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AGPI FUND SERIES IV



PROFILE

AGPI Fund Series IV AGPI Fund Series IV was set up to help investors gain access to a unique property investment opportunity in Germany. AGPI Fund Series IV is partnering Dolphin Trust GmbH to provide a high fixed income over a 2 year period with strong security on their capital. A defined exit strategy is in place to exit investors within 24 months. Dolphin Trust GmbH is one of the top 5 developers in Germany and they are the market leader for refurbishment of Listed Buildings in many German cities. It has a stellar track record of more than 12,800 completed units and is now responsible for close to 1000 staff. It has more than 25 years of experience as a developer and sale of German Property. The turnover of Dolphin Trust GmbH now stands over €1.8 Billion and they raised well over €165 Million in Asia alone. Dolphin Trust GmbH has been rated amongst the top 4.4% companies in the German business community by Hoppenstedt Kreditinformationen GmbH, indicating an outstanding performance in terms of financial results and practices. Banjaran Asset Management Private Limited Banjaran is a Fund Management Company based in Singapore, holding a Capital Markets Services (”CMS”) license, regulated by the Monetary Authority of Singapore (”MAS”) under the Securities and Future Act (Cap 289) (”SFA”) to carry out the business in fund management for accredited investors and institutional investors. The company provides Wealth and Asset Management solutions to institutions, corporations and high net worth individuals. At Banjaran, we aspire to help our clients navigate through the rough waters of the global financial markets, by employing superior risk management strategies, alternative investments and bespoke solutions. We understand that trust can only be earned by being with clients through markets both up and down, over a long period of time. Through our funds, we provide access to specific markets and attractive investment instruments to cater to unique investment requirement. Christopher has been in financial services for the last 18 years. He started his career in London as a wealth manager and was a specialist in creating investment portfolios for Asian high net worth individuals residing in the United Kingdom. He was the head of investment at Anglo Pacific Wealth Management, a multi-family office outfit, for 13 years. He handled investment portfolios for ultra-high net worth and high net worth families across the region. He originated property investment apportunities with developers around the world and has invested alongside with his investors. Together, they have participated in property deals in Germany, United Kingdom, Canada, United States of America and Argentina. He has negotiated with his preferred international property developers on exclusive terms for high level of security on investors’ capital with defined exit strategy and fixed yields. Christopher Liew His latest appointment with Banjaran Asset Management as Director/Fund Manager, is to create Property funds with fixed yields, high security on investors’ capital and defined exit strategy. Christopher is also a shareholder and director with XHE Capital, a Quantitative, FCA (UK) approved Hedge Fund in London. 1

AGPI FUND SERIES IV Charles Smethurst is the CEO of Dolphin Trust GmbH, owner of Nord Invest Holding and the owner of Phoenix Innovation. After spending 17 years in the textile industry, Charles formed his own financial company and also started work on property developments. After working with Nord Invest Holdings and Phoenix Innovation since 1989, Charles founded Dolphin Trust GmbH, it is one of the top 5 developers in Germany and the market leader in Heritage Building refurbishment. It now breaks through all barriers to be the first German property developer to enter the Asian market. Dolphin Trust GmbH has a stellar track record of more than 12,800 completed units and turnover of €1.8 billion. More recently, Dolphin Trust GmbH merged with a financial institution listed on the Hamburg and Frankfurt stock exchanges, Four Gates AG. This new acquisition combines the financial and human expertise of both Dolphin Trust GmbH and Four Gates AG, strengthening Dolphin Trust’s presence in the markets. With an enlarged pool of investors and increased opportunities for growth, Dolphin Trust GmbH is set to expand its horizon and intensify its reach internationally. 2

INVESTMENT HIGHLIGHTS -

YOUR PLATFORM TO RELIABLE GERMAN REAL ESTATE INVESTMENTS INVESTMENT HIGHLIGHTS- AGPI FUND SERIES IV Short Term investment with attractive Maximum Security for Clients profits. 15% net returns in 2 years Partnership with Dolphin Trust GmbH- established Strong domestic and foreign demand for and reputable real estate developer in Germany German Real Estate, insufficiently covered by existing supply Unparalleled Track record High Tax breaks for domestic buyers of Heritage Strong Financial Assurances apartments Good fundamental data and favourable capital market environment GERMAN GOVERNMENT LISTED BUILDING OPPORTUNITY 3

