.375% 30/11/2015 4, USD7,000,000 United States Treasury Note 0.25% 15/12/2015 7, DERIVATIVES (0.00%*) Interest Rate Swaps 20,645,487 HSBC Interest Rate Swap Pay MXN MXIBOR Pay MXN 5.49% 09/06/ ,862,122 HSBC Interest Rate Swap Pay CAD BA Pay CAD 1.485% 15/06/2020 (38) (0.10) 50,394,202 HSBC Interest Rate Swap Pay CZK PRIBOR Pay CZK 0.84% 17/06/2020 (26) (0.08) 1,389,629 HSBC Interest Rate Swap Pay GBP LIBOR Pay GBP % 17/06/2020 (9) (0.03) 8,850,616 HSBC Interest Rate Swap Pay PLN WIBOR Pay PLN 2.64% 17/06/ ,000,000 HSBC Interest Rate Swap Pay INR INOIS Pay INR 6.93% 02/06/2025 (7) (0.02) 4,500,000 JP Morgan Interest Rate Swap Pay CAD BA Pay CAD 0.88% 02/03/2017 (6) (0.02) 7,641,252 JP Morgan Interest Rate Swap Pay SEK STIBOR Pay SEK (0.55)% 04/05/2017 (3) (0.01) 4,936,074 JP Morgan Interest Rate Swap Pay NZD BBR Pay NZD % 07/05/2020 (67) (0.18) 248,629,968 JP Morgan Interest Rate Swap Pay HUF BUBOR Pay HUF 3.15% 12/05/ ,195,989 JP Morgan Interest Rate Swap Pay CNY CNDR7D Pay CNY 2.58% 30/06/2020 (5) (0.01) 443,618,868 Merrill Lynch International Interest Rate Swap Pay HUF BUBOR Rec HUF 3.06% 22/07/2025 (11) (0.03) 92,706,393 Standard Chartered Interest Rate Swap Pay INR 1D INOIS Pay INR 7.13% 30/06/ ,310,622 Standard Chartered Interest Rate Swap Pay INR 1D INOIS Pay INR 7.02% 14/07/ Futures Contracts (49) Australian 3 Year Bond Futures September 2015 (25) (0.07) (11) Australian 10 Year Bond Futures September 2015 (27) (0.07) (20) Canadian 10 Year Bond Futures September 2015 (40) (0.11) (20) Euro-BOBL Futures September 2015 (24) (0.07) 23 Euro-BTP Futures September (3) Japan 10 Year Bond Futures September 2015 (27) (0.07) (6) UK Long Gilt Bond Futures September 2015 (1) - 47 US Treasury Note 5 Year Futures September US Treasury Note 10 Year Futures September 2015 (9) (0.02) Forward Currency Contracts Australian Dollar Bought AUD189,091 for USD140,068 Settlement 14/08/2015 (3) (0.01) Bought AUD1,606,361 for USD1,196,603 Settlement 14/08/2015 (32) (0.09) Brazillian Real Bought BRL2,269,799 for USD707,464 Settlement 14/08/2015 (37) (0.10) Sold BRL1,019,208 for USD300,307 Settlement 14/08/ Chech Koruna Bought CZK11,225,908 for USD459,870 Settlement 14/08/ Bought CZK10,713,393 for USD429,421 Settlement 14/08/2015 (1) - Bought CZK10,175,289 for USD415,739 Settlement 14/08/2015 (4) (0.01) Sold CZK10,175,289 for USD410,375 Settlement 14/08/ Chilean Peso Sold CLP105,739,456 for USD162,881 Settlement 14/08/2015 (6) (0.02) Danish Krone Sold DKK6,108,594 for USD895,134 Settlement 14/08/

261 First State Global Interest Rates and Currency Fund Portfolio statement Market value $'000 Total net assets % Euro Bought EUR7,434,654 for USD8,187,569 Settlement 17/08/2015 (24) (0.07) Sold EUR568,295 for USD621,100 Settlement 14/08/ Sold EUR168,792 for USD186,870 Settlement 17/08/ Hungarian Forint Bought HUF643,784,520 for USD2,219,207 Settlement 14/08/ Indian Rupee Bought INR12,667,018 for USD196,795 Settlement 14/08/2015 (3) (0.01) Indonesian Rupiah Sold IDR8,291,193,286 for USD616,629 Settlement 14/08/ Japanese Yen Bought JPY17,770,192 for USD143,053 Settlement 14/08/2015 (4) (0.01) Sold JPY65,641,332 for USD536,216 Settlement 14/08/ Malaysian Ringgit Bought MYR924,209 for USD239,903 Settlement 14/08/ Mexican Peso Bought MXN4,031,187 for USD253,896 Settlement 14/08/ Bought MXN3,993,400 for USD250,071 Settlement 14/08/ Sold MXN2,740,854 for USD168,658 Settlement 14/08/ New Taiwan Dollar Sold TWD17,504,883 for USD563,438 Settlement 14/08/ Sold TWD8,922,417 for USD285,517 Settlement 14/08/2015 (34) (0.09) New Zealand Dollar Sold NZD771,869 for USD509,946 Settlement 14/08/ Norwegian Krone Bought NOK5,802,805 for USD704,785 Settlement 14/08/ Polish Zloty Bought PLN542,874 for USD142,985 Settlement 14/08/ Bought PLN897,439 for USD233,101 Settlement 14/08/ Pound Sterling Bought GBP5,843,984 for USD9,048,713 Settlement 17/08/ Bought GBP286,501 for USD441,897 Settlement 14/08/ Bought GBP91,723 for USD142,729 Settlement 14/08/2015 (2) (0.01) Sold GBP10,478 for USD16,293 Settlement 17/08/ Russian Ruble Bought RUB61,269,666 for USD1,053,105 Settlement 14/08/ Singapore Dollar Bought SGD3,694,794 for USD2,720,267 Settlement 14/08/2015 (1) - Sold SGD1,626,785 for USD1,193,136 Settlement 14/08/ South African Rand Bought ZAR24,221,745 for USD1,930,054 Settlement 14/08/ South Korean Won Bought KRW664,577,767 for USD568,559 Settlement 14/08/2015 (3) (0.01) Sold KRW444,009,610 for USD391,923 Settlement 14/08/ Sold KRW3,166,936,613 for USD2,791,851 Settlement 14/08/2015 (34) (0.09) Sold KRW819,264,536 for USD707,464 Settlement 14/08/2015 (47) (0.13) 258

262 First State Global Interest Rates and Currency Fund Portfolio statement Market value $'000 Total net assets % Swedish Krona Sold SEK6,149,517 for USD720,454 Settlement 14/08/ Swiss Franc Sold CHF2,420,784 for USD2,550,463 Settlement 14/08/2015 (4) (0.01) Thai Bhat Sold THB13,790,578 for USD394,881 Settlement 14/08/ Sold THB13,373,873 for USD392,229 Settlement 14/08/ Sold THB88,715,241 for USD2,606,726 Settlement 14/08/2015 (11) (0.03) Sold THB11,302,015 for USD327,635 Settlement 14/08/2015 (21) (0.06) Turkish Lira Bought TRY1,926,070 for USD709,973 Settlement 14/08/ Bought TRY956,479 for USD353,510 Settlement 14/08/ Portfolio of investments 35, Net other assets Total net assets 36, All holdings represent securities quoted on a listed securities market, unless otherwise stated. For the purposes of this portfolio holdings analysis, securities are shown based on their country of listing. * Comparative figures shown in brackets relate to 31 July US Government Notes are all rated as investment grade. ^ Including derivative liabilities. Financial derivative instruments exposure Value ($) Exchange traded derivatives 26,552,854 Forward foreign currency contracts 26,810,003 Total financial derivative instruments exposure 53,362,857 The financial derivative instruments exposure represents the value of what is "economically commanded" by the instrument and is calculated as the sum of the notional value of the instrument, i.e. the number of contracts multiplied by the relevant index or spot price. Efficient portfolio management techniques Value ($) Underlying exposure obtained through efficient portfolio management techniques 53,362,857 Counterparties to financial derivative instruments and efficient portfolio management Value ($) techniques HSBC Bank plc (6,941) JP Morgan Securities Plc (58,751) Merrill Lynch 95,338 Standard Chartered 31,879 State Street Bank and Trust Company 28,623 The counterparty exposure represents the unrealised profit or loss on the derivative contract. It is therefore a different amount to the value of the sum of the notionals. 259

263 First State Global Interest Rates and Currency Fund Summary Fund performance Net asset value and ongoing charges figure Share class B Accumulation 31/07/15 Share class B Hedged Accumulation (GBP share class) 31/07/15 Share class B Gross Hedged Accumulation (EUR share class) 31/07/15 Share class B Gross Accumulation 31/07/15 Share class Z Gross Accumulation 31/07/15 9,525,348 9,121,261 8,012,989 9,630,862 97,913 9,901,739 6,072,000 7,602,000 10,011, , / / * Where 2 figures are shown for a share class denominated in GBP or EUR, the first figure is in USD in cent and the second figure is in GBP/EUR in pence/cents. Amounts in Pounds and Euros have been converted at the (GBP) and (EUR) exchange rate at 12:00 midday on 31 July Share price history and revenue record Calendar year Net Asset Value of share class ($) Shares in issue Highest share price (p/c) Net Asset Value per share (c/p)* Lowest share price (p/c) Ongoing Charges Figure (%) per share (p/c) Share class B Accumulation * Share class B Hedged Accumulation (GBP share class) * Share class B Gross Hedged Accumulation (EUR share class) * Share class B Gross Accumulation * Share class Z Gross Accumulation * The share classes marked with GBP or EUR are stated in Pounds/Euros. The Pound and Euro prices are calculated using the exchange rate at the valuation point on that date. * To 31 July Share class B Accumulation was launched 15 September Share class B Hedged Accumulation (GBP share class) was launched 15 September Share class B Gross Hedged Accumulation (EUR share class) was launched 15 September Share class B Gross Accumulation was launched 15 September Share class Z Gross Accumulation was launched 31 October

264 First State Global Interest Rates and Currency Fund Statement of total return for the period 15 September 2014 to 31 July July 2015 Notes $'000 $'000 Income: Net capital losses 2 (2,900) Revenue 3 33 Expenses 4 (447) Finance costs: interest Net expenses before taxation 6 - (414) Taxation 5 - Net expenses after taxation Total return before equalisation (414) (3,314) Finance costs: equalisation 6 - Change in net assets attributable to shareholders from investment activities (3,314) Statement of change in net assets attributable to shareholders for the period 15 September 2014 to 31 July 2015 Opening net assets attributable to shareholders Amounts receivable on issue of shares Less: Amounts payable on cancellation of shares Change in net assets attributable to shareholders from investment activities Closing net assets attributable to shareholders 31 July 2015 $'000 $'000-39,802 (100) 39,702 (3,314) 36,388 Notes to the financial statements are on pages 263 to

265 First State Global Interest Rates and Currency Fund Balance sheet Assets Portfolio of investments Debtors Cash and bank balances Total other assets Total assets Liabilities Derivative liabilities Creditors Bank overdrafts Total other liabilities Total liabilities Net assets attributable to shareholders 31 July 2015 Notes $'000 36, ,243 1,267 37,410 (596) 10 (72) (354) (426) (1,022) 36,388 Notes to the financial statements are on pages 263 to

266 First State Global Interest Rates and Currency Fund Notes to the Financial Statements Accounting basis and policies Please see pages 10 to 12 for accounting basis and policies. Net capital losses The net capital losses during the period comprise: Non-derivative securities Derivative contracts Forward foreign exchange currency contracts Currency losses Net capital losses Revenue Interest from government and fixed interest securities Currency hedge gain Swap Income Total revenue Expenses Payable to the ACD, associates of the ACD, and agents of either of them: ACD's periodic charge Payable to the Depositary, associates of the Depositary, and agents of either of them: Depositary's fees Other expenses: Audit fee Safe custody charges Other expenses Total expenses 31 July 2015 $'000 (9) (609) (2,201) (81) (2,900) 31 July 2015 $' July 2015 $'

267 First State Global Interest Rates and Currency Fund Notes to the Financial Statements 5. (a) (b) (c) (d) Taxation 31 July 2015 $'000 Analysis of charge in period: There is no corporation tax charge in the current period. Factors affecting current tax charge for the period: The tax assessed for the period is higher than the standard rate of corporation tax in the UK for an OEIC of 20%. The differences are explained below: Net expenses before taxation (414) Corporation tax of 20%. (83) Effects of: Movement in excess management expenses 83 Current tax charge for period - OEICs are exempt from tax on capital gains. Therefore, any capital return is not included in the above reconciliation. Deferred taxation: There is no provision required for deferred taxation at the Balance sheet date in the current period. Factors that may affect future tax charges: At the period end, after offset against revenue taxable on receipt, there is a potential deferred tax asset of 82,778 relating to surplus management expenses. Finance costs Equalisation and interest The equalisation takes account of revenue received on the issue of shares and revenue deducted on the cancellation of shares, and comprises: Add: revenue deducted on cancellation of shares Deduct: revenue received on issue of shares Net equalisation for the period Interest Total finance costs Details of the distribution per share is set out in the tables on pages 269 to 270. Movement between net expenses and net equalisation Net expenses after taxation Revenue deficit Net equalisation for the period Debtors Accrued revenue Total debtors Cash and bank balances Cash and bank balances Amounts held at futures clearing houses and brokers Total cash and bank balances 31 July 2015 $' July 2015 $'000 (414) July 2015 $' July 2015 $' ,

268 First State Global Interest Rates and Currency Fund Notes to the Financial Statements (a) Creditors Accrued expenses Total creditors Portfolio transaction costs Analysis of total trade costs: Non-derivative securities Derivative contracts* Trades in the period before transaction costs Commissions Total costs Total net trades in the period after transaction costs *Purchases and/or sales of derivatives contracts do not incur transaction costs. Contingent liabilities and commitments As at 31 July 2015, the Fund had no contingent liabilities and no commitments. Derivatives and other financial instruments General In pursuing its investment objectives the Fund holds fixed interest securities. 31 July 2015 $' Purchases Sales 31 July July 2015 $'000 $'000 93,064 57, , , , ,662 3 (2) 3 (2) 444, ,660 The Fund invests principally in fixed interest securities. Certain fixed interest securities are liable to default risk whereby the nominal capital is not or is unlikely to be returned to investors. The value of fixed interest stocks is not fixed and may go down as well as up. This may be the result of a specific factor affecting the value of an individual fixed interest stock or be caused by a general market factor (such as government policy or the health of the underlying economy) which can affect the entire portfolio. Any change to the interest rates relevant for particular securities may result in either revenue increasing or decreasing, or the ACD being unable to secure similar returns on the expiry of contracts or the sale of securities. In addition changes to prevailing rates or changes in expectations of future rates may result in an increase or decrease in the value of securities held. In addition, the management of the Fund complies with the Financial Conduct Authority COLL sourcebook, which includes rules limiting the size of investment in any particular holding. Market price risk arises mainly from uncertainty about future prices of the financial instruments held. Investment risk in the portfolio is regularly reviewed and controlled through the adoption of parameters limiting exposures to various factors such as industries, countries, and company size. The Fund enters into transactions in financial instruments which expose it to the risk that the counter-party will not deliver the investment (purchase) or cash (sale) after the Fund has fulfilled its obligations. The Fund only buys and sells financial instruments through parties that have been approved by the ACD as acceptable. These are reviewed on an ongoing basis. The Fund s main liability is the redemption of any shares that investors wish to sell. In general, the ACD manages the cash to ensure that it can meet its liabilities. Assets from a fund may need to be sold if insufficient cash is available to finance such redemptions. The Fund s holdings are reviewed on a regular basis, with particular emphasis on the market capitalisation of the issuer (securities issued by larger capitalised companies generally have greater liquidity), and the number of days it would take to trade out of a given securities position or percentage of the Fund as a whole (determined by reference to available market trading volumes). Funds that have a higher concentration of securities which are deemed to be less liquid are regularly monitored. As a proportion of the Fund s investment portfolio is invested in overseas securities the Balance sheet can be affected by movements in foreign exchange rates. The Investment Manager may seek to manage exposure to currency movements by using forward foreign exchange contracts or by hedging the sterling value of investments that are priced in other currencies. Income received in other currencies is converted to sterling on or near the date of receipt. The market value of investments is taken to equal fair value for the purposes of Financial Reporting Standard 29. Given all the activities of the Fund, none of the investments held fall within the definition of investments held for trading as set out in Financial Reporting Standard

269 First State Global Interest Rates and Currency Fund Notes to the Financial Statements 13. (b) Derivatives and other financial instruments Fair value of financial assets and financial liabilities There is no material difference between the value of the financial assets and liabilities, as shown in the Balance sheet, and their fair value. Interest rate risk The Fund receives revenue from fixed interest investments. Given that the Fund's objective is to achieve an absolute return (more than zero) over a 12 month period in any market conditions, these cash flows are considered to be of primary importance and are actively managed. The interest rate risk profile of the company's financial assets and liabilities at 31 July was: Floating rate financial assets Fixed rate financial assets Fixed rate financial assets weighted average interest rate Fixed rate financial assets weighted average period for which rate is fixed Financial liabilities not carrying interest Total Currency $'000 $'000 % Years $'000 $' July 2015 Sterling ,662 9,669 Australian dollar ,249 1,408 Brazilian real Canadian dollar (17) (83) (100) Chilean peso (157) (157) Czech Republic koruna Danish krone (899) (899) Euro (273) ,399 7,126 Hungarian forint ,292 2,292 Indian rupee Indonesian rupiah (612) (612) Japanese yen (412) (411) Malaysian ringgit Mexican peso New Zealand dollar (573) (573) Norwegian krone Polish zloty Russian ruble ,006 1,006 Singapore dollar ,504 1,504 South African rand ,896 1,896 South Korean won (3,217) (3,217) Swedish krona (717) (717) Swiss franc (36) (2,516) (2,552) Taiwanese dollar (837) (837) Thai baht (3,607) (3,607) Turkish lira ,032 1,032 US dollar 1,047 35, (15,575) 20,998 Yuan Renminbi (4) (4) Total ,526 (26) 36,

270 First State Global Interest Rates and Currency Fund Notes to the Financial Statements 13. (c) Derivatives and other financial instruments Analysis of the Fund's currency exposure The following summarises the US Dollar value of currencies of the Fund in which the investments, including cash, debtors and creditors, are denominated. As at 31 July the Fund had the following net currency exposure (excluding US Dollar): Net foreign currency assets 31 July 2015 Monetary Non-monetary exposures exposures Total Currency $'000 $'000 $'000 Sterling 9,669-9,669 Australian dollar 1,408-1,408 Brazilian real Canadian dollar (100) - (100) Chilean peso (157) - (157) Czech Republic koruna Danish krone (899) - (899) Euro 7,126-7,126 Hungarian forint 2,292-2,292 Indian rupee Indonesian rupiah (612) - (612) Japanese yen (411) - (411) Malaysian ringgit Mexican peso New Zealand dollar (573) - (573) Norwegian krone Polish zloty Russian ruble 1,006-1,006 Singapore dollar 1,504-1,504 South African rand 1,896-1,896 South Korean won (3,217) - (3,217) Swedish krona (717) - (717) Swiss franc (2,552) - (2,552) Taiwanese dollar (837) - (837) Thai baht (3,607) - (3,607) Turkish lira 1,032-1,032 Yuan Renminbi (4) - (4) 15,390-15,

