Factsheet | July 2016

All data as at 30 June 2016 unless otherwise stated

Eastspring Investments – Asian Bond Fund For Professional Clients in European countries and for Qualified Investors in Switzerland. This document is not for retail investors. Please do not redistribute.

RATINGS▲▲ Class C Morningstar Overall Rating● QQQQQ

INVESTMENT OBJECTIVE

FUND DETAILS 3,077.9

Fund size (mil)

USD

Fund base currency Fund dealing frequency

Daily

Net asset value (Class C)

USD 12.137

ISIN (Class C) Inception date (Class C)

LU0154356231 09-Jul-12

This Sub-Fund invests in a diversified portfolio consisting primarily of fixed income / debt securities issued by Asian entities or their subsidiaries. This Sub-Fund’s portfolio primarily consists of securities denominated in US dollars as well as the various Asian currencies and aims to maximize total returns through investing in fixed income / debt securities that are rated as well as unrated.

PERFORMANCE Cumulative returns (price indexed)

Benchmark (BM) JP Morgan Asia Credit Index

FUND MEASURES Number of Securities

595

Average duration (years)

4.9

Yield-to-maturity (%)

3.4

*

3 year tracking error

0.4

*

3 year sharpe ratio

1.8

*

3 year volatility

3.4

Source: Morningstar

*

124 120 116 112 108 104 100 96

12

14

15

16

Year Fund (Class C)

Benchmark

Returns (%) Class C

SECTOR WEIGHTS (%)

13

1m

3m

YTD

1y

3y (p.a.)

5y (p.a.)

10 y (p.a.)

Since inception (p.a)

Fund

1.7

3.0

6.4

6.8

6.4

–

–

5.0

Banks

18.8

Benchmark

1.8

2.9

6.5

7.4

6.9

–

–

5.6

Oil & Gas

12.1

Relative

-0.1

0.1

-0.1

-0.6

-0.5

–

–

-0.6

Government

10.9

Real estate management & development

10.8

Diversified finance

10.4

Industrial conglomerate

3.7

Electric utilities

2.9

Government agency

2.7

Internet services

2.4

Cash and others

25.3

From

Jun 2015

Jun 2014

Jun 2013

Jun 2012

Jun 2011

To

Jun 2016

Jun 2015

Jun 2014

Jun 2013

Jun 2012

Fund

6.8

3.9

8.6

–

–

Benchmark

7.4

4.4

8.9

–

–

Relative

-0.6

-0.5

-0.3

–

–

(p.a.): per annum. Source: Eastspring Investments (Singapore) Limited. Returns are based in USD and computed on NAVNAV basis with net income reinvested, if any. Since inception returns for periods less than a year are not annualised.

TOP 10 HOLDINGS (%)

COUNTRY WEIGHTS (%) 41.4

1.

CHINA CINDA 2015 03.125% 04/23/2020

0.8

Indonesia

9.5

2.

BANK OF CHINA 5.000000% 11/13/2024

0.6

Hong Kong

8.4

3.

CHINA CONST BANK 03.875% 05/13/2025

0.6

India

7.5

4.

CNOOC FINANCE 2015 US 03.500% 05/05/2025

0.6

South Korea

6.6

5.

REPUBLIC OF INDONESIA 7.750000% 01/17/2038

0.6

Philippines

6.4

6.

BHARTI AIRTEL 04.375% 06/10/2025

0.5

Singapore

2.7

7.

EXP-IMP BK KOREA 02.875% 01/21/2025

0.5

Malaysia

2.5

8.

RELIANCE INDUSTR 04.125% 01/28/2025

0.5

Japan

1.7

9.

HUARONG FIN II 05.500% 01/16/2025

0.5

13.3

10.

SINOPEC GRP OVER 02.500% 04/28/2020

0.5

China

Cash and others

Page 1 / 8

Eastspring Investments – Asian Bond Fund

RATINGS (%)

MATURITY (%)

AAA

0.2

0 - 1 year

3.8

AA

6.3

1 - 3 years

16.2

A

31.4

3 - 5 years

21.3

BBB

26.2

5 - 10 years

34.5

BB

12.1

10+ years

17.1

B

7.6

CCC

0.2

Cash and others

Cash and others

7.1

16.0

Credit ratings by S&P/Moody's/Fitch.

SHARE CLASS DETAILS Share class

Currency Bloomberg ticker

ISIN

Inception date

Initial Annual Annual *Minimum *Minimum sales management admin fee initial subsequent charges fee% (max) % (max) investment investment % (max)

Distribution frequency

Ex-date

Dividend Annual per dividend share yield %

A

USD

PRUASBA LX LU0154355936 01-Mar-05

3.000

1.250

0.250

USD500

USD50

N.A.