AGPI FUND SERIES IV AN ETHICAL INVESTMENT OPPORTUNITY As one of the top 5 developers in Germany, the Dolphin Trust GmbH has tapped on their expertise in the refurbishment of listed buildings and structured an attractive institutional investment opportunity. Global investors can now enjoy good profits upon the re-sale of refurbished apartments, with 15% gains in projected 24 months’ time. RESTORATION OF HERITAGE INCENTIVES BY GERMAN DEFINED EXIT STRATEGY BUILDING GOVERNMENT With more than 2000 years of To encourage Geman buyers, the The objective of the investment is history , Germany has created purchase of the refurbished end to achieve excellent gains for the many ancient monuments, many apartments are supported with investor by refurbishing a listed in ruins defaced by war and acts 100% financing. In addition to that, building into new apartment units of nature. These buildings only the German law allows German and selling them to the German constitute 3% of all buildings and tax payers to depreciate the costs market. Irrespective of the are protected by the government of refurbishing/modenising work successful presales of the units to to retain their rich historical carried out on a listed building the German buyers, Dolphin Trust value. With the preservation which adds up to a total of 100% GmbH has committed to return of these listed buildings as a over 12 years. capital and profits to the national priority for the German investors. A defined exit strategy government, this opened up a Tax Incentive for German buyers is in place by Dolphin Trust GmbH niche market to allow specialised to exit investors in a projected 24 developers to refurbish these 1st to 8th year- 9%pa. of refurbishment costs months. listed buildings into apartments 9th to 12 year- 7%pa. of refurbishment costs for German buyers. 4

WHY GERMANY ? • Germany is the strongest and most stable European economy. Germany has the fourth largest GDP in the World. • Credit Rating for Germany – AAA (S&P), Aaa (Moody’s), AAA (Fitch). • Gross domestic product rose 1.9% in 2016. • Unemployment at record lows of 4% in 2016. • High domestic demand – private consumption rose 2% in 2016. • Exports grew by 2.5% in 2016 and as an export driven economy, Germany has benefited from the recent weakness of the Euro with exports reaching successive record highs. • Germany continued to post a fiscal surplus of 0.6% of GDP in 2016, the 3rd consecutive year that budget revenue has exceeded spending. • Germany’s prominent role in Europe has also lead to increasing immigration of qualified workers, boosting domestic spending and consumption. IT IS AN INVESTMENT HAVEN • According to research, 70% of investors view the German property market as a stable option to balance risky international investment portfolios in order to ensure a steady return on investment. • Transactions in residential portfolios and residential complexes exceeded € 10 Billion in 2016 and the upward trend will continue to 2020. • Policy to increase additional supply of residential housing will continue through to 2020 to meet the high demand. • In 2016, monthly housing completions stood at more than 20,000 while more than 30,000 buildings were granted per month. • Institutional investors –Special real estate funds, insurance companies and pension funds, continued to invest aggressively into German real estate in 2016 and this trend will continue to 2020. • Post Brexit has encouraged foreign investors to invest into Germany. In the third quarter of 2016, Germany has overtaken Britain as Europe’s biggest destination for property investment, drawing in €13.6bn to the U.K’s €10.1bn. •Residential property prices rose more than 10% in 2016 with some cities, like Berlin, reaching highs of 13%. Rents continue to increase in 2016 due to the shortage of housing. •A growing population, fuelled by a huge influx of refugees, will keep the demand for housing in urban areas running at an uninterrupted high level. (*Source: Federal Statistics Office, Deutsche Bundesbank, Bloomberg, Financial Times) 5

AGPI FUND SERIES IV ORGANISATION PROFILE Your Trusted Partner In German Real Estate Investments Dolphin Trust GmbH is one of the top 5 developers in Germany and has a stellar track record of more than 12,800 completed units and is now responsible for close to 1000 staff. It’s subsidiaries include SFG Immobilien AG, which has more than 25 years of experience as a developer and in the sale of German properties. The company has built a reputation for creating homes that surpass expectations in terms of design and quality. Throughout Germany, their developments encompass refurbished listed buildings, new homes and contemporary urban apartments. Dolphin Trust GmbH has also been rated amongst the top 4.4% companies in the German business community by Hoppenstedt Kreditinformationen GmbH, indicating an outstanding performance in terms of financial results and business practices. FACTS & FIGURES Track Record of over 12,800 units completed in Germany Turnover of Dolphin Trust GmbH now stands over €1.8 Billion More than €165 Million of investments raised with over 3000 investors from Asia 6

