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									    First State China Growth Fund                                                                                                                                                              31 March 2011
Client Update
Irish VCC

Investment objective                                                                                                        Fund information
The investment objective of the First State China Growth Fund is to achieve long term                                       Launch date                                                                                17/08/1999
capital appreciation. The Fund invests primarily in securities issued by companies                                          Fund size (US$m)                                                                                     4,701
with either assets in, or revenus derived from the People's Republic of China that are
listed, traded or dealt in on Regulated Markets in China, Hong Kong, Taiwan, the US                                         Benchmark*                                                                        MSCI China Index
or in a member state of the OECD.
                                                                                                                            *The benchmark changed from MSCI Golden Dragon Index to the above on 01/06/2002


                                                                                                                            Number of holdings                                                                                       70
                                                                                                                            Fund managers                                                        Martin Lau / Xian Quanqiang
                                                                                                                            ISAable fund                                                                                             No

Cumulative performance (% in USD) to 31 Mar 2011                                                                            Minimum investment                              US$1,500 lump sum / US$1,000 subsequent

                                   3           6                1         3           5            10 Since                 Charges                                                                  Initial 5.0%; Annual 2.0%
Period                          mths        mths               yr        yrs         yrs           yrs Launch               Share type                                                                Accumulation & Income

Fund return                       -0.7        -2.3            9.7     29.2 150.1              791.6      918.2
Benchmark return                   2.9         3.6            9.6     13.0      115.9         366.5       295.7
Sector return                          -           -            -           -           -            -           -
Quartile rank                          -           -            -           -           -            -           -


Annual performance (% in USD) to 31 Mar 2011                                                                                Ten largest holdings
                        12 mths to 12 mths to 12 mths to 12 mths to 12 mths to                                              Stock name                                          %      Stock name                                     %
Period                   31/03/11   31/03/10   31/03/09   31/03/08   31/03/07                                               CNOOC                                              5.8 China Merchants Bank                              4.0
Fund return                    9.7                 85.0              -36.3               29.0              50.1             China Oilfield Services                            4.8 China Telecom                                     4.0
Benchmark return               9.6                     58.0           -34.7                 29.8           47.1             Xinao Gas Holdings                                 4.5 China Construction Bank (h)                       3.9
Sector return                          -                  -                 -                  -                 -          Yantai Changyu                                     4.2 China Taiping Insurance                           3.6
Quartile rank                          -                  -                 -                  -                 -          China Resources Power                              4.0 China Comm Services                               3.3


       '
Manager's comments                                                                                                                 breakdown
                                                                                                                            Sector b kd
•    Global markets were subdued and Japan performed particularly poorly after
                                                                                                                                                                                        Financials: 17.3% (*37.4%)
     being struck by a powerful earthquake and tsunami.                                                                                                                                 Consumer Discretionary: 15.5% (*5.1%)
                                                                                                                                                                                        Consumer Staples: 13.0% (*4.7%)
•    Political tensions in the Middle East and North Africa also had a negative
                                                                                                                                                                                        Energy: 10.8% (*18.9%)
     impact.                                                                                                                                                                            Utilities: 10.2% (*1.9%)
                                                                                                                                                                                        Telecom Services: 8.8% (*10.7%)
•    The Chinese market rallied with stocks in the Banking, Energy and Consumer                                                                                                         Industrials: 6.9% (*8.1%)
     sectors leading the way.                                                                                                                                                           Information Technology: 6.4% (*6.0%)
                                                                                                                                                                                        Materials: 4.9% (*6.4%)
•    The Chinese economy continued to expand, although the pace of growth                                                                                                               Health Care: 3.2% (*0.7%)
                                                                                                                                                                                        Multiple sectors: 1.7% (*0.0%)
     appears to have slowed.
                                                                                                                                                                                        Cash: 1.4% (*0.0%)
•    There were no significant purchases over the month.
•    We sold our position in China International Marine to take profits after its
                                                                                                                            Share class breakdown
     valuation had become unattractive.
                                                                                                                                                                                         Red Chips: 42.5%
•    We continue to favour companies that derive their revenues from domestic                                                                                                            China H Shares: 26.1%
     demand.                                                                                                                                                                             Hong Kong: 13.2%
                                                                                                                                                                                         China B Shares: 6.7%
•    Over the longer term we expect China’s economy to continue to grow as a                                                                                                             US Listed: 5.6%
                                                                                                                                                                                         Taiwan: 2.1%
     result of urbanisation.                                                                                                                                                             China A Shares: 1.7%
•    As the operating environment becomes more difficult, we believe that weaker                                                                                                         Shanghai - B: 0.4%
                                                                                                                                                                                         Singapore: 0.3%
     companies will lose market share to their stronger counterparts.                                                                                                                    Cash: 1.4%
                                                                                                                                                                                                                 *Index Allocation



How to contact us

     Client Services team: 0800 587 4141                                                      Dealing line: 0800 587 3388                                                         E-mail: enquiries@firststate.co.uk

Important Information / Risk Factors:
Past performance is not a guide to future performance, and investment markets and conditions can change rapidly. If your fund invests in equity markets, it will be more volatile
than an investment in cash or fixed deposits. The value of your investment may go down as well as up. There is no guarantee you will get back the amount invested. If your fund
invests in overseas markets, currency movements may affect both the income received and the capital value of your investment. If it invests in the shares of small companies, in
emerging markets, or in a single country or sector, it may be less liquid and more volatile than a broadly diversified fund investing in developed equity markets. This fund should
be considered a long-term investment. You should read the fund’s Prospectus before investing, including in particular the sections on the risk factors applicable to any
investment. The views expressed herein should not be relied upon when making investment decisions.

Statistical sources: All performance data as at 31 March 2011 : Source for fund - First State (using Barra Enterprise Performance), net of fees with income reinvested gross of tax; source for benchmark - RIMES, income
reinvested gross of tax. All other portfolio details and non performance information (top 10 holdings, fund size, sector and country breakdown): First State's own records. Any research or analysis used in the
preparation of this document has been procured by First State for its own use and should not be relied upon by others. Since launch performance figures have been calculated from 17 August 1999.

Further details: First State China Growth Fund is a sub-fund of First State Global Umbrella Fund plc, an open-ended investment company with variable capital and with segregated
liabilities between sub-funds, incorporated with limited liability under the laws of Ireland with registered number 288284 authorised in the Republic of Ireland. Copies of the
                               ,     p                           y                                  g                    4                        p                   p
Prospectus and Simplified Prospectus for the First State Global Umbrella Fund plc are available free of charge by writing to: Client Services, First State Investments (UK) Limited,
23 St Andrew Square, Edinburgh, EH2 1BB, by telephoning 0800 587 4141 between 8am and 5pm Monday to Friday or by printing the documents out from the website
www.firststate.co.uk. Issued by First State Investments (UK) Limited, authorised and regulated by the Financial Services Authority. A member of IMA. Registered number:
2294743. Registered address: 3rd Floor, 30 Cannon Street, London EC4M 6YQ.

								
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