271 First State Global Interest Rates and Currency Fund Notes to the Financial Statements (d) Derivative risk The Manager may enter into derivatives transactions for investment purposes and for efficient portfolio management purposes. A relatively small market movement may have a potentially larger impact on derivatives than on the underlying assets and the use of derivatives can therefore increase the volatility of the value of units in the Scheme. However it is not anticipated that the use of derivatives will have a significant effect on the risk profile of the Scheme. Exposure to the various markets may be balanced through tactical asset allocation of futures contracts. Tactical asset allocation is a technique which allows the ACD to undertake a switch in the Fund's exposure by the use of derivatives rather than through the sale and purchase by the Fund of transferable securities. Due to the use of derivatives, the percentage movements in the value of the Fund will be different from the percentage movements in the markets. Due to the level of investment in derivatives, the First State Global Interest Rates and Currency Fund is considered to be a sophisticated fund, for this reason further numerical analysis has been provided in the form of a Value at Risk (VaR) analysis, shown below. It is important to note that VaR is calculated on an ex ante basis. This means that the calculations are based on the current portfolio holdings and not by reference to the volatility of the historical portfolio returns. For the Fund the 1m 99% VaR as at 31/7/2015 was 2.09%. This means that, given the portfolio s current holdings and in normal market conditions, we would not expect a loss of greater than 2.09% of the Fund s portfolio in 99 months out of 100. Related parties First State Investments (UK) Limited, ("the ACD") is a related party to the Fund as defined by Financial Reporting Standard 8 Related Party Disclosures. By virtue of the regulations governing OEICs, the ACD is party to every transaction in respect of shares of the Fund, which are summarised in the Statement of Change in Net Assets attributable to Shareholders. Amounts due at the year end in respect of issues and cancellations are included in the Balance Sheet. Amounts paid to First State Investments (UK) Limited in respect of ACD fees are disclosed in note 4, with 30,852 due at the period end. As at 31 July 2015 CFS Managed Property Limited, a related party of the ACD, owned 64.00% of the Net Asset Value of the Fund. Share classes The Fund has five share classes in issue. The ACD's periodic charge on each share class is as follows: Share class B Accumulation (Institutional): Share class B Hedged Accumulation (GBP share class) (Institutional): Share class B Gross Hedged Accumulation (EUR share class) (Institutional): Share class B Gross Accumulation (Institutional): Share class Z Gross Accumulation (Institutional): The net asset value of each share class, the net asset value per share and the number of shares in each class are given in the Performance Record on page 260. All share classes have the same rights on winding up. %

272 First State Global Interest Rates and Currency Fund Table for the period 15 September 2014 to 31 July 2015 in pence and cents per share Group 1 Final - Shares purchased prior to 1 February 2015 Group 2 Interim - Shares purchased between 15 September 2014 and 31 January 2015 Final - Shares purchased between 1 February 2015 and 31 July 2015 Share class B Accumulation Gross revenue Income tax Net revenue Equalisation paid to/payable 30/09/2015 Group 1 (c) (c) (c) (c) (c) Final Group 2 (c) (c) (c) (c) (c) Interim Final This share class is in deficit and therefore not making a distribution. Share class B Hedged Accumulation (GBP share class) Gross revenue Income tax Net revenue Equalisation paid to/payable 30/09/2015 Group 1 (p) (p) (p) (p) (p) Final Group 2 (p) (p) (p) (p) (p) Interim Final This share class is in deficit and therefore not making a distribution. Share class B Gross Hedged Accumulation (EUR share class) Gross revenue Income tax Net revenue Equalisation paid to/payable 30/09/2015 Group 1 (c) (c) (c) (c) (c) Final Group 2 (c) (c) (c) (c) (c) Interim Final This share class is in deficit and therefore not making a distribution. Share class B Gross Accumulation Gross revenue Income tax Net revenue Equalisation paid to/payable 30/09/2015 Group 1 (c) (c) (c) (c) (c) Final Group 2 (c) (c) (c) (c) (c) Interim Final This share class is in deficit and therefore not making a distribution. 269

273 First State Global Interest Rates and Currency Fund Table for the period 15 September 2014 to 31 July 2015 Share class Z Gross Accumulation Gross revenue Income tax Net revenue Equalisation paid to/payable 30/09/2015 Group 1 (c) (c) (c) (c) (c) Final Group 2 (c) (c) (c) (c) (c) Interim Final This share class is in deficit and therefore not making a distribution. Shareholders should consult their professional advisers for any advice regarding their tax position. 270

274 First State Global Listed Infrastructure Fund Authorised Fund Manager's Report for the year ended 31 July 2015 Investment objective and policy The Fund aims to achieve an investment return consistent with income and long term capital growth. The Fund invests in a diversified portfolio of listed infrastructure and infrastructure related securities from around the world. Risks and reward profile Share class A Accumulation Share class A Income Share class B Accumulation Share class B Income Share class A Accumulation (EUR share class) Share class A Income (EUR share class) Share class B Accumulation (EUR share class) Share class B Income (EUR share class) Share class B Accumulation (USD share class) Share class B Hedged Income Lower risk Potentially lower rewards Higher risk Potentially higher rewards The synthetic risk reward indicator (the SRRI) rating is not a measure of the risk of you losing your investment but describes how much the value of the Fund went up and down in the past; The SRRI rating is based on historical data which may not be a reliable indication of the future risks and rewards of the Fund; We cannot guarantee that the rating of the Fund will remain the same, it may change over time; Even the lowest rating 1 does not mean a risk free investment; On a scale of 1 (less risky) to 7 (more risky), this Fund has a rating of 5 due to its past performance and the nature of its investments. Shares with a rating of 5 might have higher risks, but also higher returns; Risk is taken in order to make a higher potential return, the more risk a fund takes, the higher the potential return but the greater the risk of loss; and The value of the Fund and its return is not guaranteed and may fall as well as rise. You may get back less than you originally invested. The Fund might also experience the following risks: Currency risk: the Fund invests in assets which are denominated in other currencies; changes in exchange rates will affect the value of the Fund. Single sector risk: investing in a single sector may be riskier than investing in a number of different sectors. Investing in a larger number of sectors helps spread risk. Concentration risk: the Fund invests in a relatively small number of companies or countries which may be riskier than a fund that invests in a large number of companies or countries. Investing in a larger number of companies or countries helps spread risk. For further information on risks, please refer to the risk factors section in the Company's prospectus. Performance The Fund rose in value by 9.0% in sterling terms over the year. It has provided returns of 37.7% and 62.6% over three and five years to 31 July The largest positive contributor to performance during the year was Central Japan Railway (Japan: Passenger Rail), which gained as stimulative central bank activity boosted Japanese tourist and commuter volumes, resulting in robust earnings growth. Crown Castle (US: Mobile Towers) outperformed after more than doubling its dividend in late 2014, and continues to benefit from growth in demand for mobile data. PG&E (US: Regulated Utilities) narrowed the valuation gap to its utility peers as its regulatory outlook improved. TransCanada (Canada: Energy Pipelines) underperformed as the oil price declined, putting pressure on energy pipelines capital expenditure programmes and the earnings outlook. SABESP (Brazil: Water & Waste) and CCR (Brazil: Toll Roads) also lagged as rising interest rates in Brazil and weak investor sentiment towards emerging markets dragged on their share prices. 271

275 First State Global Listed Infrastructure Fund Authorised Fund Manager's Report for the year ended 31 July 2015 Portfolio Changes Positions were initiated in Duke Energy (US: Regulated Utilities) and NextEra (US: Regulated Utilities). Duke is one of the largest energy companies in the US, with a stable earnings outlook and a well-supported 4.5% dividend yield. NextEra is positioned to benefit from growing levels of clean energy build-out. We also bought shares in Enbridge Inc (Canada: Energy Pipelines) after lower energy prices triggered share price declines across the pipeline sector and provided an attractive entry point. Holdings in FirstEnergy (US: Integrated Utilities) were sold on concerns that low natural gas prices would weigh on wholesale US energy prices and impact earnings growth. Central Japan Railway (Japan: Passenger Rail) and Eutelsat (France: Satellites) were also sold following respective periods of strong performance. Outlook The portfolio is underweight energy pipelines and utilities on the expectation that US interest rates will increase from current low levels. Overweight exposure has been maintained in growth infrastructure sectors such as mobile towers, toll roads and freight rail. Overall, we believe that global listed infrastructure s high barriers to entry, strong pricing power and reasonable valuations can deliver attractive risk-adjusted returns to investors over the medium-term. Cumulative performance Time Since period mths mths yrs yrs yrs yrs launch Fund return % (5.7) (4.8) Benchmark return % (4.8) (5.7) Sector return % (2.4) Quartile ranking Discrete performance Time period Fund return % 12 mths to 12 mths to 12 mths to 12 mths to 12 mths to 31/07/15 31/07/14 31/07/13 31/07/12 31/07/ Benchmark: UBS Global Infrastructure & Utilities Index. ( Note: The benchmark changed from the S&P Global Infrastructure Index to the above on 01/06/2008). Sector: IA Global. Past performance should not be used as a guide to future performance, which is not guaranteed. Ten largest holdings Stock name PG&E Transurban Group National Grid Union Pacific Crown Castle International REIT American Tower REIT Duke Energy TransCanada Abertis Infraestructuras Power Assets Holdings Types of shares Income and Accumulation. % of Fund Stock name % of Fund 5.25 Crown Castle International REIT East Japan Railway Vinci Transurban Group Asciano PPL China Merchants Holdings International Eutelsat Communications SSE American Tower REIT

276 First State Global Listed Infrastructure Fund Portfolio statement Holdings Market value '000 Total net assets % UNITED KINGDOM (7.81%*) 86, ,004,920 BBA Aviation 14, ,386,363 National Grid 53, ,197,825 SSE 18, UNITED STATES (32.94%*) 598, ,534,448 AES 28, ,950 Alliant Energy 24, ,887 American Tower REIT** 48, ,480 Atmos Energy 27, ,546 Columbia Pipeline Group 12, ,113 Crown Castle International REIT** 49, ,396 Duke Energy 47, ,551 Eversource Energy 30, ,088,521 Exelon 22, ,091,992 ITC Holdings 23, ,320 Kansas City Southern 15, ,051,284 Kinder Morgan 23, ,326 NextEra Energy 36, ,998 NiSource 8, ,858,985 PG&E 62, ,193,396 PPL 24, ,986 SBA Communications 12, ,573,046 Spectra Energy 30, ,116 UGI 19, ,050 Union Pacific 49, CANADA (3.11%*) 110, ,261 Canadian National Railway 29, ,306,676 Enbridge 36, ,810,240 TransCanada 44, FRANCE (12.57%*) 41, ,419 Rubis 14, ,326 Vinci 26, GERMANY (1.84%*) 16, ,070 Fraport 16, ITALY (3.60%*) 24, ,295,801 Atlantia 22, ,877 Infrastrutture Wireless Italiane 1, NETHERLANDS (2.57%*) - - SPAIN (1.75%*) 45, ,750,109 Abertis Infraestructuras 39, ,519 Aena 5, SWITZERLAND (2.31%*) - - JAPAN (11.14%*) 33, ,000 East Japan Railway 24, ,579,000 Kamigumi 9, AUSTRALIA (9.60%*) 81, ,525,565 Asciano 24, ,173,255 Transurban Group 56,

277 First State Global Listed Infrastructure Fund Portfolio statement Holdings Market value '000 Total net assets % CHINA (4.07%*) 59, ,256,000 China Merchants Holdings International 19, ,258,000 COSCO Pacific 16, ,318,000 Jiangsu Expressway 'H' 24, HONG KONG (2.78%*) 38, ,403,500 Power Assets Holdings 38, BRAZIL (1.63%*) 32, ,349,100 CCR 17, ,471,400 Cia de Saneamento Basico do Estado de Sao Paulo 14, MEXICO (0.00%*) 10, ,154,196 Grupo Aeroportuario del Pacifico 10, DERIVATIVES (0.00%*) 26 - Forward Currency Contracts Australian Dollar Sold AUD382,720 for GBP182,913 Settlement 17/08/ Canadian Dollar Sold CAD511,123 for GBP259,241 Settlement 17/08/ Euro Sold EUR536,641 for GBP381,699 Settlement 17/08/ Hong Kong Dollar Sold HKD2,424,071 for GBP201,937 Settlement 17/08/ Japanese Yen Sold JPY20,560,334 for GBP107,652 Settlement 17/08/ Swiss Franc Sold CHF16,985 for GBP11,563 Settlement 17/08/ US Dollar Sold USD2,100,998 for GBP1,356,900 Settlement 17/08/ Sold USD111,284 for GBP71,538 Settlement 17/08/ Sold USD159,821 for GBP102,384 Settlement 17/08/ Portfolio of investments 1,178, Net other assets 7, Total net assets 1,186, All investments held are listed, unless otherwise stated. For the purposes of this portfolio holdings analysis, securities are shown based on their country of listing. * Comparative figures shown in brackets relate to 31 July ** Real Estate Investment Trust (REIT). Since the previous report the Industry Sector Classification headings have been updated by data providers. Where the portfolio statement shows Industry Sectors, the new sector names have been reflected in the report in respect of the current holdings and comparative holdings have been reanalysed where appropriate. Financial derivative instruments exposure Value ( ) Forward foreign currency contracts (Hedging) 25,742 Total financial derivative instruments exposure 25,742 Counterparties to financial derivative instruments and efficient portfolio management techniques Value ( ) State Street Bank and Trust Company 25,

278 First State Global Listed Infrastructure Fund Summary Fund performance Net asset value and ongoing charges figure Net Asset Value of share class ( ) Shares in issue Net Asset Value per share (p/c)* Ongoing Charges Figure (%) Share class A Accumulation 31/07/13 31/07/14 31/07/15 Share class A Income 31/07/13 31/07/14 31/07/15 198,645, ,881, ,234,339 58,809,230 49,327,782 40,463, ,212, ,701,987 75,775,544 47,922,918 38,542,428 29,813, Share class B Accumulation 31/07/13 94,231,637 60,982, /07/14 225,264, ,810, /07/15 Share class B Income 31/07/13 421,156, ,236, ,569, ,775, /07/14 254,689, ,578, /07/15 Share class B Hedged Income 31/07/13 329,256,997 49, ,334,741 46, /07/14 962, , /07/15 Share class A Accumulation (EUR share class) 31/07/13 3,219,113 80,395,437 2,422,673 72,137, / /07/14 54,781,645 45,747, / /07/15 Share class A Income (EUR share class) 31/07/13 38,774,729 4,578,905 29,706,790 4,912, / / /07/14 5,066,437 5,215, / /07/15 Share class B Accumulation (EUR share class) 31/07/13 5,698, ,392,170 5,531, ,893, / / /07/14 173,541, ,849, / /07/15 Share class B Income (EUR share class) 31/07/13 206,692, , ,807, , / / /07/14 3,498,916 3,381, / /07/15 Share class B Accumulation (USD share class) 31/07/13 1,317,521 5,567,927 1,191,340 7,615, / / /07/14 10,159,406 12,844, / /07/15 7,683,430 8,844, / *Where 2 figures are shown for a share class denominated in EUR or USD, the first figure is in GBP in pence and the second figure is in EUR/USD in cents. Amounts in Euros and US dollars have been converted at the (EUR) and (USD) exchange rate at 12:00 midday on 31 July

279 First State Global Listed Infrastructure Fund Summary Fund performance Share price history and revenue record Calendar year Highest share price (p/c) Lowest share price (p/c) per share (p/c) Share class A Accumulation * Share class A Income * Share class B Accumulation * Share class B Income * Share class B Hedged Income * Share class A Accumulation (EUR share class) * Share class A Income (EUR share class) * Share class B Accumulation (EUR share class) *

280 First State Global Listed Infrastructure Fund Summary Fund performance Share class B Income (EUR share class) * Share class B Accumulation (USD share class) * The share classes marked with EUR or USD are stated in Euros/US dollars. The Euro and US dollar prices are calculated using the exchange rate at the valuation point on that date. * To 31 July Share class B Hedged Income was launched 19 February Share class B Accumulation (EUR share class) was launched 13 April Share class B Income (EUR share class) was launched 30 January Share class B Accumulation (USD share class) was launched 6 December

281 First State Global Listed Infrastructure Fund Statement of total return for the year ended 31 July 2015 Notes '000 '000 '000 '000 Income: Net capital gains 2 67,364 48,646 Revenue 3 34,443 27,371 Expenses 4 (11,255) (9,385) Finance costs: interest 6 (8) (2) Net revenue before taxation 23,180 17,984 Taxation 5 (2,354) (2,310) Net revenue after taxation 20,826 15,674 Total return before distributions 88,190 64,320 Finance costs: distributions 6 (31,627) (24,740) Change in net assets attributable to shareholders from investment activities 56,563 39,580 Statement of change in net assets attributable to shareholders for the year ended 31 July 2015 Opening net assets attributable to shareholders Amounts receivable on issue of shares Less: Amounts payable on cancellation of shares Dilution adjustment Stamp duty reserve tax Change in net assets attributable to shareholders from investment activities Retained distribution on accumulation shares Closing net assets attributable to shareholders '000 '000 '000 ' , , , ,405 (170,225) (130,957) 167,840 90, (102) 56,563 39,580 21,819 16,706 1,186, ,173 Notes to the financial statements are on pages 280 to

282 First State Global Listed Infrastructure Fund Balance sheet Assets Portfolio of investments Debtors Cash and bank balances Total other assets Total assets Liabilities Derivative liabilities Creditors payable on income shares Total other liabilities Total liabilities Net assets attributable to shareholders Notes '000 '000 1,178, , ,828 10,889 10,851 21,150 18,679 32,039 1,197, ,743 - (5) 9 (4,842) (5,299) (6,103) (5,266) (10,945) (10,565) (10,945) (10,570) 1,186, ,173 Notes to the financial statements are on pages 280 to

283 First State Global Listed Infrastructure Fund Notes to the Financial Statements Accounting basis and policies Please see pages 10 to 12 for accounting basis and policies. Net capital gains The net capital gains during the year comprise: Non-derivative securities Forward foreign exchange currency contracts Currency losses Net capital gains Revenue Dividends from UK companies Overseas taxable revenue Overseas non-taxable revenue Property revenue from overseas REITs Interest from bank deposits Interest on capital revenue from Brazilian companies Total revenue Expenses Payable to the ACD, associates of the ACD, and agents of either of them: ACD's periodic charge Payable to the Depositary, associates of the Depositary, and agents of either of them: Depositary's fees Other expenses: Audit fee Registrar fees Safe custody charges Other expenses Total expenses '000 '000 68,528 49, (1,273) (439) 67,364 48,646 '000 '000 4,552 4,069 2,139 2,623 24,638 19,690 2, ,443 27,371 '000 '000 10,464 8, ,255 9,

284 First State Global Listed Infrastructure Fund Notes to the Financial Statements 5. (a) (b) (c) (d) Taxation Analysis of charge in year: Irrecoverable overseas tax Factors affecting current tax charge for the year: Net revenue before taxation Corporation tax of 20% (2014: 20%) Effects of: UK dividends* Overseas non-taxable revenue* Revenue taxable in different periods Movement in excess management expenses Irrecoverable overseas tax Overseas tax expensed Current tax charge for year (note 5a) OEICs are exempt from tax on capital gains. Therefore, any capital return is not included in the above reconciliation. *As an authorised OEIC these items are not subject to corporation tax. Deferred taxation: There is no provision required for deferred taxation at the Balance sheet date in the current or prior year. Factors that may affect future tax charges: Finance costs s and interest Interim distribution Final distribution Add: revenue deducted on cancellation of shares Deduct: revenue received on issue of shares Net distributions for the year Interest from bank deposits Total finance costs '000 '000 2,354 2,310 The tax assessed for the year is lower than (2014: lower than) the standard rate of corporation tax in the UK for an OEIC of 20% (2014: 20%). The differences are explained below: 23,180 17,984 4,636 3,597 (910) (814) (4,928) (3,938) 12 (90) 1,309 1,312 2,354 2,310 (119) (67) 2,354 2,310 At the year end, after offset against revenue taxable on receipt, there is a potential deferred tax asset of 5,266,374 (31/07/14: 3,948,692) this relates to surplus management expenses. No deferred tax asset was recognised in the current or prior year as it was considered unlikely the Fund would generate sufficient taxable profits in the future to utilise these amounts. The distributions take account of revenue received on the issue of shares and revenue deducted on the cancellation of shares, and comprises: '000 '000 13,523 9,861 18,853 15,620 32,376 25,481 1, (2,133) (1,585) 31,627 24, ,635 24,742 Details of the distribution per share is set out in the tables on pages 285 to 287. Movement between net revenue and net distributions '000 '000 Net revenue after taxation 20,826 15,674 Movement in net income as a result of conversions (1) - Expenses charged to capital 11,255 9,385 Tax relief on expenses charged to capital (453) (319) Net distributions for the year 31,627 24,

