AIA Acorns of Asia Fund

1 AIA Acorns of asia fund October 2022 Investment ObjectiveThis fund seeks to achieve long-term capital appreciation as well as stable income, by investing in Asian (excluding Japan) equities; and fixed incomesecurities denominated primarily in SGD, in such proportion as the Manager deems fit. Key fund Facts (As of 31 October 2022) Launch Date31 August 2001 Launch PriceSGD of ILP Sub-FundAIA Investment Management PrivateLimitedSub-Manager of ILP Sub-FundEquities: Schroder InvestmentManagement (Singapore) LtdFixed Income: AIA InvestmentManagement Private LimitedRisk ClassificationMedium to High Risk SubscriptionCash, CPF(OA & SA) and SRSS ales Charge (For Cash andSRS)Up to 5%*Sales Charge (for CPF OA orSA)0% (wef 1 Oct 2020)Pricing FrequencyDailyManagement of Net Asset ValueBidSGD SizeSGD 1, Performance (As of 31 October 2022) Period1 Month3 Months6 Months1 Year3 Year^5 Year^10 Year^SinceInception^ fund (bid-to-bid) AIA Acorns of asia Fund100170240310380450 Sep-01 Sep-02 Sep-03 Sep-04 Sep-05 Sep-06 Sep-07 Sep-08 Sep-09 Sep-10 Sep-11 Sep-12 Sep-13 Sep-14 Sep-15 Sep-16 Sep-17 Sep-18 Sep-19 Sep-20 Sep-21 Oct-22 AIA Acorns of asia fund BenchmarkSource.

2 AIA Singapore notes (1) Performance of the fund is in SGD on a bid to bid basis with net dividends reinvested,without taking into consideration the fees and charges payable through deduction of premium orcancellation of units (2) ^ denotes annualised returns (3) Current Manager: AIA InvestmentManagement Pte Ltd ( 1 September 2017) (4) Current benchmark: 60% MSCI AC asia ex-Japan Index (DTR Net) & 40% Markit iBoxx SGD Overall Index TR. ( 4 January 2021) (5)Previous benchmark: 60% MSCI AC asia ex Japan Index DTR Net & 40% JP Morgan Sing GovtBond Index All ( 1 May 2016), 60% MSCI AC Far East Free ex Japan Index DTR Net & 40%JP Morgan Sing Govt Bond Index All (Inception to 30 April 2016) The combined benchmark is reflective of the fund s investment focus Past Performance is not necessarily indicative of future performance.

3 Sector Allocation - Equities (As of 31 October 2022) country Allocation - Equities (%) (As of 31 October 2022) Top 5 SectorsHoldings (%) StatesSingaporeKoreaTaiwanHong KongIndiaChina Source: AIA Investment Management Private Limited Top Holdings (As of 31 October 2022) Top 5 (Equities)Holdings (%)TAIWAN SEMICONDUCTOR ELECTRONICS CO BANK LTD BANK HOLDINGS LTD TENCENT HOLDINGS : AIA Investment Management Private Limited Top 5 (Fixed Income)Holdings (%)SINGAPORE GOV'T SIGB 3 3/8 09/01 GOV'T SIGB 2 7/8 09/01 GOV'T SIGB 2 1/4 08/01 GOV'T SIGB 2 1/8 06/01 GOV'T SIGB 2 7/8 07/01 Manager s Commentary - Equities (As of 31 October 2022) Market SummaryAsian equities were weaker in October, driven lower by sharp sell-offs in China and Hong Kong.

4 This followed confirmation that Chinese Premier XiJinping would remain as leader for an historic third five-year term. Markets fell on concerns that Xi may continue with policies focused on reducingChina s exposure to foreign interests and influence at the expense of economic growth, with potentially negative consequences for private that China would not be relaxing its zero-Covid policy anytime soon also weakened investor sentiment. Technology companies fell sharply in China and Hong Kong. China s new Politburo, the core circle of power within China s ruling Communist Party,now consists of loyalists to Xi. This makes it unlikely that anyone would challenge Xi over economic policy decisions. Share prices in Taiwan werealso lower in the month on ongoing geopolitical tensions with China.