WHAT ARE LISTED BUILDING Only 3% of the German property market has been given the status of a listed building by the German government. Listed Buildings give cities their character and are the face of a city. Therefore, the preservation of these building is a priority for the German government. These buildings are brimming full of character, personality and charisma. Once renovated, they offer an unique ambience for the owners/tenants. As a result, the purchase and renovation of these buildings are heavily incentivised with unique tax advantages for German buyers. RATIONALE FOR GERMAN INVESTORS Newly renovated units in listed buildings gain superior sale prices due to the rare nature of the buildings. For the German investor, rent gained from the property is also higher as it is generally an inflation-protected property investment. German investors are able to receive 100% financing for the purchase of listed buildings. Furthermore, the German investor can reclaim 100% of their investment over the next 12 years as a deduction from their tax bill. From the 1st to the 8th year, they can deduct 9% from their tax bill. From the 9th to the 12th year, they can deduct 7% from their tax bill. INVESTMENT SUMMARY The objective of this investment is to achieve an excellent yield for the investor by renovating a listed building into new apartment units and selling them to the German market. A developer buy-back guarantee is also put in place to secure all investors an exit in maximum 24 months. 7

AGPI FUND SERIES IV HOW THE INVESTMENT WORKS 1. The listed building is bought with planning for refurbished apartment units. Being listed makes these buildings quite rare as only 3% of the buildings in Germany are listed. 2. Building Planning and cash flow analysis is then prepared by Dolphin Trust GmbH. 3. Foreign Investors keen to invest will subscribe to AGPI Fund Series IV . The fund will buy Convertible Bonds issued by Project German. 4. The Convertible Bond acquired by the Fund is secured by a First Charge over the German Listed Property, Corporate buy back guarantee of capital and returns in 24 months, Share Pledges and Insurance Assignment by Dolphin Trust GmbH. 5. An in-depth sales brochure is completed and the apartments are offered for sale to the German market with tax breaks as an incentive. They are sold through agents who only handle properties with tax incentives. 6. The apartments are sold and contracts are signed with the German buyers. 7. A developer buy-back is in place which ensures that the foreign investors receive their capital + profits within 24 months, even if the units are not fully sold to the German buyers. RECENT COMPLETED PROJECTS Neustadt am Rübenberge | Leipzig | Gregor-Fuchs-Straße 25 Frankfurt | Residenz Bolongaro Villa Windsor 10 flats 26 flats 8 flats 55 to 60 square meters 38 to 107 square meters 62 to 120 square meters Sales Volume: 1,228,990 € Sales Volume: 5,989,084 € Sales Volume: 1,737,924 € 8

THE REFURBISHMENT PROCESS Intricate planning of building layout is completed before acquisition of building. Stage 1: Sourcing / Planning Stage 2: Acquisition of Buildings Sourcing Strategy includes • Screening of Potential Listed Buildings The buildings are acquired by Dolphin • Macro and Micro Analysis of Site Trust GmbH via funds from • Site Visit with Photo Documentation • Bank Financing • Site Meeting with Architect • Private Investors • Tender Offer to Seller • High Net Worth Individuals • Potential sellers include the government, • Pension Funds • Private Equity banks and auction houses etc. Stage 3: Sale to German Market The apartments are sold to German buyers by specified agents which focuses on marketing German listed buildings. A developer Buy back is in place which ensures that the foreign Investors receive their capital + profits within 24 months, even if the units are not fully sold to the German buyers. Stage 4: Refurbishment Process Stage 5: Completion of Refurbishment Process Dolphin Trust continues with the refurbishment of the building. 9

AGPI FUND SERIES IV GERMANY GOVERNMENT LISTED PROPERTY 15% ASSURED IN MAXIMUM 24 MONTHS INVESTMENT HIGHLIGHTS Investment Starts From EURO 350,000 15% Returns in Maximum 24 Months Capital + Profit Preservation First Charge On Building Developer Buy Back Guarantee Share Pledge Insurance Assignment UK Self Invested Personal Pension Scheme (SIPPS) Approved No Additional Administration or Legal Costs No Currency Risks 10