285 First State Global Listed Infrastructure Fund Notes to the Financial Statements (a) Debtors Sales awaiting settlement Amounts receivable for issue of shares Accrued revenue Overseas tax recoverable Total debtors Creditors Purchases awaiting settlement Amounts payable for cancellation of shares Accrued expenses Total creditors Portfolio transaction costs Analysis of total trade costs: Non-derivative securities Trades in the year before transaction costs Commissions Taxes Total costs Total net trades in the year after transaction costs '000 '000 1, ,259 6,555 4,230 3, ,008 7,828 10,889 '000 '000 2,283 3,882 1, , ,842 5,299 Purchases Sales '000 '000 '000 '000 1,155, , , ,867 1,155, , , ,867 1, (1,126) (536) (90) (13) 2, (1,216) (549) 1,157, , , ,318 Contingent liabilities and commitments As at 31 July 2015, the Fund had no contingent liabilities (31/07/14: nil) and no commitments (31/07/14: nil). Derivatives and other financial instruments General In pursuing its investment objectives the Fund holds equity shares. The main risk arising from the Fund s financial instruments is market price risk. Market price risk arises mainly from uncertainty about future prices of the financial instruments held. Investment risk in the portfolio is regularly reviewed and controlled through the adoption of parameters limiting exposures to various factors such as industries, countries, and company size. The Fund has little exposure to credit or cash flow risk. Certain transactions in securities that the Fund enters into expose it to the risk that the counter-party will not deliver the investment (purchase) or cash (sale) after the Fund has fulfilled its responsibilities. The Fund only buys and sells investments through brokers which have been approved by the ACD as an acceptable counter-party. This list is reviewed quarterly. The Fund s assets comprise mainly realisable securities which can be readily sold in normal market conditions. The Fund s main liability is the redemption of any shares that investors wish to sell. In general, the ACD manages the cash to ensure that it can meet its liabilities. Assets from a fund may need to be sold if insufficient cash is available to finance such redemptions. The Fund s holdings are reviewed on a regular basis, with particular emphasis on the market capitalisation of the issuer (securities issued by larger capitalised companies generally have greater liquidity), and the number of days it would take to trade out of a given securities position or percentage of the Fund as a whole (determined by reference to available market trading volumes). Funds that have a higher concentration of securities which are deemed to be less liquid are regularly monitored. 282

286 First State Global Listed Infrastructure Fund Notes to the Financial Statements 12. (b) (c) 13. Derivatives and other financial instruments As a proportion of the Fund s investment portfolio is invested in overseas securities the Balance sheet can be affected by movements in foreign exchange rates. The Investment Manager may seek to manage exposure to currency movements by using forward foreign exchange contracts or by hedging the sterling value of investments that are priced in other currencies. Income received in other currencies is converted to sterling on or near the date of receipt. The market value of investments is taken to equal fair value for the purposes of Financial Reporting Standard 29. Given all the activities of the Fund, none of the investments held fall within the definition of investments held for trading as set out in Financial Reporting Standard 13. Fair value of financial assets and financial liabilities There is no material difference between the value of the financial assets and liabilities, as shown in the Balance sheet, and their fair value. Interest rate risk The Fund does not invest in either fixed or floating rate securities and interest rate risk exposure is restricted to interest receivable on bank deposits or payable on bank overdraft positions which will be affected by fluctuations in interest rates. As at 31 July 2015, 0.91% (31 July 2014: 2.25%) of the Fund's assets were interest bearing. Analysis of the Fund's currency exposure The following summarises the Sterling value of currencies of the Fund in which the investments, including cash, debtors and creditors, are denominated. As at 31 July the Fund had the following net currency exposure (excluding sterling): Net foreign currency assets/(liabilities) Net foreign currency assets/(liabilities) Monetary Non-monetary Monetary Non-monetary exposures exposures Total exposures exposures Total Currency '000 '000 '000 '000 '000 '000 Australian dollar ,209 81, ,244 90,857 Brazilian real - 32,459 32,459-15,355 15,355 Canadian dollar , , ,199 29,337 Euro 4, , ,524 7, , ,145 Hong Kong dollar (2,038) 98,125 96,087 (268) 64,472 64,204 Japanese yen 1,236 33,766 35,002 (2,856) 104, ,880 Mexican peso - 10,705 10, Swiss franc ,735 21,894 US dollar (813) 598, , , ,378 3,239 1,091,992 1,095,231 5, , ,050 Related parties First State Investments (UK) Limited, ("the ACD") is a related party to the Fund as defined by Financial Reporting Standard 8 Related Party Disclosures. By virtue of the regulations governing OEICs, the ACD is party to every transaction in respect of shares of the Fund, which are summarised in the Statement of Change in Net Assets attributable to Shareholders. Amounts due at the year end in respect of issues and cancellations are included in the Balance Sheet. Amounts paid to First State Investments (UK) Limited in respect of ACD fees are disclosed in note 4, with 894,447 (31/07/14: 766,744) due at the year end. As at 31 July 2015 Commonwealth Bank of Australia (UK) Staff Pension Scheme, a related party of the ACD, owned 0.07% (31/07/14: 0.05%) of the Net Asset Value of the Fund. As at 31 July 2015 HSBC Institutional Trust Services (Singapore) Limited, a related party of the ACD, owned 0.76% (31/07/14: 0.59%) of the Net Asset Value of the Fund. 283

287 First State Global Listed Infrastructure Fund Notes to the Financial Statements 14. Share classes The Fund has ten share classes in issue. The ACD's periodic charge on each share class is as follows: Share class A Accumulation (Retail): Share class A Income (Retail): Share class B Accumulation (Institutional): Share class B Income (Institutional): Share class B Hedged Income: Share class A Accumulation (EUR share class) (Retail): Share class A Income (EUR share class) (Retail): Share class B Accumulation (EUR share class) (Institutional): Share class B Income (EUR share class) (Institutional): Share class B Accumulation (USD share class) (Institutional): The net asset value of each share class, the net asset value per share and the number of shares in each class are given in the Performance Record on page 275. The distributions per share class are given in the Tables on pages 285 to 287. All share classes have the same rights on winding up. %

288 First State Global Listed Infrastructure Fund Tables for the year ended 31 July 2015 in pence and cents per share Group 1 Interim - Shares purchased prior to 1 August 2014 Final - Shares purchased prior to 1 February 2015 Group 2 Interim - Shares purchased between 1 August 2014 and 31 January 2015 Final - Shares purchased between 1 February 2015 and 31 July 2015 Share class A Accumulation paid to/payable 30/09/2015 paid 30/09/2014 Net revenue Equalisation Group 1 (p) (p) (p) (p) Interim Final Group 2 (p) (p) (p) (p) Interim Final Share class A Income paid to/payable 30/09/2015 paid 30/09/2014 Net revenue Equalisation Group 1 (p) (p) (p) (p) Interim Final Group 2 (p) (p) (p) (p) Interim Final Share class B Accumulation paid to/payable 30/09/2015 paid 30/09/2014 Net revenue Equalisation Group 1 (p) (p) (p) (p) Interim Final Group 2 (p) (p) (p) (p) Interim Final Share class B Income paid to/payable 30/09/2015 paid 30/09/2014 Net revenue Equalisation Group 1 (p) (p) (p) (p) Interim Final Group 2 (p) (p) (p) (p) Interim Final

289 First State Global Listed Infrastructure Fund Tables for the year ended 31 July 2015 Share class B Hedged Income paid to/payable 30/09/2015 paid 30/09/2014 Net revenue Equalisation Group 1 (p) (p) (p) (p) Interim Final Group 2 (p) (p) (p) (p) Interim Final Share class A Accumulation (EUR share class) paid to/payable 30/09/2015 paid 30/09/2014 Net revenue Equalisation Group 1 (c) (c) (c) (c) Interim Final Group 2 (c) (c) (c) (c) Interim Final Share class A Income (EUR share class) paid to/payable 30/09/2015 paid 30/09/2014 Net revenue Equalisation Group 1 (c) (c) (c) (c) Interim Final Group 2 (c) (c) (c) (c) Interim Final Share class B Accumulation (EUR share class) paid to/payable 30/09/2015 paid 30/09/2014 Net revenue Equalisation Group 1 (c) (c) (c) (c) Interim Final Group 2 (c) (c) (c) (c) Interim Final

290 First State Global Listed Infrastructure Fund Tables for the year ended 31 July 2015 Share class B Income (EUR share class) paid to/payable 30/09/2015 paid 30/09/2014 Net revenue Equalisation Group 1 (c) (c) (c) (c) Interim Final Group 2 (c) (c) (c) (c) Interim Final Share class B Accumulation (USD share class) paid to/payable 30/09/2015 paid 30/09/2014 Net revenue Equalisation Group 1 (c) (c) (c) (c) Interim Final Group 2 (c) (c) (c) (c) Interim Final Corporate Tax for all share classes (unaudited) A shareholder liable to corporation tax receives this distribution, excluding equalisation, as follows: Interim % of the dividend together with the tax credit is received as franked investment income. Interim % of the dividend is received as an annual payment (non foreign element) received after the deduction of tax at a rate equal to the basic rate of income tax and is liable to corporation tax. The tax deemed to be deducted is treated as income tax. Interim % of the dividend is received as an annual payment (foreign element) received after the deduction of tax at a rate equal to the basic rate of income tax. It is treated as foreign income in the hands of the corporate investor and is liable to corporation tax. The associated deemed tax is treated as foreign tax in the hand of the investor who may be able to claim double tax relief. Investors cannot reclaim any of this deemed tax on the foreign element from HM Revenue & Customs. Final % of the dividend together with the tax credit is received as franked investment income. Final % of the dividend is received as an annual payment (non foreign element) received after the deduction of tax at a rate equal to the basic rate of income tax and is liable to corporation tax. The tax deemed to be deducted is treated as income tax. Final % of the dividend is received as an annual payment (foreign element) received after the deduction of tax at a rate equal to the basic rate of income tax. It is treated as foreign income in the hands of the corporate investor and is liable to corporation tax. The associated deemed tax is treated as foreign tax in the hand of the investor who may be able to claim double tax relief. Investors cannot reclaim any of this deemed tax on the foreign element from HM Revenue & Customs. Shareholders should consult their professional advisers for any advice regarding their tax position. 287

291 First State Latin America Fund Authorised Fund Manager's Report for the year ended 31 July 2015 Investment objective and policy The Fund aims to achieve long-term capital growth. The Fund invests primarily in a diversified portfolio of equity and equity related instruments of issuers established or having significant operations in Latin America and listed, traded or dealt in on regulated markets worldwide. Risks and reward profile Share class A Accumulation Share class B Accumulation Share class A Accumulation (EUR share class) Share class B Accumulation (EUR share class) Lower risk Higher risk Potentially lower rewards Potentially higher rewards The synthetic risk reward indicator (the SRRI) rating is not a measure of the risk of you losing your investment but describes how much the value of the Fund went up and down in the past; The SRRI rating is based on historical data which may not be a reliable indication of the future risks and rewards of the Fund; We cannot guarantee that the rating of the Fund will remain the same, it may change over time; Even the lowest rating 1 does not mean a risk free investment; On a scale of 1 (less risky) to 7 (more risky), this Fund has a rating of 6 due to its past performance and the nature of its investments. Shares with a rating of 6 might have higher risks, but also higher returns; Risk is taken in order to make a higher potential return, the more risk a fund takes, the higher the potential return but the greater the risk of loss; and The value of the Fund and its return is not guaranteed and may fall as well as rise. You may get back less than you originally invested. The Fund might also experience the following risks: Emerging market risk: emerging markets may not provide the same level of investor protection as a developed market; they may involve a higher risk than investing in developed markets. Currency risk: the Fund invests in assets which are denominated in other currencies; changes in exchange rates will affect the value of the Fund. Concentration risk: the Fund invests in a relatively small number of companies or countries which may be riskier than a fund that invests in a large number of companies or countries. Investing in a larger number of companies or countries helps spread risk. For further information on risks, please refer to the risk factors section in the Company's prospectus. Performance The Fund fell by 12.5% in sterling terms over the year and has provided returns of -21.3% and -8.3% over three and five years to 31 July Kimberly-Clark Mexico (Mexico: Consumer Staples) rose as volumes proved resilient despite increased pricing and margins were boosted by cost cutting. Raia Drogasil (Brazil: Consumer Staples) climbed as it delivered solid sales along with margin expansion. The company also managed its supply chain and pricing effectively. CCU (Chile: Consumer Staples) outperformed as investors responded positively to the news that it has given up on the snacks business and is in talks to sell it. The company also has a local head of its Chilean beer business for the first time in the history of the JV with Heineken. On the negative side, Duratex (Brazil: Materials) and Marcopolo (Brazil: Industrials) both declined because of a weak operating environment in Brazil. Vapores (Chile: Industrials) was weak as it continued with its restructuring. Portfolio Changes Significant purchases over the period included TOTVS (Brazil: Information Technology), a software franchise with significant local barriers to entry and Grupo Santander Mexico (Financials), a conservatively-capitalised bank in a consolidated industry. We also bought Banco Bradesco (Brazil: Financials), a good quality private Brazilian bank at a reasonable valuation. We sold Aguas Andinas (Chile: Utilities), switching into its parent company which was trading at a discount, and Embotelladora Andina (Chile: Consumer Staples), switching into the local A shares from the ADR. We also sold Taesa (Brazil: Utilities) on increased political risk and waning conviction on governance. 288

292 First State Latin America Fund Authorised Fund Manager's Report for the year ended 31 July 2015 Outlook The reduction in Latin American stock markets have been largely a function of currency weakness. This does not necessarily make companies cheaper relative to their intrinsic cash generation. We continue to try to invest in high quality franchises with honest owners which are reasonably priced. Cumulative performance Time Since period mths mths yrs yrs yrs yrs launch Fund return % (11.8) (8.3) (12.5) (21.3) (8.3) Benchmark return % (15.3) (12.0) (24.8) (29.5) (34.3) Sector return % (6.2) (4.3) (2.5) Quartile ranking Discrete performance Time period Fund return % Benchmark: MSCI Latin America Index. Sector: IA Specialist. Past performance should not be used as a guide to future performance, which is not guaranteed. Ten largest holdings Stock name Kimberly-Clark de Mexico 'A' Quinenco Inversiones Aguas Metropolitanas Duratex Grupo Herdez Porto Seguro Cia Cervecerias Unidas ADR SONDA Embotelladora Andina 'A' Preference Empresa Nacional de Electricidad Types of shares Accumulation. 12 mths to 12 mths to 12 mths to 12 mths to 12 mths to 31/07/15 31/07/14 31/07/13 31/07/12 31/07/11 (12.5) (12.7) % of Fund Stock name % of Fund 7.32 Grupo Herdez Cia Cervecerias Unidas Duratex Quinenco Kimberly-Clark de Mexico 'A' Sonda Cia Sud Americana de Vapores Sociedad Matriz SAAM ENTEL Chile Porto Seguro

293 First State Latin America Fund Portfolio statement Holdings Market value '000 Total net assets % UNITED KINGDOM (2.65%*) 2, ,101 Antofagasta 2, UNITED STATES (0.61%*) 2, ,728 Consolidated Water ,842 Copa Holdings 1, ,546 Sociedad Quimica y Minera de Chile ADR BRAZIL (26.81%*) 38, ,000 Banco Bradesco 1, ,186 Cia Hering 1, ,630,677 Duratex 7, ,400 Ez Tec Empreendimentos e Participacoes ,200 LPS Brasil Consultoria de Imoveis ,000 M Dias Branco 3, ,489 Mahle Metal Leve 2, ,066,200 Marcopolo 1, ,800 Natura Cosmeticos 1, ,691 Porto Seguro 5, ,100 Raia Drogasil 1, ,600 Sonae Sierra Brasil 1, ,309 TOTVS 1, ,700 Tractebel Energia 2, ,000 Ultrapar Participacoes 3, ,100 Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao 1, ,520 WEG ,074 Wilson Sons BDR CHILE (49.50%*) 47, ,043,082 Bupa Chile 2, ,493,773 Cencosud 3, ,479 Cia Cervecerias Unidas ADR 4, ,737,483 Cia Sud Americana de Vapores 2, ,215,367 Embotelladora Andina 'A' Preference 4, ,641,684 Empresa Nacional de Electricidad 3, ,219 ENTEL Chile 1, ,479,876 Inversiones Aguas Metropolitanas 7, ,912,212 Quinenco 8, ,861,829 Sociedad Matriz SAAM 2, ,250,519 SONDA 4, MEXICO (12.58%*) 18, ,803 Grupo Financiero Santander Mexico ADR 3, ,084,355 Grupo Herdez 5, ,232,729 Kimberly-Clark de Mexico 'A' 9, PERU (1.40%*) 1, ,031,464 Alicorp 1, Portfolio of investments 109, Net other assets 13, Total net assets 123, All investments held are listed, unless otherwise stated. For the purposes of this portfolio holdings analysis, securities are shown based on their country of listing. * Comparative figures shown in brackets relate to 31 July Stocks shown as ADRs and BDRs represent American Depositary Receipts and Brazilian Depositary Receipts. 290

294 First State Latin America Fund Summary Fund performance Net asset value and ongoing charges figure Share class A Accumulation 31/07/13 31/07/14 31/07/15 Share class B Accumulation 31/07/13 31/07/14 31/07/15 Share class A Accumulation (EUR share class) 31/07/13 31/07/14 31/07/15 Share class B Accumulation (EUR share class) 31/07/13 31/07/14 31/07/15 Net Asset Value of share class ( ) Shares in issue Net Asset Value per share (p/c)* Ongoing Charges Figure (%) 63,561,603 30,377, ,750,023 16,857, ,122,707 10,722, ,131,942 8,841, ,611,699 6,096, ,319,761 38,266, ,880,885 2,610, / ,335,300 1,968, / ,705,543 1,814, / ,522,423 34,823, / ,768,012 35,206, / ,006,411 52,260, / *Where 2 figures are shown for a share class denominated in EUR or USD, the first figure is in GBP in pence and the second figure is in EUR/USD in cents. Amounts in Euros and US dollars have been converted at the (EUR) and (USD) exchange rate at 12:00 midday on 31 July

295 First State Latin America Fund Summary Fund performance Share price history and revenue record Calendar year Highest share price (p/c) Lowest share price (p/c) per share (p/c) Share class A Accumulation * Share class B Accumulation * Share class A Accumulation (EUR share class) * Share class B Accumulation (EUR share class) * The share classes marked with EUR or USD are stated in Euros/US dollars. The Euro and US dollar prices are calculated using the exchange rate at the valuation point on that date. * To 31 July Share class B Accumulation (EUR share class) was launched 14 October

296 First State Latin America Fund Statement of total return for the year ended 31 July 2015 Notes '000 '000 '000 '000 Income: Net capital losses 2 (15,375) (15,989) Revenue 3 3,141 3,518 Expenses 4 (1,364) (1,519) Finance costs: interest 6 (1) - Net revenue before taxation 1,776 1,999 Taxation 5 (426) (344) Net revenue after taxation 1,350 1,655 Total return before distributions (14,025) (14,334) Finance costs: distributions 6 (1,357) (1,683) Change in net assets attributable to shareholders from investment activities (15,382) (16,017) Statement of change in net assets attributable to shareholders for the year ended 31 July 2015 Opening net assets attributable to shareholders Amounts receivable on issue of shares Less: Amounts payable on cancellation of shares Dilution adjustment Stamp duty reserve tax Change in net assets attributable to shareholders from investment activities Retained distribution on accumulation shares Closing net assets attributable to shareholders '000 '000 '000 '000 75, ,097 95,502 16,737 (34,857) (48,039) 60,645 (31,302) (1) (15,382) (16,017) 1,713 1, ,154 75,465 Notes to the financial statements are on pages 295 to

297 First State Latin America Fund Balance sheet Assets Portfolio of investments Debtors Cash and bank balances Total other assets Total assets Liabilities Creditors Total liabilities Net assets attributable to shareholders Notes '000 ' ,900 70, , ,711 5,061 22,014 5, ,914 75,929 9 (8,760) (464) (8,760) (464) 123,154 75,465 Notes to the financial statements are on pages 295 to

298 First State Latin America Fund Notes to the Financial Statements Accounting basis and policies Please see pages 10 to 12 for accounting basis and policies. Net capital losses The net capital losses during the year comprise: Non-derivative securities Forward foreign exchange currency contracts Currency gains/(losses) Net capital losses Revenue Dividends from UK companies Overseas taxable revenue* Overseas non-taxable revenue Overseas scrip dividends Interest from bank deposits* Interest on capital revenue from Brazilian companies Front end load income Total revenue *Prior year figures have been reanalysed to reclass revenue from bank deposits. Expenses Payable to the ACD, associates of the ACD, and agents of either of them: ACD's periodic charge Payable to the Depositary, associates of the Depositary, and agents of either of them: Depositary's fees Other expenses: Audit fee Registrar fees Safe custody charges Other expenses Total expenses '000 '000 (15,451) (15,393) (9) - 85 (596) (15,375) (15,989) '000 ' (25) 50 2,458 2, ,141 3,518 '000 '000 1,170 1, ,364 1,

