The Review - Standard Chartered · The Review Standard Chartered Private Bank is the private...

The Review

Standard Chartered Private Bank is the private banking division of Standard Chartered Bank

January 2012

www.privatebank.standardchartered.com

Table of ContentsStandard Chartered Private Bank | 02

Performance Summary

Signature Securities Portfolios 03

Signature Funds Portfolios 04


Signature Securities Portfolios*

Fixed Income US Conservative Fixed Income 06

US Moderate Fixed Income 07

Global Fixed Income 08

US Multi-Sector Fixed Income 09

EquityGlobal Equities 10

US Equities 11

Signature Funds Portfolios

BalancedGlobal Conservative 12

Global Moderate 13

Global Moderate (Asia Focused) 14

Global Aggressive 15

EquityAsia Pacific Ex-Japan Equities 16

Emerging Markets Equities 17

DynamicDynamic Global Asset Allocation (US$) 18

Risk/Return Comparable Overviews

Fixed Income 19

Equity Portfolios and Funds and Dynamic 20

Balanced Funds Portfolios 21

Disclosure PagesSignature Securities Portfolios 22


Important Information 26

* WARNING FOR HONG KONGPROSPECTIVE INVESTORSThe contents of this document havenot been reviewed by any regulatoryauthority in Hong Kong. You areadvised to exercise caution in relationto the offer. If you are in any doubtabout any of the contents of thisdocument, you should obtainindependent professional service.† “On 1st January 2011, Signature Global Fixed Income Securities Portfolio’s benchmark was changed from Citigroup World Government Bond Index (WGBI) (1-10 yrs) to Citigroup World Government Bond Index (WGBI).

Performance Summary Standard Chartered Private Bank | 03

As of 31 December 2011

1 Month 3 Months 6 Months YTD 1 Year Inception 3 Years 5 Years 10 Years InceptionSignature Securities Portfolios CUMULATIVE ANNUALISED INCEPTION

DATE

Fixed Income4.7%2.4% 4.6% 3.6%

2.3% 4.7% 3.9% 5.1%

Portfolio 0.2% 0.5% 1.7% 3.7% 3.7% 127.1%

Benchmark2 0.2% 0.4% 1.7% 3.2% 3.2% 141.9%

US Conservative Fixed Income 03/31/94

5.9%3.6% 5.8% 5.0%

3.3% 6.0% 4.8% 5.7%

Portfolio 0.5% 0.8% 4.1% 6.9% 6.9% 175.6%

Benchmark2 0.5% 0.7% 4.1% 6.3% 6.3% 166.7%

US Moderate Fixed Income 03/31/94

6.7%4.8% 7.0% 7.5%

4.7% 7.3% 7.5% 5.9%

Portfolio 1.1% -0.5% 1.3% 5.8% 5.8% 215.9%

Benchmark2 0.9% -0.1% 2.2% 6.3% 6.3% 174.8%

Global Fixed Income 03/31/94

8.5%—

—

13.4% 8.6%

9.8% 6.5% 6.4%

Portfolio 1.1% 2.4% 3.2% 7.7% 7.7% 52.6%

Benchmark2 1.3% 1.6% 2.3% 5.7% 5.7% 38.1%

US Multi-Sector Fixed Income 10/31/06

Equity8.9%13.5% 3.2% 8.5%

11.1% -2.4% 3.6% 5.5%

Portfolio -0.5% 6.7% -5.5% -1.3% -1.3% 352.5%

Benchmark2 -0.1% 7.6% -10.3% -5.5% -5.5% 157.2%

Global Equities 04/30/94

7.3%16.5% 6.5% 6.9%

13.4% -0.9% 2.3% 2.4%

Portfolio -0.3% 13.0% -2.3% 5.5% 5.5% 103.1%

Benchmark2 1.0% 11.6% -4.0% 1.5% 1.5% 26.6%

US Equities 11/30/01

2, 3, 4 Please read all disclosure pages for further information. This sheet must be accompanied by all disclosure page(s). These figures refer to past performance. Past performance is not a reliable indicator of future results. Portfolio performance is calculated on a total gross return basis. On 1st January 2011, Signature Global Fixed Income Securities Portfolio’s benchmark was changed from Citigroup World Government Bond Index (WGBI) (1-10 yrs) to Citigroup World Government Bond Index (WGBI). www.privatebank.standardchartered.com



1 Month 3 Months 6 Months YTD 1 Year Inception 3 Years 5 Years 10 Years InceptionSignature Funds Portfolios CUMULATIVE ANNUALISED INCEPTION

DATE

Balanced6.7%—

——

6.2% 2.1%7.5% 1.4% 5.2%7.6% 3.7% 7.1%

Portfolio 0.0% 2.5% -6.1% -1.9% -1.9% 76.3%Peer2 0.4% 2.6% -5.2% -2.1% -2.1% 55.6%Benchmark3 0.5% 3.0% -2.7% 1.8% 1.8% 82.9%

Global Conservative 03/31/03

7.5%———

7.4% 0.6%8.1% -0.2% 5.6%8.9% 1.8% 7.4%

Portfolio -0.4% 4.4% -8.5% -4.3% -4.3% 88.8%Peer2 0.2% 3.5% -7.6% -4.6% -4.6% 61.0%Benchmark3 0.3% 4.5% -5.2% -0.6% -0.6% 86.3%

Global Moderate 03/31/03

6.1%— —— —— —

10.6%8.1% 3.0%0.0% 6.5%


Global Moderate (Asia Focused) 09/30/08

8.8%———

9.5% -0.7%8.7% -1.9% 5.9%

10.1% -0.2% 7.5%


Global Aggressive 03/31/03

2, 3, 4 Please read all disclosure pages for further information. This sheet must be accompanied by all disclosure page(s). These figures refer to past performance. Past performance is not a reliable indicator of future results. Portfolio and Peer Group performance is calculated on a total gross return basis. Please note that Peer group performance has been restated from April 2010 to exclude non-USD denominated funds. Benchmark rebalanced monthly.




1 Month 3 Months 6 Months YTD 1 Year Inception 3 Years 5 Years 10 Years InceptionSignature Funds Portfolios CUMULATIVE ANNUALISED INCEPTION

DATE

Equity8.5%—

——

16.6% 2.0%14.7% -0.1% 6.4%19.6% 2.5% 8.8%

Portfolio -1.5% 4.6% -17.2% -15.8% -15.8% 70.8%Peer2 -1.0% 3.0% -17.9% -23.5% -23.5% 50.7%Benchmark3 0.0% 4.4% -17.2% -15.1% -15.1% 73.8%

Asia Pacific Ex-Japan Equities 05/31/05

5.9%———

16.5% 0.9%13.0% -2.1% 3.1%20.1% 2.4% 7.8%

Portfolio -2.4% 5.0% -18.7% -19.3% -19.3% 41.7%Peer2 -2.2% 2.7% -19.0% -25.7% -25.7% 20.2%Benchmark3 -1.2% 4.4% -19.1% -18.4% -18.4% 57.6%

Emerging Markets Equities 11/30/05

Dynamic1.8%— —

— —

9.6%

11.1% -3.0%

Portfolio -0.3% 3.3% -11.0% -7.0% -7.0% 9.1%

Benchmark3 -0.1% 7.6% -10.3% -5.5% -5.5% -13.4%

Dynamic Global Asset Allocation (US$) 03/30/07

1, 2, 3, 4, 5 Please read all disclosure pages for further information. This sheet must be accompanied by all disclosure page(s). These figures refer to past performance. Past performance is not a reliable indicator of future results. Portfolio and Peer Group performance is calculated on a total gross return basis. Please note that Peer group performance has been restated from April 2010 to exclude non-USD denominated funds.


4.7%1.7%

By Security Type

Inception DateInvestment Sub-Advisor

Base Currency

Benchmark2

Minimum InvestmentNumber of Securities

Signature Securities Portfolios – Fixed Income

US Conservative Fixed Income

Seeks a conservative total return by investing in high-quality US bonds, primarily government and agency issuesof medium-term maturity.

Primarily a "top-down" approach to add incremental yieldwithout taking on unnecessary risk; opportunistic management of the Portfolio's duration.

• Rigorous, research-intensive process identifies bonds with attractive total-return potential

• Reduced risk through stringent credit-quality standards

• Active yield curve management creates the potential forabove-average returns

The portfolio returned 0.20% in December, in line with its benchmark. US Treasuries posted positive returns in December following gains in the prior month. Across the maturity spectrum, most of the returns came from lower yields around the medium to long end maturities. The shortend remains anchored by the low Federal Funds Rate setby the Federal Reserve (Fed).

Lately, economic data has come in better thanexpected inthe United States, but we believe political developments inthe United States and overseas, especially with regard to the Eurozone sovereign debt crisis, will probably weigh onmarkets in the coming year. Potential slowdowns in Chinaand negative growth prospects in Europe remain ongoingconcerns.

In light of this, we have kept our duration or interest rate risk near that of the benchmark, while maintaining a profileof high-quality assets. Across the maturity spectrum, we believe short-term interest rates will remain low and plan tokeep the short-term interest rates on hold until at least mid2013. Therefore, the portfolio is positioned to be overweight medium to longer-term bonds and underweightshorter-term bonds. At this time, we still favor maintainingour government agency position for extra yield pickup andkeeping our exposure to US Treasury Inflation-Protected Securities (TIPS), as we believe the TIPS market remains cheap relative to nominal Treasuries.

During the month, we sold some short-end Treasuries andbought longer-end Treasuries for the index duration extension.

Investment Objective

Investment Process

Features & Benefits

Manager’s Review

Manager’s Outlook

Performance1

Cumulative 1 Month 3 Months 6 Months YTD 1 Year Inception Annualised 3 Years 5 Years 10 Years InceptionPortfolio 0.2% 0.5% 3.7% 3.7% 127.1% 2.4% 4.6% 3.6%PortfolioBenchmark2 0.2% 0.4% 1.7% 3.2% 3.2% 141.9% 2.3% 4.7% 3.9% 5.1%Benchmark2

Calendar Year Performance

General Information

Columbia Management Investment Advisers, LLC

03/31/94

US DollarCitigroup US Treasury Bond Index (1-5 yrs.)

US$ 500,000

Statistics

Standard Deviation3

BenchmarkPortfolio

Average RatingAverage Duration (in years)

Sharpe Ratio3

Average Yield to Maturity4 I03/94

I1996

I1998

I2000

I2002

I2004

l2006

l2008

I12/11

$400,000

$500,000

$600,000

$700,000

$800,000

$900,000

$1,000,000

$1,100,000

$1,200,000

A US$ 500,000 investment in the US Conservative Fixed Income Portfolio at inception would have grown toUS$ 1,135,634 as of 12/31/2011.

Life of Investment

0%

1%

2%

3%

4%

1% 2% 3%

Ret

urn

Risk (Standard Deviation)

Benchmark

Portfolio

Risk/Return3Life of Investment

Risk/Return3

Statistics

Portfolio Benchmark

Government Bonds 76.78%Agency Bonds 22.31%Cash 0.92%

By Security Type

1, 2, 3, 4, Please read the Signature Securities Portfolio disclosure pages for further information. This sheet must be accompanied by all Signature Securities Portfolio disclosure pages. Unless specifically noted inthe accompanying disclosure page(s), the source of allinformation is Standard Chartered Bank.

Past performance is not an indication of future performance.

8.1%

Calendar Year Performance 2006 2005 2004 2003 20022010 2009 2008 2007Portfolio 4.1% 1.9% -1.0% 2.0% 6.1%3.4% 0.2% 8.2% 7.8%Benchmark2 3.8% 1.3% 1.3% 2.0% 7.5%3.6% 0.2% 8.7% 8.1% 3.8%

(These figures refer to past performance. Past performance is not a reliable indicator of future results.)


