This advertisement has not been reviewed by the Monetary Authority of Singapore.

1. The content in this report is either written by OCBC Wealth Management or a third party commissioned by Oversea-Chinese Banking Corporation Limited (“OCBC Bank”, “us”, “we” or “our”). Some of the contents in this report are summaries of the investment ideas and recommendations set out in research reports disseminated by OCBC Bank and its respective associated and connected corporations ("OCBC Group"). For any interest that OCBC Group might have in the securities and/or issuers of the securities, you may request for a copy of the relevant report from your relationship manager.
2. Any opinions or views of third parties expressed in this document are those of the third parties identified, and do not represent views of Oversea-Chinese Banking Corporation Limited (“OCBC Bank”, “us”, “we” or “our”).
3. This information is intended for general circulation and / or discussion purposes only. It does not consider the specific investment objectives, financial situation or needs of any particular person.
4. Before you make an investment, please seek advice from your Relationship Manager regarding the suitability of any investment product taking into account your specific investment objectives, financial situation or particular needs.
5. If you choose not to do so, you should consider if the investment product is suitable for you, and conduct your own assessments and due diligence on the investment product.
6. We are not making an offer, solicit to buy or sell or subscribe for any security or financial instrument, enter into any transaction or participate in any trading or investment strategy with you through this document. Nothing in this document shall be deemed as an offer or solicitation to buy or sell or subscribe for any security or financial instrument or to enter into any transaction or to participate in any particular trading or investment strategy.
7. No representation or warranty whatsoever in respect of any information provided herein is given by OCBC Bank and it should not be relied upon as such. OCBC Bank does not undertake an obligation to update the information or to correct any inaccuracy that may become apparent at a later time. All information presented is subject to change without notice.
8. OCBC Bank shall not be responsible or liable for any loss or damage whatsoever arising directly or indirectly howsoever in connection with or as a result of any person acting on any information provided herein.
9. Investments are subject to investment risks, including the possible loss of the principal amount invested. The information provided herein may contain projections or other forward-looking statements regarding future events or future performance of countries, assets, markets or companies. Actual events or results may differ materially. Past performance figures, predictions or projections are not necessarily indicative of future or likely performance.
10. Any reference to a company, financial product or asset class is used for illustrative purposes and does not represent our recommendation in any way.
11. The information in and contents of this document may not be reproduced or disseminated in whole or in part without the Bank’s written consent.
12. OCBC Bank, its related companies, and their respective directors and/or employees (collectively “Related Persons”) may, or might have in the future, interests in the investment products or the issuers mentioned herein. Such interests include effecting transactions in such investment products, and providing broking, investment banking and other financial services to such issuers. OCBC Bank and its Related Persons may also be related to, and receive fees from, providers of such investment products.
13. You must read the Offer Document/Indicative Term Sheet/Product Highlight Sheet before deciding whether or not to purchase the investment product, copies of which may be obtained from your relationship manager.
14. Any hyperlink to any third party article, or other website or webpage (including any websites or webpages owned, operated and maintained by third parties) is for informational purposes only and for your convenience only and is not an endorsement or verification of any such article, website or webpage by OCBC Bank and should only be accessed at your own risk. OCBC Bank does not review the contents of any such articles, website or webpage, and shall not be liable to any person for the same.

Foreign Currency

1. Foreign currency investments or deposits are subject to inherent exchange rate fluctuation that may provide opportunities and risks. Consequently, exchange rate fluctuations may affect the value of your foreign currency investments or deposits.
2. Earning on foreign currency investments or deposits may change depending on the exchange rates prevalent at the time of their maturity if you choose to convert.
3. Exchange controls may apply to certain foreign currencies from time to time.
4. Any pre-termination costs will be taken and deducted from your deposit directly and without notice.