299 First State Latin America Fund Notes to the Financial Statements 5. (a) (b) (c) (d) 6. Taxation Analysis of charge in year: Irrecoverable overseas tax Brazilian IOF tax Total current tax (note 5b) Factors affecting current tax charge for the year: Net revenue before taxation Corporation tax of 20% (2014: 20%) Effects of: UK dividends* Non taxable scrip dividends* Overseas non-taxable revenue* Movement in excess management expenses Irrecoverable overseas tax Overseas tax expensed Brazilian IOF tax Current tax charge for year (note 5a) OEICs are exempt from tax on capital gains. Therefore, any capital return is not included in the above reconciliation. *As an authorised OEIC these items are not subject to corporation tax. Deferred taxation: There is no provision required for deferred taxation at the Balance sheet date in the current or prior year. Factors that may affect future tax charges: Finance costs s and interest Interim distribution Final distribution Add: revenue deducted on cancellation of shares Deduct: revenue received on issue of shares Net distributions for the year Interest from bank deposits Total finance costs Details of the distribution per share is set out in the tables on pages 300 to 301. '000 ' The tax assessed for the year is higher than (2014: lower than) the standard rate of corporation tax in the UK for an OEIC of 20% (2014: 20%). The differences are explained below: 1,776 1, (8) (27) (23) - (492) (507) (16) (13) At the year end, after offset against revenue taxable on receipt, there is a potential deferred tax asset of 1,309,359 (31/07/14: 1,125,678) this relates to surplus management expenses. No deferred tax asset was recognised in the current or prior year as it was considered unlikely the Fund would generate sufficient taxable profits in the future to utilise these amounts. The distributions take account of revenue received on the issue of shares and revenue deducted on the cancellation of shares, and comprises: '000 ' , ,713 1, (436) (51) 1,357 1, ,358 1,

300 First State Latin America Fund Notes to the Financial Statements Movement between net revenue and net distributions '000 '000 Net revenue after taxation 1,350 1,655 Movement in net income as a result of conversions 4 18 Brazilian IOF tax 3 10 Net distributions for the year 1,357 1,683 Debtors Amounts receivable for issue of shares Accrued revenue Total debtors Creditors Purchases awaiting settlement Amounts payable for cancellation of shares Accrued expenses Total creditors Portfolio transaction costs Analysis of total trade costs: Non-derivative securities Trades in the year before transaction costs Commissions Taxes '000 '000 11, , '000 '000 7, , Purchases Sales '000 '000 '000 '000 86,834 23,775 32,280 51,055 86,834 23,775 32,280 51, (62) (95) 29 7 (4) (10) (66) (105) 86,972 23,828 32,214 50,950 Total costs Total net trades in the year after transaction costs 11. Contingent liabilities and commitments As at 31 July 2015, the Fund had no contingent liabilities (31/07/14: nil) and no commitments (31/07/14: nil). 297

301 First State Latin America Fund Notes to the Financial Statements 12. (a) (b) (c) Derivatives and other financial instruments General In pursuing its investment objectives the Fund holds equity shares. The main risk arising from the Fund s financial instruments is market price risk. Market price risk arises mainly from uncertainty about future prices of the financial instruments held. Investment risk in the portfolio is regularly reviewed and controlled through the adoption of parameters limiting exposures to various factors such as industries, countries, and company size. The Fund has little exposure to credit or cash flow risk. Certain transactions in securities that the Fund enters into expose it to the risk that the counter-party will not deliver the investment (purchase) or cash (sale) after the Fund has fulfilled its responsibilities. The Fund only buys and sells investments through brokers which have been approved by the ACD as an acceptable counter-party. This list is reviewed quarterly. The Fund s assets comprise mainly realisable securities which can be readily sold in normal market conditions. The Fund s main liability is the redemption of any shares that investors wish to sell. In general, the ACD manages the cash to ensure that it can meet its liabilities. Assets from a fund may need to be sold if insufficient cash is available to finance such redemptions. The Fund s holdings are reviewed on a regular basis, with particular emphasis on the market capitalisation of the issuer (securities issued by larger capitalised companies generally have greater liquidity), and the number of days it would take to trade out of a given securities position or percentage of the Fund as a whole (determined by reference to available market trading volumes). Funds that have a higher concentration of securities which are deemed to be less liquid are regularly monitored. As a proportion of the Fund s investment portfolio is invested in overseas securities the Balance sheet can be affected by movements in foreign exchange rates. The Investment Manager may seek to manage exposure to currency movements by using forward foreign exchange contracts or by hedging the sterling value of investments that are priced in other currencies. Income received in other currencies is converted to sterling on or near the date of receipt. The market value of investments is taken to equal fair value for the purposes of Financial Reporting Standard 29. Given all the activities of the Fund, none of the investments held fall within the definition of investments held for trading as set out in Financial Reporting Standard 13. Fair value of financial assets and financial liabilities There is no material difference between the value of the financial assets and liabilities, as shown in the Balance sheet, and their fair value. Interest rate risk The Fund does not invest in either fixed or floating rate securities and interest rate risk exposure is restricted to interest receivable on bank deposits or payable on bank overdraft positions which will be affected by fluctuations in interest rates. As at 31 July 2015, 8.70% (31 July 2014: 6.71%) of the Fund's assets were interest bearing. Analysis of the Fund's currency exposure The following summarises the Sterling value of currencies of the Fund in which the investments, including cash, debtors and creditors, are denominated. As at 31 July the Fund had the following net currency exposure (excluding sterling): Net foreign currency assets Net foreign currency assets Monetary Non-monetary Monetary Non-monetary exposures exposures Total exposures exposures Total Currency '000 '000 '000 '000 '000 '000 Brazilian real (3,469) 38,159 34, ,242 20,400 Chilean peso (2,934) 42,209 39, ,314 32,315 Euro 11,531-11,531 1,639-1,639 Mexican peso 1 14,257 14, ,495 9,496 Peruvian nuevo sol - 1,119 1,119-1,056 1,056 US dollar 7,478 11,225 18, ,492 5,978 12, , ,576 2,285 68,599 70,

302 First State Latin America Fund Notes to the Financial Statements Related parties First State Investments (UK) Limited, ("the ACD") is a related party to the Fund as defined by Financial Reporting Standard 8 Related Party Disclosures. By virtue of the regulations governing OEICs, the ACD is party to every transaction in respect of shares of the Fund, which are summarised in the Statement of Change in Net Assets attributable to Shareholders. Amounts due at the year end in respect of issues and cancellations are included in the Balance Sheet. Amounts paid to First State Investments (UK) Limited in respect of ACD fees are disclosed in note 4, with 114,650 (31/07/14: 87,970) due at the year end. As at 31 July 2015 RBC as trustee for First State Investment Services (UK) Limited Employee Benefits Trust, a related party of the ACD, owned 0.08% (31/07/14: 0.15%) of the Net Asset Value of the Fund. Share classes The Fund has four share classes in issue. The ACD's periodic charge on each share class is as follows: Share class A Accumulation (Retail): Share class B Accumulation (Institutional): Share class A Accumulation (EUR share class) (Retail): Share class B Accumulation (EUR share class) (Institutional): The net asset value of each share class, the net asset value per share and the number of shares in each class are given in the Performance Record on page 291. The distributions per share class are given in the Tables on pages 300 to 301. All share classes have the same rights on winding up. %

303 First State Latin America Fund Tables for the year ended 31 July 2015 in pence and cents per share Group 1 Interim - Shares purchased prior to 1 August 2014 Final - Shares purchased prior to 1 February 2015 Group 2 Interim - Shares purchased between 1 August 2014 and 31 January 2015 Final - Shares purchased between 1 February 2015 and 31 July 2015 Share class A Accumulation paid to/payable 30/09/2015 paid 30/09/2014 Net revenue Equalisation Group 1 (p) (p) (p) (p) Interim Final Group 2 (p) (p) (p) (p) Interim Final Share class B Accumulation paid to/payable 30/09/2015 paid 30/09/2014 Net revenue Equalisation Group 1 (p) (p) (p) (p) Interim Final Group 2 (p) (p) (p) (p) Interim Final Share class A Accumulation (EUR share class) paid to/payable 30/09/2015 paid 30/09/2014 Net revenue Equalisation Group 1 (c) (c) (c) (c) Interim Final Group 2 (c) (c) (c) (c) Interim Final

304 First State Latin America Fund Tables for the year ended 31 July 2015 Share class B Accumulation (EUR share class) paid to/payable 30/09/2015 paid 30/09/2014 Net revenue Equalisation Group 1 (c) (c) (c) (c) Interim Final Group 2 (c) (c) (c) (c) Interim Final Corporate Tax for all share classes (unaudited) A shareholder liable to corporation tax receives this distribution, excluding equalisation, as follows: Interim % of the dividend together with the tax credit is received as franked investment income. Interim % of the dividend is received as an annual payment (non foreign element) received after the deduction of tax at a rate equal to the basic rate of income tax and is liable to corporation tax. The tax deemed to be deducted is treated as income tax. Interim % of the dividend is received as an annual payment (foreign element) received after the deduction of tax at a rate equal to the basic rate of income tax. It is treated as foreign income in the hands of the corporate investor and is liable to corporation tax. The associated deemed tax is treated as foreign tax in the hand of the investor who may be able to claim double tax relief. Investors cannot reclaim any of this deemed tax on the foreign element from HM Revenue & Customs. Final % of the dividend together with the tax credit is received as franked investment income. Final % of the dividend is received as an annual payment (non foreign element) received after the deduction of tax at a rate equal to the basic rate of income tax and is liable to corporation tax. The tax deemed to be deducted is treated as income tax. Final % of the dividend is received as an annual payment (foreign element) received after the deduction of tax at a rate equal to the basic rate of income tax. It is treated as foreign income in the hands of the corporate investor and is liable to corporation tax. The associated deemed tax is treated as foreign tax in the hand of the investor who may be able to claim double tax relief. Investors cannot reclaim any of this deemed tax on the foreign element from HM Revenue & Customs. Shareholders should consult their professional advisers for any advice regarding their tax position. 301

305 First State Diversified Growth Fund Authorised Fund Manager's Report for the period ended 31 July 2015 Investment objective and policy The Fund aims to achieve long-term capital growth. The Fund will invest in a broad range of traditional and alternative asset classes globally which may include but are not limited to inflation linked bonds, developed and emerging market equities, developed and emerging market debt, and exchange traded funds. In order to gain exposure to these asset classes the Fund may invest in transferable securities, money market instruments, collective investment schemes, derivatives and deposits. Up to 100% of the net assets of the Fund may be invested in other collective investment schemes, including in collective investment schemes managed by the ACD or its associates ( Associated Schemes ), and/or other Funds of the Company ( Second Funds ). Investment may be in cash or near cash. Derivatives may include, but shall not be limited to, foreign exchange forwards, futures, options and swaps. The Fund may use derivatives for the purposes of meeting its investment objective and for Efficient Portfolio Management purposes. Clarification point: The Diversified Growth Fund follows the Absolute VaR approach to calculating Global Exposure with a maximum limit of 20%. We expect the maximum leverage for this Fund, calculated using the Sum of Notionals Approach, to be 500%. Leverage may however, in certain circumstances, exceed such maximum figure. Risks and reward profile Share class B Accumulation Share class B Hedged Accumulation (EUR share class) Share class B Hedged Accumulation (USD share class) Share class Z Accumulation Lower risk Higher risk Potentially lower rewards Potentially higher rewards The synthetic risk reward indicator (the SRRI) rating is not a measure of the risk of you losing your investment but describes how much the value of the Fund went up and down in the past; The SRRI rating is based on historical data which may not be a reliable indication of the future risks and rewards of the Fund; We cannot guarantee that the rating of the Fund will remain the same, it may change over time; Even the lowest rating 1 does not mean a risk free investment; On a scale of 1 (less risky) to 7 (more risky), this Fund has a rating of 4 due to its past performance and the nature of its investments. Shares with a rating of 4 might have higher risks, but also higher returns; Risk is taken in order to make a higher potential return, the more risk a fund takes, the higher the potential return but the greater the risk of loss; and The value of the Fund and its return is not guaranteed and may fall as well as rise. You may get back less than you originally invested. The Fund might also experience the following risks: Investment risk: investments held by the Fund are subject to normal market fluctuations and other risks inherent in investing in securities. For example, the value of shares of companies varies from day to day in response to activities of individual companies and general market and economic conditions. The value of investments and the income from them, and therefore the value of the Fund can go down as well as up and you may lose money. Changes in exchange rates between currencies may also cause the value of the investments to go down or up. Market risk: in falling markets the price of investments may fluctuate (go up and down) more than usual. In such circumstances, the price of investments may defy analysis or expectation for long periods of time, and can be influenced by large market movements as a result of short-term factors and speculation. Large market movements can sometimes weaken what is deemed to be a sound investment in a particular investment. Therefore, investment expectations may fail to be achieved in such instances. Inflation risk: inflation describes a general increase in prices for goods and services and it is usually measured as an annual percentage. With inflation, your money will buy a smaller percentage of goods and services. Inflation may also affect the future buying power of an investment in the Fund. If the returns on the investment have not beaten the rate of inflation, you will have less buying power in the future. For further information on risks, please refer to the risk factors section in the Company's prospectus. 302

306 First State Diversified Growth Fund Authorised Fund Manager's Report for the period ended 31 July 2015 Portfolio activity The period immediately following the launch of the fund saw losses on global markets due to the turmoil surrounding the solvency of Greece. Partly as a result of this, the fund began with a cautious approach. The largest allocation is to UK and US government bonds amounting to 55% of the fund s assets. The fund holds a moderate allocation to equities of 38%. The remaining holdings were a modest 2.5% allocation to commodities through an exchange traded fund (ETF), and cash. Market outlook The recent Greek saga has been a demonstration of the political issues surrounding the European Economic and Monetary Union. It is easy to see a future where Greece is either temporarily or permanently removed from the euro. For now, Europe has provided Greece the support required to temporarily continue within the currency union. More structurally important to the global economy is the eventual removal of monetary stimulus measures in the US, Europe and Japan, the economic slowdown in China, and the end of the commodity super cycle. Emerging markets that are exposed to all three events through trade, foreign currency borrowing and commodity exports are likely to face the strongest economic headwinds. We see a number of opportunities within financial markets, as both economies and asset prices diverge. Cumulative performance Time Since period mths mths yrs yrs yrs yrs launch Fund return % (1.3) Benchmark return % Sector return % (0.7) Quartile ranking Discrete performance Time period Fund return % Benchmark: RPI published by the UK Office of National Statistics Past performance should not be used as a guide to future performance, which is not guaranteed. Ten largest holdings Stock name United Kingdom Gilt 2% 22/01/2016 United Kingdom Gilt 4% 07/09/2016 United States Treasury Note 0.625% 15/07/2016 United States Treasury Note 0.25% 15/12/2015 United States Treasury Note 0.25% 30/09/2015 ishares Core MSCI Emerging Markets IMI UCITS ETF LYXOR ETF Commodities Thomson Reuters British American Tobacco GlaxoSmithKline AstraZeneca Types of shares Accumulation. 31 July 2015 % of Fund /07/15 to 12 mths to 12 mths to 12 mths to 12 mths to 31/07/15 31/07/14 31/07/13 31/07/12 31/07/11 (1.3)

307 First State Diversified Growth Fund Portfolio statement Holdings or Nominal Values Market value '000 Total net assets % UNITED KINGDOM 6, i Group Aberdeen Asset Management Admiral Group Amadeus IT Holding ,321 Anglo American Antofagasta Aon ,013 Ashtead Group Associated British Foods ,914 AstraZeneca ,804 Aviva ,010 Babcock International Group ,371 BAE Systems ,749 Barclays ,526 Barratt Developments ,088 BG Group ,749 BHP Billiton ,102 BP ,322 British American Tobacco British Land REIT** Bunzl Burberry Group ,332 Capita Carnival Charter Communications ,605 Compass Group ,390 Diageo ,292 Direct Line Insurance Group ,542 Dixons Carphone easyjet ,998 Experian FleetCor Technologies Fresnillo ,125 G4S ,557 GKN ,071 GlaxoSmithKline ,956 Glencore Hammerson REIT** Hargreaves Lansdown Hikma Pharmaceuticals ,945 HSBC Holdings ,296 Imperial Tobacco Group InterContinental Hotels Group ,690 International Consolidated Airlines Group Intertek Group Intu Properties REIT** ,040 ishares Core MSCI Emerging Markets IMI UCITS ETF ,808 ITV

308 First State Diversified Growth Fund Portfolio statement Holdings or Nominal Values Market value '000 Total net assets % 1,901 J Sainsbury Johnson Matthey ,618 Kingfisher Land Securities REIT** ,582 Legal & General Group ,168 Lloyds Banking Group London Stock Exchange Group ,553 Marks & Spencer Group ,585 Meggitt ,100 Merlin Entertainments Mondi Next Nielsen ,595 Old Mutual ,260 Pearson Persimmon ,398 Prudential Randgold Resources Reckitt Benckiser Group ,755 RELX ,214 Rio Tinto ,702 Rolls-Royce Holdings ,057 Royal Bank of Scotland Group ,468 Royal Dutch Shell 'A' ,946 Royal Dutch Shell 'B' ,592 Royal Mail RSA Insurance Group ,272 SABMiller Schroders ServiceNow Shire ,626 Sky ,359 Smith & Nephew Smiths Group Sports Direct International St James's Place ,838 Standard Life ,012 Taylor Wimpey ,939 Tesco Travis Perkins TUI ,623 Unilever GBP2,100,000 United Kingdom Gilt 2% 22/01/2016 2, GBP2,000,000 United Kingdom Gilt 4% 07/09/2016 2, Weir Group Whitbread ,913 WM Morrison Supermarkets Wolseley ,037 WPP

309 First State Diversified Growth Fund Portfolio statement Holdings or Nominal Values Market value '000 Total net assets % UNITED STATES 6, M Abbott Laboratories AbbVie Accenture ACE Activision Blizzard Adobe Systems Advance Auto Parts Aetna Affiliated Managers Group Aflac Agilent Technologies Air Products & Chemicals Akamai Technologies Alcoa Alexion Pharmaceuticals Allergan Alliance Data Systems Allstate Altera Altria Group Amazon.com American Electric Power American Express American International Group American Tower REIT** Ameriprise Financial AmerisourceBergen AMETEK Amgen Amphenol Anadarko Petroleum Analog Devices Anthem Apache Apple Applied Materials Archer Daniels Midland AT&T Autodesk Automatic Data Processing AutoZone Avago Technologies AvalonBay Communities REIT** Baker Hughes ,839 Bank of America Bank of New York Mellon Baxalta Baxter International BB&T Becton Dickinson Bed Bath & Beyond Berkshire Hathaway 'B'

310 First State Diversified Growth Fund Portfolio statement Holdings or Nominal Values Market value '000 Total net assets % 45 Biogen BioMarin Pharmaceutical BlackRock Boeing BorgWarner Boston Properties REIT** Boston Scientific Bristol-Myers Squibb Broadcom Brown-Forman Bunge Cabot Oil & Gas Canadian Imperial Bank of Commerce Canadian Pacific Railway Capital One Financial Cardinal Health CarMax Carnival Caterpillar CBRE Group CBS Celgene Cerner Charles Schwab Chemours Cheniere Energy Chevron Chipotle Mexican Grill Chubb Cigna Cisco Systems Citigroup Citrix Systems Clorox CME Group Coca-Cola Cognizant Technology Solutions Colgate-Palmolive Columbia Pipeline Group Comcast 'A' Comcast 'A Special' ConAgra Foods Concho Resources ConocoPhillips Consolidated Edison Constellation Brands 'A' Corning Costco Wholesale CR Bard Crown Castle International REIT** CSX Cummins CVS Health Danaher