Standard Chartered Private Bank |

Life of Investment

1.9%1.7%

AA2.6

1.01.10.6%

Life of Investment

06By Credit Rating

AA 100.00%


By Security Type

By Credit Rating

Portfolio Composition

AA 100.00%

4.73%1.72%Portfolio 0.20% 0.48% 3.67% 3.67% 127.13% 2.41% 4.60% 3.60%PortfolioCumulative 1 Month 3 Months 6 Months YTD 1 Year Inception Annualised 3 Years 5 Years 10 Years Inception

18

20113.7%3.2%


5.9%4.1%

By Security Type


Base Currency

Benchmark2



US Moderate Fixed Income

Seeks a moderate total return by investing in high-quality US bonds, primarily government and agency issues of medium-term maturity.

Primarily a "top-down" approach to add incremental yieldwithout taking on unnecessary risk; opportunistic management of the Portfolio's duration.

• Rigorous, research-intensive process identifies bonds with attractive total-return potential

• Reduced risk through stringent credit-quality standards

• Active yield curve management creates the potential forabove-average returns

The portfolio returned 0.54% in December, slightly ahead of its benchmark. US Treasuries posted positive returns inDecember following gains in the prior month. Across the maturity spectrum, most of the returns came from lower yields around the medium to long-end maturities. The short end remains anchored by the low Federal Funds Rate set by the Federal Reserve (Fed).

Lately, economic data has come in better than expected inthe United States, but we believe political developments inthe United States and overseas, especially with regard to the Eurozone sovereign debt crisis, will probably weigh onmarkets in the coming year. Potential slowdowns in Chinaand negative growth prospects in Europe remain ongoingconcerns.

In light of this, we have kept our duration or interest rate risk near that of the benchmark, while maintaining a profileof high-quality assets. Across the maturity spectrum, we believe short-term interest rates will remain low and plan tokeep the short-term interest rates on hold until at least mid2013. Therefore, the portfolio is positioned to be overweight medium to longer-term bonds and underweightshorter-term bonds. At this time, we still favor maintainingour government agency position for extra yield pickup andkeeping our exposure to US Treasury Inflation-Protected Securities (TIPS), as we believe the TIPS market remains cheap relative to nominal Treasuries.

During the month, we sold some short-end Treasuries andbought longer-end Treasuries for the index duration extension.


Investment Process

Features & Benefits

Manager’s Review

Manager’s Outlook

Performance1

Cumulative 1 Month 3 Months 6 Months YTD 1 Year Inception Annualised 3 Years 5 Years 10 Years InceptionPortfolio 0.5% 0.8% 6.9% 6.9% 175.6% 3.6% 5.8% 5.0%PortfolioBenchmark2 0.5% 0.7% 4.1% 6.3% 6.3% 166.7% 3.3% 6.0% 4.8% 5.7%Benchmark2


General Information


03/31/94

US DollarCitigroup US Treasury Bond Index (1-10 years)

US$ 500,000

Statistics

Standard Deviation3

BenchmarkPortfolio


Sharpe Ratio3

Average Yield to Maturity4 I03/94

I1996

I1998

I2000

I2002

I2004

I2006

l2008

I12/11

$400,000

$500,000

$600,000

$700,000

$800,000

$900,000

$1,000,000

$1,100,000

$1,200,000

$1,300,000

$1,400,000

A US$ 500,000 investment in the US Moderate Fixed Income Portfolio at inception would have grown toUS$ 1,377,799 as of 12/31/2011.

Life of Investment

2%

3%

4%

5%

6%

2% 3% 4%

Ret

urn


BenchmarkPortfolio

Risk/Return3Life of Investment

Risk/Return3

Statistics

Portfolio Benchmark


By Security Type



8.8%

Calendar Year Performance 2006 2005 2004 2003 20022010 2009 2008 2007Portfolio 3.8% 2.2% 2.0% 3.0% 10.4%4.9% -0.9% 9.9% 8.4%Benchmark2 3.5% 1.6% 2.0% 2.1% 9.2%5.2% -1.5% 11.4% 8.8% 3.5%




Life of Investment

3.2%3.1%

AA3.9

0.91.00.9%

Life of Investment

07By Credit Rating

AA 100.00%


By Security Type

By Credit Rating


AA 100.00%

5.88%4.13%Portfolio 0.54% 0.81% 6.91% 6.91% 175.56% 3.59% 5.79% 5.00%PortfolioCumulative 1 Month 3 Months 6 Months YTD 1 Year Inception Annualised 3 Years 5 Years 10 Years Inception

19

20116.9%6.8%


6.7%1.3%

1.2.3.4.5.6.7.8.

By Security Type


Base Currency

Benchmark2



Global Fixed Income

Seeks capital appreciation through investing in high-qualityglobal debt securities of government and private issuers denominated in various currencies.

Blends a "top-down" and "bottom-up" approach to add incremental yield without taking on unnecessary risk; opportunistic management of the Portfolio's duration, currency and country exposures focusing on changes in macro-economic policies and conditions.

• Globally diversified portfolio of high-quality bonds

• US dollar-denominated portfolio provides access to other currencies from a US dollar-based perspective

• Portfolio managers supported by one of the largest fixed-income research departments in the US

The portfolio returned 1.07% in December, slightly outperforming its benchmark. In December, the CitigroupWorld Government Bond Index (WGBI) returned 1.73% in local currency terms and 0.86% in US dollar terms. Government bonds, led by Europe, rebounded and more than recovered the previous two months of losses. While investors have been treated to a steady stream of bad news out of Europe, they have grown less fearful about theoutlook for the rest of the world, especially with US data surprising on the upside.

We took advantage of the December rallies in Eurozone periphery bonds to eliminate the portfolio’s Italian exposure. We have become more defensive on Eurozoneperiphery bonds, with a host of pitfalls that include ratingsdowngrades, potential Greek bond restructuring, and upcoming Spanish and Italian auctions. The portfolio has no government bond position in Ireland, Italy, Portugal, Spain and Greece. The portfolio is overweight the US dollar, duration has been added in the US and is thereforeconservatively structured.

Regionally, the portfolio is underweight Japan, and neutralweight the United States and the Eurozone on a duration-contribution basis. On the currency side, the portfolio is overweight the US dollar, underweight the Yen and the euro, but overweight the Norwegian krone and Polish zloty.We are bearish on the euro over the medium term.


Investment Process

Features & Benefits

Manager’s Review

Manager’s Outlook

Performance1

Cumulative 1 Month 3 Months 6 Months YTD 1 Year Inception Annualised 3 Years 5 Years 10 Years InceptionPortfolio 1.1% -0.5% 5.8% 5.8% 215.9% 4.8% 7.0% 7.5%PortfolioBenchmark2 0.9% -0.1% 2.2% 6.3% 6.3% 174.8% 4.7% 7.3% 7.5% 5.9%Benchmark2


General Information


03/31/94

US DollarCitigroup World Government Bond Index (WGBI)US$ 500,000

Statistics

Standard Deviation3

BenchmarkPortfolio


Sharpe Ratio3

Average Yield to Maturity4

I03/94

I1996

I1998

I2000

I2002

I2004

I2006

l2008

I12/11

$500,000

$750,000

$1,000,000

$1,250,000

$1,500,000

$1,750,000

A US$ 500,000 investment in the Global Fixed Income Portfolio at inception would have grown to US$ 1,579,408as of 12/31/2011.

Life of Investment

Portfolio Composition (By Country)

3%

4%

5%

6%

6% 7% 8%

Ret

urn


Benchmark

Portfolio

Risk/Return3

Life of Investment

Statistics

Japan (30%)

1

23

4

5

67

8United States (21%)Germany (16%)Others (12%)France (9%)United Kingdom (6%)Belgium (4%)Cash (3%)

Portfolio Composition (By Country)

Portfolio Benchmark

Government 63.43%Government Related 27.17%IG Corp 5.53%Cash 3.88%

By Security Type



11.5%

Calendar Year Performance 2006 2005 2004 2003 20022010 2009 2008 2007Portfolio 7.3% -5.5% 9.2% 13.3% 17.1%5.1% 3.5% 9.5% 11.0%Benchmark2 6.2% -8.3% 9.2% 15.1% 18.4%4.6% 3.3% 10.9% 11.5% 6.2%




Life of Investment

7.2%7.1%

AA5.6

0.60.61.5% Life of Investment

08By Credit Rating

AAA 6345.00%AA 3571.00%A 84.00%

Government 63.43%Government Related 27.17%IG Corp 5.53%Cash 3.88%

By Security Type

By Credit Rating


AAA 6345.00%AA 3571.00%A 84.00%

Risk/Return3

6.69%1.32%Portfolio 1.07% -0.51% 5.80% 5.80% 215.88% 4.79% 6.95% 7.48%PortfolioCumulative 1 Month 3 Months 6 Months YTD 1 Year Inception Annualised 3 Years 5 Years 10 Years Inception

28

20115.8%6.3%


——

8.5%3.2%

1.2.3.

4.

By Security Type


Base Currency

Benchmark2



US Multi-Sector Fixed Income

Seeks capital appreciation through investing in several fixed-income sectors, mainly investment-grade corporate,mortgage-backed securities, US government and agencybonds, and to a much lesser extent high-yield bonds.

Bottom-up approach utilising proprietary credit analysis torank corporate bonds. Investment philosophy relies on buying bonds that can be held for the long-term and thatwill offer attractive risk/return characteristics. Duration heldneutral to avoid losses from interest rate differentials relative to benchmark.

• Process identifies fixed-income securities that offer notable yield advantage over Treasury securities

• Seeks to achieve value over time by focusing on creditworthy issuers that generate strong cash flows

• Experienced manager that is focused solely on fixed- income management, with a specialty in corporates andmortgages

The portfolio returned 1.17% in December, slightly underperforming its benchmark. The positive absolute performance arose from a general increase in fixed incomevalues during the month. Corporate high yield was the bestperforming sector followed by corporate investment grade.The slight relative under-performance versus the benchmark was due to selection in both the corporate andMBS sectors.

The portfolio continues to enjoy a yield premium over benchmark of about 91bps and has a similar duration, which should allow the portfolio to continue to outperformover time. In addition, given our competence in credit analysis, we continue to focus on a company’s ability to generate generous amounts of free cash flow over time. The average free cash flow coverage of interest expense for the portfolio is approximately eight to one. This is an indication of strong credit quality and a wide margin of safety.

We remain focused on monitoring portfolio duration and positioned to reduce it should rates begin to increase significantly.

During the month, we continued to add to our core positions and completed the liquidation of Sealed Air Corp.


Investment Process

Features & Benefits

Manager’s Review

Manager’s Outlook

Performance1

Cumulative 1 Month 3 Months 6 Months YTD 1 Year Inception Annualised 3 Years 5 Years 10 Years InceptionPortfolio 1.1% 2.4% 7.7% 7.7% 52.6% 13.4% 8.6%PortfolioBenchmark2 1.3% 1.6% 2.3% 5.7% 5.7% 38.1% 9.8% 6.5% 6.4%Benchmark2


General Information

Dolan McEniry Capital Management, LLC

10/31/06

US Dollar65% Barclays US Intermediate Credit Bond Index, 25% Barclays MBSFixed Rate Index and 10%Barclay's Ba/B IndexUS$ 750,000

Statistics

Standard Deviation3

BenchmarkPortfolio


Sharpe Ratio3

Average Yield to Maturity4

I10/06

l2007

l2008

l2009

l2010

I12/11

$700,000

$750,000

$800,000

$850,000

$900,000

$950,000

$1,000,000

$1,050,000

$1,100,000

$1,150,000

$1,200,000

A US$ 750,000 investment in the US Multi-Sector Fixed Income Portfolio at inception would have grown toUS$ 1,144,473 as of 12/31/2011.