N.A.

N.A.

N.A.

AADM (hedged)

AUD

ESABDMH LX LU0795475572 18-Jun-12

3.000

1.250

0.250

USD500

USD50

Monthly

01-Jul-16

0.0474984

6.00

ACDM (hedged)

CAD

ESABACH LX LU0811022010 01-Aug-12

3.000

1.250

0.250

USD500

USD50

Monthly

01-Jul-16

0.0369276

4.75

ADM

USD

IOFASBA LX LU0428352776 02-Jun-09

3.000

1.250

0.250

USD500

USD50

Monthly

01-Jul-16

0.0430031

4.75

ADQ

USD

PRUASAD LX LU0304598229 11-Jun-07

3.000

1.250

0.250

USD500

USD50

Quarterly

01-Jul-16

0.1441306

4.75

AE (hedged)

EUR

ESABAEH LX LU0801100651 09-Jul-12

3.000

1.250

0.250

USD500

USD50

N.A.

N.A.

N.A.

N.A.

AEDM (hedged)

EUR

ESABAED LX LU0801100735 09-Jul-12

3.000

1.250

0.250

USD500

USD50

Monthly

01-Jul-16

0.0367116

4.75

AF (hedged)

CHF

ESABAFH LX LU0801100818 09-Jul-12

3.000

1.250

0.250

USD500

USD50

N.A.

N.A.

N.A.

N.A.

AFDM (hedged)

CHF

ESABAFD LX LU0801100909 09-Jul-12

3.000

1.250

0.250

USD500

USD50

Monthly

01-Jul-16

0.0358801

4.75

AGDM (hedged)

GBP

ESABAGH LX LU0811022101 01-Aug-12

3.000

1.250

0.250

USD500

USD50

Monthly

01-Jul-16

0.0369644

4.75

AH

HKD

IOABAHH LX LU0640799218 15-Jun-11

3.000

1.250

0.250

USD500

USD50

N.A.

N.A.

N.A.

N.A.

AH (hedged)

HKD

ESABAHH LX LU1244145980 15-Jun-15

3.000

1.250

0.250

USD500

USD50

N.A.

N.A.

N.A.

N.A.

AHDM

HKD

ESABAHK LX LU0811022283 01-Aug-12

3.000

1.250

0.250

USD500

USD50

Monthly

01-Jul-16

0.0368459

4.75

ANDM (hedged)

NZD

ESABANH LX LU0811022366 01-Aug-12

3.000

1.250

0.250

USD500

USD50

Monthly

01-Jul-16

0.0509770

6.50

ARDMC1 (hedged)

CNH

ESABARD LX LU1098666446 30-Sep-14

3.000

1.250

0.250

USD500

USD50

Monthly

01-Jul-16

0.0564738

7.00

AS

SGD

IOFASBF LX LU0228368113 28-Aug-09

3.000

1.250

0.250

USD500

USD50

N.A.

N.A.

N.A.

N.A.

AS (hedged)

SGD

ESABASS LX LU1244146103 15-Jun-15

3.000

1.250

0.250

USD500

USD50

N.A.

N.A.

N.A.

N.A.

ASDM

SGD

ESABASD LX LU1245842130 15-Jun-15

3.000

1.250

0.250

USD500

USD50

Monthly

01-Jul-16

0.0398661

4.75

ASDM (hedged)

SGD

ESABASH LX LU1259265251 21-Jul-15

3.000

1.250

0.250

USD500

USD50

Monthly

01-Jul-16

0.0391019

4.75

AZ (hedged)

ZAR

ESABAZH LX LU1064822411 15-May-14

3.000

1.250

0.250

USD500

USD50

N.A.

N.A.

N.A.

N.A.

AZDM (hedged)

ZAR

ESABAZD LX LU0911025798 02-Apr-13

3.000

1.250

0.250

USD500

USD50

Monthly

01-Jul-16

0.0760389

9.50

B

USD

ESABDBU LX LU0845999480 15-Oct-12

3.000

0.625

Nil

USD5 Mil

USD1,000

N.A.

N.A.

N.A.

N.A.

BDM

USD

ESABBDM LX LU1262319541 21-Jul-15

3.000

0.625

Nil

USD5 Mil

USD1,000

Monthly

01-Jul-16

0.0391999

4.75

C

USD

PRUASBD LX LU0154356231 09-Jul-12

3.000

0.500

Nil

USD10 Mil

USD1,000

N.A.

N.A.

N.A.

N.A.