311 First State Diversified Growth Fund Portfolio statement Holdings or Nominal Values Market value '000 Total net assets % 32 DaVita HealthCare Partners Deere Delphi Automotive Devon Energy Discover Financial Services DISH Network Dollar General Dollar Tree Dominion Resources Dover Dow Chemical Dr Pepper Snapple Group DTE Energy Duke Energy Eastman Chemical Eaton Corp ebay Ecolab Edison International Edwards Lifesciences EI du Pont de Nemours & Company Electronic Arts Eli Lilly & Company EMC Emerson Electric Endo International Entergy EOG Resources EQT Equifax Equinix REIT** Equity Residential REIT** Essex Property Trust REIT** Estee Lauder Eversource Energy Exelon Expedia Express Scripts Holding ,525 Exxon Mobil Facebook Fastenal FedEx Fidelity National Information Services Fifth Third Bancorp FirstEnergy Fiserv Ford Motor Franklin Resources Freeport-McMoRan General Dynamics ,304 General Electric General Growth Properties REIT** General Mills General Motors

312 First State Diversified Growth Fund Portfolio statement Holdings or Nominal Values Market value '000 Total net assets % 33 Genuine Parts Gilead Sciences Goldman Sachs Group Google 'A' Google 'C' Halliburton Hanesbrands Harley-Davidson Hartford Financial Services Group HCA Holdings HCP REIT** Health Care REIT** Henry Schein Hershey Hess Hewlett-Packard Hilton Worldwide Holdings Home Depot Honeywell International Hospira Host Hotels & Resorts REIT** Humana Illinois Tool Works Illumina Incyte Ingersoll-Rand Intel Intercontinental Exchange International Business Machines International Paper Intuit Intuitive Surgical Invesco JM Smucker Johnson & Johnson Johnson Controls JPMorgan Chase & Company Kellogg KeyCorp Kimberly-Clark Kinder Morgan Kohl's Kraft Heinz Kroger L Brands Laboratory Corp of America Holdings Lam Research Las Vegas Sands Liberty Global 'A' Liberty Global 'A Tracking' Liberty Global 'C' Liberty Global 'C Tracking' Liberty Interactive Lincoln National

313 First State Diversified Growth Fund Portfolio statement Holdings or Nominal Values Market value '000 Total net assets % 32 Linear Technology LinkedIn Loews Lowe's M&T Bank Macy's Magna International Marathon Oil Marathon Petroleum Marriott International Marsh & McLennan MasterCard McDonald's McGraw Hill Financial McKesson Mead Johnson Nutrition Medtronic Merck & Company MetLife Micron Technology ,035 Microsoft Mohawk Industries Molson Coors Brewing 'B' Mondelez International 'A' Monsanto Monster Beverage Moody's Morgan Stanley Mosaic Motorola Solutions National Oilwell Varco Netflix Newell Rubbermaid Newmont Mining NextEra Energy NIKE 'B' NiSource Noble Energy Norfolk Southern Northern Trust Northrop Grumman Nucor NVIDIA Occidental Petroleum Omnicom Group Oracle O'Reilly Automotive PACCAR Pall Palo Alto Networks Parker-Hannifin Paychex PayPal Pentair

314 First State Diversified Growth Fund Portfolio statement Holdings or Nominal Values Market value '000 Total net assets % 286 PepsiCo Inc Perrigo ,141 Pfizer PG&E Philip Morris International Phillips Pioneer Natural Resources PNC Financial Services Group PPG Industries PPL Praxair Precision Castparts Priceline Group Principal Financial Group Procter & Gamble Progressive Prologis REIT** Prudential Financial Public Service Enterprise Group Public Storage REIT** Qorvo QUALCOMM Raytheon Red Hat Regeneron Pharmaceuticals Regions Financial Reynolds American Rockwell Automation Rockwell Collins Roper Technologies Ross Stores Royal Caribbean Cruises salesforce.com SanDisk Schlumberger Sempra Energy Sherwin-Williams Sigma-Aldrich Simon Property Group REIT** Skyworks Solutions SL Green Realty REIT** Southern Spectra Energy St Jude Medical Stanley Black & Decker Starbucks Starwood Hotels & Resorts Worldwide State Street Stryker SunTrust Banks Symantec Sysco T Rowe Price Group Target

315 First State Diversified Growth Fund Portfolio statement Holdings or Nominal Values Market value '000 Total net assets % 53 TE Connectivity Tesla Motors Texas Instruments Thermo Fisher Scientific Tiffany & Company Time Warner Time Warner Cable TJX Tractor Supply TransDigm Group Travelers Twitter Tyco International Tyson Foods 'A' Under Armour Union Pacific United Parcel Service USD2,000,000 United States Treasury Note 0.25% 30/09/2015 1, USD2,000,000 United States Treasury Note 0.25% 15/12/2015 1, USD2,000,000 United States Treasury Note 0.625% 15/07/2016 1, United Technologies UnitedHealth Group Universal Health Services US Bancorp Valero Energy Ventas REIT** Verisk Analytics Vertex Pharmaceuticals VF Viacom Visa Vornado Realty Trust REIT** Vulcan Materials Walgreens Boots Alliance Wal-Mart Stores Walt Disney Waste Management Waters Wells Fargo & Company Western Digital Western Union Weyerhaeuser REIT** Whirlpool Whole Foods Market Williams WW Grainger Xcel Energy Xerox Xilinx Yahoo! Yum! Brands Zimmer Biomet Holdings Zoetis

316 First State Diversified Growth Fund Portfolio statement Holdings or Nominal Values Market value '000 Total net assets % CANADA Agrium Alimentation Couche-Tard 'B' Bank of Montreal Bank of Nova Scotia Barrick Gold Brookfield Asset Management 'A' Canadian National Railway Canadian Natural Resources Cenovus Energy Enbridge Goldcorp Imperial Oil Loblaw Manulife Financial National Bank of Canada Pembina Pipeline Potash Corp of Saskatchewan Royal Bank of Canada Sun Life Financial Suncor Energy Thomson Reuters Toronto-Dominion Bank TransCanada Valeant Pharmaceuticals International BELGIUM Anheuser-Busch InBev KBC DENMARK AP Moeller - Maersk 'B' Danske Bank Novo Nordisk 'B' Novozymes Pandora FINLAND Kone 'B' Nokia Sampo 'A' FRANCE Accor Air Liquide AXA BNP Paribas Cap Gemini Carrefour Christian Dior Cie de Saint-Gobain Cie Generale des Etablissements Michelin Credit Agricole Danone Engie Essilor International Kering

317 First State Diversified Growth Fund Portfolio statement Holdings or Nominal Values Market value '000 Total net assets % 3 Lafarge Legrand L'Oreal LVMH Moet Hennessy Louis Vuitton ,080 LYXOR ETF Commodities Thomson Reuters Pernod Ricard Publicis Groupe Renault Safran Sanofi Schneider Electric SES Societe Generale Total Unibail-Rodamco REIT** Valeo Vinci Vivendi GERMANY adidas Allianz BASF Bayer Bayerische Motoren Werke Commerzbank Continental Daimler Deutsche Annington Immobilien Deutsche Bank Deutsche Boerse Deutsche Post E.ON Fresenius Fresenius Medical Care HeidelbergCement Henkel 'Preference' Infineon Technologies Linde Merck Muenchener Rueckversicherungs-Gesellschaft Porsche Automobil Holding 'Preference' SAP Siemens Volkswagen 'Preference' IRELAND ,133 Bank of Ireland ,755 CRH Kerry Group Mallinckrodt Seagate Technology XL Group

318 First State Diversified Growth Fund Portfolio statement Holdings or Nominal Values Market value '000 Total net assets % ITALY Assicurazioni Generali ,483 Enel Eni Fiat Chrysler Automobiles ,298 Intesa Sanpaolo Luxottica Group UniCredit NETHERLANDS Aegon Airbus Group Akzo Nobel Altice ASML Holding Heineken ING Groep Koninklijke Ahold Koninklijke Philips LyondellBasell Industries RELX Unilever NORWAY DNB Statoil SPAIN ,152 Banco Bilbao Vizcaya Argentaria 'A' Banco de Sabadell ,615 Banco Santander CaixaBank ,637 Iberdrola Industria de Diseno Textil Repsol SWEDEN Assa Abloy Atlas Copco Hennes & Mauritz 'B' Investor 'B' Nordea Bank Sandvik Skandinaviska Enskilda Banken 'A' Svenska Cellulosa 'B' Svenska Handelsbanken Swedbank 'A' Telefonaktiebolaget LM Ericsson 'B' Volvo 'B' SWITZERLAND ABB Actelion Adecco Cie Financiere Richemont Coca-Cola HBC Credit Suisse Group

319 First State Diversified Growth Fund Portfolio statement Holdings or Nominal Values Market value '000 Total net assets % 8 Geberit Givaudan Julius Baer Group LafargeHolcim [CHF] LafargeHolcim [EUR] Nestle Novartis Roche Holding Swatch Group Swiss Re Syngenta UBS Group Zurich Insurance Group JAPAN Ajinomoto Asahi Group Holdings Astellas Pharma Bridgestone Canon Central Japan Railway Dai-ichi Life Insurance Daiichi Sankyo Daikin Industries Daiwa House Industry Daiwa Securities Group Denso East Japan Railway Eisai FANUC Fast Retailing Fuji Heavy Industries FUJIFILM Holdings Hitachi Honda Motor Hoya ITOCHU Japan Tobacco JFE Holdings Kao Keyence Kirin Holdings Komatsu Kubota Kyocera Mitsubishi Mitsubishi Electric Mitsubishi Estate Mitsubishi Heavy Industries ,365 Mitsubishi UFJ Financial Group Mitsui & Company Mitsui Fudosan ,139 Mizuho Financial Group

320 First State Diversified Growth Fund Portfolio statement Holdings or Nominal Values Market value '000 Total net assets % 68 MS&AD Insurance Group Holdings Murata Manufacturing Nidec Nintendo ,123 Nippon Steel & Sumitomo Metal Nissan Motor Nitto Denko Nomura Holdings Oriental Land ORIX Otsuka Holdings Panasonic Rakuten Resona Holdings Secom Seven & i Holdings Shin-Etsu Chemical SMC Sompo Japan Nipponkoa Holdings Sony Sumitomo Sumitomo Electric Industries Sumitomo Mitsui Financial Group Sumitomo Mitsui Trust Holdings Sumitomo Realty & Development Suzuki Motor Takeda Pharmaceutical Tokio Marine Holdings Tokyo Gas Toray Industries Toshiba Toyota Motor AUSTRALIA Amcor AMP Australia & New Zealand Banking Group ,195 BHP Billiton Brambles Commonwealth Bank of Australia CSL Macquarie Group National Australia Bank QBE Insurance Rio Tinto Scentre Group REIT** Suncorp Group Transurban Group Wesfarmers Westfield Corporation REIT** Westpac Banking Woodside Petroleum Woolworths

321 First State Diversified Growth Fund Portfolio statement Holdings or Nominal Values Market value '000 Total net assets % HONG KONG ,257 AIA Group BOC Hong Kong Holdings Cheung Kong Property Holdings CK Hutchison Holdings CLP Holdings Hang Seng Bank ,517 Hong Kong & China Gas Hong Kong Exchanges and Clearing Link REIT** Power Assets Holdings ,962 Standard Chartered Sun Hung Kai Properties ISRAEL Teva Pharmaceutical Industries SINGAPORE DBS Group Holdings DERIVATIVES (123) (0.82) Futures Contracts (3) Australian 10-Year Bond Futures September 2015 (4) (0.03) (15) Australian 3-Year Bond Futures September 2015 (4) (0.03) (87) BIST 30 Futures August (8) CAC40 10 Euro Futures September 2015 (9) (0.06) (18) Canadian 10-Year Bond Futures September 2015 (26) (0.18) 2 DAX Index Futures September (8) EURO STOXX 50 Futures September 2015 (5) (0.03) (5) EURO-BOBL Futures September 2015 (2) (0.01) 13 Euro-BTP Futures September (3) EURO-BUND Futures September 2015 (4) (0.03) (2) EURO-SCHATZ Futures September FTSE KLCI Futures August FTSE MIB Index Futures September (1) FTSE/JSE Top 40 Futures September IBEX 35 Index Futures September (1) Japanese 10-Year Bond(OSE) Futures September 2015 (3) (0.02) 1 KOSPI2 Index Futures September 2015 (2) (0.01) (7) Mexican BOLSA Index Futures September MSCI SING Index Futures August 2015 (5) (0.03) 15 OBX Index Futures August 2015 (1) (0.01) (10) OMXS30 Index Futures August (6) S&P/TSX 60 Index Futures September (1) S+P 500 Futures September 2015 (4) (0.03) 2 Short Euro-BTP Futures September (5) Swiss Market Index Futures September 2015 (18) (0.12) 6 TOPIX Index Futures September US 10-Year Note (CBT) Futures September US 5-Year Note (CBT) Futures September

322 First State Diversified Growth Fund Portfolio statement Holdings or Nominal Values Market value '000 Total net assets % Options 58 FTSE 100 INDEX 7000 Call Option September ,500 ishares iboxx $ High Yield Corporate Bond 90 Call Option August Forward Currency Contracts Australian Dollar - - Bought AUD500,000 for NZD556,447 Settlement 04/09/2015 (1) (0.01) Brazilian Real - - Bought BRL1,500,000 for USD464,064 Settlement 04/09/2015 (16) (0.11) Chilean Peso - - Bought CLP230,000,000 for USD352,113 Settlement 04/09/2015 (8) (0.05) Euro - - Bought EUR6,794,376 for GBP4,832,663 Settlement 17/08/2015 (42) (0.28) Sold EUR6,486 for GBP4,618 Settlement 17/08/ Hungarian Forint - - Bought HUF370,000,000 for USD1,297,774 Settlement 04/09/ Indian Rupee - - Bought INR26,000,000 for USD402,751 Settlement 04/09/ Japanese Yen - - Sold JPY50,000,000 for GBP257,750 Settlement 04/09/2015 (1) (0.01) Russian Ruble - - Bought RUB45,800,000 for USD793,830 Settlement 04/09/2015 (30) (0.20) Singapore Dollar - - Bought SGD2,000,000 for GBP936,050 Settlement 04/09/2015 (3) (0.02) South African Rand - - Bought ZAR11,500,000 for GBP592,068 Settlement 04/09/2015 (16) (0.11) Swiss Franc - - Sold CHF1,400,000 for GBP936,210 Settlement 04/09/ Turkish Lira - - Bought TRY1,300,000 for GBP309,541 Settlement 04/09/2015 (12) (0.08) Bought TRY1,111,033 for EUR380,000 Settlement 04/09/2015 (14) (0.09) US Dollar - - Bought USD1,733,217 for THB60,000,000 Settlement 04/09/ Bought USD1,359,619 for KRW1,560,000,000 Settlement 04/09/ Bought USD345,874 for KRW400,000,000 Settlement 04/09/ Bought USD407,318 for INR26,000,000 Settlement 04/09/ Bought USD143,487 for GBP92,279 Settlement 17/08/ Bought USD403,031 for IDR5,500,000,000 Settlement 04/09/2015 (1) (0.01) Bought USD7,589,863 for GBP4,901,806 Settlement 17/08/2015 (28) (0.19) Sold USD980,000 for GBP626,554 Settlement 04/09/2015 (3) (0.02) Sold USD6,000,000 for GBP3,833,616 Settlement 04/09/2015 (20) (0.13) Portfolio of investments 14, Net other assets Total net assets 14, All investments held are listed, unless otherwise stated. For the purposes of this portfolio holdings analysis, securities are shown based on their country of listing. Any derivative contracts were traded on an eligible derivatives exchange. ** Real Estate Investment Trust (REIT). There are no comparatives for this statement as this fund launched on 23 June

323 First State Diversified Growth Fund Portfolio statement Market value '000 Total net assets % Summary of portfolio by credit ratings Rating block Investment grade 8, Total bonds 8, Other 6, Total net assets 14, The credit ratings used in the above table have been supplied by Standard & Poor's, Moody's and Fitch. Financial derivative instruments exposure Value ( ) Exchange traded derivatives (OTC) 11,811,125 Forward foreign currency contracts 12,122,299 Total financial derivative instruments exposure 23,933,424 The financial derivative instruments exposure represents the value of what is "economically commanded" by the instrument and is calculated as the sum of the notional value of the instrument, i.e. the number of contracts multiplied by the relevant index or spot price. Efficient portfolio management techniques Value ( ) Underlying exposure obtained through efficient portfolio management techniques 23,933,424 Counterparties to financial derivative instruments and efficient portfolio management Value ( ) techniques as at 7 May 2015 HSBC Bank plc 4,991 JP Morgan Securities Plc 974 Merrill Lynch (762) Standard Chartered (70,522) State Street Bank and Trust Company (69,820) The counterparty exposure represents the unrealised profit or loss on the derivative contract. It is therefore a different amount to the value of the sum of the notionals. 320

324 First State Diversified Growth Fund Summary Fund performance Net asset value and ongoing charges figure Share class B Accumulation 31/07/15 Share class B Hedged Accumulation (EUR share class) 31/07/15 Share class B Hedged Accumulation (USD share class) 31/07/15 Share class Z Accumulation 31/07/15 4,903,888 4,822,551 5,001, ,738 4,968,700 6,935,300 7,895, , / / *Where 2 figures are shown for a share class denominated in EUR or USD, the first figure is in GBP in pence and the second figure is in EUR/USD in cents. Amounts in Euros and US dollars have been converted at the (EUR) and (USD) exchange rate at 12:00 midday on 31 July Share price history and revenue record Calendar year Net Asset Value of share class ( ) Shares in issue Highest share price (p/c) Net Asset Value per share (p/c)* Lowest share price (p/c) Ongoing Charges Figure (%) per share (p/c) Share class B Accumulation 2015* Share class B Hedged Accumulation (EUR share class) 2015* Share class B Hedged Accumulation (USD share class) 2015* Share class Z Accumulation 2015* The share classes marked with EUR or USD are stated in Euros/US dollars. The Euro and US dollar prices are calculated using the exchange rate at the valuation point on that date. * To 31 July Share class B Accumulation was launched 23 June Share class B Hedged Accumulation (EUR share class) was launched 23 June Share class B Hedged Accumulation (USD share class) was launched 23 June Share class Z Accumulation was launched 23 June

325 First State Diversified Growth Fund Statement of total return for the period 23 June 2015 to 31 July July 2015 Notes '000 '000 Income: Net capital losses 2 (162) Revenue 3 8 Expenses 4 (23) Finance costs: interest Net expenses before taxation 6 - (15) Taxation 5 (1) Net expenses after taxation Total return before equalisation (16) (178) Finance costs: equalisation 6 - Change in net assets attributable to shareholders from investment activities (178) Statement of change in net assets attributable to shareholders for the period 23 June 2015 to 31 July 2015 Opening net assets attributable to shareholders Amounts receivable on issue of shares Less: Amounts payable on cancellation of shares Change in net assets attributable to shareholders from investment activities Closing net assets attributable to shareholders 31 July 2015 '000 '000-15,007-15,007 (178) 14,829 Notes to the financial statements are on pages 324 to

326 First State Diversified Growth Fund Balance sheet Assets Portfolio of investments Debtors Cash and bank balances Total other assets Total assets Liabilities Derivative liabilities Creditors Bank overdrafts Total other liabilities Total liabilities Net assets attributable to shareholders 31 July 2015 Notes '000 14, ,167 (282) 9 (22) (34) (56) (338) 14,829 Notes to the financial statements are on pages 324 to

327 First State Diversified Growth Fund Notes to the Financial Statements Accounting basis and policies Please see pages 10 to 12 for accounting basis and policies. Net capital losses The net capital losses during the period comprise: Non-derivative securities Derivative contracts Forward foreign exchange currency contracts Currency gains Net capital losses Revenue Dividends from UK companies Overseas non-taxable revenue Interest from bank deposits Interest from government and fixed interest securities Total revenue Expenses Payable to the ACD, associates of the ACD, and agents of either of them: ACD's periodic charge Other expenses: Audit fee Other expenses Total expenses 31 July 2015 '000 (127) (36) (6) 7 (162) 31 July 2015 ' July 2015 '