- Risk Factors 1. Risks associated with German Listed Property Conditions – The Key determinant of the convertible bond issuer’s ability to pay the interest and principal of the loan note is the sales of units in the German Listed Property. The Fund will be exposed to political and legal environment in Germany, as well as the general state of Germany’s economy and real estate market conditions and may influence the return on the German Listed property refurbishment. 2. Insolvency and Misrepresentation by Convertible Bond issuer and Dolphin Trust GmbH - All investments by the Fund in convertible bond and the First Charge over the German Listed Property are subject to the risk of non-disclosure or misrepresentation by the Convertible Bond Issuer and Dolphin Trust GmbH or its officers/agents in relation to material facts that would be relevant for the purposes of an investment or to any defects or irregularities in the title to the convertible bonds or First Charge acquired, and any adverse obligations linked to such matters. This may occur despite due-diligence and verification processes conducted by the Investment Manager and/or other professionals. Non-disclosure or misrepresentation in particular as to the solvency of the Convertible Bond Issuer could have a material adverse effect on the investment. 3. Regulatory risk – The Investment’s results may be adversely affected by changes in governmental policies with respect to laws and regulations, anti-inflationary measures, and rates and methods of taxation, criteria for listing of buildings and tax breaks, among other things. 4. Liquidity of the Convertible Bonds - This Investment has a fixed term for a stipulated period of 24 months. Hence investors may not have liquidity to the funds till the maturity of the investment. The Convertible Bonds are unquoted, and no plans exist or are likely to be made to provide a trading platform or quotation for them. 5. Exposure to external events – The sale of units in German Listed Property by Dolphin Trust GmbH could be affected by unforeseen events outside its control, including economic, social and political events and trends in Germany, These include changes in economic, political, administrative, taxation or other legal or regulatory regimes, terrorist or other attacks, inflation, deflation or other currency exchange fluctuations. 6. Past performance – Past performance is not necessarily a guide to future performance. Past events, experience derived from these, or assumptions derived from any of these, do not predetermine the future. 7. No external guarantee – The Convertible Bond is secured against the German Listed property acquired using the funds loaned by the Fund. However, this security is not a guarantee from a third party or financial institution. If Dolphin Trust GmbH and its Convertible Bond Issuer are wound up or liquidated and the specified assets charges were worth less than the value of the outstanding Convertible Bond (including all accrued but unpaid interest), then the Fund would not get back all of the capital they had invested, or accrued but unpaid interest. Disclaimer: Important information: This document is not an advertisement and does not constitute or form part of any offer or solicitation to issue, sell, subscribe or purchase any investment nor shall it or the fact of its distribution form the basis of or be relied on in connection with, any contract for the same. The contents in this document are for information, illustration or discussion purposes only and should not be construed as a recommendation to buy or sell any investment product and do not purport to represent or warrant the outcome of any investment product, strategy program or product. Reference to individual companies or any securities or funds is purely for the purpose of illustration only and is not and should not be construed as a recommendation to buy or sell, or advice in relation to investment, legal or tax matters. Any research or analysis used to derive, or in relation to, the above information has been procured by Banjaran Asset Management Pte Ltd for its own use, without taking into account the investment objectives, financial situation or particular needs of any specific investor, and may have been acted on for Banjaran Asset Management Pte Ltd own purpose. Banjaran Asset Management Pte Ltd does not warrant the accuracy, adequacy or completeness of the information herein and expressly disclaims liability for any errors or omissions. The information is given on a general basis without obligation and on the understanding that any person acting upon or in reliance on it, does so entirely at his or her own risk. Past performance is not indicative of future performance. Any projections or other forward-looking statements regarding future events or performance of countries, markets orcompanies are not necessarily indicative of, and may differ from, actual events or results. Banjaran Asset Management Pte Ltd reserves the right to make changes and corrections to the information, including any opinions or forecasts expressed herein at any time, without notice. No reliance may be placed for any purpose on the information and opinions contained in this document or their accuracy or completeness. This document belongs to Banjaran Asset Management Pte Ltd and may not be reproduced in any form without the express permission of Banjaran Asset Management Pte Ltd and to the extent it is passed on, care must be taken to ensure that this reproduction is in a form that accurately reflects the information presented here. Banjaran Asset Management Pte Ltd may take legal action against any misuse of the information in this document. Banjaran Asset Management Pte Ltd , Registration Number 201425066W.