Life of Investment

Portfolio Composition (By Security Type)

8%

9%

10%

11%

12%

13%

14%

2% 3% 4% 5% 6%

Ret

urn


Benchmark

Portfolio

Risk/Return3

Life of Investment

StatisticsCorporate Bonds-IG (62%)

12

3

4Corporate Bonds-HY (19%)Mortgage-Backed Securities (15%)Cash (4%)

Portfolio Composition (By Security Type)

Portfolio Benchmark



5.6%— — — — —— — — — —

Calendar Year Performance 2006 2005 2004 2003 20022010 2009 2008 2007Portfolio 10.3% 22.8% -3.3% 7.1%Benchmark2 7.9% 16.0% -2.1% 5.6%




Life of Investment

3.4%3.6%

BBB4.0

2.83.64.3%

Life of Investment

09By Credit Exposure

BBB 56.00%AAA 21.00%BB 15.00%A 4.00%B 4.00%

By Credit Exposure


BBB 56.00%AAA 21.00%BB 15.00%A 4.00%B 4.00%

Risk/Return3

— 8.52%3.18%Portfolio 1.08% 2.35% 7.73% 7.73% 52.60% 13.43% 8.63%PortfolioCumulative 1 Month 3 Months 6 Months YTD 1 Year Inception Annualised 3 Years 5 Years 10 Years Inception

33

20117.7%5.7%


4.

1.2.3.

5.6.7.8.9.10.11.

8.9%-5.5%

1.2.3.4.5.6.7.8.


Base Currency

Benchmark2

Minimum Investment1

Number of Securities

Signature Securities Portfolios – Equity

Global Equities

Seeks long-term capital appreciation by investing in a low-turnover, diversified portfolio of global stocks.

Invests in global companies with internal rates of return above 20% a year and expected to remain above this hurdle, from economic sectors with above-average growthand trading at reasonable valuations.

• Diversified portfolio of high-quality companies with attractive long-term value and growth characteristics

• Experienced management team with a proven track record of long-term outperformance

• Disciplined approach is backed by active monitoring and proprietary, hands-on research

The portfolio returned -0.5% in December, lagging its benchmark. Since 2007 the financial agenda has been dominated by debt. December, and the year as a whole,was no exception. Despite ongoing rhetoric around deficit reduction, nowhere was debt actually reduced. Leverageworks in both directions, so if increasing debt in the yearsup to 2007 boosted growth on the upside, then reducing the rate of debt growth will negatively impact overall economic growth in the years ahead.

The year ahead may well prove to be highly volatile for equity markets. Paradoxically, such a challenging and uncertain outlook will continue to encourage many successful companies to retain cash and pay down debt. For those companies with the financial and strategic strength to survive and prosper in a generally low growth,or negative growth, environment, the financial prudence witnessed in 2011 is likely to continue. Through such prudence comes opportunity. Therefore, the companies that continue to demonstrate success and leadership through strong earnings growth, as seen in 2011, will overtime stand apart and be rated accordingly.

During December Praxair and Qualcomm were added to the portfolio and the position in Hennes & Mauritz was increased. The sale of Gilead Sciences and Nintendo werecompleted.


Investment Process

Features & Benefits

Manager’s Review

Manager’s Outlook

Performance1

Cumulative 1 Month 3 Months 6 Months YTD 1 Year Inception Annualised 3 Years 5 Years 10 Years InceptionPortfolio -0.5% 6.7% -1.3% -1.3% 352.5% 13.5% 3.2% 8.5%PortfolioBenchmark2 -0.1% 7.6% -10.3% -5.5% -5.5% 157.2% 11.1% -2.4% 3.6% 5.5%Benchmark2


General Information

Walter Scott Global Investment Management

04/30/94

US DollarMSCI World Equities Index

US$ 250,000

Statistics

Standard Deviation3

BenchmarkPortfolio

TurnoverSharpe Ratio3

P/E Ratio

Life of Investment

Portfolio Composition (By Region)

8%

10%

12%

14%

16%

18%

12% 14% 16% 18% 20% 22% 24%

Ret

urn


Benchmark

Portfolio

Risk/Return3

Dividend Yield5

Statistics

North America (49%)

1

2

3

4

56 7

8

Non-Eurozone (16%)Japan (13%)Pacific Ex Japan (9%)Asia (5%)Eurozone (4%)Cash (2%)Emerging Market (1%)

Portfolio Composition (By Industry)Portfolio Composition (By Region)

Portfolio Composition (By Industry)

1

2

34

5

6

7

89

10

11

Information Technology (24%)Consumer Staples (14%)Energy (13%)Consumer Discretionary (13%)Healthcare (11%)Industrials (8%)Financials (4%)Materials (4%)Utilities (4%)Cash (2%)Telecom Services (2%)

I04/94

I1996

I1998

I2000

I2002

I2004

l2006

l2008

I12/11

$250,000

$500,000

$750,000

$1,000,000

$1,250,000

A US$ 250,000 investment in the Global Equities Portfolio at inception would have grown toUS$ 1,131,367 as of 12/31/2011.

1, 2, 3, 5Please read the Signature Securities Portfolio disclosure pages for further information. This sheet must be accompanied by all Signature Securities Portfolio disclosure pages. Unless specifically noted inthe accompanying disclosure page(s), the source of allinformation is Standard Chartered Bank.


9.0%

Calendar Year Performance 2006 2005 2004 2003 20022010 2009 2008 2007Portfolio 8.5% 19.4% 20.3% 28.5% -4.0%12.3% 32.0% -29.2% 12.9%Benchmark2 20.1% 9.5% 14.7% 33.1% -19.9%11.8% 30.0% -40.7% 9.0% 20.1%




20.4%15.5%

9.1%0.50.8

20.12.3%

Portfolio Benchmark

Life of Investment

Life of Investment

10

Risk/Return3

By Company

Top Holdings

NOVO NORDISK AS -B- 3.17%NIKE INC -B- 2.88%MASTERCARD INC-A- 2.88%PRECISION CASTPARTS CORP 2.84%NESTLE SA/REG (CHF) 2.83%CLP HLDG LTD 2.68%TJX COS INC 2.62%FASTENAL CO 2.56%AUTOMATIC DATA PROC INC 2.43%FANUC CORPORATION 2.42%

8.92%-5.48%Portfolio -0.54% 6.66% -1.32% -1.32% 352.55% 13.52% 3.19% 8.45%PortfolioCumulative 1 Month 3 Months 6 Months YTD 1 Year Inception Annualised 3 Years 5 Years 10 Years Inception

51

2011-1.3%-5.5%


7.3%-2.3%

1.2.3.4.5.6.7.8.


Base Currency

Benchmark2

Minimum Investment1

Number of Securities

Signature Securities Portfolios – Equity

US Equities

Seeks long-term capital appreciation by investing in a low-turnover, diversified portfolio of US stocks.

Invests in US companies with internal rates of return above20% a year and expected to remain above this hurdle, from economic sectors with above-average growth and trading at reasonable valuations.

• Diversified portfolio of high-quality companies with attractive long-term value and growth characteristics

• Experienced management team with a proven track record of long-term outperformance

• Disciplined approach is backed by active monitoring and proprietary, hands-on research

The portfolio returned -0.3% in December, underperforming its benchmark. Around a quarter of the relative underperformance can be attributed to low exposure in the relatively strong sectors of financials, telecoms, utilities and consumer staples. The rest was dueto relative weakness in stocks taking the portfolio’s year-to-date performance to 5.4% versus 1.5% for the benchmark. Thus far, the outperformance over the year has been driven by the portfolio’s consumer discretionary and industrial stocks and a lack of exposure to financials.

Once again this month, world equities have danced to the tune of the Eurozone’s troubles. At this juncture, around a fifth of sell-side economists are convinced that change must come and a restructuring of the Eurozone is likely in 2012. Thereby hangs a large risk over markets, since the ramifications of that are probably large and negative for thefinancial system. Despite such uncertainty, the portfolio’sstrategy of investing in high-quality self-funding growth companies has worked over many business cycles and that strategy remains resolutely unchanged.

During December, Sigma Aldrich, a leading life sciences company, was added to the portfolio and the sale of Gilead Sciences, announced in November, was completed.


Investment Process

Features & Benefits

Manager’s Review

Manager’s Outlook

Performance1

Cumulative 1 Month 3 Months 6 Months YTD 1 Year Inception Annualised 3 Years 5 Years 10 Years InceptionPortfolio -0.3% 13.0% 5.5% 5.5% 103.1% 16.5% 6.5% 6.9%PortfolioBenchmark2 1.0% 11.6% -4.0% 1.5% 1.5% 26.6% 13.4% -0.9% 2.3% 2.4%Benchmark2


General Information

Walter Scott Global Investment Management

11/30/01

US DollarS&P 500 Index

US$ 250,000

Statistics

Standard Deviation3

BenchmarkPortfolio


P/E Ratiol

11/01l

2003l

2005l

2007l

2009I

12/11

$150,000

$200,000

$250,000

$300,000

$350,000

$400,000

$450,000

$500,000

$550,000

A US$ 250,000 investment in the US Equities Portfolio at inception would have grown to US$ 507,814 as of 12/31/2011.

Life of Investment


5%

10%

15%

20%

25%

10% 15% 20% 25%

Ret

urn


Benchmark

Portfolio

Risk/Return3

Life of InvestmentDividend Yield5

Statistics

Information Technology (23%)

1

2

3

4

5

6

78Consumer Discretionary (20%)

Industrials (17%)Healthcare (15%)Energy (9%)Consumer Staples (8%)Materials (6%)Cash (3%)


Portfolio Benchmark

1, 2, 3, 5 Please read the Signature Securities Portfolio disclosure pages for further information. This sheet must be accompanied by all Signature Securities Portfolio disclosure pages. Unless specifically noted inthe accompanying disclosure page(s), the source of allinformation is Standard Chartered Bank.


4.9%

Calendar Year Performance 2006 2005 2004 2003 20022010 2009 2008 2007Portfolio 2.3% 10.5% 16.9% 21.2% -11.1%13.7% 31.7% -23.0% 12.7%Benchmark2 15.1% 4.3% 10.2% 28.0% -22.5%14.4% 25.6% -37.4% 4.9% 15.1%




Life of Investment

19.0%16.9%

13.7%0.70.9

23.61.5%

Life of Investment

11

Risk/Return3

By Company

Top Holdings

STARBUCKS CORP 2.96%TJX COS INC 2.68%MASTERCARD INC-A- 2.60%NIKE INC -B- 2.57%MC DONALD'S CORP 2.34%DONALDSON CO INC 2.30%PRECISION CASTPARTS CORP 2.30%FAMILY DOLLAR STORES INC 2.24%PRAXAIR INC 2.17%COLGATE PALMOLIVE CO (USD) 2.16%

7.28%-2.33%Portfolio -0.33% 13.01% 5.45% 5.45% 103.13% 16.45% 6.51% 6.92%PortfolioCumulative 1 Month 3 Months 6 Months YTD 1 Year Inception Annualised 3 Years 5 Years 10 Years Inception

50

20115.5%1.5%


———

6.7%-6.1%

1.2.3.4.

5.6.7.8.9.10.

11.

Fixed Income Funds

Inception DateBase Currency4

Benchmark3

Minimum Investment

Signature Funds Portfolios – Balanced

Global Conservative

Seeks growth through both capital appreciation and income accumulation over a minimum of three to five years. In terms of risk, the Portfolio includes a conservativeblend of underlying funds.

Managed as a globally diversified mutual fund portfolio withprofessional management of asset allocation and fund selections.