Global Equities Disclaimer

1. Dividend growth is not guaranteed, nor are companies in which you invest obliged to pay dividends;
2. Companies may go bankrupt rendering the original investment valueless;
3. Equity markets may decline in value;
4. Corporate earnings and financial markets may be volatile;
5. If there is no recognised market for equities, then these may be difficult to sell and accurate information about their value may be hard to obtain;
6. Smaller company investments may be difficult to sell if there is little liquidity in the market for such equities and there may be substantial differences between the buying price and the selling price;
7. Equities on overseas markets may involve different risks to equities issued in Singapore;
8. With regards to investments in overseas companies, foreign exchange rates may move in an unfavourable direction affecting adversely the valuation of investments in base currency terms.

Collective Investment Schemes

1. A copy of the prospectus of each fund is available and may be obtained from the fund manager or any of its approved distributors. Potential investors should read the prospectus for details on the relevant fund before deciding whether to subscribe for, or purchase units in the fund.
2. The value of the units in the funds and the income accruing to the units, if any, may fall or rise. Please refer to the prospectus of the relevant fund for the name of the fund manager and the investment objectives of the fund.
3. Investment involves risks. Past performance figures do not reflect future performance.
4. Any reference to a company, financial product or asset class is used for illustrative purposes and does not represent our recommendation in any way.
5. For funds that are listed on an approved exchange, investors cannot redeem their units of those funds with the manager, or may only redeem units with the manager under certain specified conditions. The listing of the units of those funds on any approved exchange does not guarantee a liquid market for the units.
6. Any indicative distribution rate may not be achieved and is not an indication, forecast, or projection of the future performance of the fund.

Online Equities Account

1. You will need to have an account with OCBC Securities Private Limited (“OSPL”) in order to make investments, trades and/or transactions with OSPL via OCBC Digital. The Online Equities Account, and all investments, trades and/or transactions (collectively, “Transactions”) made thereunder via OCBC Digital are operated, and made available to you directly, by OSPL (notwithstanding that they may incorporate the OCBC Digital mark, logo trademarks and/or other OCBC trademarks). The access and use of the Online Equities Account and all Transactions made thereunder via OCBC Digital are made directly with OSPL, and are subject to its terms and conditions. Under no circumstances will OCBC be responsible or liable for the provision, access or use of the Online Equities Account, and/or any of the Transactions made thereunder via OCBC Digital.
2. The information provided in this document is for general information only. It does not take into account your investment aims, financial situation or particular needs. Any opinions or views of third parties expressed in this document are those of the third parties identified, and do not represent our views. Trading in securities can be very risky, and you may lose all of or more than the amount you originally invested or deposited. You should consider carefully and take caution when making any trading decision, and work out whether each trade is suitable for you. If necessary you should speak to your own financial adviser, who will assess whether the product is suitable for you based on your investment aims, financial situation or needs. If you choose to act based on the information provided in this document, it is entirely at your own risk and responsibility. The information is not investment advice or recommendations by us.
3. This is not a formal offer for any product, or an offer to enter into a transaction for any securities or to take part in any particular trading or investment strategy.
4. The Bank, its related companies, their respective directors and/or employees (collectively “Related Persons”) may or might have in the future interests in the investment products or the issuers mentioned herein. Such interests include effecting transactions in such investment products, and providing broking, investment banking and other financial services to such issuers. The Bank and its Related Persons may also be related to, and receive fees from, providers of such investment products.
5. The information provided in this document may contain projections or other predictions about future events or the future performance of countries, assets, markets or companies. Actual events or results may be different. Past performance figures are not necessarily an indication of future or likely performance. Market conditions may limit the ability of the platform to trade. Investments in non-Singapore markets are subject to exchange rate fluctuations. Any reference to any specific country, financial product or asset class is used for illustration or information purposes only and you should not rely on it for any purpose.
6. We have done all we can to make sure that the information provided in this document is accurate at the time of publishing, but we do not guarantee that it is accurate. If any of the information becomes out of date or is inaccurate, we do not have to update it.
7. We will not be responsible for any loss or damage arising directly or indirectly in connection with, or as a result of, any person acting on any information provided in this document.
8. If you are thinking of investing, please read the Terms and Conditions Governing OCBC Online Equities Account for details about the plan before deciding whether to enter into any transaction with any issuer. You can get a copy of the Terms and Conditions Governing OCBC Equities Account at www.ocbc.com/iwov-resources/sg/ocbc/personal/pdf/investments/tncs-online-equities-account.pdf.
9. Please do not reproduce or share any of the information provided in this document without our written permission.
10. Any hyperlink to any third party article, or other website or webpage (including any websites or webpages owned, operated and maintained by third parties) is for informational purposes only and for your convenience only and is not an endorsement or verification of any such article, website or webpage by OCBC and should only be accessed at your own risk. OCBC does not review the contents of any such articles, website or webpage, and shall not be liable to any person for the same.
11. No representation or warranty whatsoever in respect of any information provided herein is given by OCBC Bank and it should not be relied upon as such. OCBC Bank does not undertake an obligation to update the information or to correct any inaccuracy that may become apparent at a later time. All information presented is subject to change without notice.
12. Investments are subject to investment risks, including the possible loss of the principal amount invested.
13. The information in and contents of this document may not be reproduced or disseminated in whole or in part without the Bank’s written consent.