Factsheet | July 2016 | All data as at 30 June 2016 unless otherwise stated

Page 2 / 8

Eastspring Investments – Asian Bond Fund

Share class

Currency Bloomberg ticker

ISIN

Inception date

Initial Annual Annual *Minimum *Minimum sales management admin fee initial subsequent charges fee% (max) % (max) investment investment % (max)

Distribution frequency

Ex-date

Dividend Annual per dividend share yield %

R

USD

ESABDRU LX LU0865487804 14-Dec-12

3.000

0.625

0.250

USD500

USD50

N.A.

N.A.

N.A.

N.A.

RDM

USD

ESABRDM LX LU0865487986 14-Dec-12

3.000

0.625

0.250

USD500

USD50

Monthly

01-Jul-16

0.0371681

4.75

RE (hedged)

EUR

ESABREH LX LU0865488018 14-Dec-12

3.000

0.625

0.250

USD500

USD50

N.A.

N.A.

N.A.

N.A.

REDM (hedged)

EUR

ESABRGD LX LU1244146368 15-Jun-15

3.000

0.625

0.250

USD500

USD50

Monthly

01-Jul-16

0.0386381

4.75

RG (hedged)

GBP

ESABRED LX LU1244147093 15-Jun-15

3.000

0.625

0.250

USD500

USD50

N.A.

N.A.

N.A.

N.A.

RGDM (hedged)

GBP

ESABRGH LX LU1244146798 15-Jun-15

3.000

0.625

0.250

USD500

USD50

Monthly

01-Jul-16

0.0390229

4.75

Distributions are not guaranteed and may fluctuate. Past distributions are not necessarily indicative of future trends, which may be lower. Distribution payouts and its frequency are determined by the Board of Directors, and can be made out of (a) income; or (b) net capital gains; or (c) capital of the Fund or a combination of any of (a) and/or (b) and/or (c). The payment of distributions should not be confused with the Fund’s performance, rate of return or yield. Any payment of distributions by the Fund may result in an immediate decrease in the net asset value per share. Funds with Monthly and Quarterly Distribution Frequency: Annual Dividend Yield = (Dividend amount / Reference NAV) x (No. of calendar days in a year / No. of calendar days in distribution period) x 100%. Funds with Yearly Distribution Frequency: Annual Dividend Yield = (Dividend amount / Total Net Assets) x (No. of calendar days in a year / No. of calendar days in distribution period) x 100%. *Or their near equivalent in any major freely convertible currency of the amounts specified. "N.A.": This share class does not distribute dividends.

Returns (%)

Rolling year returns (%) Currency

1m

3m

YTD

1y

3y (p.a.)

5y (p.a.)

10 y (p.a.)

Since inception (p.a)