SINGAPORE AGPI Fund 22, Malacca Street, #07-02, RB Capital Building Singapore 048980 Tel: +65 6536 9119 Email: [email protected] www.agpifund.com

AGPI FUND SERIES IV Product Fact Sheet Investment Objective and Strategy The investment objective is to provide short term capital appreciation through the use of non-traditional investment means. The Investment will buy into a convertible bond to fund the purchase of specific listed properties in Germany (“Germany Listed Property”). The returns of the investment will be the 15% yields paid out to the loan at the end of 24 months under the terms of the convertible bond. The proceeds of the convertible bond will be used by the developer for the planned purchase of the German Listed Property. This is carried out via a Special Purpose Vehicle (“SPV”) owned and managed by the developer who will then use the funds to purchase the German Listed Buildings that meet carefully selected criteria. The convertible bond acquired by the Fund is secured by a First Charge over the German Listed property. An International law firm will be appointed to represent the fund, review legal documentation and provide confirmation that all documents necessary to register the First Charge over the German Listed property are in place before funds are remitted to the Convertible Bond Issuer. A German representative will be appointed to hold the First Charge in escrow for the fund. Other forms of security held by the Convertible bond Issuer include a Corporate Buy Back Guarantee of capital and returns, Share Pledges and Insurance Assignment by Dolphin Trust GmbH. Fund Description Investment Manager Banjaran Asset Management Custodian Bank Oversea-Chinese Banking Corporation “OCBC” Convertible Bond issuer Project German (Singapore) Private Limited Base Currency EURO Fund nature Open end Term (Lock-in Period) 2 years Target Return 15% over 2 years* Eligibility Accredited investors only Investment amount Minimum of EURO €350,000 and subsequent multiples of EURO €150,000 ISIN Code TBA Bloomberg Ticker TBA *Net returns after taking into account other fees related to the management of the investment. Please refer to Appendix for details.