• The benefits of asset class and geographic diversification all in one complete product

• The minimisation of manager risk across multiple fund families

• Stringent due diligence and active monitoring of fund managers that would otherwise only be available to institutional investors

The portfolio was little changed in December, underperforming its benchmark. The deleveraging seen in2011 will remain with us in 2012 and set the tone for the year ahead.

While equity market fundamentals and valuations are improving, we expect volatility to remain due to the continuing European credit crisis and political uncertainty ahead of the US presidential elections. We maintain tilts towards quality growth stocks in the US and large cap stocks in Europe. Our focus is towards companies with strong balance sheets and healthy liquidity likely to reward investors through dividends. Emerging market markets have a propensity to disappoint on the back of negative news. That said, at current valuations we expect our allocation to Emerging Asia to be rewarded over the year.

For fixed income, developed government and other investment grade bonds continue to warrant inclusion in amulti-asset strategy, in-spite of less attractive return prospects. In addition, risk-return enhancements can be made via diversification into corporate bonds and Emerging Market local currency debt. We retain a preference for US High Yield corporate bonds. We expectGold to remain well supported and we retain our allocation.December saw no changes to the portfolio.


Investment Process

Features & Benefits

Manager’s Review

Manager’s Outlook

Performance1

Cumulative 1 Month 3 Months 6 Months YTD 1 Year Inception Annualised 3 Years 5 Years 10 Years InceptionPortfolio 0.0% 2.5% -1.9% -1.9% 76.3% 6.2% 2.1%PortfolioPeer2 0.4% 2.6% -5.2% -2.1% -2.1% 55.6% 7.5% 1.4% 5.2%Peer2

Benchmark3 0.5% 3.0% -2.7% 1.8% 1.8% 82.9% 7.6% 3.7% 7.1%Benchmark3

General Information03/31/03US Dollar

60% Citigroup WGBI and 40% MSCI World Equities IndexUS$ 100,000

Statistics

Standard Deviation

BenchmarkPeerPortfolio

Sharpe Ratio5

Life of Investment

3%

4%

5%

6%

7%

8%

9%

8% 10% 12% 14%

Ret

urn


Benchmark

Peer

Portfolio

Risk/Return5

Asset Class BreakdownRisk/Return5

Statistics

US Equities (21%)

1

2

34

5

6

7

8

910

11

European Bonds (20%)US Bonds (13%)Emerging & High Yield(13%)European Equities (8%)Japanese Bonds (5%)Japanese Equities (5%)Corporate Bonds (5%)Cash (4%)Asia Pacific ex-JapanEquities (4%)Commodities (2%)

Asset Class Breakdownl

03/03l

2005l

2006l

2007I

2008l

2009l

2010I

12/11$100,000

$125,000

$150,000

$175,000

$200,000

A US$ 100,000 investment in the Global Conservative Portfolio at inception would have grown to US$ 176,269 as of 12/31/2011.

1, 2, 3, 4, 5, Portfolio and Peer Group performance is calculated on a total gross return basis. Please notethat Peer group performance has been restated from April 2010 to exclude non-USD denominated funds. Benchmark rebalanced monthly. Please readthe Signature Funds Portfolio disclosure pages for further information. This sheet must be accompanied by the Signature Funds disclosure pages. Unless specifically noted in the accompanying disclosure page(s), the source of all information is Standard Chartered Bank.

PIMCO TR Bond Fund 11.53%Schroder ISF Euro Govt Bond 11.07%PARVEST BOND EURO-CLASSIC C 8.49%Parvest Japan Yen Bond 5.39%LM-WA Asian Opps Fund - AA$ 5.15%Schroder ISF Gl Corp Bd A Acc 4.98%ING (L) RF Asian Debt 3.20%Templeton Global Bond 2.15%AB Global High Yield Acc 2.08%Parvest US Dollar Bond C USD (5.34) 1.23%

Fixed Income Funds




11.2%10.0%10.4%0.60.70.6

Portfolio Benchmark

Life of Investment

Life of Investment

12

55.28%

Cash & Near Cash

JPY Hedge (Long JPY) 8.26%Cash 4.51%Initial Hedge Adjustment (JPY) -8.32%

PIMCO TR Bond Fund 11.53%Schroder ISF Euro Govt Bond 11.07%PARVEST BOND EURO-CLASSIC C 8.49%Parvest Japan Yen Bond 5.39%LM-WA Asian Opps Fund - AA$ 5.15%Schroder ISF Gl Corp Bd A Acc 4.98%ING (L) RF Asian Debt 3.20%Templeton Global Bond 2.15%AB Global High Yield Acc 2.08%Parvest US Dollar Bond C USD (5.34) 1.23%

Fixed Income Funds

GAM US 15.19%Franklin Mutual Europe 6.84%Pioneer NA Basic Val 5.39%SCHRODER INTL JAPAN EQTY-AAC 5.33%Schroder Asia Total Return C 3.77%Blackrock BGF European 1.31%

Equity Funds

SPDR Gold Trust (GLD) 2.43%

Commodities

55.28%

37.83%

4.46%

2.43%

Cash & Near Cash



4.46%

GAM US 15.19%Franklin Mutual Europe 6.84%Pioneer NA Basic Val 5.39%SCHRODER INTL JAPAN EQTY-AAC 5.33%Schroder Asia Total Return C 3.77%Blackrock BGF European 1.31%


Equity Funds 37.83%

Commodities 2.43%

— 6.69%-6.14%Portfolio 0.02% 2.49% -1.91% -1.91% 76.27% 6.21% 2.12%PortfolioCumulative 1 Month 3 Months 6 Months YTD 1 Year Inception Annualised 3 Years 5 Years 10 Years Inception


———

7.5%-8.5%

1.2.3.4.5.6.7.

8.9.10.

Fixed Income Funds


Benchmark3

Minimum Investment


Global Moderate

Seeks growth through both capital appreciation and income accumulation over a minimum of three to five years. In terms of risk, the Portfolio includes a globally diversified, yet moderate blend of underlying funds.





The portfolio returned -0.4% in December, underperforming its benchmark. The deleveraging seen in2011 will remain with us in 2012 and set the tone for the year ahead.




Investment Process

Features & Benefits

Manager’s Review

Manager’s Outlook

Performance1

Cumulative 1 Month 3 Months 6 Months YTD 1 Year Inception Annualised 3 Years 5 Years 10 Years InceptionPortfolio -0.4% 4.4% -4.3% -4.3% 88.8% 7.4% 0.6%PortfolioPeer2 0.2% 3.5% -7.6% -4.6% -4.6% 61.0% 8.1% -0.2% 5.6%Peer2

Benchmark3 0.3% 4.5% -5.2% -0.6% -0.6% 86.3% 8.9% 1.8% 7.4%Benchmark3



Statistics

Standard Deviation


Sharpe Ratio5

Life of Investment

6%

7%

8%

9%

10%

12% 13% 14% 15%

Ret

urn


Benchmark

PeerPortfolio

Risk/Return5


Statistics

US Equities (32%)

1

2

3

4

5

6

7

89

10

Emerging & High Yield (16%)European Equities (14%)Euro Bonds (12%)Japanese Equities (7%)US Bonds (6%)Asia Pacific ex-JapanEquities (6%)Cash (4%)Commodities (2%)Corporate Bonds (1%)


03/03I

2004l

2005l

2006l

2007I

2008l

2009l

2010I

12/11$100,000

$125,000

$150,000

$175,000

$200,000

$225,000

A US$ 100,000 investment in the Global Moderate Portfolio at inception would have grown toUS$ 188,766 as of 12/31/2011.


LM-WA Asian Opps Fund - AA$ 6.33%PIMCO TR Bond Fund 6.16%Schroder ISF Euro Govt Bond 6.11%PARVEST BOND EURO-CLASSIC C 5.88%ING (L) RF Asian Debt 4.20%AB Global High Yield Acc 3.08%Templeton Global Bond TR 2.07%Schroder ISF Gl Corp Bd A Acc 1.44%

Fixed Income Funds




14.0%12.9%13.4%0.60.60.5

Portfolio Benchmark

Life of Investment

Life of Investment

13

35.27%

Cash & Near Cash


LM-WA Asian Opps Fund - AA$ 6.33%PIMCO TR Bond Fund 6.16%Schroder ISF Euro Govt Bond 6.11%PARVEST BOND EURO-CLASSIC C 5.88%ING (L) RF Asian Debt 4.20%AB Global High Yield Acc 3.08%Templeton Global Bond TR 2.07%Schroder ISF Gl Corp Bd A Acc 1.44%

Fixed Income Funds

GAM US 18.83%Pioneer NA Basic Val 8.53%Franklin Mutual Europe 8.23%SCHRODER INTL JAPAN EQTY-AAC 7.00%Schroder Asia Total Return C 5.57%Blackrock BGF European 5.34%FRANK-US OPP-A ACC$ 4.43%

Equity Funds


Commodities

35.27%

57.94%

4.42%

2.37%

Cash & Near Cash



4.42%

GAM US 18.83%Pioneer NA Basic Val 8.53%Franklin Mutual Europe 8.23%SCHRODER INTL JAPAN EQTY-AAC 7.00%Schroder Asia Total Return C 5.57%Blackrock BGF European 5.34%FRANK-US OPP-A ACC$ 4.43%


Equity Funds 57.94%

Commodities 2.37%

— 7.53%-8.47%Portfolio -0.40% 4.39% -4.26% -4.26% 88.77% 7.42% 0.63%PortfolioCumulative 1 Month 3 Months 6 Months YTD 1 Year Inception Annualised 3 Years 5 Years 10 Years Inception


— —— —— —

6.1%-9.5%

1.2.

3.4.5.6.7.8.9.10.

Fixed Income Funds


Benchmark3

Minimum Investment


Global Moderate (Asia Focused)

Seeks growth through both capital appreciation and income accumulation over a minimum of three to five years. In terms of risk, the Portfolio includes a globally diversified, yet moderate blend of underlying funds with more of an emphasis on Asian instruments.





The portfolio returned -0.2% in December, slightly underperforming its benchmark. The deleveraging seen in2011 will remain with us in 2012 and set the tone for the year ahead.




Investment Process

Features & Benefits

Manager’s Review

Manager’s Outlook

Performance1

Cumulative 1 Month 3 Months 6 Months YTD 1 Year Inception Annualised 3 Years 5 Years 10 Years InceptionPortfolio -0.2% 4.3% -7.1% -7.1% 21.2% 10.6%PortfolioPeer2 0.2% 3.5% -7.6% -4.6% -4.6% 10.1% 8.1% 3.0%Peer2

Benchmark3 0.1% 3.9% -8.0% -5.0% -5.0% 22.8% 0.0% 6.5%Benchmark3


WGBI All Maturities USD (25%), HSBC Asian LocalBond Overall (15%), MSCIWorld Net TR USD (30%),MSCI AC Asia Pacific Ex Japan Net TR USD (15%),and MSCI EM Net TR USD(15%)US$ 100,000

Statistics

Standard Deviation


Sharpe Ratio5

Life of Investment

Asset Class Breakdown

Statistics

Emerging & High Yield (28%)

1

23

4

5

6

7

89

10

Asia Pacific ex-JapanEquities (24%)US Equities (18%)European Equities (6%)Euro Bonds (6%)Asian Country Eq (6%)Cash (4%)Japanese Equities (4%)Commodities (2%)Corporate Bonds (2%)


l09/08

I2009

I2010

I12/11

$75,000

$100,000

$125,000

$150,000

A US$ 100,000 investment in the Global Moderate (AsiaFocused) Portfolio at inception would have grown to US$ 121,202 as of 12/31/2011.