Jun 2015 2016

Jun 2014 2015

Jun 2013 2014

Jun 2012 2013

Jun 2011 2012

Fund

USD

1.6

2.7

5.9

5.7

5.3

4.5

5.6

5.3

5.7

2.8

7.6

0.6

6.0

Benchmark

USD

1.8

2.9

6.5

7.4

6.9

6.2

7.4

6.8

7.4

4.4

8.9

2.7

7.9

Relative

USD

-0.2

-0.2

-0.6

-1.7

-1.6

-1.7

-1.8

-1.5

-1.7

-1.6

-1.3

-2.1

-1.9

Fund

AUD

1.7

3.1

6.5

7.4

7.6

–

–

6.6

7.4

5.5

10.2

2.8

–

Benchmark

AUD

1.8

3.3

7.3

9.2

9.2

–

–

8.3

9.2

6.9

11.4

5.4

–

Relative

AUD

-0.1

-0.2

-0.8

-1.8

-1.6

–

–

-1.7

-1.8

-1.4

-1.2

-2.6

–

Fund

CAD

1.6

2.6

5.5

5.5

6.0

–

–

4.2

5.5

3.9

8.5

–

–

Benchmark

CAD

1.8

2.9

6.4

7.3

7.4

–

–

5.8

7.3

5.3

9.8

–

–

Relative

CAD

-0.2

-0.3

-0.9

-1.8

-1.4

–

–

-1.6

-1.8

-1.4

-1.3

–

–

Fund

USD

1.6

2.7

5.9

5.7

5.3

4.5

–

6.4

5.7

2.8

7.6

0.6

6.0

Benchmark

USD

1.8

2.9

6.5

7.4

6.9

6.2

–

7.9

7.4

4.4

8.9

2.7

7.9

Relative

USD

-0.2

-0.2

-0.6

-1.7

-1.6

-1.7

–

-1.5

-1.7

-1.6

-1.3

-2.1

-1.9

Fund

USD

1.6

2.7

5.9

5.7

5.3

4.5

–

5.0

5.7

2.8

7.6

0.6

6.0

Benchmark

USD

1.8

2.9

6.5

7.4

6.9

6.2

–

7.0

7.4

4.4

8.9

2.7

7.9

Relative

USD

-0.2

-0.2

-0.6

-1.7

-1.6

-1.7

–

-2.0

-1.7

-1.6

-1.3

-2.1

-1.9

Fund

EUR

1.5

2.4

5.3

4.7

5.0

–

–

3.6

4.7

2.8

7.5

–

–

Benchmark

EUR

1.7

2.6

5.9

6.4

6.4

–

–

5.2

6.4

4.2

8.8

–

–

Relative

EUR

-0.2

-0.2

-0.6

-1.7

-1.4

–

–

-1.6

-1.7

-1.4

-1.3

–

–

Fund

EUR

1.5

2.4

5.3

4.7

5.0

–

–

3.6

4.7

2.7

7.5

–

–

Benchmark

EUR

1.7

2.6

5.9

6.4

6.4

–

–

5.2

6.4

4.2

8.8

–

–

Relative

EUR

-0.2

-0.2

-0.6

-1.7

-1.4

–

–

-1.6

-1.7

-1.5

-1.3

–

–

Fund

CHF

1.5

2.3

5.0

4.0

4.3

–

–

3.0

4.0

1.8

7.2

–

–

Benchmark

CHF

1.6

2.4

5.6

5.6

5.8

–

–

4.7

5.6

3.4

8.5

–

–

Relative

CHF

-0.1

-0.1

-0.6

-1.6

-1.5

–

–

-1.7

-1.6

-1.6

-1.3

–

–

Share class

A

AADM (hedged)

ACDM (hedged)

ADM

ADQ

AE (hedged)

AEDM (hedged)

AF (hedged)

AFDM (hedged)

Factsheet | July 2016 | All data as at 30 June 2016 unless otherwise stated

Page 3 / 8

Eastspring Investments – Asian Bond Fund

Returns (%) Share class

Rolling year returns (%) Currency

1m

3m

YTD

1y

3y (p.a.)

5y (p.a.)

10 y (p.a.)

Since inception (p.a)