328 First State Diversified Growth Fund Notes to the Financial Statements 5. (a) (b) (c) (d) Taxation Analysis of charge in period: Irrecoverable overseas tax Factors affecting current tax charge for the period: 31 July 2015 '000 The tax assessed for the period is higher than the standard rate of corporation tax in the UK for an OEIC of 20%. The differences are explained below: Net expenses before taxation Corporation tax of 20%. Effects of: Overseas non-taxable revenue* Movement in excess management expenses Irrecoverable overseas tax Current tax charge for period (note 5a) OEICs are exempt from tax on capital gains. Therefore, any capital return is not included in the above reconciliation. *As an authorised OEIC these items are not subject to corporation tax. Deferred taxation: There is no provision required for deferred taxation at the Balance sheet date in the current or prior period. Factors that may affect future tax charges: At the period end, after offset against revenue taxable on receipt, there is a potential deferred tax asset of 4,197 relating to surplus management expenses. Finance costs Equalisation and interest The equalisation takes account of revenue received on the issue of shares and revenue deducted on the cancellation of shares, and comprises: Add: revenue deducted on cancellation of shares Deduct: revenue received on issue of shares Net equalisation for the period Interest Total finance costs Details of the distribution per share is set out in the tables on page 330. Debtors Accrued revenue Cash and bank balances Cash and bank balances Amounts held at futures clearing houses and brokers Total cash and bank balances Creditors Accrued expenses 1 (15) (3) (1) July 2015 ' July 2015 ' July 2015 ' July 2015 '

329 First State Diversified Growth Fund Notes to the Financial Statements (a) Portfolio transaction costs Analysis of total trade costs: Purchases Sales 31 July July 2015 '000 '000 Non-derivative securities 14,329 2 Derivative contracts* 6,367 6,726 Trades in the period before transaction costs 20,696 6,728 Commissions 3 - Taxes 10 - Total costs 13 - Total net trades in the period after transaction costs 20,709 6,728 *Purchases and/or sales of derivatives contracts do not incur transaction costs. Contingent liabilities and commitments As at 31 July 2015, the Fund had no contingent liabilities and no commitments. Derivatives and other financial instruments General In pursuing its investment objectives the Fund holds fixed interest securities. The Fund invests principally in fixed interest securities. Certain fixed interest securities are liable to default risk whereby the nominal capital is not or is unlikely to be returned to investors. The value of fixed interest stocks is not fixed and may go down as well as up. This may be the result of a specific factor affecting the value of an individual fixed interest stock or be caused by a general market factor (such as government policy or the health of the underlying economy) which can affect the entire portfolio. Any change to the interest rates relevant for particular securities may result in either revenue increasing or decreasing, or the ACD being unable to secure similar returns on the expiry of contracts or the sale of securities. In addition changes to prevailing rates or changes in expectations of future rates may result in an increase or decrease in the value of securities held. In addition, the management of the Fund complies with the Financial Conduct Authority COLL sourcebook, which includes rules limiting the size of investment in any particular holding. Market price risk arises mainly from uncertainty about future prices of the financial instruments held. Investment risk in the portfolio is regularly reviewed and controlled through the adoption of parameters limiting exposures to various factors such as industries, countries, and company size. The Fund enters into transactions in financial instruments which expose it to the risk that the counter-party will not deliver the investment (purchase) or cash (sale) after the Fund has fulfilled its obligations. The Fund only buys and sells financial instruments through parties that have been approved by the ACD as acceptable. These are reviewed on an ongoing basis. The Fund s main liability is the redemption of any shares that investors wish to sell. In general, the ACD manages the cash to ensure that it can meet its liabilities. Assets from a fund may need to be sold if insufficient cash is available to finance such redemptions. The Fund s holdings are reviewed on a regular basis, with particular emphasis on the market capitalisation of the issuer (securities issued by larger capitalised companies generally have greater liquidity), and the number of days it would take to trade out of a given securities position or percentage of the Fund as a whole (determined by reference to available market trading volumes). Funds that have a higher concentration of securities which are deemed to be less liquid are regularly monitored. As a proportion of the Fund s investment portfolio is invested in overseas securities the Balance sheet can be affected by movements in foreign exchange rates. The Investment Manager may seek to manage exposure to currency movements by using forward foreign exchange contracts or by hedging the sterling value of investments that are priced in other currencies. Income received in other currencies is converted to sterling on or near the date of receipt. The market value of investments is taken to equal fair value for the purposes of Financial Reporting Standard 29. Given all the activities of the Fund, none of the investments held fall within the definition of investments held for trading as set out in Financial Reporting Standard

330 First State Diversified Growth Fund Notes to the Financial Statements 12. (b) Derivatives and other financial instruments Fair value of financial assets and financial liabilities There is no material difference between the value of the financial assets and liabilities, as shown in the Balance sheet, and their fair value. Interest rate risk The Fund receives revenue from fixed interest investments. Given that the Fund's objective is to achieve a total investment return from income and capital appreciation, these cash flows are considered to be of primary importance and are actively managed. As at 31 July 2015, 59.18% of the Fund's assets were interest bearing. The interest rate risk profile of the company's financial assets and liabilities at 31 July was: Floating rate financial assets Fixed rate financial assets Fixed rate financial assets weighted average interest rate Fixed rate financial assets weighted average period for which rate is fixed Financial assets not carrying interest Total Currency '000 '000 % Years '000 ' July 2015 Sterling 733 4, (4,028) 893 Australian dollar Brazilian real Canadian dollar Chilean peso Danish krone Euro ,340 5,340 Hong Kong dollar (7) Hungarian forint Indonesian rupiah (259) (259) Israeli new shekel Japanese yen (55) (55) Malaysian ringgit Mexican peso New Zealand dollar (234) (234) Norwegian krone Russian ruble Singapore dollar South African rand South Korean won (1,077) (1,070) Swedish krona (3) Swiss franc (808) (808) Thai baht (1,092) (1,086) Turkish lira US dollar (8) 3, ,843 7,691 Total 732 8,044 6,053 14,

331 First State Diversified Growth Fund Notes to the Financial Statements 12. (c) (d) Derivatives and other financial instruments Analysis of the Fund's currency exposure As at 31 July the Fund had the following net currency exposure (excluding sterling): Net foreign currency assets 31 July 2015 Monetary Non-monetary exposures exposures Total Currency '000 '000 '000 Australian dollar Brazilian real Canadian dollar (23) Chilean peso Danish krone Euro 4, ,340 Hong Kong dollar (7) Hungarian forint Indonesian rupiah (259) - (259) Israeli new shekel Japanese yen (257) 202 (55) Malaysian ringgit 3-3 Mexican peso 3-3 New Zealand dollar (234) - (234) Norwegian krone Russian ruble Singapore dollar South African rand South Korean won (1,070) - (1,070) Swedish krona (3) Swiss franc (952) 144 (808) Thai baht (1,086) - (1,086) Turkish lira US dollar 1,090 6,601 7,691 5,887 8,049 13,936 Derivative risk The Manager may enter into derivatives transactions for investment purposes and for efficient portfolio management purposes. A relatively small market movement may have a potentially larger impact on derivatives than on the underlying assets and the use of derivatives can therefore increase the volatility of the value of units in the Scheme. However it is not anticipated that the use of derivatives will have a significant effect on the risk profile of the Scheme. Exposure to the various markets may be balanced through tactical asset allocation of futures contracts. Tactical asset allocation is a technique which allows the ACD to undertake a switch in the Fund's exposure by the use of derivatives rather than through the sale and purchase by the Fund of transferable securities. Due to the use of derivatives, the percentage movements in the value of the Fund will be different from the percentage movements in the markets. Due to the level of investment in derivatives, the First State Emerging Market Local Currency Bond Fund is considered to be a sophisticated fund, for this reason further numerical analysis has been provided in the form of a Value at Risk (VaR) analysis, shown below. It is important to note that VaR is calculated on an ex ante basis. This means that the calculations are based on the current portfolio holdings and not by reference to the volatility of the historical portfolio returns. For the Fund the 1m 99% VaR as at 31/7/2015 was 3.40%. This means that, given the portfolio s current holdings and in normal market conditions, we would not expect a loss of greater than 3.40% of the Fund s portfolio in 99 months out of

332 First State Diversified Growth Fund Notes to the Financial Statements Related parties First State Investments (UK) Limited, ("the ACD") is a related party to the Fund as defined by Financial Reporting Standard 8 Related Party Disclosures. By virtue of the regulations governing Open-Ended Investment Companies, the ACD is party to every transaction in respect of shares of the Fund, which are summarised in the Statement of Change in Net Assets attributable to Shareholders. Amounts due at the period end in respect of issues and cancellations are included in the Balance Sheet. Amounts paid to First State Investments (UK) Limited in respect of ACD fees are disclosed in note 4, with 8,196 due at the period end. As at 31 July 2015 CFS Managed Property Limited, a related party of the ACD, owned 99.68% of the Net Asset Value of the Fund. Share classes The Fund has four share classes in issue. The ACD's periodic charge on each share class is as follows: Share class B Accumulation (Institutional): Share class B Hedged Accumulation (EUR share class) (Institutional): Share class B Hedged Accumulation (USD share class) (Institutional): Share class Z Accumulation (Insitutional): The net asset value of each share class, the net asset value per share and the number of shares in each class are given in the Performance Record on page 321. All share classes have the same rights on winding up. %

333 First State Diversified Growth Fund Table for the period 23 June 2015 to 31 July 2015 in pence and cents per share Group 2 Final - Shares purchased between 23 June 2015 and 31 January 2015 Share class B Accumulation Net revenue Equalisation payable 30/09/2015 Group 1 (p) (p) (p) Final Group 2 (p) (p) (p) Final This share class is in deficit and therefore not making a distribution. Share class B Hedged Accumulation (EUR share class) Net revenue Equalisation payable 30/09/2015 Group 1 (c) (c) (c) Final Group 2 (c) (c) (c) Final This share class is in deficit and therefore not making a distribution. Share class B Hedged Accumulation (USD share class) Net revenue Equalisation payable 30/09/2015 Group 1 (c) (c) (c) Final Group 2 (c) (c) (c) Final This share class is in deficit and therefore not making a distribution. Share class Z Accumulation Net revenue Equalisation payable 30/09/2015 Group 1 (p) (p) (p) Final Group 2 (p) (p) (p) Final This share class is in deficit and therefore not making a distribution. Corporate Tax for all share classes (unaudited) A shareholder liable to corporation tax receives this distribution, excluding equalisation, as follows: Final % of the dividend together with the tax credit is received as franked investment income. Final % of the dividend is received as an annual payment (non foreign element) received after the deduction of tax at a rate equal to the basic rate of income tax and is liable to corporation tax. The tax deemed to be deducted is treated as income tax. Final % of the dividend is received as an annual payment (foreign element) received after the deduction of tax at a rate equal to the basic rate of income tax. It is treated as foreign income in the hands of the corporate investor and is liable to corporation tax. The associated deemed tax is treated as foreign tax in the hand of the investor who may be able to claim double tax relief. Investors cannot reclaim any of this deemed tax on the foreign element from HM Revenue & Customs. Shareholders should consult their professional advisers for any advice regarding their tax position. 330

334 First State Asian Property Securities Fund Authorised Fund Manager's Report for the year ended 31 July 2015 Investment objective and policy The Fund aims to achieve a total investment return consistent with income and long term capital growth. The Fund primarily invests a broad selection of Asian securities issued by real estate investment trusts or companies that own, develop or manage real property. The Fund may also invest in Australian and New Zealand securities of a similar type. Risks and reward profile Share class A Accumulation Share class A Income Share class B Accumulation Share class B Income Share class A Accumulation (EUR share class) Share class A Income (EUR share class) Lower risk Higher risk Potentially lower rewards Potentially higher rewards The synthetic risk reward indicator (the SRRI) rating is not a measure of the risk of you losing your investment but describes how much the value of the Fund went up and down in the past; The SRRI rating is based on historical data which may not be a reliable indication of the future risks and rewards of the Fund; We cannot guarantee that the rating of the Fund will remain the same, it may change over time; Even the lowest rating 1 does not mean a risk free investment; On a scale of 1 (less risky) to 7 (more risky), this Fund has a rating of 6 due to its past performance and the nature of its investments. Shares with a rating of 6 might have higher risks, but also higher returns; Risk is taken in order to make a higher potential return, the more risk a fund takes, the higher the potential return but the greater the risk of loss; and The value of the Fund and its return is not guaranteed and may fall as well as rise. You may get back less than you originally invested. The Fund might also experience the following risks: Emerging market risk: emerging markets may not provide the same level of investor protection as a developed market; they may involve a higher risk than investing in developed markets. Currency risk: the Fund invests in assets which are denominated in other currencies; changes in exchange rates will affect the value of the Fund. Single sector risk: investing in a single sector may be riskier than investing in a number of different sectors. Investing in a larger number of sectors helps spread risk. Investing in a larger number of sectors helps spread risk. Property securities risk: the Fund invests in the shares of companies that are involved in property (like real estate investment trusts) rather than property itself. The value of these investments may fluctuate more than actual property. For further information on risks, please refer to the risk factors section in the Company's prospectus. Performance The Fund rose by 4.8% over the year and has provided returns of 21.5% and 40.3% in the three and five years to 31 July Returns were supported by holdings in Hongkong Land (Hong Kong: Office) and Henderson Land Development (Hong Kong: Office). There remains limited available office space in Central Hong Kong and the supply outlook for the next three years is tight. This suggests office landlords will be able to increase rental rates in the years ahead. Nomura Real Estate Holdings (Japan: Diversified) also performed well, reflecting ongoing strength in its office and condominium operations. Elsewhere, Mitsui Fudosan (Japan: Diversified) was buoyed by the Bank of Japan s Quantitative Easing announcement in October, but subsequently gave back these gains. Wharf Holdings (Hong Kong: Diversified) struggled, reflecting market concerns over persistent weakness in luxury retail sales. Capitaland (Singapore: Diversified) also performed less well than we had anticipated after the stock was added to the portfolio. 331

335 First State Asian Property Securities Fund Authorised Fund Manager's Report for the year ended 31 July 2015 Portfolio Changes Capitaland (Singapore: Diversified) and Swire Properties (Hong Kong: Diversified) were added to the portfolio. Capitaland, South East Asia s largest developer, is benefiting from improved home sales in China and continues to see its shopping mall unit perform well. Swire remains attractively valued in our view, following a broader sell-off in Chinese and Hong Kong equities towards the end of the year. We also established a new position in Kenedix Retail REIT (Japan: Retail), which completed its Initial Public Offering (IPO) during the year. These purchases were partially funded by selling investments in Mapletree Commercial (Singapore: Retail) and Capitamall Trust (Singapore: Retail). We also significantly reduced our exposure to Henderson Land Development (Hong Kong: Diversified), locking in gains from the recent strong performance of the stock. Outlook The overall strategy is to maintain a balance between high quality defensive names and stocks with strong growth potential. We have recently become more selective in our approach towards Japanese property securities following strong share price gains. Elsewhere, the fund remains well diversified across the property markets of Singapore, Hong Kong and Australia. Cumulative performance Time Since period mths mths yrs yrs yrs yrs launch Fund return % (8.1) (1.6) Benchmark return % (8.3) (5.3) Sector return % (0.5) (0.2) Quartile ranking Discrete performance Time period Fund return % Benchmark: UBS Asia Real Estate Index. Sector: IA Property. Past performance should not be used as a guide to future performance, which is not guaranteed. Ten largest holdings Stock name Mitsui Fudosan Sun Hung Kai Properties Hongkong Land Holdings Westfield Corporation REIT CapitaLand Sumitomo Realty & Development Swire Properties Kenedix Retail REIT Mitsubishi Estate Nomura Real Estate Holdings Types of shares Income and Accumulation. 12 mths to 12 mths to 12 mths to 12 mths to 12 mths to 31/07/15 31/07/14 31/07/13 31/07/12 31/07/ (2.6) % of Fund Stock name % of Fund Sun Hung Kai Properties Mitsui Fudosan Hongkong Land Holdings Sumitomo Realty & Development Scentre Group REIT Westfield Corporation REIT Mitsubishi Estate Henderson Land Development Wharf Holdings Mirvac Group REIT

336 First State Asian Property Securities Fund Portfolio statement Holdings Market value '000 Total net assets % JAPAN (37.05%*) 4, ,807 Aeon Mall AEON REIT** GLP J-REIT** ,800 Goldcrest Japan Rental Housing Investments REIT** Kenedix Office Investment REIT** Kenedix Residential Investment REIT** Kenedix Retail REIT** ,401 Mitsubishi Estate ,508 Mitsui Fudosan ,561 Nomura Real Estate Holdings Nomura Real Estate Office Fund REIT** ,812 Sumitomo Realty & Development AUSTRALIA (21.25%*) 1, ,144 Charter Hall Group REIT** ,922 Federation Centres REIT** ,192 Mirvac Group REIT** ,992 National Storage REIT** ,875 Scentre Group REIT** ,631 Westfield Corporation REIT** CHINA (4.31%*) ,911 CapitaRetail China Trust REIT** ,122 China Resources Land HONG KONG (28.85%*) 2, ,114 Henderson Land Development ,500 Hongkong Land Holdings ,000 Kerry Properties ,538 Link REIT** ,121 Sun Hung Kai Properties ,000 Swire Properties ,000 Wharf Holdings SINGAPORE (6.33%*) ,000 CapitaLand ,997 Frasers Centrepoint Trust REIT** Portfolio of investments 9, Net other assets Total net assets 9, All investments held are listed, unless otherwise stated. For the purposes of this portfolio holdings analysis, securities are shown based on their country of listing. * Comparative figures shown in brackets relate to 31 July ** Real Estate Investment Trust (REIT). Since the previous report the Industry Sector Classification headings have been updated by data providers. Where the portfolio statement shows Industry Sectors, the new sector names have been reflected in the report in respect of the current holdings and comparative holdings have been reanalysed where appropriate. 333

337 First State Asian Property Securities Fund Summary Fund performance Net asset value and ongoing charges figure Net Asset Value of share class ( ) Shares in issue Net Asset Value per share (p/c)* Ongoing Charges Figure (%) Share class A Accumulation 31/07/13 31/07/14 31/07/15 Share class A Income 31/07/13 31/07/14 31/07/15 15,014,331 5,526,939 4,121,297 1,574, , ,711 10,857,460 4,102,133 2,916,758 1,372, , , Share class B Accumulation 31/07/13 2,349,947 1,581, /07/14 3,248,619 2,231, /07/15 Share class B Income 31/07/13 4,350, ,625 2,826, , /07/14 505, , /07/15 Share class A Accumulation (EUR share class) 31/07/13 574,747 38, ,602 41, / /07/14 39,526 43, / /07/15 Share class A Income (EUR share class) 31/07/13 35, ,759 36, , / / /07/14 3,398 4, / /07/15 18,609 24, / *Where 2 figures are shown for a share class denominated in EUR or USD, the first figure is in GBP in pence and the second figure is in EUR/USD in cents. Amounts in Euros and US dollars have been converted at the (EUR) and (USD) exchange rate at 12:00 midday on 31 July

338 First State Asian Property Securities Fund Summary Fund performance Share price history and revenue record Calendar year Highest share price (p/c) Lowest share price (p/c) per share (p/c) Share class A Accumulation * Share class A Income * Share class B Accumulation * Share class B Income * Share class A Accumulation (EUR share class) * Share class A Income (EUR share class) * The share classes marked with EUR or USD are stated in Euros/US dollars. The Euro and US dollar prices are calculated using the exchange rate at the valuation point on that date. * To 31 July

339 First State Asian Property Securities Fund Statement of total return for the year ended 31 July 2015 Notes '000 '000 '000 '000 Income: Net capital gains/(losses) (861) Revenue Expenses 4 (169) (248) Finance costs: interest Net revenue before taxation Taxation 5 (4) (34) Net revenue after taxation Total return before distributions 520 (746) Finance costs: distributions 6 (228) (342) Change in net assets attributable to shareholders from investment activities 292 (1,088) Statement of change in net assets attributable to shareholders for the year ended 31 July 2015 Opening net assets attributable to shareholders Amounts receivable on issue of shares Less: Amounts payable on cancellation of shares Dilution adjustment Stamp duty reserve tax Change in net assets attributable to shareholders from investment activities Retained distribution on accumulation shares Closing net assets attributable to shareholders '000 '000 '000 '000 10,174 19,722 3,491 1,573 (4,425) (10,288) (934) (8,715) (4) 292 (1,088) ,734 10,174 Notes to the financial statements are on pages 338 to

340 First State Asian Property Securities Fund Balance sheet Assets Portfolio of investments Debtors Cash and bank balances Total other assets Total assets Liabilities Creditors payable on income shares Total liabilities Net assets attributable to shareholders Notes '000 '000 9,610 9, ,809 10,364 9 (60) (171) (15) (19) (75) (190) 9,734 10,174 Notes to the financial statements are on pages 338 to

