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DeGlobalisation - Amid geopolitical swings and weaker economic growth, the post-COVID world is expected to move towards deglobalisation, with looser trading ties and countries becoming more self-reliant.

Resumption of growth - Asia is expected to outpace developed territories with positive GDP growth for 2020, and further improvements in 2021.

Low Interest rate - We believe that the US Federal Reserve will keep interest rates lower for longer and the US dollar will remain under pressure. Given the inverse relationship between the US dollar and Asian equities, capital seeking a higher potential yield or total return may flow into Asian equities.l

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1 World Trade Organisation (WTO), United Nations conference on trade and development (UNCTAD), September 2020. World merchandise trade volume index was rebased to 100 in 2005.

2 Organisation for Economic Co-operation and Development (OECD), 14 September 2020. Bloomberg, 14 October 2020. The information in this material may contain projections or other forward-looking statements regarding future events, targets, management discipline or other expectations, and is only as current as of the date indicated. There is no assurance that such events will occur, and may be signifcantly different than that shown here. The information in this material including statements concerning fnancial market trends, are based on current market conditions, which will fuctuate and may be superseded by subsequent market events or for other reasons. For illustration purposes only.

3 Bloomberg, as of 30 September 2020. Correlation is calculated based on monthly performance from 30 September 2015 to 30 September 2020. Asian equities are represented by MSCI AC Asia ex Japan gross total return USD index. Past performance is not indicative of future performance. Investors cannot invest directly in an index.

4 eMarketer, May 2020.

5 Gartner, July 2020.

6 Citi research, 4 October 2020.

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