IMPORTANT RISK WARNINGS/FUND INFORMATION FOR INVESTORS (Capitalised terms used herein but not otherwise defined will have the same meanings as defined in the Explanatory Memorandum of the Hang Seng Investment Series (the “Series”) and the Term Sheet of the Fund) • Hang Seng Ping An Asian Income Fund (“the Fund”) invests primarily in a balanced portfolio consisting of equity and debt securities issued in the debt and securities markets in the Asia Pacific region (excluding Japan). • Hang Seng Investment Management, as the Manager, has delegated its investment management duties in relation to debt securities to the Sub-investment Manager, and will rely on the Sub-investment Manager’s expertise and systems for the Fund’s investments in debt securities only. Any disruption in the communication with or assistance from the Sub-investment Manager or a loss of service of the Sub-investment Manager or any of its key personnel may adversely affect the operations of the Fund. • The asset allocation of the Fund is determined by the Manager and depends on the views of the Manager and the Sub-investment Manager on fundamental economic and market conditions and investment trends across the globe, the dynamic asset allocation may not achieve the desired results under all circumstances and market conditions. The investments of the Fund may be periodically rebalanced and therefore the Fund may incur greater transaction costs than a fund with static allocation strategy. • The Fund is also subject to investment risks, equity market risks, risks associated with investing in fixed income instruments, general risks of investments associated with an emerging market, concentration risk and currency and exchange rate control risk. • The Fund invests in the China market and is subject to the relevant risks, including general risks of investments associated with investments in the PRC and RMB currency and conversion risks. • The Manager may at its discretion (i) pay distribution out of the capital or (ii) pay distribution out of gross income while charging/ paying all or part of the Fund’s fees and expenses to/ out of the capital of the Fund (resulting in an increase in distributable income for the payment of distribution by the Fund), and thereby effectively pay distributions out of the capital of the Fund. Payment of distributions out of capital amounts to a return or withdrawal of part of an investor’s original investment or from any capital gains attributable to that original investments. Any such distributions may result in an immediate reduction of the Net Asset Value per Unit. • Investments involve risks and investors may lose substantial part of their investment in the Fund. Investors should not only base on this material alone to make investment decisions, but should read the Fund’s Term Sheet, Product Key Facts Statements and the Explanatory Memorandum of the Series (including the full text of the risk factors stated therein) (collectively “Offering Documents”) in detail. If investors have any doubts about the contents of this leaflet or about the Offering Documents, they should consult their investment adviser and obtain independent professional advice.

Hang Seng Ping An Asian Income Fund Embrace Multi-income Opportunities in Asia through Tactical Investment in Equities and Bonds

EQUITY

BOND Why Invest in an Asia Balanced Portfolio?

Prospects for Fast Recovery from COVID-19 with Attractive Valuations in Asia

GDP Growth1 2019 2020 2021 P/E1 Current 2021 Year End Estimate Estimate

China 6.0% 2.3% 8.0% Asia 28.0x 17.6x South Korea 2.0% -1.0% 2.8% US 30.9x 22.2x Taiwan 3.0% 3.1% 3.7% Global 31.5x 19.9x US 2.2% -3.5% 3.2% Europe 49.0x 17.4x Eurozone 1.3% -6.6% 3.9%

Higher Yields and More Income Options in Asian Equity and Bond Markets

No. of Stocks with Dividend Yield >3% in MSCI AC World Index2 233

131 108 59

Asia Pacific Europe US Japan (ex Japan)

Yields in Major Bond Markets2

Asian Dollar Investment Grade 2.1%

US Investment Grade 1.4%

European Investment Grade 0.1%

Asian Dollar High Yield 6.7% 7.2% US High Yield 4.3%

European High Yield 3.3%

Balanced Portfolio Offers More Stable Return with Lower Risk than Equity Portfolio

Past 10 Years Performance of Asia Pacific Balanced and Equity Portfolios3

220

Net Return Asia Pac Asia Pac 180 Performance Balanced Equity 10 years annualised return 6.6% 7.0% 140 10 years annualised volatility 10.1% 16.8% Max drawdown in 100 2015 -14.2% -25.5% Max drawdown in 2020 -20.1% -32.2% 60 2/2011 2/2013 2/2015 2/2017 2/2019 2/2021

Asia Pac Balanced Asia Pac Equity

1. Source: OECD, IMF(for Taiwan GDP growth forecast figure), Bloomberg, Hang Seng Investment Management, as of 28 February 2021. 2. Source: Bloomberg, Hang Seng Investment Management, as of 28 February 2021. 3. The above information, extracted from market data, is provided for reference only. Source: Bloomberg, Hang Seng Investment Management, as of 28 February 2021. Asia Pac Balanced: 50% MSCI AC Asia Pacific ex Japan Net Total Return Index and 50% JPMorgan Asia Credit Composite Total Return Index, Asia Pac Equity: MSCI AC Asia Pacific ex Japan Net Total Return Index. For any questions, please check with Hang Seng Investment Management. Why Invest in the Fund?