341 First State Asian Property Securities Fund Notes to the Financial Statements Accounting basis and policies Please see pages 10 to 12 for accounting basis and policies. Net capital gains/(losses) The net capital gains/(losses) during the year comprise: Non-derivative securities Currency (losses)/gains Net capital gains/(losses) Revenue Overseas non-taxable revenue Property revenue from overseas REITs Overseas scrip dividends Total revenue Expenses Payable to the ACD, associates of the ACD, and agents of either of them: ACD's periodic charge ACD's periodic charge rebate Payable to the Depositary, associates of the Depositary, and agents of either of them: Depositary's fees Other expenses: Audit fee Registrar fees Safe custody charges Other expenses Total expenses '000 ' (867) (1) (861) '000 ' '000 ' (4) (22)

342 First State Asian Property Securities Fund Notes to the Financial Statements 5. (a) (b) (c) (d) Taxation Analysis of charge in year: Irrecoverable overseas tax Factors affecting current tax charge for the year: Net revenue before taxation Corporation tax of 20% (2014: 20%) '000 ' The tax assessed for the year is lower than (2014: higher than) the standard rate of corporation tax in the UK for an OEIC of 20% (2014: 20%). The differences are explained below: Effects of: Non taxable scrip dividends* - (1) Overseas non-taxable revenue* (19) (28) Revenue taxable in different periods 9 (2) Movement in excess management expenses (2) 5 Irrecoverable overseas tax 4 34 Overseas tax expensed (4) (4) Current tax charge for year (note 5a) 4 34 OEICs are exempt from tax on capital gains. Therefore, any capital return is not included in the above reconciliation. *As an authorised OEIC these items are not subject to corporation tax. Deferred taxation: There is no provision required for deferred taxation at the Balance sheet date in the current or prior year. Factors that may affect future tax charges: At the year end, after offset against revenue taxable on receipt, there is a potential deferred tax asset of 45,261 (31/07/14: 39,181) this relates to surplus management expenses. No deferred tax asset was recognised in the current or prior year as it was considered unlikely the Fund would generate sufficient taxable profits in the future to utilise these amounts. Finance costs s and interest The distributions take account of revenue received on the issue of shares and revenue deducted on the cancellation of shares, and comprises: '000 '000 Interim distribution Final distribution Add: revenue deducted on cancellation of shares Deduct: revenue received on issue of shares (18) (11) Net distributions for the year Interest - - Total finance costs Details of the distribution per share is set out in the tables on pages 343 to 344. Movement between net revenue and net distributions '000 '000 Net revenue after taxation Expenses charged to capital Tax relief on expenses charged to capital (19) (21) Net distributions for the year

343 First State Asian Property Securities Fund Notes to the Financial Statements (a) Debtors Sales awaiting settlement Amounts receivable for issue of shares Accrued revenue Accrued ACD's periodic charge rebate Total debtors Creditors Purchases awaiting settlement Amounts payable for cancellation of shares Accrued expenses Total creditors Portfolio transaction costs Analysis of total trade costs: Non-derivative securities Trades in the year before transaction costs Commissions Taxes Total costs Total net trades in the year after transaction costs '000 ' (1) '000 ' Purchases Sales '000 '000 '000 '000 5,675 4,625 6,483 13,008 5,675 4,625 6,483 13, (11) (17) 2 1 (3) (5) 11 7 (14) (22) 5,686 4,632 6,469 12,986 Contingent liabilities and commitments As at 31 July 2015, the Fund had no contingent liabilities (31/07/14: nil) and no commitments (31/07/14: nil). Derivatives and other financial instruments General In pursuing its investment objectives the Fund holds equity shares. The main risk arising from the Fund s financial instruments is market price risk. Market price risk arises mainly from uncertainty about future prices of the financial instruments held. Investment risk in the portfolio is regularly reviewed and controlled through the adoption of parameters limiting exposures to various factors such as industries, countries, and company size. The Fund has little exposure to credit or cash flow risk. Certain transactions in securities that the Fund enters into expose it to the risk that the counter-party will not deliver the investment (purchase) or cash (sale) after the Fund has fulfilled its responsibilities. The Fund only buys and sells investments through brokers which have been approved by the ACD as an acceptable counter-party. This list is reviewed quarterly. The Fund s assets comprise mainly realisable securities which can be readily sold in normal market conditions. The Fund s main liability is the redemption of any shares that investors wish to sell. In general, the ACD manages the cash to ensure that it can meet its liabilities. Assets from a fund may need to be sold if insufficient cash is available to finance such redemptions. The Fund s holdings are reviewed on a regular basis, with particular emphasis on the market capitalisation of the issuer (securities issued by larger capitalised companies generally have greater liquidity), and the number of days it would take to trade out of a given securities position or percentage of the Fund as a whole (determined by reference to available market trading volumes). Funds that have a higher concentration of securities which are deemed to be less liquid are regularly monitored. 340

344 First State Asian Property Securities Fund Notes to the Financial Statements 12. (b) (c) 13. Derivatives and other financial instruments As a proportion of the Fund s investment portfolio is invested in overseas securities the Balance sheet can be affected by movements in foreign exchange rates. The Investment Manager may seek to manage exposure to currency movements by using forward foreign exchange contracts or by hedging the sterling value of investments that are priced in other currencies. Income received in other currencies is converted to sterling on or near the date of receipt. The market value of investments is taken to equal fair value for the purposes of Financial Reporting Standard 29. Given all the activities of the Fund, none of the investments held fall within the definition of investments held for trading as set out in Financial Reporting Standard 13. Fair value of financial assets and financial liabilities There is no material difference between the value of the financial assets and liabilities, as shown in the Balance sheet, and their fair value. Interest rate risk The Fund does not invest in either fixed or floating rate securities and interest rate risk exposure is restricted to interest receivable on bank deposits or payable on bank overdraft positions which will be affected by fluctuations in interest rates. As at 31 July 2015, 1.78% (31 July 2014: 1.98%) of the Fund's assets were interest bearing. Analysis of the Fund's currency exposure The following summarises the Sterling value of currencies of the Fund in which the investments, including cash, debtors and creditors, are denominated. As at 31 July the Fund had the following net currency exposure (excluding sterling): Net foreign currency assets Net foreign currency assets Monetary Non-monetary Monetary Non-monetary exposures exposures Total exposures exposures Total Currency '000 '000 '000 '000 '000 '000 Australian dollar 13 1,760 1, ,162 2,242 Euro (2) - (2) 7-7 Hong Kong dollar 2 1,950 1, ,513 2,558 Japanese yen 5 4,268 4, ,770 3,796 Singapore dollar US dollar ,610 9, ,949 10,114 Related parties First State Investments (UK) Limited, ("the ACD") is a related party to the Fund as defined by Financial Reporting Standard 8 Related Party Disclosures. By virtue of the regulations governing OEICs, the ACD is party to every transaction in respect of shares of the Fund, which are summarised in the Statement of Change in Net Assets attributable to Shareholders. Amounts due at the year end in respect of issues and cancellations are included in the Balance Sheet. Amounts paid to First State Investments (UK) Limited in respect of ACD fees are disclosed in note 4, with 9,567 (31/07/14: 10,370) due at the year end. 341

345 First State Asian Property Securities Fund Notes to the Financial Statements 14. Share classes The Fund has six share classes in issue. The ACD's periodic charge on each share class is as follows: Share class A Accumulation (Retail): Share class A Income (Retail): Share class B Accumulation (Institutional): Share class B Income (Institutional): Share class A Accumulation (EUR share class) (Retail): Share class A Income (EUR share class) (Retail): The net asset value of each share class, the net asset value per share and the number of shares in each class are given in the Performance Record on page 334. The distributions per share class are given in the Tables on pages 343 to 344. All share classes have the same rights on winding up. %

346 First State Asian Property Securities Fund Tables for the year ended 31 July 2015 in pence and cents per share Group 1 Interim - Shares purchased prior to 1 August 2014 Final - Shares purchased prior to 1 February 2015 Group 2 Interim - Shares purchased between 1 August 2014 and 31 January 2015 Final - Shares purchased between 1 February 2015 and 31 July 2015 Share class A Accumulation paid to/payable 30/09/2015 paid 30/09/2014 Net revenue Equalisation Group 1 (p) (p) (p) (p) Interim Final Group 2 (p) (p) (p) (p) Interim Final Share class A Income paid to/payable 30/09/2015 paid 30/09/2014 Net revenue Equalisation Group 1 (p) (p) (p) (p) Interim Final Group 2 (p) (p) (p) (p) Interim Final Share class B Accumulation paid to/payable 30/09/2015 paid 30/09/2014 Net revenue Equalisation Group 1 (p) (p) (p) (p) Interim Final Group 2 (p) (p) (p) (p) Interim Final Share class B Income paid to/payable 30/09/2015 paid 30/09/2014 Net revenue Equalisation Group 1 (p) (p) (p) (p) Interim Final Group 2 (p) (p) (p) (p) Interim Final

347 First State Asian Property Securities Fund Tables for the year ended 31 July 2015 Share class A Accumulation (EUR share class) paid to/payable 30/09/2015 paid 30/09/2014 Net revenue Equalisation Group 1 (c) (c) (c) (c) Interim Final Group 2 (c) (c) (c) (c) Interim Final Share class A Income (EUR share class) paid to/payable 30/09/2015 paid 30/09/2014 Net revenue Equalisation Group 1 (c) (c) (c) (c) Interim Final Group 2 (c) (c) (c) (c) Interim Final Corporate Tax for all share classes (unaudited) A shareholder liable to corporation tax receives this distribution, excluding equalisation, as follows: Interim % of the dividend together with the tax credit is received as franked investment income. Interim % of the dividend is received as an annual payment (non foreign element) received after the deduction of tax at a rate equal to the basic rate of income tax and is liable to corporation tax. The tax deemed to be deducted is treated as income tax. Interim % of the dividend is received as an annual payment (foreign element) received after the deduction of tax at a rate equal to the basic rate of income tax. It is treated as foreign income in the hands of the corporate investor and is liable to corporation tax. The associated deemed tax is treated as foreign tax in the hand of the investor who may be able to claim double tax relief. Investors cannot reclaim any of this deemed tax on the foreign element from HM Revenue & Customs. Final % of the dividend together with the tax credit is received as franked investment income. Final % of the dividend is received as an annual payment (non foreign element) received after the deduction of tax at a rate equal to the basic rate of income tax and is liable to corporation tax. The tax deemed to be deducted is treated as income tax. Final % of the dividend is received as an annual payment (foreign element) received after the deduction of tax at a rate equal to the basic rate of income tax. It is treated as foreign income in the hands of the corporate investor and is liable to corporation tax. The associated deemed tax is treated as foreign tax in the hand of the investor who may be able to claim double tax relief. Investors cannot reclaim any of this deemed tax on the foreign element from HM Revenue & Customs. Shareholders should consult their professional advisers for any advice regarding their tax position. 344

348 First State Global Property Securities Fund Authorised Fund Manager's Report for the year ended 31 July 2015 Investment objective and policy The Fund aims to achieve an investment return consistent with income and long term capital growth. The Fund primarily invests in a broad selection of securities issued by real estate investment trusts or companies that own, develop or manage real property from around the world. Risks and reward profile Share class A Accumulation Share class A Income Share class B Accumulation Share class B Income Share class A Accumulation (EUR share class) Share class A Income (EUR share class) Share class B Accumulation (EUR share class) Share class B Income (EUR share class) Share class B Hedged Accumulation Lower risk Higher risk Potentially lower rewards Potentially higher rewards The synthetic risk reward indicator (the SRRI) rating is not a measure of the risk of you losing your investment but describes how much the value of the Fund went up and down in the past; The SRRI rating is based on historical data which may not be a reliable indication of the future risks and rewards of the Fund; We cannot guarantee that the rating of the Fund will remain the same, it may change over time; Even the lowest rating 1 does not mean a risk free investment; On a scale of 1 (less risky) to 7 (more risky), this Fund has a rating of 6 due to its past performance and the nature of its investments. Shares with a rating of 6 might have higher risks, but also higher returns; Risk is taken in order to make a higher potential return, the more risk a fund takes, the higher the potential return but the greater the risk of loss; and The value of the Fund and its return is not guaranteed and may fall as well as rise. You may get back less than you originally invested. The Fund might also experience the following risks: Currency risk: the Fund invests in assets which are denominated in other currencies; changes in exchange rates will affect the value of the Fund. Single sector risk: investing in a single sector may be riskier than investing in a number of different sectors. Investing in a larger number of sectors helps spread risk. Investing in a larger number of sectors helps spread risk. Property securities risk: the Fund invests in the shares of companies that are involved in property (like real estate investment trusts) rather than property itself. The value of these investments may fluctuate more than actual property. For further information on risks, please refer to the risk factors section in the Company's prospectus. Performance The Fund rose by 14.8% in sterling terms over the year and has provided returns of 27.6% and 67.2% over the three and five years to 31 July Ongoing low returns available from bonds and cash deposits meant investors remained attracted by the relatively high and stable dividend yields on offer in the listed property sector. Performance was assisted by holdings in a number of US-listed stocks, many of which rose in value by more than 25%. Equinix (US: Data Storage), for example, continued to perform well, benefiting from its market leading position in internet exchange services which gives it relatively high barriers to new competition. Simon Property Group (US: Retail) and Macerich (US: Retail) also performed well after the former made a takeover approach for the latter. Swire Properties (Hong Kong: Diversified) was affected by a broader sell-off in Chinese and Hong Kong equities towards the end of the year. Holdings in Chesapeake Lodging Trust (US: Lodging) and Hilton Worldwide (US: Lodging) also struggled a little towards the end of the period after the stocks had been added to the portfolio. 345

349 First State Global Property Securities Fund Authorised Fund Manager's Report for the year ended 31 July 2015 Portfolio Changes Equity Residential (US: Lodging), the largest US apartment REIT, was added to theportfolio. We were attracted to the company s favourablegrowth outlook, proven management team, sector-leading apartment management platform and strong balance sheet. Elsewhere in the sector, a holding was established in UDR (US: Lodging), a high quality national US apartment REIT with a focus on coastal regions. The fund also added Sumitomo Realty and Development (Japan: Diversified), one of the three major Japanese real estate developers. The stock is well positioned to benefit from positive rental reversion in the Tokyo office market. These purchases were partially funded by selling investments in Mitsubishi Estate (Japan: Diversified) and Host Hotels and Resorts (US: Lodging). We also sold the fund s shareholding in Macerich (US: Retail) following the rejection of a takeover approach from Simon Property Group. We felt Macerich s board had a strong wish to remain independent, and was therefore unlikely to sell. Outlook We remain focused on preserving capital, allocating the fund s assets efficiently in order to deliver the most compelling risk-adjusted real estate return. Opportunities offering reasonable risk-adjusted returns are now becoming more prevalent, which should continue to provide opportunities for us to add value to the portfolio through active stock selection. Cumulative performance Time Since period mths mths yrs yrs yrs yrs launch Fund return % (3.8) (4.1) Benchmark return % (3.4) (7.7) Sector return % (0.5) (0.2) Quartile ranking Discrete performance Time period Fund return % Benchmark: FTSE EPRA NAREIT Global Developed Index Sector: IA Property. Past performance should not be used as a guide to future performance, which is not guaranteed. Ten largest holdings Stock name Simon Property Group REIT Equity Residential REIT Equinix REIT Hongkong Land Holdings Boston Properties REIT UDR REIT Sumitomo Realty & Development Hyatt Hotels 'A' Hilton Worldwide Holdings Derwent London REIT Types of shares Income and Accumulation. 12 mths to 12 mths to 12 mths to 12 mths to 12 mths to 31/07/15 31/07/14 31/07/13 31/07/12 31/07/ % of Fund Stock name % of Fund 6.58 Simon Property Group REIT Mitsui Fudosan Host Hotels & Resorts REIT Mitsubishi Estate Hongkong Land Holdings AvalonBay Communities REIT Macerich REIT Sun Hung Kai Properties Prologis REIT Starwood Hotels & Resorts Worldwide

350 First State Global Property Securities Fund Portfolio statement Holdings Market value '000 Total net assets % UNITED KINGDOM (8.16%*) 26, ,139 Derwent London REIT** 6, ,234 Great Portland Estates REIT** 6, ,286 Hammerson REIT** 5, ,100 Hudson's Bay 4, ,852 UNITE Group 5, UNITED STATES (45.64%*) 122, ,872 American Assets Trust REIT** 5, ,102 AvalonBay Communities REIT** 5, ,238 Boston Properties REIT** 8, ,323 Brookdale Senior Living 5, ,728 Chesapeake Lodging Trust REIT** 4, ,706 Empire State Reality Trust 'A' REIT** 5, ,522 Equinix REIT** 12, ,283 Equity Residential REIT** 12, ,727 Essex Property Trust REIT** 4, ,230 Hilton Worldwide Holdings 6, ,950 Hudson Pacific Properties REIT** 6, ,310 Hyatt Hotels 'A' 6, ,083 Kilroy Realty REIT** 5, ,392 QTS Realty Trust REIT** 3, ,201 Simon Property Group REIT** 15, ,100 Strategic Hotels & Resorts REIT** 5, ,390 Terreno Realty REIT** 2, ,180 UDR REIT** 7, CANADA (3.73%*) 10, ,328 Allied Properties REIT** 4, ,255 Chartwell Retirement Residences 3, ,096 First Capital Realty 2, GERMANY (1.44%*) 8, ,310 Deutsche Annington Immobilien 4, ,847 LEG Immobilien 1, ,509 TLG Immobilien 2, NETHERLANDS (1.62%*) - - SWEDEN (0.71%*) 1, ,513 Castellum 1, JAPAN (13.89%*) 22, ,500 Goldcrest 1, Kenedix Residential Investment REIT** ,950 Kenedix Retail REIT** 4, ,000 Mitsui Fudosan 6, ,900 Nomura Real Estate Holdings 2, ,000 Sumitomo Realty & Development 7, AUSTRALIA (6.69%*) 8, ,637,902 National Storage REIT** 5, ,257 Westfield Corporation REIT** 3, HONG KONG (7.53%*) 21, ,093,900 Hongkong Land Holdings 10, ,434 Link REIT** 1, ,000 Sun Hung Kai Properties 6, ,156,800 Swire Properties 4,

351 First State Global Property Securities Fund Portfolio statement Holdings Market value '000 Total net assets % SINGAPORE (1.56%*) 5, ,369,000 CapitaLand 3, ,060,600 Frasers Centrepoint Trust REIT** 1, BRAZIL (2.47%*) - - MEXICO (1.21%*) - - FORWARD CURRENCY CONTRACTS (0.00%*) - - Australian Dollar - - Sold AUD4,154 for GBP1,985 Settlement 17/08/ Canadian Dollar - - Sold CAD5,512 for GBP2,796 Settlement 17/08/ Euro - - Sold EUR2,652 for GBP1,886 Settlement 17/08/ Hong Kong Dollar - - Sold HKD24,350 for GBP2,028 Settlement 17/08/ Japanese Yen - - Sold JPY766,941 for GBP4,016 Settlement 17/08/ Singapore Dollar - - Sold SGD2,503 for GBP1,191 Settlement 17/08/ US Dollar - - Sold USD38,560 for GBP24,903 Settlement 17/08/ Sold USD1,628 for GBP1,042 Settlement 17/08/ Portfolio of investments 227, Net other assets 3, Total net assets 231, All investments held are listed, unless otherwise stated. For the purposes of this portfolio holdings analysis, securities are shown based on their country of listing. * Comparative figures shown in brackets relate to 31 July ** Real Estate Investment Trust (REIT). Financial derivative instruments exposure Value ( ) Forward foreign currency contracts (Hedging) 370 Total financial derivative instruments exposure 370 Counterparties to financial derivative instruments and efficient portfolio management techniques as at 7 May 2015 Value ( ) State Street Bank and Trust Company