Exchange Traded Funds

1. OCBC Online Equities Account primarily invest in Exchange Traded Funds (ETFs), although on occasion it may invest in other Exchange Traded Products (ETPs) such as Exchange Traded Commodities (ETCs). For the purposes of these terms, these are collectively referred to under the term ETFs.
2. The prices of the underlying investments of the ETFs will vary according to the markets on which these are listed or traded;
3. Dividend growth is not guaranteed, nor are companies in which you invest obliged to pay dividends;
4. Underlying assets may decline in value;
5. ETFs on overseas markets may involve different risks to ETFs issued in Singapore;
6. As with all funds, ETFs may be suspended from trading due to the closure of the underlying market or due to the winding down of the fund.
7. For funds that are listed on an approved exchange, investors cannot redeem their units of those funds with the manager, or may only redeem units with the manager under certain specified conditions. The listing of the units of those funds on any approved exchange does not guarantee a liquid market for the units.

Cross-Border Market Disclaimers

1. General: The document provided by Oversea-Chinese Banking Corporation Limited, Singapore (“OCBC Singapore”) is for general information only and is not intended for anyone other than the recipient. It does not take into account the specific investment objectives, financial situation or particular needs of any particular person, and does not constitute an offer or solicitation by OCBC Singapore to buy or sell or subscribe for any security or financial instrument or to enter into a transaction or to participate in any particular trading or investment strategy nor an advice or a recommendation with respect to such financial products. This document may not be published, circulated, reproduced or distributed in whole or in part to any other person without OCBC Singapore’s prior written consent. This document is not intended for distribution to, publication or use by any person in any jurisdiction, where such distribution, publication or use would be contrary to applicable law or would subject OCBC Singapore and its related corporations, connected persons, associated persons and/or affiliates to any registration, licensing or other requirements within such jurisdiction.
2. Brunei: This document has not been delivered to, licensed or permitted by the Autoriti Monetari Brunei Darussalam, the authority as designated under the Brunei Darussalam Securities Markets Order, 2013 and the Banking Order, 2006; nor has it been registered with the Registrar of Companies, Registrar of International Business Companies or the Brunei Darussalam Ministry of Finance. The products are not registered, licensed or permitted by the Autoriti Monetari Brunei Darussalam or by any other government agency or under any law in Brunei Darussalam. Any offers, acceptances, sales and allotments of the products shall be made outside Brunei Darussalam.
3. Dubai International Financial Centre (DIFC): OCBC Singapore is not a financial institution licensed in the Dubai International Financial Centre ("DIFC") or the United Arab Emirates outside of the DIFC and does not undertake banking or financial activities in the DIFC or the United Arab Emirates nor is it licensed to do so. This material is provided for information purposes only and it is general information not specific in any way to any particular investor, investor type, strategy, investment need or other financial circumstance. As such this information is not financial advice or a financial promotion, nor is it intended to influence an investor's decision to invest. It is not to be construed as an offer to buy or sell or solicitation of an offer to buy or sell any financial instruments or to participate in any particular trading strategy in any jurisdiction.
4. Hong Kong: The document provided by OCBC Singapore is for general information only and is not intended for anyone other than the recipient. It does not take into account the specific investment objectives, financial situation or particular needs of any particular person, and does not constitute an offer or solicitation by OCBC Singapore to buy or sell or subscribe for any security or financial instrument or to enter into a transaction or to participate in any particular trading or investment strategy nor an advice or a recommendation with respect to such financial products. This document may not be published, circulated, reproduced or distributed in whole or in part to any other person without OCBC Singapore’s prior written consent. This document is not intended for distribution to, publication or use by any person in any jurisdiction, where such distribution, publication or use would be contrary to applicable law or would subject OCBC Singapore and its related corporations, connected persons, associated persons and/or affiliates to any registration, licensing or other requirements within such jurisdiction.