LM-WA Asian Opps Fund - AA$ 11.85%Templeton Global Bond TR 7.22%ING (L) RF Asian Debt 5.43%Schroder ISF Euro Govt Bond 3.12%AB Global High Yield Acc 3.10%PARVEST BOND EURO-CLASSIC C 2.98%Schroder ISF Gl Corp Bd A Acc 2.00%

Fixed Income Funds


1, 2, 3, 4, 5, Portfolio and Peer Group performance is calculated on a total gross return basis. Effective 4/1/2011, in order to better reflect the investable universe of the mandate, the benchmark for the GlobalModerate (Asia focused) Portfolio was changed to a blend of the following indices: WGBI All Maturities USD (25%), HSBC Asian Local Bond Overall (15%), MSCI World Net TR USD (30%), MSCI AC Asia PacificEx Japan Net TR USD (15%), and MSCI EM Net TR USD (15%). Prior to this, up to and including 3/31/2011, the benchmark was a blend of Citi World Government Bond Index USD(25%), HSBC Local Asian Bond USD (15%), MSCI Daily AC TR Net Pacificex Japan USD (25%), MSCI Daily TR Net Japan USD (12%), S&P 500 (11%), MSCI Daily TR Net Europe USD(6%), MSCI Daily TR Net Emerging Europe USD (3%) and MSCI Daily TR Net Emerging Latin America USD (3%) indices. Benchmark rebalanced monthly. Please read the Signature Funds Portfolio disclosure pages for further information. This sheet must be accompanied by the Signature Funds disclosure pages. Unless specifically noted in the accompanyingdisclosure page(s), the source of all information is Standard Chartered Bank.



15.1%12.9%14.4%0.70.60.7

Portfolio Benchmark

Life of Investment

Life of Investment

14

35.71%

Cash & Near Cash

Cash 4.27%

LM-WA Asian Opps Fund - AA$ 11.85%Templeton Global Bond TR 7.22%ING (L) RF Asian Debt 5.43%Schroder ISF Euro Govt Bond 3.12%AB Global High Yield Acc 3.10%PARVEST BOND EURO-CLASSIC C 2.98%Schroder ISF Gl Corp Bd A Acc 2.00%

Fixed Income Funds

Schroder Asia Total Return C 15.83%GAM US 11.71%Pioneer Basic Value 6.12%Franklin Mutual Europe 4.60%VALUE PARTNERS CLASSIC FND-C 4.32%Aberdeen Asian Equities 3.52%SCHRODER INTL JAPAN EQTY-AAC 3.51%JF Thailand 1.93%Blackrock BGF European 1.87%Schroder INT-Taiwanese E-C$A 1.78%JF Korea 1.34%I-Shares Malaysia ETF 1.05%

Equity Funds


Commodities

35.71%

57.58%

4.27%

2.44%

Cash & Near Cash


Cash 4.27%4.27%

Schroder Asia Total Return C 15.83%GAM US 11.71%Pioneer Basic Value 6.12%Franklin Mutual Europe 4.60%VALUE PARTNERS CLASSIC FND-C 4.32%Aberdeen Asian Equities 3.52%SCHRODER INTL JAPAN EQTY-AAC 3.51%JF Thailand 1.93%Blackrock BGF European 1.87%Schroder INT-Taiwanese E-C$A 1.78%JF Korea 1.34%I-Shares Malaysia ETF 1.05%


Equity Funds 57.58%

Commodities 2.44%

— — 6.10%-9.46%Portfolio -0.23% 4.33% -7.06% -7.06% 21.20% 10.59%PortfolioCumulative 1 Month 3 Months 6 Months YTD 1 Year Inception Annualised 3 Years 5 Years 10 Years Inception


———

8.8%-10.4%

1.2.3.4.5.

6.7.8.

Fixed Income Funds


Benchmark3

Minimum Investment


Global Aggressive

Seeks growth through both capital appreciation and income accumulation over a minimum of three to five years. In terms of risk, the Portfolio includes an aggressiveblend of underlying funds with a larger percentage of equities.





The portfolio returned -1.0% in December, underperforming its benchmark. The deleveraging seen in2011 will remain with us in 2012 and set the tone for the year ahead.




Investment Process

Features & Benefits

Manager’s Review

Manager’s Outlook

Performance1

Cumulative 1 Month 3 Months 6 Months YTD 1 Year Inception Annualised 3 Years 5 Years 10 Years InceptionPortfolio -1.0% 6.2% -6.4% -6.4% 109.0% 9.5% -0.7%PortfolioPeer2 0.0% 4.4% -9.9% -7.2% -7.2% 65.3% 8.7% -1.9% 5.9%Peer2

Benchmark3 0.1% 6.1% -7.7% -3.1% -3.1% 87.8% 10.1% -0.2% 7.5%Benchmark3



Statistics

Standard Deviation


Sharpe Ratio5

Life of Investment

6%

8%

10%

12%

14%

14% 15% 16% 17% 18% 19%

Ret

urn


Benchmark

Peer

Portfolio

Risk/Return5


Statistics

US Equities (43%)

1

2

3

4

5

6 7

8

European Equities (19%)Emerging & High Yield (13%)Japanese Equities (9%)Asia Pacific ex-JapanEquities (7%)Cash (4%)Euro Bonds (3%)Commodities (2%)


03/03I

2004l

2005l

2006l

2007l

2008l

2009l

2010I

12/11$100,000

$125,000

$150,000

$175,000

$200,000

$225,000

$250,000

A US$ 100,000 investment in the Global Aggressive Portfolio at inception would have grown to US$ 209,018 as of 12/31/2011.


LM-WA Asian Opps Fund - AA$ 6.23%AB Global High Yield Acc 3.77%Templeton Global Bond TR 2.69%PARVEST BOND EURO-CLASSIC C 2.50%

Fixed Income Funds




17.2%15.8%16.3%0.60.50.6

Portfolio Benchmark

Life of Investment

Life of Investment

15

15.19%

Cash & Near Cash

Cash 3.96%

LM-WA Asian Opps Fund - AA$ 6.23%AB Global High Yield Acc 3.77%Templeton Global Bond TR 2.69%PARVEST BOND EURO-CLASSIC C 2.50%

Fixed Income Funds

GAM US 20.03%FRANK-US OPP-A ACC$ 13.18%Franklin Mutual Europe 10.12%Pioneer NA Basic Val 10.09%Blackrock BGF European 8.96%SCHRODER INTL JAPAN EQTY-AAC 8.76%Schroder Asia Total Return C 7.46%

Equity Funds


Commodities

15.19%

78.61%

3.96%

2.24%

Cash & Near Cash


Cash 3.96%3.96%

GAM US 20.03%FRANK-US OPP-A ACC$ 13.18%Franklin Mutual Europe 10.12%Pioneer NA Basic Val 10.09%Blackrock BGF European 8.96%SCHRODER INTL JAPAN EQTY-AAC 8.76%Schroder Asia Total Return C 7.46%


Equity Funds 78.61%

Commodities 2.24%

— 8.79%-10.42%Portfolio -0.97% 6.22% -6.37% -6.37% 109.02% 9.47% -0.73%PortfolioCumulative 1 Month 3 Months 6 Months YTD 1 Year Inception Annualised 3 Years 5 Years 10 Years Inception


———

8.5%-17.2%

1.

2.

3.


Benchmark3


Signature Funds Portfolios – Equity

Asia Pacific Ex-Japan Equities

Seeks growth through capital appreciation over a minimumof three to five years. In terms of risk, the Portfolio includesan aggressive blend of primarily Asian equity-only funds excluding Japanese equity funds.


• Regionally diversified portfolio of high-quality Asian equity mutual funds



The portfolio returned -1.5% in December, underperforming its benchmark. The deleveraging seen in2011 will remain with us in 2012 and set the investment landscape in the year ahead.

It is important to recognize the volatile nature of emergingmarkets and their propensity to disappoint on the back ofnegative news. That said, at current valuations we expectour allocation to emerging Asia to be rewarded over the year. Consistent with our views for the year, given the sensitivity to risk in these capital markets, we retain a preference for domestic consumption-oriented stocks andless export-dependent economies. This should also be well supported as monetary policy eases on the back of woes in the West. We are mindful that any potential spike in oil prices stoked by Middle Eastern concerns would temporarily work against Asian equities. Although, this should be viewed as an opportunity to increase allocation.

In the immediate future, we intend to maintain a slightly higher level of liquidity, and await bouts of market weakness to increase allocation to favoured countries, regions or investment styles. We also intend to streamlinethe holdings, and focus on managing allocations through amore concise group of higher conviction funds in order toenhance returns and minimize risks.


Investment Process

Features & Benefits

Manager’s Review

Manager’s Outlook

Performance1

Cumulative 1 Month 3 Months 6 Months YTD 1 Year Inception Annualised 3 Years 5 Years 10 Years InceptionPortfolio -1.5% 4.6% -15.8% -15.8% 70.8% 16.6% 2.0%PortfolioPeer2 -1.0% 3.0% -17.9% -23.5% -23.5% 50.7% 14.7% -0.1% 6.4%Peer2

Benchmark3 0.0% 4.4% -17.2% -15.1% -15.1% 73.8% 19.6% 2.5% 8.8%Benchmark3


MSCI AC Asia Pacific Ex Japan Net TR Index (USD)

US$ 100,000

Statistics

Standard Deviation



P/E Ratio

Life of Investment

12%

14%

16%

18%

20%

22%

22% 24% 26% 28%

Ret

urn


Benchmark

Peer

Portfolio

Risk/Return5


Dividend Yield5

Statistics

Emerging Asian Country Equities (77%)

1

2

3Regional Emerging Asian Equities (19%)Cash (4%)


I05/05

l2007

l2007

l2008

l2009

l2010

I12/11

$75,000

$100,000

$125,000

$150,000

$175,000

$200,000

$225,000

$250,000

A US$ 100,000 investment in the Asia Pacific Ex-JapanEquities Portfolio at inception would have grown to US$170,806 as of 12/31/2011.

1, 2, 3, 4, 5 Portfolio and Peer Group performance is calculated on a total gross return basis. Effective 4/1/2011, in order to better reflect the investable universe of the mandate, the benchmark for the Asia Pacific Ex-Japan Equities Portfolio was changed to MSCI AC Asia Pacific Ex Japan Net TR Index (USD). Prior to this, up to and including 3/31/2011, the benchmark was MSCI AC Pacific Ex Japan Net TR Index (USD). Please read the Signature Funds Portfoliodisclosure pages for further information. This sheet must be accompanied by the Signature Funds Portfolio disclosure pages. Unless specifically noted inthe accompanying disclosure page(s), the source of allinformation is Standard Chartered Bank.




25.4%24.5%24.3%

2.2%0.80.60.7

7.43.9%

Portfolio Benchmark

Life of Investment

Life of Investment

16Cash & Near Cash

Cash 3.81%

Schroder Asia Total Return C 15.60%Aberdeen Australasian Equity 13.14%JF Korea 12.68%Schroder INT-Taiwanese E-C$A 10.10%Schroder Hong Kong 8.97%VALUE PARTNERS CLASSIC FND-C 7.47%First State China Growth 5.62%JF Australia 5.58%I-Shares Malaysia ETF 4.29%Aberdeen Asian Equities 3.71%Franklin India Fund 3.52%JF Thailand 3.18%UBS Singapore 1.30%Fidelity Indonesia 1.03%

Equity Funds 96.19%

3.81%

Cash & Near Cash


Cash 3.81%3.81%

Schroder Asia Total Return C 15.60%Aberdeen Australasian Equity 13.14%JF Korea 12.68%Schroder INT-Taiwanese E-C$A 10.10%Schroder Hong Kong 8.97%VALUE PARTNERS CLASSIC FND-C 7.47%First State China Growth 5.62%JF Australia 5.58%I-Shares Malaysia ETF 4.29%Aberdeen Asian Equities 3.71%Franklin India Fund 3.52%JF Thailand 3.18%UBS Singapore 1.30%Fidelity Indonesia 1.03%

Equity Funds 96.19%


51


———

5.9%-18.7%

1.2.3.