352 First State Global Property Securities Fund Summary Fund performance Net asset value and ongoing charges figure Share class A Accumulation 31/07/13 31/07/14 31/07/15 Share class A Income 31/07/13 31/07/14 31/07/15 Share class B Accumulation 31/07/13 31/07/14 31/07/15 Share class B Income 31/07/13 31/07/14 31/07/15 Share class B Hedged Accumulation 31/07/15 Share class A Accumulation (EUR share class) 31/07/13 31/07/14 31/07/15 Share class A Income (EUR share class) 31/07/13 31/07/14 31/07/15 Share class B Accumulation (EUR share class) 31/07/13 31/07/14 31/07/15 Share class B Income (EUR share class) 31/07/14 31/07/15 Net Asset Value of share class ( ) Shares in issue Net Asset Value per share (p/c)* Ongoing Charges Figure (%) 144,650, ,048, ,803,144 51,271, ,719,263 30,274, ,942,998 14,549, ,230,245 7,091, ,622,301 4,308, ,674,789 20,785, ,314,334 53,722, ,032,984 75,429, ,264,115 5,047, ,250,905 12,247, ,729,318 14,697, ,126 46, ,095,685 1,840, / ,977,545 1,702, / ,963,433 2,220, / ,166,596 12,519, / ,742,754 16,219, / ,649,415 10,652, / ,287,035 13,542, / ,215,437 8,152, / ,360,324 6,309, / ,915 2, / n/a 1,800 2, / *Where 2 figures are shown for a share class denominated in EUR or USD, the first figure is in GBP in pence and the second figure is in EUR/USD in cents. Amounts in Euros and US dollars have been converted at the (EUR) and (USD) exchange rate at 12:00 midday on 31 July

353 First State Global Property Securities Fund Summary Fund performance Share price history and revenue record Calendar year Highest share price (p/c) Lowest share price (p/c) per share (p/c) Share class A Accumulation * Share class A Income * Share class B Accumulation * Share class B Income * Share class B Hedged Accumulation 2015* Share class A Accumulation (EUR share class) * Share class A Income (EUR share class) *

354 First State Global Property Securities Fund Summary Fund performance Share class B Accumulation (EUR share class) * Share class B Income (EUR share class) * The share classes marked with EUR or USD are stated in Euros/US dollars. The Euro and US dollar prices are calculated using the exchange rate at the valuation point on that date. * To 31 July Share class B Hedged Accumulation was launched 13 May Share class B Accumulation (EUR share class) was launched 16 April Share class B Income (EUR share class) was launched 30 July

355 First State Global Property Securities Fund Statement of total return for the year ended 31 July 2015 Notes '000 '000 '000 '000 Income: Net capital gains 2 27, Revenue 3 5,274 5,288 Expenses 4 (2,686) (2,916) Finance costs: interest 6 (1) - Net revenue before taxation 2,587 2,372 Taxation 5 (451) (612) Net revenue after taxation 2,136 1,760 Total return before distributions 29,717 2,611 Finance costs: distributions 6 (4,555) (4,376) Change in net assets attributable to shareholders from investment activities 25,162 (1,765) Statement of change in net assets attributable to shareholders for the year ended 31 July 2015 Opening net assets attributable to shareholders Amounts receivable on issue of shares Less: Amounts payable on cancellation of shares Dilution adjustment Stamp duty reserve tax Change in net assets attributable to shareholders from investment activities Retained distribution on accumulation shares Unclaimed distributions Closing net assets attributable to shareholders '000 '000 '000 ' , ,082 56,011 54,302 (59,464) (76,562) (3,453) (22,260) (44) 25,162 (1,765) 3,818 3, , ,536 Notes to the financial statements are on pages 354 to

356 First State Global Property Securities Fund Balance sheet Assets Portfolio of investments Debtors Cash and bank balances Total other assets Total assets Liabilities Creditors payable on income shares Total liabilities Net assets attributable to shareholders Notes '000 ' , , ,331 1,323 2,730 11,799 4,061 13, , ,652 9 (484) (1,787) (366) (329) (850) (2,116) 231, ,536 Notes to the financial statements are on pages 354 to

357 First State Global Property Securities Fund Notes to the Financial Statements Accounting basis and policies Please see pages 10 to 12 for accounting basis and policies. Net capital gains The net capital gains during the year comprise: Non-derivative securities Forward foreign exchange currency contracts Currency gains/(losses) Net capital gains Revenue Dividends from UK companies Overseas taxable revenue Overseas non-taxable revenue Property revenue from UK REITs - PID Property revenue from UK REITs - Non PID Property revenue from overseas REITs Overseas scrip dividends Interest from bank deposits Interest on capital revenue from Brazilian companies Total revenue Expenses Payable to the ACD, associates of the ACD, and agents of either of them: ACD's periodic charge Payable to the Depositary, associates of the Depositary, and agents of either of them: Depositary's fees Other expenses: Audit fee Registrar fees Safe custody charges Other expenses Total expenses '000 '000 27, (143) 27, '000 ' (67) 116 1,228 1, ,480 3, ,274 5,288 '000 '000 2,359 2, ,686 2,

358 First State Global Property Securities Fund Notes to the Financial Statements 5. (a) (b) (c) Taxation Analysis of charge in year: Corporation tax Double tax relief Irrecoverable overseas tax Total current tax (note 5b) Deferred taxation '000 ' (225) (129) (13) 7 (13) Total deferred tax (note 5c) Total taxation Factors affecting current tax charge for the year: The tax assessed for the year is lower than (2014: higher than) the standard rate of corporation tax in the UK for an OEIC of 20% (2014: 20%). The differences are explained below: Net revenue before taxation 2,587 2,372 Corporation tax of 20% (2014: 20%) Effects of: UK dividends* (17) (1) Non taxable scrip dividends* (43) - Overseas non-taxable revenue* (262) (283) Double tax relief (225) (129) Revenue taxable in different periods 50 (48) Irrecoverable overseas tax Property revenue from UK REITs - Non PID (20) (13) Current tax charge for year (note 5a) OEICs are exempt from tax on capital gains. Therefore, any capital return is not included in the above reconciliation. *As an authorised OEIC these items are not subject to corporation tax. Deferred taxation: Provision at the start of the year Deferred tax (credit)/charge in profit and loss account for the year (note 5a) Provision at the end of the year Provision consists of: Revenue taxable in different periods Double tax relief Provision at the end of the year (13) (29) (66)

359 First State Global Property Securities Fund Notes to the Financial Statements Finance costs s and interest The distributions take account of revenue received on the issue of shares and revenue deducted on the cancellation of shares, and comprises: Interim distribution Final distribution Add: revenue deducted on cancellation of shares Deduct: revenue received on issue of shares Net distributions for the year Interest from bank deposits Total finance costs '000 '000 2,401 2,519 2,208 1,718 4,609 4, (355) (310) 4,555 4, ,556 4,376 Details of the distribution per share is set out in the tables on pages 359 to 361. Movement between net revenue and net distributions '000 '000 Net revenue after taxation 2,136 1,760 Movement in net income as a result of conversions - (1) Expenses charged to capital 2,686 2,916 Tax relief on expenses charged to capital (267) (299) Net distributions for the year 4,555 4,376 Debtors Sales awaiting settlement Amounts receivable for issue of shares Accrued revenue Overseas tax recoverable Total debtors Creditors Purchases awaiting settlement Amounts payable for cancellation of shares Accrued expenses Deferred taxation Total creditors Portfolio transaction costs Analysis of total trade costs: Non-derivative securities Trades in the year before transaction costs Commissions Taxes Total costs Total net trades in the year after transaction costs '000 ' ,331 1,323 '000 ' ,787 Purchases Sales '000 '000 '000 ' , , , , , , , , (281) (248) (8) (25) (289) (273) 171, , , ,

360 First State Global Property Securities Fund Notes to the Financial Statements (a) (b) (c) Contingent liabilities and commitments As at 31 July 2015, the Fund had no contingent liabilities (31/07/14: nil) and no commitments (31/07/14: nil). Derivatives and other financial instruments General In pursuing its investment objectives the Fund holds equity shares. The main risk arising from the Fund s financial instruments is market price risk. Market price risk arises mainly from uncertainty about future prices of the financial instruments held. Investment risk in the portfolio is regularly reviewed and controlled through the adoption of parameters limiting exposures to various factors such as industries, countries, and company size. The Fund has little exposure to credit or cash flow risk. Certain transactions in securities that the Fund enters into expose it to the risk that the counter-party will not deliver the investment (purchase) or cash (sale) after the Fund has fulfilled its responsibilities. The Fund only buys and sells investments through brokers which have been approved by the ACD as an acceptable counter-party. This list is reviewed quarterly. The Fund s assets comprise mainly realisable securities which can be readily sold in normal market conditions. The Fund s main liability is the redemption of any shares that investors wish to sell. In general, the ACD manages the cash to ensure that it can meet its liabilities. Assets from a fund may need to be sold if insufficient cash is available to finance such redemptions. The Fund s holdings are reviewed on a regular basis, with particular emphasis on the market capitalisation of the issuer (securities issued by larger capitalised companies generally have greater liquidity), and the number of days it would take to trade out of a given securities position or percentage of the Fund as a whole (determined by reference to available market trading volumes). Funds that have a higher concentration of securities which are deemed to be less liquid are regularly monitored. As a proportion of the Fund s investment portfolio is invested in overseas securities the Balance sheet can be affected by movements in foreign exchange rates. The Investment Manager may seek to manage exposure to currency movements by using forward foreign exchange contracts or by hedging the sterling value of investments that are priced in other currencies. Income received in other currencies is converted to sterling on or near the date of receipt. The market value of investments is taken to equal fair value for the purposes of Financial Reporting Standard 29. Given all the activities of the Fund, none of the investments held fall within the definition of investments held for trading as set out in Financial Reporting Standard 13. Fair value of financial assets and financial liabilities There is no material difference between the value of the financial assets and liabilities, as shown in the Balance sheet, and their fair value. Interest rate risk The Fund does not invest in either fixed or floating rate securities and interest rate risk exposure is restricted to interest receivable on bank deposits or payable on bank overdraft positions which will be affected by fluctuations in interest rates. As at 31 July 2015, 1.18% (31 July 2014: 5.74%) of the Fund's assets were interest bearing. Analysis of the Fund's currency exposure The following summarises the Sterling value of currencies of the Fund in which the investments, including cash, debtors and creditors, are denominated. As at 31 July the Fund had the following net currency exposure (excluding sterling): Net foreign currency assets Net foreign currency assets Monetary Non-monetary Monetary Non-monetary exposures exposures Total exposures exposures Total Currency '000 '000 '000 '000 '000 '000 Australian dollar 67 8,551 8, ,746 14,047 Brazilian real ,083 5,100 Canadian dollar 23 14,765 14, ,652 7,670 Euro 1,200 8,454 9, ,287 7,011 Hong Kong dollar (2) 11,624 11, ,749 9,286 Japanese yen 10 22,018 22,028 (166) 28,534 28,368 Mexican peso ,490 2,490 Singapore dollar 233 5,536 5, ,204 3,213 Swedish krona - 1,342 1,342-1,465 1,465 US dollar , , , ,735 1, , ,089 1, , ,

361 First State Global Property Securities Fund Notes to the Financial Statements Related parties First State Investments (UK) Limited, ("the ACD") is a related party to the Fund as defined by Financial Reporting Standard 8 Related Party Disclosures. By virtue of the regulations governing OEICs, the ACD is party to every transaction in respect of shares of the Fund, which are summarised in the Statement of Change in Net Assets attributable to Shareholders. Amounts due at the year end in respect of issues and cancellations are included in the Balance Sheet. Amounts paid to First State Investments (UK) Limited in respect of ACD fees are disclosed in note 4, with 193,369 (31/07/14: 194,532) due at the year end. As at 31 July 2015 Commonwealth Bank of Australia (UK) Staff Pension Scheme, a related party of the ACD, owned 0.18% (31/07/14: 0.10%) of the Net Asset Value of the Fund. Share classes The Fund has nine share classes in issue. The ACD's periodic charge on each share class is as follows: Share class A Accumulation (Retail): Share class A Income (Retail): Share class B Accumulation (Institutional): Share class B Income (Institutional): Share class B Hedged Accumulation (Institutional): Share class A Accumulation (EUR share class) (Retail): Share class A Income (EUR share class) (Retail): Share class B Accumulation (EUR share class) (Institutional): Share class B Income (EUR share class) (Institutional): The net asset value of each share class, the net asset value per share and the number of shares in each class are given in the Performance Record on page 349. The distributions per share class are given in the Tables on pages 359 to 361. All share classes have the same rights on winding up. %

362 First State Global Property Securities Fund Tables for the year ended 31 July 2015 in pence and cents per share Group 1 Interim - Shares purchased prior to 1 August 2014 Final - Shares purchased prior to 1 February 2015 Group 2 Interim - Shares purchased between 1 August 2014 and 31 January 2015 Final - Shares purchased between 1 February 2015 and 31 July 2015 Share class A Accumulation paid to/payable 30/09/2015 paid 30/09/2014 Net revenue Equalisation Group 1 (p) (p) (p) (p) Interim Final Group 2 (p) (p) (p) (p) Interim Final Share class A Income paid to/payable 30/09/2015 paid 30/09/2014 Net revenue Equalisation Group 1 (p) (p) (p) (p) Interim Final Group 2 (p) (p) (p) (p) Interim Final Share class B Accumulation paid to/payable 30/09/2015 paid 30/09/2014 Net revenue Equalisation Group 1 (p) (p) (p) (p) Interim Final Group 2 (p) (p) (p) (p) Interim Final Share class B Income paid to/payable 30/09/2015 paid 30/09/2014 Net revenue Equalisation Group 1 (p) (p) (p) (p) Interim Final Group 2 (p) (p) (p) (p) Interim Final

363 First State Global Property Securities Fund Tables for the year ended 31 July 2015 Share class B Hedged Accumulation Net revenue Equalisation paid to/payable 30/09/2015 Group 1 (p) (p) (p) Final Group 2 (p) (p) (p) Final Share class A Accumulation (EUR share class) paid to/payable 30/09/2015 paid 30/09/2014 Net revenue Equalisation Group 1 (c) (c) (c) (c) Interim Final Group 2 (c) (c) (c) (c) Interim Final Share class A Income (EUR share class) paid to/payable 30/09/2015 paid 30/09/2014 Net revenue Equalisation Group 1 (c) (c) (c) (c) Interim Final Group 2 (c) (c) (c) (c) Interim Final Share class B Accumulation (EUR share class) paid to/payable 30/09/2015 paid 30/09/2014 Net revenue Equalisation Group 1 (c) (c) (c) (c) Interim Final Group 2 (c) (c) (c) (c) Interim Final

364 First State Global Property Securities Fund Tables for the year ended 31 July 2015 Share class B Income (EUR share class) Net revenue Equalisation paid to/payable 30/09/2015 Group 1 (c) (c) (c) Interim Final Group 2 (c) (c) (c) Interim Final Corporate Tax for all share classes (unaudited) A shareholder liable to corporation tax receives this distribution, excluding equalisation, as follows: Interim % of the dividend together with the tax credit is received as franked investment income. Interim % of the dividend is received as an annual payment (non foreign element) received after the deduction of tax at a rate equal to the basic rate of income tax and is liable to corporation tax. The tax deemed to be deducted is treated as income tax. Interim % of the dividend is received as an annual payment (foreign element) received after the deduction of tax at a rate equal to the basic rate of income tax. It is treated as foreign income in the hands of the corporate investor and is liable to corporation tax. The associated deemed tax is treated as foreign tax in the hand of the investor who may be able to claim double tax relief. Investors cannot reclaim any of this deemed tax on the foreign element from HM Revenue & Customs. Final % of the dividend together with the tax credit is received as franked investment income. Final % of the dividend is received as an annual payment (non foreign element) received after the deduction of tax at a rate equal to the basic rate of income tax and is liable to corporation tax. The tax deemed to be deducted is treated as income tax. Final % of the dividend is received as an annual payment (foreign element) received after the deduction of tax at a rate equal to the basic rate of income tax. It is treated as foreign income in the hands of the corporate investor and is liable to corporation tax. The associated deemed tax is treated as foreign tax in the hand of the investor who may be able to claim double tax relief. Investors cannot reclaim any of this deemed tax on the foreign element from HM Revenue & Customs. Shareholders should consult their professional advisers for any advice regarding their tax position. 361

365 About First State Investments First State Investments ( FSI ) is a growing global asset management business with experience across a range of asset classes and specialist investment sectors. We operate as First State Investments internationally and Colonial First State Global Asset Management in Australia. Our parent company, the Commonwealth Bank of Australia, is one of Australia s leading providers of integrated financial services. We are known for our independent and focused nature of our investments. Each team is comprised of experienced specialists and analysts who set their own investment philosophy and are not constrained by one overarching investment style or process. The common threads which exist between our teams are the strong sense of responsibility they have as stewards of our clients' assets and their long-term investment horizons that align with the timeframes of our clients. Our investment teams cover a broad range of asset classes, including equities, debt, multi-sector and direct infrastructure. Many of these teams are market leaders in their sectors with exceptional portfolio management and technical experience. We believe that the success of our business relies on maintaining the trust and confidence of our clients. For this reason one of the goals of our business is to be recognised as a global leader in responsible investment by our clients, stakeholders, peers and industry. We are seeking to achieve this by ensuring we employ the mindset, thinking and actions of a responsible asset manager at all levels and in all areas of our business. 362

366 First State Investments ICVC Corporate directory The Company First State Investments ICVC Registered office: Finsbury Circus House, 15 Finsbury Circus London EC2M 7EB (effect on 1 September 2014) Principal place of business: 23 St Andrew Square Edinburgh EH2 1BB Authorised Corporate Director (ACD) First State Investments (UK) Limited Registered office: Finsbury Circus House, 15 Finsbury Circus London EC2M 7EB (effect on 1 September 2014) Authorised and regulated by the Financial Conduct Authority. Dealing address: Correspondence address: First State Investments (UK) Limited First State Investments (UK) Limited PO Box PO Box Brentwood Brentwood Contact details: Telephone: and [email protected] Website: Directors of the ACD: R C Wastcoat (Non-Executive Director) C Turpin K Lakhani J Breyley G Ferguson Investment Manager First State Investment Management (UK) Limited Registered office: 23 St Andrew Square Edinburgh EH2 1BB Authorised and regulated by the Financial Conduct Authority. Head office: 23 St Andrew Square Edinburgh EH2 1BB G Ferguson will step down as a Director of the ACD following approval of the Annual Report on 15 October Frank Johnson was appointed as a Non-Executive Director of the ACD on 24 August Investment Advisers Colonial First State Asset Management (Australia) Limited Registered office: Level 29, 52 Martin Place Sydney NSW 2000 First State Investments (Singapore) Limited Registered office: Millenia Tower, 1 Temasek Avenue Singapore Depositary* National Westminster Bank plc Registered office: 135 Bishopsgate, London EC2M 3UR First State Investments (Hong Kong) Limited Registered office: Sixth Floor, Three Exchange Square 8 Connaught Place Hong Kong Principal place of business in Edinburgh: 1st Floor, Younger Building 3 Redheughs Avenue Edinburgh EH12 9RH 363

367 First State Investments ICVC Corporate directory Custodian Administrator State Street Bank and Trust Company State Street Bank and Trust Company Registered office: 1 Lincoln Street Boston Registered office: One Canada Square London E14 5AF Massachusetts United States of America UK Office: UK Office: 20 Churchill Place 20 Churchill Place Canary Wharf Canary Wharf London E14 5HJ London E14 5HJ Registrar** The Bank of New York Mellon (International) Limited Registered office: One Canada Square London E14 5AL Legal Advisers Simmons & Simmons Registered Office: Citypoint One Ropemaker Street London EC2Y 9SS Principal place of business and location of the Register: Capital House 2 Festival Square Edinburgh EH3 9SU Independent Auditors PricewaterhouseCoopers LLP Registered Office: 1 Embankment Place London WC2N 6RH Signing Office: Level 4 Atria One 144 Morrison Street Edinburgh EH3 8EX Issued by First State Investments (UK) Limited. Authorised and regulated by the Financial Conduct Authority and a member of IA. Registered No England and Wales. Registered office Finsbury Circus House, 15 Finsbury Circus, London EC2M 7EB (effect on 1 September 2014). Entered on the FCA Register, registration number *On the 10th of August, the ACD Board approved the transfer of the Depositary from National Westminster Bank plc to State Street Trustees Limited. This transfer is expected to be completed on the 16th of October **On the 10th of August, the ACD Board approved the transfer of the Registrar from Bank of New York Mellon (International) Limited to International Financial Data Services Ltd. This transfer is expected to be completed on the 21st of May

368 Issued by First State Investments (UK) Limited Authorised and regulated by the Financial Conduct Authority and a member of IA Registered No England and Wales Registered office Finsbury Circus House, 15 Finsbury Circus London EC2M 7EB Entered on the FCA Register, registration number