5. Indonesia: The offering of the investment product in reliance of this document is not registered under the Indonesian Capital Market Law and its implementing regulations, and is not intended to constitute a public offering of securities under the Indonesian Capital Market Law and its implementing regulations. According, this investment product may not be offered or sold, directly or indirectly, within Indonesia or to citizens (wherever they are domiciled or located), entities or residents, in any manner which constitutes a public offering of securities under the Indonesian Capital Market Law and its implementing regulations. In compliance with the Indonesian Capital Market Law and Regulation of the Indonesian Financial Service Authority No. 30/POJK.04/2019, the investment product in this document may not be distributed in Indonesian or to any Indonesian citizens (wherever they are domiciled or located), entities or residents. The investment product in this document has not been and will not be registered or filed with to the Indonesian Financial Service Authority.
6. Japan: The information contained in this document is for general reference purposes only. It does not have regard to your specific investment objectives, financial situation, risk tolerance and particular needs. Nothing in this document constitutes an offer to buy or sell or an invitation to offer to buy or sell or a recommendation or a solicitation to buy or sell any securities or investment. You acknowledge that nothing in this document constitutes investment or financial advice or any advice of any nature.
7. Malaysia: OCBC Singapore does not hold any licence, registration or approval to carry on any regulated business in Malaysia (including but not limited to any businesses regulated under the Capital Markets & Services Act 2007 of Malaysia), nor does it hold itself out as carrying on or purport to carry on any such business in Malaysia. Any services provided by OCBC Singapore to residents of Malaysia are provided solely on an offshore basis from outside Malaysia, either as a result of “reverse enquiry” on the part of the Malaysian residents or where OCBC Singapore has been retained outside Malaysia to provide such services. As an integral part of the provision of such services from outside Malaysia, OCBC Singapore may from time to time make available to such residents documents and information making reference to capital markets products (for example, in connection with the provision of fund management or investment advisory services outside of Malaysia). Nothing in such documents or information is intended to be construed as or constitute the making available of, or an offer or invitation to subscribe for or purchase any such capital markets product.
8. Myanmar: The provision of any products and services by OCBC Singapore shall be solely on an offshore basis. You shall ensure that you have and will continue to be fully compliant with all applicable laws in Myanmar when entering into discussion or contracts with OCBC Singapore.
9. Oman: This document does not constitute a public offer of investment, securities or financial services in the Sultanate of Oman, as contemplated by the Commercial Companies Law of Oman (Royal Decree No. 18/2019), Banking Law of Oman (Royal Decree No. 114/2000) or the Capital Market Law of Oman (Royal Decree No. 80/1998) and the Executive Regulations of the Capital Market Law (Ministerial Decision No. 1/2009) or an offer to sell or the solicitation of any offer to buy non-Omani investment products, securities or financial services and products in the Sultanate of Oman. It is being provided to a limited number of sophisticated investors solely to enable them to decide whether or not to make an offer to invest in financial products mentioned in this document, outside of the Sultanate of Oman, upon the terms and subject to the restrictions set out herein and may not be reproduced or used for any other purpose or provided to any person other than the original recipient. Additionally, this document is not intended to lead to the making of any contract within the territory or under the laws of the Sultanate of Oman. The Capital Market Authority of Oman and the Central Bank of Oman take no responsibility for the accuracy of the statements and information contained in this document or for the performance of the financial products mentioned in this document nor shall they have any liability to any person for damage or loss resulting from reliance on any statement or information contained herein.
