First State Asian Bond Fund

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					       First State Asian Bond Fund

       Monthly Fund Factsheet
       30 June 2011

       Investment policy
                                                                                                                       Risk disclosures
       To achieve long-term returns through investment in a diversified portfolio of
       fixed income and similar transferable instruments issued primarily by government                                – The Fund may invest in both investment grade and non-investment grade
       and corporate entities in Asia.                                                                                   debt securities. Investments in the non-investment grade debt securities are
                                                                                                                         subject to higher risk and volatility than investment grade debt securities.
        Fund information (Class I Distributing)                                                                          The Fund may involve risks listed in “Risk factors” of its offering document,
                                                                                                                         particularly the Counterparty Risk, Interest Rate Risk and Emerging Markets
        Inception Date                                 21 November 2003                                                  Risks.
        Nav/Per Share                                  US$8.29                                                         – The value of the Fund can be extremely volatile according to the change
        Total Fund Size                                US$28.9mn                                                         of market situation and could go down within a short period of time. It is
        Distribution Policy                            Every May, August, November and February                          possible that the entire value of your investment could be lost.
        Dealing                                        Daily                                                           – You should not invest unless the intermediary who sells it to you has advised
        Minimum Initial Investment                     US$1,500                                                          you that the Fund is suitable for you and explained how it is consistent with
                                                                                                                         your investment objectives.
        Minimum Subsequent Investment                  US$1,000
        Management Fee                                 1.0% p.a.
                                                                                                           Top 10 Issuers                                                                   Sector                               %
        Initial Charge                                 5.0%
        Weighted Yield^                                4.67%                                               Philippines (Republic of)                                                        (Government)                      11.1
        Weighted Average Credit Rating^                BBB                                                 Indonesia (Republic of)                                                          (Government)                       9.8
        Weighted Modified Duration^                    3.85                                                Wing Hang Bank, Limited                                                          (Corporate)                        3.4
                                                                                                           Hutchison Whampoa Ltd                                                            (Corporate)                        3.4
       Manager’s comment                                                                                   Shinhan Financial Group Co Ltd                                                   (Corporate)                        3.4
       – Asian dollar bond markets declined in June with the JP Morgan Asia Credit
         Composite Index (JACI) returning -0.12%.                                                          Petroliam Nasional Bhd                                                           (Corporate)                        3.2
       – By country, the Philippines was the strongest performer among the major                           Korea Electric Power Corp                                                        (Corporate)                        2.4
         economies returning 1.24%, while China was the poorest performer declining                        Woori Finance Holdings Co Ltd                                                    (Corporate)                        2.4
         by 1.74%. By sector, non-investment grade sovereigns were the strongest
         performers while non-investment grade corporates underperformed.                                  Korea (Republic of)                                                              (Government)                       2.1
       – One of the main local highlights in Asia during the month was the performance                     United Overseas Bank Limited                                                     (Corporate)                        2.1
         and volatility of bonds from the Chinese high yield industrials sector. Early in
         the month, China’s largest forestry company, Sino-Forest, was hit by fraud
                                                                                                    Cumulative performance since inception
         allegations made by researcher, Muddy Waters. Fitch, downgraded the                                                80
         company to BB- from BB+. S&P and Moody’s are taking ‘wait and see’ approach
         until the fraud allegations are proven.                                                                            70

       – Investors were risk averse throughout most of the month, fixated by the                                            60
         ongoing peripheral European sovereign debt crisis and concerns over global
                                                                                                    Percentage Growth (%)

         economic growth prospects.
       Sector breakdown

                                                                Corporate 53.6%                                             20

                                                                Sovereign 23.0%                                             10
                                                                Government Related 21.3%
                                                                Liquidity 2.1%

                                                                                                                             12/2003     12/2004      12/2005     12/2006         12/2007      12/2008     12/2009    12/2010 06/2011

                                                                                                                                  First State Asian Bond Fund I (Distributing)#                25.1                 Source: Lipper,
                                                                                                                                  JP Morgan Asia Credit                                        70.0      Nav-Nav (USD total return)#

       Cumulative performance (USD)                                                                 Calendar year performance (USD)
                                      3mth           YTD     1yr       3yr          5yr inception                                                                     2010            2009            2008       2007       2006
       Class I (Distributing)#         0.8%          1.6%   5.4%      3.4%         7.9%     25.1%        Class I (Distributing)#                                       8.8%           32.9%          -31.8%      -1.4%       8.0%
       Benchmark                       2.1%          3.0%   8.0%     33.1%        50.4%     70.0%        Benchmark                                                    10.6%           28.3%           -9.8%       5.4%       7.3%
       Source: Lipper, Nav-Nav (USD total return)#                                                  Source: Lipper, Nav-Nav (USD total return)#

       – The Fund is a sub fund of Ireland domiciled First State Global Umbrella Fund Plc.
       – # Class I (Distributing) is the dividend distribution class of the fund, the performance quoted are based on USD total return (with dividend reinvested).
       – JP Morgan Asia Credit
       – ^ The weighted yield is the weighted average current gross yield of underlying bonds in the portfolio. Such yield is not the return or dividend received by investors and
         does not take into account any change in value of the underlying bond investments. The weighted average credit rating is derived by taking the weighted average of
         the credit rating for each underlying bond in the portfolio. Modified Duration is the percentage price change of a security for a given change in yield. The higher the
         modified duration of a security, the higher its risk. The weighted modified duration represents the average modified duration of the portfolio of the underlying bonds
         weighted by reference to their market value.
       – Investment involves risks, past performance is not indicative of future performance. The price of units and the income from them may go down as well as up. This
         document is produced by First State Investments (Hong Kong) Limited, it is exempted from authorisation and has not been reviewed by the SFC in Hong Kong.

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