Jun 2015 2016

Jun 2014 2015

Jun 2013 2014

Jun 2012 2013

Jun 2011 2012

Fund

CHF

1.5

2.3

5.0

4.0

4.3

–

–

3.0

4.0

1.8

7.2

–

–

Benchmark

CHF

1.6

2.4

5.6

5.6

5.8

–

–

4.7

5.6

3.4

8.5

–

–

Relative

CHF

-0.1

-0.1

-0.6

-1.6

-1.5

–

–

-1.7

-1.6

-1.6

-1.3

–

–

Fund

GBP

1.7

2.7

5.9

5.8

5.5

–

–

3.8

5.8

3.2

7.7

–

–

Benchmark

GBP

1.9

3.0

6.6

7.5

7.1

–

–

5.4

7.5

4.8

9.2

–

–

Relative

GBP

-0.2

-0.3

-0.7

-1.7

-1.6

–

–

-1.6

-1.7

-1.6

-1.5

–

–

Fund

HKD

1.5

2.8

6.0

5.7

5.4

4.5

–

4.4

5.7

2.9

7.6

0.7

5.7

Benchmark

HKD

1.6

2.9

6.6

7.5

6.9

6.1

–

6.1

7.5

4.4

8.8

2.7

7.5

Relative

HKD

-0.1

-0.1

-0.6

-1.8

-1.5

-1.6

–

-1.7

-1.8

-1.5

-1.2

-2.0

-1.8

Fund

HKD

1.6

2.6

5.7

5.5

–

–

–

5.4

5.5

–

–

–

–

Benchmark

HKD

1.7

2.8

6.4

7.2

–

–

–

7.2

7.2

–

–

–

–

Relative

HKD

-0.1

-0.2

-0.7

-1.7

–

–

–

-1.8

-1.7

–

–

–

–

Fund

HKD

1.5

2.7

6.0

5.7

5.4

–

–

3.7

5.7

2.9

7.5

–

–

Benchmark

HKD

1.6

2.9

6.6

7.5

6.9

–

–

5.3

7.5

4.4

8.8

–

–

Relative

HKD

-0.1

-0.2

-0.6

-1.8

-1.5

–

–

-1.6

-1.8

-1.5

-1.3

–

–

Fund

NZD

1.7

3.0

6.7

8.0

8.3

–

–

6.3

8.0

6.8

10.2

–

–

Benchmark

NZD

1.9

3.3

7.6

9.9

9.9

–

–

8.0

9.9

8.3

11.6

–

–

Relative

NZD

-0.2

-0.3

-0.9

-1.9

-1.6

–

–

-1.7

-1.9

-1.5

-1.4

–

–

Fund

CNH

1.8

3.2

7.9

9.3

–

–

–

8.0

9.3

–

–

–

–

Benchmark

CNH

–

–

–

–

–

–

–

–

–

–

–

–

–

Relative

CNH

–

–

–

–

–

–

–

–

–

–

–

–

–

Fund

SGD

-0.6

3.0

0.8

5.8

7.5

6.5

–

4.7

5.8

10.9

5.9

0.8

9.4

Benchmark

SGD

-0.5

2.8

1.1

7.3

9.0

8.2

–

6.3

7.3

12.7

7.1

2.8

11.3

Relative

SGD

-0.1

0.2

-0.3

-1.5

-1.5

-1.7

–

-1.6

-1.5

-1.8

-1.2

-2.0

-1.9

Fund

SGD

1.7

2.8

6.1

6.2

–

–

–

6.1

6.2

–

–

–

–

Benchmark

SGD

1.8

3.0

6.8

8.3

–

–

–

8.2

8.3

–

–

–

–

Relative

SGD

-0.1

-0.2

-0.7

-2.1

–

–

–

-2.1

-2.1

–

–

–

–

Fund

SGD

-0.6

3.1

0.8

6.0

–

–

–

5.9

6.0

–

–

–

–

Benchmark

SGD

-0.5

2.8

1.1

7.3

–

–

–

7.3

7.3

–

–

–

–

Relative

SGD

-0.1

0.3

-0.3

-1.3

–

–

–

-1.4

-1.3

–

–

–

–

Fund

SGD

1.6

2.7

6.1

–

–

–

–

6.1

–

–

–

–

–

Benchmark

SGD

1.8

3.0

6.8

–

–

–

–

8.0

–

–

–

–

–

Relative

SGD

-0.2

-0.3

-0.7

–

–

–

–

-1.9

–

–

–

–

–

Fund

ZAR

2.1

4.4

9.2

12.8

–

–

–

11.0

12.8

8.9

–

–

–

Benchmark

ZAR

2.3

4.7

10.2

14.7

–

–

–

12.9

14.7

10.9

–

–

–

Relative

ZAR

-0.2

-0.3

-1.0

-1.9

–

–

–

-1.9

-1.9

-2.0

–

–

–

Fund

ZAR

2.1

4.4

9.2

12.8

11.7

–

–

9.0

12.8

8.9

13.5

–

–

Benchmark

ZAR

2.3

4.7

10.2

14.7

13.5

–

–

11.2

14.7

10.9

14.9

–

–

Relative

ZAR

-0.2

-0.3

-1.0

-1.9

-1.8

–

–

-2.2

-1.9

-2.0

-1.4

–

AGDM (hedged)

AH

AH (hedged)

AHDM

ANDM (hedged)

ARDMC1 (hedged)

AS

AS (hedged)

ASDM

ASDM (hedged)

AZ (hedged)

AZDM (hedged)

Factsheet | July 2016 | All data as at 30 June 2016 unless otherwise stated

–

Page 4 / 8

Eastspring Investments – Asian Bond Fund

Returns (%) Share class

Rolling year returns (%) Currency

1m

3m

YTD

1y

3y (p.a.)

5y (p.a.)

10 y (p.a.)

Since inception (p.a)