All-weather Total Return Strategy • Actively seeking total return and balancing between growth and income • Looking for attractive equity and bond opportunities from 10+ Asia Pacific (excluding Japan) markets Active and Dynamic Asset Allocation • Based on the views of Hang Seng Investment Management (Manager) and Ping An of China Asset Management (Hong Kong) (Sub-investment Manager), the Manager would optimise the allocation between equities and bonds for the best interest of shareholders • Dynamic allocation between equities and bonds Attractive and Stable Income • HKD and USD income classes available (intends to pay monthly distributions) with around 4% annualised dividend yield (dividend yield is not guaranteed and may be paid out of capital)4 • Stabilising income distribution with the goal of striving for total return

Investment Breakdown of the Fund 5 Bond Equity Sub-investment Manager: Ping An of Manager: Hang Seng Investment Management China Asset Management (Hong Kong)

Equity Bond Total China 24.8% 18.4% 43.2% Australia 8.1% 1.3% 9.4% Taiwan 8.2% 0.0% 8.2% Hong Kong 4.5% 3.3% 7.8% Geographical South Korea 6.9% 0.0% 6.9% Breakdown India 1.7% 3.9% 5.6% Indonesia 0.8% 2.5% 3.3% Singapore 2.2% 0.9% 3.1% Other Countries 1.7% 9.3% 11.0% Cash and Others 1.5% Total 58.9% 39.6% 100.0%

Equity Bond Total Information Technology 15.2% 0.0% 15.2% Consumer Discretionary 8.8% 5.5% 14.3% Real Estate 1.7% 12.1% 13.8% Financials 8.1% 2.6% 10.7% Sector Materials 7.1% 2.9% 10.0% Breakdown Communication Services 6.8% 1.7% 8.5% Energy 1.8% 5.6% 7.4% Industrials 3.1% 3.6% 6.7% Other Sectors 6.3% 5.6% 11.9% Cash and Others 1.5% Total 58.9% 39.6% 100.0%

4. Source: Hang Seng Investment Management, Class I USD Income Units as of 28 February 2021. Class I is the class with the longest track records and was launched on 10 August 2020. It is subject to different charges and expenses from other Classes. It is not available for subscription by retail investors and is provided for reference only. While the Manager currently intends to declare monthly distributions for all distribution classes, there can be no guarantee if any distribution will be declared at all. No prospective dividend yield has been indicated for the Fund. For HKD and USD income classes, Annualised Dividend Yield = [(The latest amount of dividend distributed ÷ ex-dividend unit price) +1]12– 1. Investors should be aware that any capital gain/loss in respect of the relevant Unit of the Fund is not included in the calculation of annualised dividend yield, which therefore does not represent the total return (if any) that may be realised by unitholders. A positive annualised dividend yield does not imply a positive return. The annualised dividend yield shown is for your information and reference only and is not indicative of any future dividend yield. The Manager may at its discretion (i) pay distributions out of the capital or (ii) pay distributions out of gross income while charging/paying all or part of the Fund’s fees and expenses to/out of the capital of the Fund (resulting in an increase in distributable income for the payment of distribution by the Fund), and thereby effectively pay distributions out of the capital of the Fund. Payment of distribution out of capital amounts to a return or withdrawal of part of an investor’s original investment or from any capital gains attributable to that original investment. Any such distributions may result in an immediate reduction of the Net Asset Value per Unit. Please refer to the Offering Documents for the details of, among other things, the distribution policy of the Fund. 5. Source: Hang Seng Investment Management, as of 28 February 2021. Bond Credit Rating Top 5 Equity Holdings6 Top 5 Bond Holdings6 Breakdown6,7 Equity Region Weight Bond Region Weight Credit Rating Weight

Taiwan Semiconductor Taiwan 3.2% GOHL Capital Ltd Malaysia 1.6% Manufacturing - ADR 4.25% 24 Jan 2027 A 2.1% Tencent Holdings China 3.1% Geely Automobile China 1.5% Var Perp BBB 18.0% Alibaba Group - ADR China 2.5% Sepco Virgin Ltd Ser China 1.5% Var Perp BB 11.4% Samsung Electronics South Korea 2.3% Elect Global Inv Ltd Hong Kong 1.4% 4.85% Perp B 5.9% BHP Group Australia 2.0% China State Con Fin China 1.4% III Var Unrated 2.2%

6, 8 Performance Since Fund Launch (Class I USD Units) Net Return Performance Fund Index 120 YTD 2.8% 2.1% 110 3 Months 7.2% 5.8%

100 6 Months 11.2% 11.0%

Since Launch 11.4% 12.2% 90 8/2020 9/2020 10/2020 11/2020 12/2020 1/2021 2/2021 Since Launch to 8.3% 9.9% Fund Index 2020 Year-end