10. Saudi Arabia: The Bank has not received authorization or licensing from the Saudi Arabian Monetary Agency or any other governmental authority in the Kingdom of Saudi Arabia to carry on banking business within the Kingdom of Saudi Arabia and the Bank does not hold itself out as carrying on, and does not carry on banking business.
11. South Korea: The document provided by OCBC Singapore is for general information only and is not intended for anyone other than the recipient. It does not take into account the specific investment objectives, financial situation or particular needs of any particular person, and does not constitute an offer or solicitation by OCBC Singapore to buy or sell or subscribe for any security or financial instrument or to enter into a transaction or to participate in any particular trading or investment strategy nor an advice or a recommendation with respect to such financial products. This document may not be published, circulated, reproduced or distributed in whole or in part to any other person without OCBC Singapore’s prior written consent. This document is not intended for distribution to, publication or use by any person in any jurisdiction, where such distribution, publication or use would be contrary to applicable law or would subject OCBC Singapore and its related corporations, connected persons, associated persons and/or affiliates to any registration, licensing or other requirements within such jurisdiction.
12. Thailand: This document has not been, and will not be, registered or filed with the Office of the Securities and Exchange Commission of Thailand. Accordingly, this document and any other information in connection with the offer or sale, or invitation for subscription or purchase, of the products, may not be circulated or distributed, nor may the products be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to the public or any members of the public in Thailand, except to the extent permitted otherwise by applicable laws and regulations. Neither OCBC Singapore nor any of its affiliates outside Thailand have any intention to solicit your investment or subscription in the products.
13. The Philippines: The information contained in this document is not intended to constitute a public offering of securities under the Securities Regulation Code of the Philippines.
14. UAE (Outside FFZ): The information contained herein is exclusively addressed to the recipient. The offering of certain products in this document has not been and will not be registered with the Central Bank of the United Arab Emirates or the Securities & Commodities Authority in the United Arab Emirates. Any products in this document that are being offered or sold do not constitute a public offering or distribution of securities under the applicable laws and regulations of the United Arab Emirates. This document is not intended for circulation or distribution in or into the UAE, other than a) to persons in the UAE to whom such circulation or distribution is permitted by, or is exempt from the requirements of the applicable laws and regulations of the United Arab Emirates, or b) by persons who are duly licensed or authorized by the relevant UAE regulatory authority to distribute this document in the UAE and only as permitted under their license or authorization. This document is provided for information purposes only and contains general information which is not specific in any way to any particular investor and, the information contained herein does not constitute financial advice, nor is it intended to influence an investor’s decision to invest and is it not a recommendation for a recipient to buy or sell or hold any particular investment or participate in any particular trading strategy. The distribution of the information contained herein by the recipient is prohibited.
15. United Kingdom: In the United Kingdom, this document is being made available only to the person or the entity to whom it is directed being persons to whom it may lawfully be directed under applicable laws and regulations of the United Kingdom (such persons are hereinafter referred to as ‘relevant persons’). Accordingly, this document is communicated only to relevant persons. Persons who are not relevant persons must not act on or rely on this document or any of its contents. Any investment or investment activity to which this document relates is available only to relevant persons and will be engaged in only with relevant persons. Relevant persons in receipt of this document must not distribute, publish, reproduce, or disclose this document (in whole or in part) to any person who is not a relevant person.