Important information
This material is for general information purposes only. It does not constitute investment or financial
advice and does not take into account any specific investment objectives, financial situation or needs. This is not an offer to provide
asset management services, is not a recommendation or an offer or solicitation to buy, hold or sell any security or to execute any
agreement for portfolio management or investment advisory services and this material has not been prepared in connection with any such
offer. Before making any investment decision you should consider, with the assistance of a financial advisor, your individual investment
needs, objectives and financial situation.
We have taken reasonable care to ensure that this material is accurate, current, and complete and fit
for its intended purpose and audience as at the date of publication. No assurance is given or liability accepted regarding the accuracy,
validity or completeness of this material and we do not undertake to update it in future if circumstances change.
To the extent this material contains any expression of opinion or forward-looking statements, such
opinions and statements are based on assumptions, matters and sources believed to be true and reliable at the time of publication only.
This material reflects the views of the individual writers only. Those views may change, may not prove to be valid and may not reflect
the views of everyone at First Sentier Investors.
About First Sentier Investors
References to ‘we’, ‘us’ or ‘our’ are references to First Sentier Investors, a global asset management
business which is ultimately owned by Mitsubishi UFJ Financial Group. Certain of our investment teams operate under the trading names
FSSA Investment Managers, Stewart Investors, Realindex Investments and Igneo Infrastructure Partners, all of which are part of the First
Sentier Investors group.
We communicate and conduct business through different legal entities in different locations. This
material is communicated in:
Australia and New Zealand by First Sentier Investors (Australia) IM Ltd, authorised and regulated in
Australia by the Australian Securities and Investments Commission (AFSL 289017; ABN 89 114 194311).
European Economic Area by First Sentier Investors (Ireland) Limited, authorised and regulated in
Ireland by the Central Bank of Ireland (CBI reg no. C182306; reg office 70 Sir John Rogerson’s Quay, Dublin 2, Ireland; reg company no.
629188).
Hong Kong by First Sentier Investors (Hong Kong) Limited and has not been reviewed by the Securities &
Futures Commission in Hong Kong. First Sentier Investors, FSSA Investment Managers, Stewart Investors, Realindex Investments and Igneo
Infrastructure Partners are the business names of First Sentier Investors (Hong Kong) Limited.
Singapore by First Sentier Investors (Singapore) (reg company no. 196900420D) and this advertisement or
material has not been reviewed by the Monetary Authority of Singapore. First Sentier Investors (registration number 53236800B), FSSA
Investment Managers (registration number 53314080C), Stewart Investors (registration number 53310114W), Realindex Investments
(registration number 53472532E) and Igneo Infrastructure Partners (registration number 53447928J) are the business divisions of First
Sentier Investors (Singapore).
Japan by First Sentier Investors (Japan) Limited, authorised and regulated by the Financial Service
Agency (Director of Kanto Local Finance Bureau (Registered Financial Institutions) No.2611)
United Kingdom by First Sentier Investors (UK) Funds Limited, authorised and regulated by the Financial
Conduct Authority (reg. no. 2294743; reg office Finsbury Circus House, 15 Finsbury Circus, London EC2M 7EB).
United States by First Sentier Investors (US) LLC, authorised and regulated by the Securities Exchange
Commission (RIA 801-93167)
other jurisdictions, where this document may lawfully be issued, by First Sentier Investors
International IM Limited, authorised and regulated in the UK by the Financial Conduct Authority (FCA ref no. 122512; Registered office:
23 St. Andrew Square, Edinburgh, EH2 1BB; Company no. SC079063)
To the extent permitted by law, MUFG and its subsidiaries are not liable for any loss or damage as a
result of reliance on any statement or information contained in this document. Neither MUFG nor any of its subsidiaries guarantee the
performance of any investment products referred to in this document or the repayment of capital. Any investments referred to are not
deposits or other liabilities of MUFG or its subsidiaries, and are subject to investment risk, including loss of income and capital
invested© First Sentier Investors Group.