4.

Equity Funds


Benchmark3

Minimum Investment

Signature Funds Portfolios – Equity

Emerging Markets Equities

Seeks growth through capital appreciation by investing in ablend of regional and country-specific emerging market (EM) equity funds.

Managed as a regionally diversified mutual fund portfolio with professional management of asset allocation and fundselections.

• Regionally diversified portfolio of high-quality EM-equitymutual funds


• Stringent due diligence and active monitoring of fund manager that would otherwise only be available to institutional investors

The portfolio returned -2.4% in December, underperforming its benchmark. The deleveraging seen in2011 will remain with us in 2012 and set the investment landscape in the year ahead.

It is important to recognize the volatile nature of emergingmarkets and their propensity to disappoint on the back ofnegative news. That said, at current valuations we expectour allocation to emerging Asia to be rewarded over the year. Consistent with our views for the year, given the sensitivity to risk in these capital markets, we retain a preference for domestic consumption-oriented stocks andless export-dependent economies. This should also be well supported as monetary policy eases on the back of woes in the West. We are mindful that any potential spike in oil prices stoked by Middle Eastern concerns would temporarily work against Asian equities. Although, this should be viewed as an opportunity to increase allocation.

In the immediate future, we intend to maintain a slightly higher level of liquidity, and await bouts of market weakness to increase allocation to favoured countries, regions or investment styles. We also intend to streamlinethe holdings, and focus on managing allocations through amore concise group of higher conviction funds in order toenhance returns and minimize risks.


Investment Process

Features & Benefits

Manager’s Review

Manager’s Outlook

Performance1

Cumulative 1 Month 3 Months 6 Months YTD 1 Year Inception Annualised 3 Years 5 Years 10 Years InceptionPortfolio -2.4% 5.0% -19.3% -19.3% 41.7% 16.5% 0.9%PortfolioPeer2 -2.2% 2.7% -19.0% -25.7% -25.7% 20.2% 13.0% -2.1% 3.1%Peer2

Benchmark3 -1.2% 4.4% -19.1% -18.4% -18.4% 57.6% 20.1% 2.4% 7.8%Benchmark3


MSCI Emerging Markets Index

US$ 100,000

Statistics

Standard Deviation


Sharpe Ratio5

Life of Investment

10%

12%

14%

16%

18%

20%

22%

22% 24% 26% 28%

Ret

urn


Benchmark

Peer

Portfolio

Risk/Return5


Statistics

Emerging Asia (63%)

1

2

3

4Latin America (18%)Emerging Europe, MiddleEast & Africa (15%)Cash (4%)

Asset Class Breakdownl11/05

l2007

l2008

l2009

l2010

I12/11

$60,000

$100,000

$140,000

$180,000

$220,000

A US$ 100,000 investment in the Emerging Markets Equities Portfolio at inception would have grown to US$141,738 as of 12/31/2011.

Schroder Asia Total Return C 15.77%Templeton Latin America 13.33%JF Korea 12.65%Fidelity MENA 10.65%Schroder INT-Taiwanese E-C$A 9.55%VALUE PARTNERS CLASSIC FND-C 8.10%CAAM Latin America 4.86%Market Vectors Russia ETF 4.79%Franklin India 4.11%I-Shares Malaysia ETF 3.67%Aberdeen Asian Equities 3.45%First State China Growth 3.27%JF Thailand 2.18%

Equity Funds

1, 2, 3, 4, 5 Portfolio and Peer Group performance is calculated on a total gross return basis. Please note that Peer group performance has been restated from April 2010 to exclude non-USD denominated funds. Please read the Signature Funds Portfolio disclosure pages for further information. This sheet must be accompanied by the Signature Funds Portfolio disclosure pages. Unless specifically noted in the accompanying disclosure page(s), the source of all information is Standard Chartered Bank.




26.1%24.5%24.3%0.80.50.7

Portfolio Benchmark

Life of Investment

Life of Investment

17

96.37%

Cash & Near Cash

Cash 3.63%

Schroder Asia Total Return C 15.77%Templeton Latin America 13.33%JF Korea 12.65%Fidelity MENA 10.65%Schroder INT-Taiwanese E-C$A 9.55%VALUE PARTNERS CLASSIC FND-C 8.10%CAAM Latin America 4.86%Market Vectors Russia ETF 4.79%Franklin India 4.11%I-Shares Malaysia ETF 3.67%Aberdeen Asian Equities 3.45%First State China Growth 3.27%JF Thailand 2.18%

Equity Funds

96.37%

3.63%

Cash & Near Cash


Cash 3.63%3.63%



— —— —

1.8%-11.0%

1.2.3.

Fixed Income Funds

Inception DateBase Currency

Benchmark3

Minimum Investment

Signature Funds Portfolios – Dynamic

Dynamic Global Asset Allocation (US$)

Seeks to achieve substantial capital appreciation with no concern for accumulation of interest income. The Portfoliogenerally invests primarily in exchange-traded funds (ETFs)and mutual funds, when ETFs are not available. The Portfolio may also invest directly in individual, fixed-incomesecurities.

Managed based on the Asset Allocation Model published by BCA Publications Ltd., one of the world’s leading independent providers of institutional global investment research.

• Allocation may substantially change from month to month

• May be fully invested in one particular asset class, withno investment in other asset classes

The portfolio returned -0.3% in December, slightly underperforming its benchmark. For December, the allocation to equities was decreased to 47% and the exposure to bonds was increased to 53%. Within equities,the allocation to emerging markets was left mostly unchanged although allocation to Latin America was slightly increased. Allocation to US equities was reduced to22% while allocation to European equities was removed. Allocation to European fixed income was increased as well.The portfolio remained unhedged on a currency basis.

For January, the allocation to equities was increased to 64% and the exposure to bonds was decreased to 36%.Within equities, the allocation to emerging markets was increased although allocation to Latin America was left unchanged. Allocation to US equities was increased to 28% while allocation to European equities was left unchanged. Allocation to European fixed income was significantly decreased with a slight increase to US and UKdebt. The portfolio remained unhedged on a currency basis.

This portfolio is invested based on a model provided by anindependent investment research company. For changes,please refer to the positioning outlined above.


Investment Process

Features & Benefits

Manager’s Review

Manager’s Outlook

Performance1

Cumulative 1 Month 3 Months 6 Months YTD 1 Year Inception Annualised 3 Years 5 Years 10 Years InceptionPortfolio -0.3% 3.3% -7.0% -7.0% 9.1% 9.6%PortfolioBenchmark3 -0.1% 7.6% -10.3% -5.5% -5.5% -13.4% 11.1% -3.0%Benchmark3

General Information03/30/07US DollarMSCI World Equities

US$ 100,000

Statistics

Standard Deviation

BenchmarkPortfolio

Sharpe Ratio5

Life of Investment4%

6%

8%

10%

12%

14%

16%

14% 16% 18% 20% 22% 24%

Ret

urn


Benchmark

Portfolio

Risk/Return5


Statistics

Fixed Income Funds (54%)

1

23

Equity Funds (46%)Cash & Near Cash (0%)


03/07l

2008l

2009l

2010I

12/11$50,000

$75,000

$100,000

$125,000

A US$ 100,000 investment in the Dynamic Global AssetAllocation (US$) Portfolio at inception would have grownto US$109,071 as of 12/31/2011.

1, 2, 3, 4, 5 Please read the Signature Funds Portfolio disclosure pages for further information. This sheetmust be accompanied by the Signature Funds Portfolio disclosure pages. Unless specifically noted in the accompanying disclosure page(s), thesource of all information is Standard Chartered Bank.

Parvest Euro Bond 19.31%PARVEST BOND EURO-CLASSIC C 17.95%Schroder ISF Euro Govt Bond 16.28%

Total Fixed Income




20.4%17.7%0.50.5

Portfolio Benchmark

Life of Investment

Life of Investment

18

53.53%

Total Cash

Cash 0.10%

Parvest Euro Bond 19.31%PARVEST BOND EURO-CLASSIC C 17.95%Schroder ISF Euro Govt Bond 16.28%

Total Fixed Income

SPDR S&P 500 ETF TRUST 19.19%iShares MSCI AC Asia ex Japan 10.50%iShares S&P Latin America 40 9.90%iShares S&P 500 3.11%Infratil Ltd 0.56%Ryman Healthcare Ltd 0.52%Auckland International Airport Ltd 0.50%Contact Energy Ltd 0.48%Sky City Entertainment Group Ltd 0.43%Fisher & Paykel Healthcare Corp Ltd 0.43%Telecom Corp of New Zealand Ltd 0.40%Fletcher Building Ltd 0.34%

Total Equities

53.53%

46.37%

0.10%

Total Cash


Cash 0.10%0.10%

SPDR S&P 500 ETF TRUST 19.19%iShares MSCI AC Asia ex Japan 10.50%iShares S&P Latin America 40 9.90%iShares S&P 500 3.11%Infratil Ltd 0.56%Ryman Healthcare Ltd 0.52%Auckland International Airport Ltd 0.50%Contact Energy Ltd 0.48%Sky City Entertainment Group Ltd 0.43%Fisher & Paykel Healthcare Corp Ltd 0.43%Telecom Corp of New Zealand Ltd 0.40%Fletcher Building Ltd 0.34%

Total Equities 46.37%

— — 1.84%-11.05%Portfolio -0.28% 3.26% -7.03% -7.03% 9.07% 9.58%PortfolioCumulative 1 Month 3 Months 6 Months YTD 1 Year Inception Annualised 3 Years 5 Years 10 Years Inception



Fixed Income Comparable Risk/Return Overview by Asset GroupAs of 31 December 2011

US Conservative Fixed Income US Moderate Fixed Income Global Fixed Income US Multi-Sector Fixed Income

Standard Deviation measures the volatility of a fund’s returns where higher percentages indicate greater fluctuations in performance and greater fund volatility; lower percentages indicate less fluctuation in the fund’s returns. The deviation percentage is annualised and based on monthly data since inception. Risk return chart results based on 3 year annualised rolling returns as available. For performance history of less than 3 years, since inception annualised returns will be used.

Please read the corresponding disclosure pages for further information on each product. This sheet must be accompanied by all corresponding product disclosure pages. Unless specifically noted in the accompanying disclosure pages, the source of all information is Standard Chartered Bank.

April 2006 — December 2011

These figures refer to past performance. Past performance is not a reliable indicator of future results.

Standard Chartered Private Bank | 19

0%

2%

4%

6%

8%

10%

12%

14%

16%

0% 2% 4% 6% 8% 10%

Return


1

2

3

4

1.2.3.4.


Equity Portfolios and Dynamic Global Asset Allocation Portfolios Comparable Risk/Return Overview by Asset GroupAs of 31 December 2011

Global Equities US Equities Asia Pacific Ex-Japan Equities Emerging Markets Equities Dynamic Global Asset Allocation (US$)





0%

5%

10%

15%

20%

25%

10% 15% 20% 25% 30% 35%

Return


1

2 34

5

April 2006 — December 20111.2.3.4.5.


Balanced Fund Portfolios Comparable Risk/Return Overview by Asset GroupAs of 31 December 2011

Global Conservative Global Moderate Global Moderate (Asia focused) Global Aggressive





0%

2%

4%

6%

8%

10%

12%

14%

16%

5% 10% 15% 20% 25%

Return


1

2

3

4

April 2006 — December 20111.2.3.4.


Standard Chartered Bank Signature Securities PortfoliosAdditional Information on the Standard Chartered Bank Signature Securities Portfolios (Page 1 of 2)

Standard Chartered Signature Securities Portfolios are discretionary asset management services made available to you by Standard Chartered Bank, together with its branches, affiliates and subsidiaries, and is advised by its affiliates and selected sub-advisors. Subscriptions can only be made through the Standard Chartered Signature Securities Portfolio Agreement, which can be obtained through your Private Banker.