5 The Philippines was the best performing index market in October. Share prices inSouth Korea also achieved robust gains, with equities rebounding in the month following weakness earlier in the year. malaysia , Thailand and Indiaalso ended the month in positive ReviewAsian equities declined for another month in October, weighed down by China and Hong Kong as the country succumbed to its worst monthly losssince 2011 amidst record foreign outflows following the conclusion of the 20th Communist Party Congress. In face of such difficult backdrop, the fundslid lower alongside the regional index, and tracked behind the benchmark for the month. At the regional level, our overweight exposure to Hong Kongand underweight in Korea, coupled with stock selection within India, were the notable key detractors from performance, although this was partiallymitigated by our underweight in China and stock selection within Hong Kong.

6 From a sector perspective, our stock selection within financials and realestate added to performance. However, this was more than offset by the overweight in consumer discretionary and stock selection across consumer-related and industrials sectors. At the individual stock level, our bank holdings were amongst the top contributors to relative performance. Our quality bank names, such asSingapore s UOB and Indonesia s Bank Mandiri, saw ongoing net interest margin expansion from higher interest rates, while share prices of Indianbanks ICICI Bank and HDFC Bank were supported by strong quarterly results driven by robust loan growth as the domestic backdrop continue toimprove. In Korea, Samsung Electronics and LG Chem also added to performance following a rebound in Korea s tech hardware sector and betterearnings visibility in battery names respectively.

7 The latter s 3Q22 results beat expectation and share price performed on the company s shift awayfrom petrochemicals towards energy solution. Elsewhere, India s Apollo Hospitals traded higher for another month on strong momentum after ongoinghospital utilization and optimism over its digital pharmacy. On the negative side, our exposure to Chinese consumer discretionary and internet names, including H World, Budweiser and facedsignificant selling pressure due to weak consumer sentiment amidst repeated Covid lockdowns and limited visibility on reopening. Our nil exposure toReliance Industries was another notable detractor from performance. The Indian conglomerate gained in share price from strong performance in itsdigital and retail segments.

8 In addition, our holding in India s ecommerce logistics services provider Delhivery was another key detractor after theshare price traded lower given muted FY23 volume outlook, impaired by disappointing e-commerce shipment volume growth. Market OutlookOctober was a slightly better month for global asset markets, with equities ending higher after a strong bounce in the second half of the , broader Asian indices lagged the wider global rally because of continued weakness in the Chinese equity market, which offset a morepositive return across India and Southeast asia . Although US bond yields continued to rise, the dollar was more stable against the currencies of keytrading partners, and the volatility in UK markets subsided. The underlying problem facing markets remains in place , in the face of soaring inflation in most Western economies, central banks need toengineer a sharp slowdown in growth.

9 The rapid increase in US bond yields in recent months has driven significant dollar strength against most othercurrencies. This in turn is further tightening liquidity across the global economy as other countries are forced to hike rates to support their owncurrencies and reduce inflationary pressures. Until we see more clear-cut evidence of a peak in inflationary indicators in the US, markets are likely toremain very nervous and volatile. Heightened fears over the downside risks to global growth have hit the more export-oriented South Korean and Taiwanese equity markets hard inrecent months. Consumer demand is softening after a period of above-trend growth, while supply is steadily increasing as new investment comes onstream. Technology holdings across portfolios are concentrated in key industry leaders, where we think pricing power is likely to remain strongest andgrowth drivers are healthiest over the long term.

10 Apart from these global macroeconomic influences, much of the volatility in the region in the last month was triggered by the finale of China s 20thParty Congress. We have started to see more policy measures to support the completion of property projects, increase infrastructure investment and encourageconsumption in areas such as electric vehicles. However, the authorities room for stimulus remains constrained by their desire to contain Covid andavoid a reflation of the property bubble. Local government finances are also very stretched due to the property market weakness, so the opportunityto help fund any stimulus is diluted. It seems unlikely that key Covid policies in China will soften much in the near term, but a gradual easing of restrictions still seems plausible on a six-to-12-month view.