The information or opinions contained in this presentation is provided to you for general information and educational purposes. It does not constitute an investment advice, a recommendation, an offer or solicitation to subscribe for, purchase or sell any investment product/services. Investing in any investment product/services involves risks, including possible loss of principal amount invested and is not the same as placing funds on deposit with a bank or deposit-taking company. The value of the investment product or services and the related income may fall as well as rise. Past performance and any projection or forecast are not indicative of future or likely performance of any investment product/services. There is no guarantee that investment objectives can be achieved. A discretionary managed account service (“MA Service”) is a trading account managed by a portfolio/fund manager as a service and it is not the same as a unit trust or collective investment scheme. Before you invest in any MA Service or engage the service of a portfolio/fund manager, you should understand the risk of vesting discretionary trading power in the portfolio/fund manager for trading and managing for you a portfolio of securities and/or derivatives. Terms and Conditions (“T&C”) of Phillip Securities Pte Ltd (“PSPL”) shall apply and you can obtain a copy of it from PSPL. You should read PSPL’s T&C before making any investment decision. The information provided may be obtained from public sources which PSPL has no reason to believe are unreliable. Any analysis, reference, statement, forecasts, projections, expectations, views and opinions (collectively the “Research”) may be based on such information and/or are expressions of belief of the individual author/presenter or the indicated source (as applicable) made in their personal capacity and is subject to change. PSPL has not verified such Research and shall not have any responsibility to maintain or to supply any corrections, updates or releases in connection therewith and no representation or warranty, express or implied, is made that such Research is accurate, complete, verified or should be relied upon. You must make your own independent verification, exercise of judgement and financial assessment of the relevance, accuracy and adequacy of the information and Research. Accordingly, no warranty whatsoever is given and no liability whatsoever is accepted by PSPL for any special, indirect, incidental or consequential losses or damages arising whether directly or indirectly as a result of any person or group of persons acting based on the information and/or Research. PSPL’s financial adviser (“FA”) representatives may be authorised to engage in non-FA activities of marketing, client acquisition and client servicing of MA services. PSPL’s representatives who are appointed under the Securities and Futures Act to conduct fund management activity (“FM Reps”), i.e. the Portfolio/Fund Managers, will be managing clients’ money and investments, in addition to marketing, client acquisition and client servicing of MA services. MA Services or funds manage by PSPL may invest into money market funds managed by a related company of PSPL. The PhillipCapital Group of Companies (including PSPL), their affiliates and/or their officers, directors and employees may own or have positions in the investments mentioned herein or related thereto. Any member of the PhillipCapital Group of Companies may have acted upon or used the information, analyses and opinions herein before they have been published. The information does not constitute, and should not be used as a substitute for, tax, legal or investment advice. It is not for any person where such distribution or availability for use would contravene any applicable law or regulation in any jurisdiction or country. This presentation has not been reviewed by the Monetary Authority of Singapore.