Jun 2015 2016

Jun 2014 2015

Jun 2013 2014

Jun 2012 2013

Jun 2011 2012

B Fund

USD

1.7

2.9

6.3

6.6

6.3

–

–

4.0

6.6

3.8

8.7

–

–

Benchmark

USD

1.8

2.9

6.5

7.4

6.9

–

–

4.6

7.4

4.4

8.9

–

–

Relative

USD

-0.1

0.0

-0.2

-0.8

-0.6

–

–

-0.6

-0.8

-0.6

-0.2

–

–

Fund

USD

1.7

2.9

6.3

–

–

–

–

6.3

–

–

–

–

–

Benchmark

USD

1.8

2.9

6.5

–

–

–

–

7.1

–

–

–

–

–

Relative

USD

-0.1

0.0

-0.2

–

–

–

–

-0.8

–

–

–

–

–

Fund

USD

1.7

3.0

6.4

6.8

6.4

–

–

5.0

6.8

3.9

8.6

–

–

Benchmark

USD

1.8

2.9

6.5

7.4

6.9

–

–

5.6

7.4

4.4

8.9

–

–

Relative

USD

-0.1

0.1

-0.1

-0.6

-0.5

–

–

-0.6

-0.6

-0.5

-0.3

–

–

Fund

USD

1.7

2.9

6.2

6.4

6.0

–

–

3.8

6.4

3.5

8.4

–

–

Benchmark

USD

1.8

2.9

6.5

7.4

6.9

–

–

4.7

7.4

4.4

8.9

–

–

Relative

USD

-0.1

0.0

-0.3

-1.0

-0.9

–

–

-0.9

-1.0

-0.9

-0.5

–

–

Fund

USD

1.7

2.9

6.2

6.4

6.0

–

–

3.8

6.4

3.5

8.3

–

–

Benchmark

USD

1.8

2.9

6.5

7.4

6.9

–

–

4.7

7.4

4.4

8.9

–

–

Relative

USD

-0.1

0.0

-0.3

-1.0

-0.9

–

–

-0.9

-1.0

-0.9

-0.6

–

–

Fund

EUR

1.6

2.6

5.6

5.4

5.6

–

–

3.4

5.4

3.4

8.2

–

–

Benchmark

EUR

1.7

2.6

5.9

6.4

6.4

–

–

4.2

6.4

4.2

8.8

–

–

Relative

EUR

-0.1

0.0

-0.3

-1.0

-0.8

–

–

-0.8

-1.0

-0.8

-0.6

–

–

Fund

EUR

1.6

2.6

5.6

5.4

–

–

–

5.2

5.4

–

–

–

–

Benchmark

EUR

1.7

2.6

5.9

6.4

–

–

–

6.4

6.4

–

–

–

–

Relative

EUR

-0.1

0.0

-0.3

-1.0

–

–

–

-1.2

-1.0

–

–

–

–

Fund

GBP

1.7

2.9

6.3

6.5

–

–

–

6.3

6.5

–

–

–

–

Benchmark

GBP

1.9

3.0

6.6

7.5

–

–

–

7.4

7.5

–

–

–

–

Relative

GBP

-0.2

-0.1

-0.3

-1.0

–

–

–

-1.1

-1.0

–

–

–

–

Fund

GBP

1.7

2.9

6.3

6.5

–

–

–

6.3

6.5

–

–

–

–

Benchmark

GBP

1.9

3.0

6.6

7.5

–

–

–

7.4

7.5

–

–

–

–

Relative

GBP

-0.2

-0.1

-0.3

-1.0

–

–

–

-1.1

-1.0

–

–

–

–

BDM

C

R

RDM

RE (hedged)

REDM (hedged)

RG (hedged)

RGDM (hedged)

(p.a.): per annum. Source: Eastspring Investments (Singapore) Limited. Returns are based in share class currency and computed on NAV-NAV basis with net income reinvested, if any. Since inception returns for periods less than a year are not annualised. The benchmark for the hedged share classes, if any, is also calculated on a hedged basis.

Factsheet | July 2016 | All data as at 30 June 2016 unless otherwise stated

Page 5 / 8

Eastspring Investments – Asian Bond Fund COMMENTARY Commentary sources 1. Eastspring Investments (Singapore) Ltd

Market Review The Asian USD bond market (represented by the JP Morgan Asia Credit Index) posted a positive return of 1.77% in June. This was largely driven by the decline in US Treasury (UST) yields across the curve as spread returns dipped into negative territory over the month. In June,10-year UST yields fell by 38 basis points to close the month at 1.47%. Disappointing May nonfarm payroll numbers and a more dovish than expected Federal Open Market Committee statement released after the June meeting casted doubts about the US economic recovery and re-introduced uncertainty over when the next Federal Reserve interest rate hike will occur. Further pushing yields down later in the month were flight to safety flows that were triggered by the unexpected outcome of Britain’s referendum decision to leave the European Union (Brexit). Overall Asian credit spreads ended the month only slightly wider than the previous month in spite of a bout of spread widening when the surprising Brexit outcome was first announced. Risk sentiment quickly recovered after the initial shock as central banks in Asia expressed readiness in taking action to stabilize financial markets if necessary. Positive developments such as the passing of the tax amnesty bill in Indonesia also helped to boost investor sentiment. Sovereign bonds led performance over the month, followed by quasi-sovereigns and lastly corporates. Investment grade sovereign bonds outperformed over the month as their long-dated profile benefited from the sharp decline in longer-dated UST yields. Indian financials were the key underperformers among corporates. By country, Indonesian bonds outperformed across sectors as investors welcomed the passing of the tax amnesty bill. Year-to-date, the Asian USD bond market delivered a positive return of 6.54% due to overall tighter spreads and declines across the UST yield curve. Investment grade sovereign bonds led performance, helped by their long duration profile. Additionally, the strong outperformance by Indonesian sovereign bonds further boosted the sector’s returns. Investor sentiment towards Indonesia has been improving due to positive macroeconomic developments and a stabilising Indonesian Rupiah. On the other end of the spectrum are investment grade corporates, which have been dragged down by underperforming financial credits and widening spreads in China.