AGPI FUND SERIES IV Fees and Charges Management Fee 1.5% p.a Custodian Fee 0.125% p.a Administrator Fee Borne by Investment Manager (see “others” below) Others The Investment Manager will pay routinely recurring expenses and fees out of the Management Fees. The Fund will bear non-recurring expenses and extraordinary expenses such as litigation, legal and advisory fees incurred in case of default of the Convertible Bonds of the issuer *Net returns after taking into account other fees related to the management of the investment. Please refer to Appendix for details. About German Listed Property And Key Investment Benefits German Listed Buildings are historically or architecturally important properties located in key cities in Germany. The German government chose to list these buildings to encourage property developers to restore the facades of city centres and also to upgrade areas of local significance. As a result of this development work, premium quality residential accommodation is made available to the increasing numbers of people choosing to live in prominent German cities. There are several key benefits of investing into listed properties in Germany: Shortage – Listed Buildings constitutes only 3% of all buildings in Germany. This inherently opens up a niche market and a growing demand for German homes as developers refurbish and transform old listed buildings into luxury homes. Tax Incentive – German buyers have huge incentives to buy these refurbished Listed Building because of the attractive tax advantages that are in place, especially for German buyers where taxable income can be as high as 45%. They will be able to offset 100% of the refurbishment costs against their income tax liabilities over 12 years and it is one of the few tax incentives offered to German tax payers. Excellent Short Term Returns – Investors will be assured of 15% returns over 24 Months. High Security of Investment Capital – The issuer of the convertible bonds will be holding to the, 1) First Charge of the Listed buildings, 2) Corporate buy back guarantee of capital and yields by Dolphin Trust GmbH, 3) Share pledge by Dolphin Trust GmbH and 4) Insurance Assignment by Dolphin Trust GmbH. Strength of the German Developer - Dolphin Trust GmbH is one of the top 5 developers in Germany and has a stellar track record of more than 12,800 completed units, turnover of more than €1.8 Billion and is now responsible for close to 1000 staff. It’s subsidiaries include SFG Immobilien AG, which has more than 25 years of experience as a developer and in the sale of German properties. The company has built a reputation for creating homes that surpass expectations in terms of design and quality. Throughout Germany, their developments encompass refurbished listed buildings, new homes and contemporary urban apartments. Dolphin Trust GmbH has also been rated amongst the top 4.4% companies in the German business community by Hoppenstedt Kreditinformationen GmbH, indicating an outstanding performance in terms of financial results and business practices. Dolphin Trust GmbH raised more than €165 Million in funding from Asia alone and has always returned both capital and yields of investors. Risk Factors 1. Risks associated with German Listed Property Conditions – The Key determinant of the convertible bond issuer’s ability to pay the interest and principal of the loan note is the sales of units in the German Listed Property. The Fund will be exposed to political and legal environment in Germany, as well as the general state of Germany’s economy and real estate market conditions and may influence the return on the German Listed property refurbishment. 2. Insolvency and Misrepresentation by Convertible Bond issuer and Dolphin Trust GmbH - All investments by the Fund in convertible bond and the First Charge over the German Listed Property are subject to the risk of non-disclosure or misrepresentation by the Convertible Bond Issuer and Dolphin Trust GmbH or its officers/agents in relation to material facts that would be relevant for the purposes of an investment or to any defects or irregularities in the title to the convertible bonds or First Charge acquired, and any adverse obligations linked to such matters. This may occur despite due-diligence and verification processes conducted by the Investment Manager and/or other professionals. Non-disclosure or misrepresentation in particular as to the solvency of the Convertible Bond Issuer could have a material adverse effect on the investment. 3. Regulatory risk – The Investment’s results may be adversely affected by changes in governmental policies with respect to laws and regulations, anti-inflationary measures, and rates and methods of taxation, criteria for listing of buildings and tax breaks, among other things. 4. Liquidity of the Convertible Bonds - This Investment has a fixed term for a stipulated period of 24 months. Hence investors may not have liquidity to the funds till the maturity of the investment. The Convertible Bonds are unquoted, and no plans exist or are likely to be made to provide a trading platform or quotation for them. 5. Exposure to external events – The sale of units in German Listed Property by Dolphin Trust GmbH could be affected by unforeseen events outside its control, including economic, social and political events and trends in Germany, These include changes in economic, political, administrative, taxation or other legal or regulatory regimes, terrorist or other attacks, inflation, deflation or other currency exchange fluctuations. 6. Past performance – Past performance is not necessarily a guide to future performance. Past events, experience derived from these, or assumptions derived from any of these, do not predetermine the future. 7. No external guarantee – The Convertible Bond is secured against the German Listed property acquired using the funds loaned by the Fund. However, this security is not a guarantee from a third party or financial institution. If Dolphin Trust GmbH and its Convertible Bond Issuer are wound up or liquidated and the specified assets charges were worth less than the value of the outstanding Convertible Bond (including all accrued but unpaid interest), then the Fund would not get back all of the capital they had invested, or accrued but unpaid interest. This Product Factsheet is an important document. It highlights the key terms and risks of this investment product and complements the Information Memorandum and Trust Deed - Appendix. It is important to read the Appendix before deciding whether to purchase the product. If you do not have a copy, please contact us to ask for one. You should not invest in the product if you do not understand it or are not comfortable with the accompanying risks. If you wish to purchase the product, you will need to make an application in the manner set out in the subscription form. Disclaimer: Important information: This document is not an advertisement and does not constitute or form part of any offer or solicitation to issue, sell, subscribe or purchase any investment nor shall it or the fact of its distribution form the basis of or be relied on in connection with, any contract for the same. The contents in this document are for information, illustration or discussion purposes only and should not be construed as a recommendation to buy or sell any investment product and do not purport to represent or warrant the outcome of any investment product, strategy program or product. Reference to individual companies or any securities or funds is purely for the purpose of illustration only and is not and should not be construed as a recommendation to buy or sell, or advice in relation to investment, legal or tax matters. Any research or analysis used to derive, or in relation to, the above information has been procured by Banjaran Asset Management Pte Ltd for its own use, without taking into account the investment objectives, financial situation or particular needs of any specific investor, and may have been acted on for Banjaran Asset Management Pte Ltd own purpose. Banjaran Asset Management Pte Ltd does not warrant the accuracy, adequacy or completeness of the information herein and expressly disclaims liability for any errors or omissions. The information is given on a general basis without obligation and on the understanding that any person acting upon or in reliance on it, does so entirely at his or her own risk. Past performance is not indicative of future performance. Any projections or other forward-looking statements regarding future events or performance of countries, markets orcompanies are not necessarily indicative of, and may differ from, actual events or results. Banjaran Asset Management Pte Ltd reserves the right to make changes and corrections to the information, including any opinions or forecasts expressed herein at any time, without notice. No reliance may be placed for any purpose on the information and opinions contained in this document or their accuracy or completeness. This document belongs to Banjaran Asset Management Pte Ltd and may not be reproduced in any form without the express permission of Banjaran Asset Management Pte Ltd and to the extent it is passed on, care must be taken to ensure that this reproduction is in a form that accurately reflects the information presented here. Banjaran Asset Management Pte Ltd may take legal action against any misuse of the information in this document. Banjaran Asset Management Pte Ltd, Registration Number 201425066W