This document is for informational purposes only, and does not constitute any offer, recommendation or solicitation to any person to enter into any transaction or adopt any investment strategy, trade securities, or enter into any regulated investment agreement or collective investment scheme. The information in this document is of general nature only and does not take into account the specific investment objectives, financial situation, particular needs or suitability of any particular person or class of persons.

This document may not be distributed or made available in the United States to US citizens or residents unless an exemption applies or in any jurisdiction restricted by local law or regulations.

1. Performance is calculated on a total return basis for the latest month based on the availability and timing of the publication of The Review and includes all dividends (after withholding tax), interest, realised and unrealised gains or losses and transaction charges, but does not reflect management fees which are set out in the Standard Chartered Signature Securities Portfolio Agreement entered into by the client and Standard Chartered Bank. Calendar year performance is cumulative, not annualised. All returns are stated in US dollar terms. The following is a hypothetical example of the compounding effect of management fees: A Portfolio returns 15% annually for five years with an annual investment management fee of 1.5%.

The cumulative return would be 101.1% (excluding fees) and 88.4% (including fees). Prior to 06/30/95, American Express Bank International managed the US Conservative Fixed Income, US Moderate Fixed Income, Global Fixed Income and Global Equities Portfolios; from 06/30/95 until 04/01/01, American Express Bank (“AEB”) Global Asset Management Inc. managed these Portfolios; from 04/01/01 until 02/28/08, AEB had managed the Portfolios. From 03/01/08, Standard Chartered Bank has managed these portfolios. The transfer did not result in a change in control or management. The performance of the US Conservative Fixed Income, US Moderate Fixed Income and Global Fixed Income Portfolios from 01/95 on represents composite results of actual client accounts. From 7/31/01 to 10/31/04, the Global Fixed Income Portfolio performance returns have been restated to exclude portfolios with special investment restrictions. From 11/01/04 on, the performance returns will only include standard portfolios. Please note that individual client portfolio performance returns have not been or will not be impacted. From inception of 10/31/06 to 05/31/08, the US Multi-Sector Fixed Income Portfolio’s performance represents the Investment Sub-Advisor’s composite results. From 06/01/08, the performance represents composite results of actual client accounts. Model and composite performance data is time-weighted and calculated monthly. Portfolios of less than one month are not included in composite calculations. For model portfolios, performance data tracks actual client portfolios, but does not represent actual trading. Thus, actual client results may differ due to timing of contribution or withdrawals or account size. Share prices may go down as well as up. Past performance is not a reliable indicator of future results.

As of 20 April 2009, the minimum investment amount for new investors in the Global Equities and US Equities Portfolios was changed to US$ 250,000.

IIf your base currency is other than the base currency of the underlying assets, changes in rates of exchange may have an adverse effect on the value of your investment. Due to intraday market movements, FX conversion rates used to calculate portfolio returns may differ from the FX rates used to calculate the benchmark returns. Benchmark returns and related information provided by Bloomberg and Standard & Poor’s Limited. Funds with specialty objectives or different base currencies are not reflected. Benchmark returns do not reflect transaction charges and management fees.

2. Benchmark and Inception Information for Standard Chartered Bank Signature Securities Fixed Income and Standard Chartered Bank Signature Securities Equity Portfolios

The benchmark for the US Conservative Fixed Income Portfolio (Inception Date: 03/31/94) is the Citigroup Treasury Bond Index (1-5 yrs.), which tracks U.S. government debt obligations maturing in less than 5 years.

The benchmark for the US Moderate Fixed Income Portfolio (Inception Date: 03/31/94) is the Citigroup Treasury Bond Index (1-10 yrs.), which tracks U.S. government debt obligations maturing in less than 10 years.

On 1st January 2011, the benchmark for the Global Fixed Income Portfolio (Inception Date: 03/31/94) was changed from Citigroup World Government Bond Index (WGBI) (1-10 yrs) to Citigroup World Government Bond Index (WGBI). The Citigroup World Government Bond Index (WGBI) is a



market -weighted benchmark that tracks the performance of investment-grade sovereign debt issued in the domestic market in the local currency. Country eligibility is determined based on market capitalisation and investability criteria as defined by Citigroup. Benchmarks provided by Citigroup are unmanaged and unhedged, market-weighted indices representing all securities in the applicable markets.

The former benchmark for the US Multi-Sector Fixed Income Portfolio was Barclays Intermediate Government/Credit Index through 31 August 2009. On 1 September 2009, the benchmark was changed to 65% Barclays US Intermediate Credit Bond index, 25% Barclays MBS Fixed Rate index and 10% Barclays Ba/B index. Barclays US Intermediate Credit Bond Index measures the performance of investment grade corporate debt and sovereign, supranational, local authority and non-US agency bonds that are US dollar-denominated and have a remaining maturity of greater than or equal to 1 year and less than 10 years. The index includes US credit securities that have US$ 250 million or more of outstanding face value. Barclays MBS Fixed Rate index represents the universe of mortgage-backed securities issued by the Government National Mortgage Association (GNMA), Federal National Mortgage Association (FNMA) and Federal Home Loan Mortgage Corporation (FHLMC). Barclays Ba/B index, part of Barclays Capital US Corporate High-Yield Bond Index, covers the USD-denominated, non-investment grade, fixed-rate, taxable corporate bond market. Securities are classified as high-yield if the middle rating of Moody’s, Fitch and S&P is rated either BB or B. The index excludes Emerging Markets debt.

The benchmark for the Global Equities Portfolio (Inception Date: 04/30/94) is the MSCI World

Equities Index. The MSCI World Equities Index is an unmanaged, unhedged, market capitalisation-weighted index compiled by Morgan Stanley Capital International and consisting of companies from 23 developed markets. Returns include dividends reinvested.

The benchmark for the US Equities Portfolio (Inception Date: 11/30/01) is the Standard and Poor’s 500 index. The S&P 500 Index is a capitalisation-weighted index of 500 stocks. The index is designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. Returns include dividends reinvested.

3. Standard Deviation measures the volatility of a fund’s returns where higher percentages indicate greater fluctuations in performance and greater fund volatility; lower percentages indicate less fluctuation in the fund’s returns. The deviation percentage is annualised and based on monthly data since inception. Risk return chart results based on 3 year annualised rolling returns as available. For performance history of less than 3 years, since inception annualised returns will be used. For performance history of less than 1 year, cumulative since inception returns will be applied. The Sharpe Ratio measures risk-adjusted performance. It is a ratio calculated by subtracting the risk free rate from the rate of return for a portfolio and dividing the result by the standard deviation of the portfolio returns. This material is for informational purposes only and does not constitute an offer to sell or solicitation to buy. This material cannot be offered or distributed to any person in the U.S. or to U.S. citizens or residents.

4. Average yield to maturity (AYTM) is defined as the weighted average of all yield to maturities held in a basket of bond fund families. It is the rate of return anticipated on a bond if it is held until the maturity date. YTM is considered a long-term bond yield expressed as an annual rate. The calculation of YTM takes into account the current market price, par value, coupon interest rate and time to maturity. It is also assumed that all coupons are reinvested at the same rate.

5. Dividend yield is a financial ratio that shows how much a company pays out in dividends each year relative to its share price. In the absence of any capital gains, the dividend yield is the return on investment for a stock.Dividend yield is calculated as annual dividends per share divided by price per share.

Risks Associated with Investments in the Various Portfolios

Investing in foreign securities presents certain risks not associated with domestic investments, such as currency fluctuation, political and economic instability, economic changes, and different accounting standards. This may result in greater share price volatility.

A portfolio may focus its investments on certain geographical regions, thereby increasing its vulnerability to political and economic developments in that region. This may result in greater price volatility.

High-yield bonds, commonly known as junk bonds, are subject to greater risk of loss of principal and interest, including default risk, than higher-rated bonds. Therefore, their prices may be more volatile.

This investment may concentrate on certain economic sectors, thereby increasing its vulnerability to any single economic, political or regulatory development. This may result in greater price volatility.

Standard Chartered Bank Signature Securities PortfoliosAdditional Information on the Standard Chartered Bank Signature Securities Portfolios (Page 2 of 2)



Standard Chartered Bank Signature Funds PortfoliosAdditional Information on the Standard Chartered Bank Signature Funds Portfolios (Page 1 of 2)

The asset allocation for the Standard Chartered Bank Signature Funds Portfolios is managed by the Standard Chartered Bank Asset Allocation Committee. Returns for all Signature Funds Portfolios (except for the Dynamic Global Asset Allocation — Euro, stated in euros) are stated in US dollar terms and do not reflect management fees but do reflect fees and expenses of the underlying mutual funds and alternative investments (alternative investments as applicable to a Portfolio) within the Model Portfolio and assume dividend reinvestment where applicable. The Alternative Investment funds portion of the Model performance is calculated on a total return basis based on an estimated return for the latest month due to the availability of data and timing of the publication of The Review. There is no sales load for the underlying funds within the Model Portfolio.

This document is for informational purposes only, and does not constitute any offer, recommendation or solicitation to any person to enter into any transaction or adopt any investment strategy, trade securities, or enter into any regulated investment agreement or collective investment scheme. The information in this document is of general nature only and does not take into account the specific investment objectives, financial situation, particular needs or suitability of any particular person or class of persons.

This document may not be distributed or made available in the United States to US citizens or residents unless an exemption applies or in any jurisdiction restricted by local law or regulations.

1 Performance is calculated on a total return basis based on the latest month due to the availability of data and timing of the publication of The Review. There is no sales load for the underlying funds within the Model Portfolio. Past performance is not a reliable indicator of future results.

2 Peer returns are based on the average net return of a comparable peer fund group that invests in the same asset classes and markets as determined by Standard Chartered’s Funds and Portfolios Solutions Group. Benchmark returns and related information provided by Bloomberg, Standard & Poor’s Limited, Ameriprise Financial Services, Inc., Ibbotson Associates and Datastream. Benchmark returns do not reflect transaction charges and management fees.

The peer group comparison is an investment rating used by analysts when a given security is expected to provide returns that are consistent with those of other companies within its sector. A peer performance is a neutral assessment of a security’s movement in line with similar companies.

In the United States, peer group performance is not a recognised measurement of fund performance. In Europe, however, peer group performance comparisons are commonly utilised by European financial institutions. Peer benchmarks refer to a fund’s competition in its category: for example, comparing the performance of one company’s fund to another provides information on past performance, but does not predict future performance.

Peer returns are based on a comparable peer fund group that invest in the same asset classes and markets as determined by Standard Chartered Bank’s Funds and Portfolios Solution Group. Benchmark returns provided by Bloomberg. Weightings shown here represent the Standard Chartered Bank Asset Allocation Committee’s general view towards standard asset allocations (passive, long-term approach) and its current tactical asset allocation weightings, for Standard Chartered Bank Signature Funds Portfolios with the specified investment

objectives. An investor’s individual portfolio may show slightly different allocations. The asset class breakdown shown here is per the Standard Chartered Bank Asset Allocation Committee.

3 Benchmark and Inception Information for Balanced, Equity and Dynamic Portfolios.

The benchmark for the Dynamic Global Asset Allocation Portfolio (Inception Date: 03/31/07) is the MSCI Daily Total Return (“TR”) Net World USD Index.

The benchmark for the Global Conservative Portfolio (Inception Date: 03/31/03) is 60% Citigroup World Government Bond Index and 40% MSCI Daily TR Net World USD Index.

The benchmark for the Global Moderate Portfolio (Inception Date: 03/31/03) is 40% Citigroup World Government Bond Index and 60% MSCI Daily TR Net World USD Index.