Fund Review Month-to-date, the Fund's overweights in Indonesian high yield corporates and Mongolian sovereigns were positive contributors. Additionally, the overweight in the longer-dated investment grade bonds in China also added value. However, the Fund's overall slight duration underweight detracted from performance. The Fund’s overweight in financials also weighed relative performance down. Year-to-date, positive credit selection in India and Indonesia were key contributors to the Fund's outperformance. In addition, the Fund's moderate overweight in the high yield sovereign sector through Mongolia and Sri Lanka sovereign bonds also contributed positively. However, the Fund’s underweight in Philippine sovereigns, as well as the overweight in the financial sector were key detractors.

Outlook A strong rebound in the US payroll figure for June, released after month-end, alleviates concerns over the US economy. Yet the market believes that a moderating job creation trend and the uncertainties following “Brexit” would keep Fed rate hike at bay for a prolonged period. This, coupled with expectations of additional policy accommodation around the world, helps boost risk appetite. Nevertheless, we remain mindful that Asian credit fundamentals are still weakening with continued negative credit migration, and valuation is looking un-compelling vis-à-vis the fundamental picture after the relentless rally of late. We would therefore maintain our defensive stance and take the opportunity of the market rally to “move up the credit curve” by adding higher-quality investment grade credits and trimming exposure to riskier ones. We also look to more actively manage the interest rate risk as any shift in US rate hike expectations could trigger substantial volatility in US Treasury yields. We continue to see value in longer-dated investment grade credits. In contrast, we may further reduce exposure to potential “fallen angel” investment grade credits, weak commodity-related high yield names and Additional Tier 1 bank capital papers.

Factsheet | July 2016 | All data as at 30 June 2016 unless otherwise stated

Page 6 / 8

Eastspring Investments – Asian Bond Fund IMPORTANT INFORMATION DISCLAIMER (FOR PROFESSIONAL INVESTORS USE ONLY) Investment manager Eastspring Investments (Singapore) Limited Rating should recommendation. ▲▲

●

not

be

taken

© 2016 Morningstar. All rights reserved.

This material is exclusively for use by Professional Clients in European countries (For European countries, “Professional Clients” refers to definition provided in Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004, the “MiFID Directive” as amended.) and for Qualified Investors in Switzerland. as

a

The SICAV may be actively marketed and is actually registered for offering in Austria, Belgium, Denmark, Finland, France, Germany, Italy, Luxembourg, the Netherlands, Norway, Spain, Sweden, Switzerland and the United Kingdom. However some sub-funds and/or share classes may not be available for sale in all jurisdictions. Where appropriate, prospective investors should enquire with the Management Company about registration of the SICAV sub-funds and/or share classes in the country(ies) where they operate. This document is issued in: European Economic Area and Switzerland by Eastspring Investments (Luxembourg) S.A., 26, Boulevard Royal, 2449 Luxembourg, Grand-Duchy of Luxembourg, registered with the Registre de Commerce et des Sociétés (Luxembourg), Register No B 173737. The issuer makes no guarantee of the accuracy and completeness of this document and is not responsible for error of transmission of factual or analytical nor shall it be liable for damages arising out of any person’s reliance upon this information. The Fund is a sub-fund of Eastspring Investments, an open-ended investment company with variable capital ("Société d’Investissement à Capital Variable" or "SICAV") registered in the Grand Duchy of Luxembourg, which qualifies as an Undertaking for Collective in Transferable Securities (“UCITS”) under relevant EU legislation. The Management Company of the SICAV is Eastspring Investments (Luxembourg) S.A., Grand-Duchy of Luxembourg (“the Management Company”). All transactions into the Fund should be based on the current Prospectus and the Key Investor Information Document (KIID) in applicable local language. Such documents, together with the articles of incorporation of the SICAV and the most recent financial reports, may be obtained free of charge from the Management Company. Prospective investors are invited to further consider the risk warnings section of the Prospectus. This document is solely for information and does not have any regard to the specific investment objectives, financial or tax situation and the particular needs of any specific person who may receive this document. This document is not intended as an offer, a solicitation of offer or a recommendation, to deal in shares of securities or any financial instruments. Please refer to the offering documents for details on fees and charges, dealing & redemption, product features, risk factors and seek professional advice before making any investment decision. An investment in the Fund is subject to investment risks, including the possible loss of the principal amount invested. The value of shares in the Fund and the income accruing to the shares, if any, may fall or rise. Where an investment is denominated in a currency other than the base currency of the Fund, exchange rates may have an adverse effect on the value price or income of that investment. Investors should not make any investment decision solely based on this document. Investors may wish to seek advice from a financial adviser before purchasing shares of the Fund. In the event that an investor may choose not to seek advice from a financial adviser, the latter should consider carefully whether the Fund in question is suitable for him. Past performance and the predictions, projections, or forecasts on the economy, securities markets or the economic trends of the markets are not necessarily indicative of the future or likely performance of Eastspring Investments or any of the funds managed by Eastspring Investments. There are limitations to the use of indices as proxies for the past performance in the respective asset classes/sector. The Fund may use derivative instruments for efficient portfolio management and hedging purposes. The Fund may, at its discretion, pay dividends out of capital or gross income while charging all or part of its fees and expenses to its capital, resulting in higher distributable income. Thus, the Fund may effectively pay dividends out of capital. Payment of dividends out of capital (effective or not) amounts to a return or withdrawal of part of an investor’s original investment or from any capital gains attributable to that original investment, which may result in an immediate reduction of the net asset value per share. The distributions, including amounts and frequency, are not guaranteed and are subject to the discretion of the Fund. Past dividends declared are not a forecast or projection of future distributions.

