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Regional Equity Strategy 4Q 2009 Strategy Overview: Asia Equity Disclaimer: The information herein is published by DBS Bank Ltd (the "Company"). It is based on information obtained from sources believed to be reliable, but the Company does not make any representation or warranty, express or implied, as to its accuracy, completeness, timeliness or correctness for any particular purpose. Opinions expressed are subject to change without notice. Any recommendation contained here in does not have regard to the specific investment objectives, financial situation and the particular needs of any specific addressee. The information herein is published for the information of addressees only and is not to be taken in substitution for the exercise of judgement by addressees, who should obtain separate legal or financial advice. The Company, or any of its related companies or any individuals connected with the group accepts no liability for any direct, special, indirect, consequential, incidental damages or any other loss or damages of any kind arising from any use of the information herein (including any error, omission or misstatement herein, negligent or otherwise) or further communication thereof, even if the Company or any other person has been advised of the possibility thereof. The information herein is not to be construed as an offer or a solicitation of an offer to buy or sell any securities, futures, options or other financial instruments or to provide any investment advice or services. The Company and its associates, their directors, officers and/or employees may have positions or other interests in, and may effect transactions in securities mentioned herein and may also perform or seek to perform broking, investment banking and other banking or financial services for these companies. The information herein is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to law or regulation. Page 37
Regional Equity Strategy 4Q 2009 Regional Data Monitor Funds Monitor US Funds Flow into Asian Equities, by Country US$m 2Q08 3Q08 4Q08 1Q09 2Q09 Hong Kong Net purchase of 94 -8,592 -1,513 -400 4,956 equities by US buyer seller seller seller buyer HSI 24,130 20,670 14,081 13,222 17,357 Singapore Net purchase of -897 543 -4,067 -133 693 equities by US seller buyer seller seller buyer STI 3,096 2,676 1,763 1,680 2,194 Malaysia Net purchase of -155 -419 -248 -16 147 equities by US seller seller seller seller buyer KLCI 1,248 1,094 869 883 1,037 Thailand Net purchase of -731 89 -243 -37 -59 equities by US seller buyer seller seller seller SET 812 652 423 434 550 Philippine Net purchase of -7 -13 -95 -53 74 equities by US seller seller seller seller buyer PCOMP 2,679 2,612 1,932 1,895 2,310 Indonesia Net purchase of 385 11 98 146 -104 equities by US buyer buyer buyer buyer seller JCI 2,366 2,101 1,285 1,351 1,889 Korea Net purchase of -1,034 -3,526 -1,517 1,117 896 equities by US seller seller seller buyer buyer KOSPI 1,784 1,506 1,105 1,144 1,385 Taiwan Net purchase of 11 -881 -679 -11 1,548 equities by US buyer seller seller seller buyer TWSE 8,354 6,596 4,641 4,672 6,438 Total US Net purchase of Asian Equity (US$m) -2,334 -12,788 -8,264 613 8,151 US Dow Jones Index 12,269 11,257 8,977 7,558 8,372 US 10-yr bond yield 3.9 3.9 3.3 2.7 3.3 Source: US Treasury UK Unit Trusts US$m 3Q08 4Q08 1Q09 2Q09 3Q09 59.2 58.7 55.1 55.5 55.3 % of all Equities (251.7) (212.1) (199.4) (223.4) (240.0) 17.5 19.3 20.0 19.5 19.2 Funds Bonds (74.1) (69.9) (72.4) (78.5) (83.4) 6.1 5.8 6.5 7.3 7.8 % of Asia (x Japan) (15.4) (12.4) (13.0) (16.3) (18.7) 59.7 59.7 59.7 59.7 59.7 Equity Domestic (145.9) (116.8) (111.7) (125.3) (133.1) 35.9 39.1 37.4 36.6 36.7 Funds Others (90.4) (82.9) (74.7) (81.7) (88.1) Source: Association of unit Trusts and investment funds. Notes: Figures in parentheses denote value of funds in pounds bn. 'Others' Category include US, Japan, International and emerging markets funds. 3Q'09 data up to Jul only. Page 38
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