This document is produced by Eastspring Investments (Singapore) Limited and issued
Singapore and Australia (for wholesale clients only) by Eastspring Investments
(Singapore) Limited (UEN: 199407631H), which is incorporated in Singapore, is exempt from the
requirement to hold an Australian financial services licence and is licensed and regulated by
the Monetary Authority of Singapore under Singapore laws which differ from Australian laws.
Hong Kong by Eastspring Investments (Hong Kong) Limited and has not been
reviewed by the Securities and Futures Commission of Hong Kong.
This document is produced by Eastspring Investments (Singapore) Limited and issued in Thailand by
TMB Asset Management Co., Ltd.
Indonesia by PT Eastspring Investments Indonesia, an investment manager that is
licensed, registered and supervised by the Indonesia Financial Services Authority (OJK).
Malaysia by Eastspring Investments Berhad (531241-U).
United States of America (for institutional clients only) by Eastspring
Investments (Singapore) Limited (UEN: 199407631H), which is incorporated in Singapore and is
registered with the U.S Securities and Exchange Commission as a registered investment adviser.
European Economic Area (for professional clients only) and Switzerland (for qualified
investors only) 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.
United Kingdom (for professional clients only) by Eastspring Investments
(Luxembourg) S.A. - UK Branch, 125 Old Broad Street, London EC2N 1AR.
Chile (for institutional clients only) by Eastspring Investments (Singapore)
Limited (UEN: 199407631H), which is incorporated in Singapore and is licensed and regulated by
the Monetary Authority of Singapore under Singapore laws which differ from Chilean laws.
The afore-mentioned entities are hereinafter collectively referred to as Eastspring
The views and opinions contained herein are those of the author on this page, and may not
necessarily represent views expressed or reflected in other Eastspring Investments’
communications. This document is solely for information purposes and does not have any regard
to the specific investment objective, financial situation and/or particular needs of any
specific persons 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
It may not be published, circulated, reproduced or distributed without the prior written consent
of Eastspring Investments. Reliance upon information in this posting is at the sole discretion
of the reader. Please consult your own professional adviser before investing.
Investment involves risk. 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
Information herein is believed to be reliable at time of publication. Data from third party
sources may have been used in the preparation of this material and Eastspring Investments has
not independently verified, validated or audited such data. Where lawfully permitted, Eastspring
Investments does not warrant its completeness or accuracy and is not responsible for error of
facts or opinion nor shall be liable for damages arising out of any person’s reliance upon
this information. Any opinion or estimate contained in this document may subject to change
Eastspring Investments (excluding JV companies) companies are ultimately wholly-owned/indirect
subsidiaries/associate of Prudential plc of 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.