Factsheet | July 2016 | All data as at 30 June 2016 unless otherwise stated

Page 7 / 8

Eastspring Investments – Asian Bond Fund

The preceding paragraph is only applicable if the Fund intends to pay dividends / distributions. Eastspring Investments companies (excluding JV companies) are ultimately wholly-owned / indirect subsidiaries / associates of Prudential plc in the United Kingdom. Eastspring Investments companies (including JV's) and Prudential plc are not affiliated in any manner with Prudential Financial, Inc., a company whose principal place of business is in the United States of America. Subject to the availability of the sub-funds / share classes in the following jurisdictions, the current Prospectus, KIID in your local language, articles of incorporation of the SICAV and the most recent financial reports may also be obtained free of charge from the following entities: Austria Erste Bank der oesterreichischen Sparkassen AG, Graben 21, 1010 Wien, Austria, acting as Austrian Paying and Information Agent of the SICAV. Belgium CACEIS Belgium SA, Avenue du Port 86 C b320, 1000 Brussels, Belgium, acting as Belgian Financial Agent of the SICAV. Denmark Skandinaviska Enskilda Banken AB, acting through SEB Merchant Banking, Bernstorffsgade 50, 1577 Copenhagen V, Denmark, acting as Danish paying Agent of the SICAV. Finland Skandinaviska Enskilda Banken AB (publ), Helsinki Branch, Unioninkatu 30, 00100 Helsinki, Finland, acting as Finnish paying Agent of the SICAV. France CACEIS Bank France, 1-3, Place Valhubert 75013 Paris, France, acting as the French Centralizing Correspondent of the SICAV. Germany CACEIS Bank Deutschland GmbH, Lilienthalallee 34-36, 80939 Munich, Germany, acting as German Information Agent of the SICAV. Switzerland (i) First Independent Fund Services Ltd, Klausstrasse 33, 8008 Zurich, Switzerland, acting as Swiss Representative Agent of the SICAV and (ii) NPB- New Private Bank Ltd, Limmatquai 1/am Bellevue, 8022 Zurich, acting as Swiss Paying Agent of the SICAV. United Kingdom Eastspring Investments (Luxembourg) S.A. - UK Branch, 125 Old Broad Street, London EC2N 1AR, acting as Facility Agent of the SICAV. For the purpose of UK law, the SICAV, is a recognized scheme under section 264 of the Financial Services and Markets Act 2000. Please note that the protections provided by the UK regulatory system, especially for retail clients, do not apply to offshore investments. Compensation under the UK Financial Services Compensation Scheme will not be available and UK cancellation rights do not apply.

Contact information: Eastspring Investments (Luxembourg) S.A. 26 Boulevard Royal L-2449 Luxembourg Grand-Duchy of Luxembourg T: (352) 22 99 99 5763 Eastspring Investments (Luxembourg) S.A. UK Branch, 125 Old Broad Street, London EC2N 1AR, T: (44) 20 7569 1953 eastspring.lu

Factsheet | July 2016 | All data as at 30 June 2016 unless otherwise stated

Page 8 / 8