Effective 4/1/2011, in order to better reflect the investable universe of the mandate, the benchmark for the Global Moderate (Asia focused) Portfolio was changed to a blend of the following indices: WGBI All Maturities USD (25%), HSBC Asian Local Bond Overall (15%), MSCI World Net TR USD (30%), MSCI AC Asia Pacific Ex Japan Net TR USD (15%), and MSCI EM Net TR USD (15%). Prior to this, up to and including 3/31/2011, the benchmark was a blend of Citi World Government Bond Index USD(25%), HSBC Local Asian Bond USD (15%), MSCI Daily AC TR Net Pacific ex Japan USD (25%), MSCI Daily TR Net Japan USD (12%), S&P 500 (11%), MSCI Daily TR Net Europe USD (6%), MSCI Daily TR Net Emerging Europe USD (3%) and MSCI Daily TR Net Emerging Latin America USD (3%) indices.



The benchmark for the Global Aggressive Portfolio (Inception Date: 03/31/03) is 20% Citigroup World Government Bond Index and 80% MSCI Daily TR Net World USD Index.

Effective 4/1/2011, in order to better reflect the investable universe of the mandate, the benchmark for the Asia Pacific Ex-Japan Equities Portfolio was changed to MSCI AC Asia Pacific Ex Japan Net TR Index (USD). Prior to this, up to and including 3/31/2011, the benchmark was MSCI AC Pacific Ex Japan Net TR Index (USD).

The benchmark for the Emerging Markets Equities (Inception Date: 11/30/05) is the MSCI Daily TR Net Emerging Markets Index. This is a free float-adjusted market capitalisation index that is designed to measure emerging market equity performance. This benchmark consists of indices representing 26 emerging market countries.

The benchmark for the Dynamic Global Asset Allocation USD Portfolio (Inception Date: 03/30/07) is the MSCI Daily TR Net World USD Index.

4 If your base currency is other than the base currency of the underlying assets, changes in rates of exchange may have an adverse effect on the value of your investment.

5 Standard Deviation measures the volatility of a fund’s returns where higher percentages indicate greater fluctuations in performance and greater fund volatility; lower percentages indicate less fluctuation in the fund’s returns. The deviation percentage is annualised and based on monthly data since inception. Risk return chart results based on 3 year annualised rolling returns as available. For performance history of less than 3 years, since inception annualised returns will be used. For performance history of less than 1 year, cumulative since inception returns will be applied. The Sharpe Ratio measures risk-adjusted performance. It is a ratio calculated by subtracting the risk free rate from the rate of return for a portfolio and dividing the result by the standard deviation of the portfolio returns.

Risks Associated with Investments in the Various Funds

Investing in foreign securities presents certain risks not associated with domestic investments, such as currency fluctuation, political and economic instability, economic changes, and different accounting standards. This may result in greater share price volatility.

A Fund may focus its investments on certain geographical regions, thereby increasing its vulnerability to political and economic developments in that region. This may result in greater price volatility.

High-yield bonds, commonly known as junk bonds, are subject to greater risk of loss of principal and interest, including default risk, than higher-rated bonds. Therefore, their prices may be more volatile.

This investment may concentrate on certain economic sectors, thereby increasing its vulnerability to any single economic, political or regulatory development. This may result in greater price volatility.


Standard Chartered Bank Signature Funds PortfoliosAdditional Information on the Standard Chartered Bank Signature Funds Portfolios (Page 2 of 2)


Important Information(Page 1 of 2)


Not all investments are suitable for all investors. You should make your own independent evaluation (with the advice of your professional advisers as necessary) with respect to the risks and consequences of any transaction.

Standard Chartered Bank does not provide legal or tax advice and is not responsible for advising any investor on the laws pertaining to your transaction.

This document has been produced for the purposes of marketing and is not independent research.

This communication is issued by Standard Chartered Bank (“SCB”). SCB is incorporated in England and Wales with limited liability by Royal Charter 1853, Reference number ZC 18. The Principal Office of the Company is situated in England at 1 Aldermanbury Square London EC2V 7SB. Standard Chartered Bank is authorised and regulated by the Financial Services Authority under FSA register number 114276.

SCB and its affiliates and subsidiaries do not provide independent research or analysis in the preparation of this document. The information in this document is based on sources SCB believes to be reliable. While all reasonable care has been taken in preparing it, none of SCB or its affiliates or subsidiaries accepts any responsibility or liability for any error, opinion or with respect to the accuracy or completeness of the information in it. It is for information purposes only. Unless otherwise specifically stated, all statements are solely SCB’s as at the date of this communication and are subject to change without notice.

All rates and figures are for illustrative purposes. Past performance is not indicative of future performance. Any prediction, projection or forecast as to future movements, events or occurrences constitutes an opinion only and is not indicative of actual future movements in rates or prices or actual future events or occurrences.

This document does not constitute any offer, recommendation or solicitation to any person to enter into any transaction or adopt any investment strategy, trade securities, or enter into any regulated investment agreement or collective investment scheme. The information in this document is of general nature only and does not take into account the specific investment objectives, financial situation, particular needs or suitability of any particular person or class of persons. Not all investments are suitable for all investors. You should make your own independent evaluation (with the advice of your professional advisers as necessary) with respect to the risks and consequences of any transaction.

SCB or its affiliates or subsidiaries, or any of their employees or clients, may have a position or act as market maker in the instruments or currencies mentioned here. SCB and/or such persons may act as adviser, placement agent, underwriter or lender to the issuer of or otherwise have a material interest in relation to any of the instruments. Any of them may receive or have received remuneration for services from companies mentioned here or otherwise from such arrangements or interest. Accordingly, SCB, its affiliates and/or subsidiaries may have a conflict of interest that could affect the objectivity of this document.

SCB or its relevant affiliate or subsidiary may not have the necessary licenses to offer or provide products or services or distribute research in all countries or may otherwise be subject to the regulatory requirements of each jurisdiction.

Do not invest in investment products unless you fully understand and are willing to assume the risks associated with them.

SCB does not provide legal or tax advice and is not responsible for advising any investor on the laws pertaining to your transaction.

Standard Chartered Private Bank

Standard Chartered Private Bank is the private banking division of SCB. Private banking activities may be carried out internationally by different SCB legal entities and affiliates according to local regulatory requirements. Not all products and services are provided by all SCB branches, subsidiaries and affiliates. Some of the SCB entities and affiliates only act as representatives of Standard Chartered Private Bank, and may not be able to offer products and services, or offer advice to clients. They serve as points of contact only.

Hong Kong: This document is being distributed in Hong Kong by, and is attributable to, Standard Chartered Bank (Hong Kong) Limited which is regulated by Hong Kong Monetary Authority and Securities and Futures Commission. In Hong Kong, Standard Chartered Private Bank is the private banking division of Standard Chartered Bank (Hong Kong) Limited.

Jersey, Channel Islands: Standard Chartered Private Bank is the Registered Business Name of Standard Chartered (Jersey) Limited (“SCJ”) in Jersey. SCJ is regulated by the Jersey Financial Services Commission. It is also an authorised financial services provider under license number 9790 issued by the Financial Services Board of the Republic of South Africa. Copies of the latest audited accounts are available from the registered office and principal place of business: PO Box 80, 15 Castle Street, St Helier, Jersey, JE4 8PT.

Singapore: This document is being distributed in Singapore by SCB Singapore branch only to accredited investors, expert investors or institutional investors, as defined in the Securities and Futures Act, Chapter 289 of Singapore. Recipients in Singapore should contact SCB Singapore branch in relation to any matters arising from, or in connection with, this document. In Singapore, Standard Chartered Private Bank is the Private Banking division of SCB, Singapore branch.



Important Information(Page 2 of 2)

Switzerland: This document is distributed in Switzerland by Standard Chartered Bank (Switzerland) SA.

United Arab Emirates (DIFC): This document is distributed by SCB DIFC on behalf of the product and/or service provider. SCB DIFC is regulated by the Dubai Financial Services Authority (DFSA) and is authorised to provide financial products and services to persons who meet the qualifying criteria of a Professional Client under the DFSA rules. The protection and compensation rights that may generally be available to retail customers in the DIFC or other jurisdictions will not be afforded to Professional Clients in the DIFC.

United Kingdom: This document is distributed in UK by SCB, London branch. In UK, Standard Chartered Private Bank is the Private Banking division of SCB.

United States: Except for any document relating to foreign exchange, FX or global FX, Rates or Commodities, distribution of this document in the United States or to US persons is intended to be solely to major institutional and accredited investors as defined in Rule 15a-6(a)(2) and Regulation D Rule 501 under the US Securities Act of 1933. All US persons that receive this document by their acceptance thereof represent and agree that they are major institutional or accredited, private bank investors and understand the risks involved in executing transactions in securities. Any US recipient of this document wanting additional information or to effect any transaction in any security or financial instrument mentioned herein must do so by contacting a registered representative of Standard Chartered Securities (North America) Inc. (“SCSI”) 1 Madison Avenue, New York, NY 10010, US, tel +1 212 667 1000. Private banking products and services are offered through Standard Chartered Bank International (Americas) Limited (“SCBI”), 1111 Brickell Avenue, 16th Floor, Miami, FL 33131 tel. + 1 305 530 2169. SCSI

and SCBI are wholly owned subsidiaries of the Standard Chartered Bank.

Standard Chartered Private Bank is the private banking division of Standard Chartered Bank. Not all products and services are available to clients of SCBI.

The securities or financial instruments mentioned herein may not have not been registered under the United States Securities Act of 1933, as amended (the “Securities Act”), the securities laws of any state, or the securities laws of any other jurisdiction, nor such registration may be contemplated. SCBI will offer and sell securities or financial instruments exclusively to non-US persons in offshore transactions pursuant to Regulation S under the Securities Act. For this purpose “US Persons” means a US person as defined in Rule 902(k) of Regulation S of the Securities Act. All non-US persons that receive this document by their acceptance thereof represent and warrant that (i) they are not a U.S. Person as defined in Rule 902(k) of Regulation S under the Securities Act and (ii) all offers to sell and offers to buy any security or financial instrument mentioned herein was made to or by the non-US person while the non-US persons was outside the jurisdictional boundaries of the United States and, at the time the non-US persons’ order to buy any security or financial instrument mentioned herein was originated, the non-US person was outside the jurisdictional boundaries of United States.

WE DO NOT OFFER OR SELL SECURITIES TO US PERSONS UNLESS EITHER A) THOSE SECURITIES ARE REGISTERED FOR SALE WITH THE US SECURITIES AND EXCHANGE COMMISSION AND ALL APPROPRIATE US STATE AUTHORITIES; OR B) THE SECURITIES OR SPECIFIC TRANSACTION QUALIFY FOR AN EXEMPTION UNDER THE US FEDERAL AND STATE SECURITIES LAW NOR DO WE OFFER OR SELL SECURITIES TO US PERSONS UNLESS (i) WE, OUR AFFILIATED COMPANY AND THE APPROPRIATE PERSONNEL ARE PROPERLY LICENSED TO CONDUCT BUSINESS OR (ii) WE, OUR AFFILIATED COMPANY AND THE APPROPRIATE PERSONNEL QUALIFY FOR EXEMPTIONS UNDER US FEDERAL AND STATE LAW.

Investment products are not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any government agency. Investment products are not a deposit or other obligation of, or guaranteed by, SCB, SCBI, SCSI or any of their respective affiliates, and may be subject to investment risks, which may include market and currency exchange risk, fluctuations in value, and possible loss of the principal invested. Investment products are also subject to economic, political, and social risks occurring in the United States and abroad. The past performance of investment products is not predictive of future results.

INVESTMENT PRODUCTS: ARE NOT FDIC INSURED – HAVE NO BANK GUARANTEE – MAY LOSE VALUE

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