Key Information of the Fund Aims to provide income and long term capital growth through investing primarily Investment Objective in a balanced portfolio consisting of equity and debt securities issued in the debt and securities markets in the Asia Pacific region (excluding Japan). Base Currency USD AUM USD 43.82 million (as of 28 February 2021） Fund Launch Date 10 August 2020 Class A USD - Class A HKD - Class D HKD - Fund Class Income Units Income Units Accumulation Units Intends to pay monthly distributions Distribution Policy (dividend yield is not guaranteed and may be paid out of capital)9 No Distribution Subscription Fee Up to 3.0% of the issue price of the Fund Management Fee 1.5% Ongoing charges over a year10 1.9%

6. Source: Bloomberg, Hang Seng Investment Management, as of 28 February 2021. 7. For debt securities which are rated and/or the issuer of which are rated by multiple internationally recognized credit rating agencies, if the credit ratings of the debt securities amongst credit rating agencies differ, the highest available rating assigned by an internationally recognized credit rating agency will be used for the purpose of determining the credit rating. 8. Fund performance is calculated using Class I USD Income Units’ unit price-to-unit price return, and net return with distributions (if any) reinvested. Class I is the class with the longest track records and was launched on 10 August 2020. It is subject to different charges and expenses from other Classes. It is not available for subscription by retail investors and are provided for reference only. Index performance is calculated using net return with distributions (if any) reinvested. Index: 50% MSCI AC Asia Pacific ex Japan Net Total Return Index and 50% JPMorgan Asia Credit Composite Total Return Index. For any questions, please check with Hang Seng Investment Management. 9. The Manager may at its discretion (i) pay distributions out of the capital or (ii) pay distributions o ut of gross income while charging/paying all or part of the Fund’s fees and expenses to/out of the capital of the Fund (resulting in an increase in distributable income for the payment of distribution by the Fund), and thereby effectively pay distributions out of the capital of the Fund. Payment of distribution out of capital amounts to a return or withdrawal of part of an investor’s original investment or from any capital gains attributable to that original investment. Any such distributions may result in an immediate reduction of the Net Asset Value per Unit. Please refer to the Offering Documents for the details of, among other things, the distribution policy of the Fund. 10. This figure is an estimate only (as the Fund is newly set up) and represents the sum of the estimated ongoing expenses chargeable to the relevant Unit class over a 12-month period expressed as a percentage of the estimated average Net Asset Value of the relevant Unit class over the same period. The actual figures may be different from the estimate. Please refer to the “CHARGES AND EXPENSES” section in the Explanatory Memorandum and the Term Sheet of the Fund respectively for details. This figure may vary from year to year. The content is prepared by Hang Seng Investment Management Limited (“HSVM”) and is (i) for the training of sales staff or relationship personnel (“Sales Staff”) of HSVM’s distributors; or (ii) for the reference of clients and/or potential clients of HSVM. The content shall not be changed or modified and the content shall not be used in any other manner unless with the prior written consent of HSVM. Distributors are reminded to comply with all regulatory requirements (including but not limited to due diligence of any investment product and ensure the suitability of the investment product for any potential investors). At the time of publication of the content, certain information in the content was obtained and prepared from sources which HSVM believed to be reliable, and HSVM does not warrant, guarantee or represent the accuracy, validity or completeness of such information. Under no circumstances shall the content constitute a representation that it is correct as of any time subsequent to the date of publication. HSVM reserves the right to change the content without notice. The content is for reference only and is the view of HSVM and does not constitute and should not be regarded as an offer or solicitation to anyone to invest in any investment product. Distributors, Sales Staff, clients and potential clients of HSVM should read the relevant investment product’s Offering Documents (including the full text of the risk factors and charges stated therein). Investment involves risks (including the risk of loss of capital invested), and prices of investment product units may go up as well as down. Past performance is not indicative of future performance. A positive distribution rate (if any) does not imply a positive return. Fund award (if any) is for reference only and does not guarantee any fund’s performance or the performance of HSVM. If Distributors, Sales Staff, clients and potential clients of HSVM have any doubt about the content or investment product (including its Offering Documents), they should seek independent professional financial advice. HSVM will not be liable to anyone for any cost, claims, fees, penalties, loss or liability incurred if the content is improperly used. The content shall not be duplicated or stored or distributed and “Hang Seng Investment Management Limited”, or any marks containing these names shall not be used without the prior written consent of HSVM. “恒生投資管理有限公司”,“恒生投資管理” The Fund has been authorised by the Securities and Futures Commission, but such authorisation is not a recommendation or endorsement of the investment products and does not guarantee the commercial merits of the investment products or their performance. It does not mean the investment products are suitable for all investors nor is it an endorsement of their suitability for any particular investor or class of investors. The content is prepared by HSVM and has not been reviewed by the Securities and Futures Commission. HSPAAIF-pb-EN 06/21 (TD) HSPAAIF-pb-EN Issued by Hang Seng Investment Management Limited (wholly owned subsidiary of Hang Seng Bank) Hang Seng Investment Series 恒生精選基金系列

H恒生平安亞洲收益基ANG SENG PING AN ASIAN金 INCOME FUND

Offering Documents 銷售文件 (English) (繁體) 基金說明書 Explanatory Memorandum

(English) (繁體)

Product產品資料概 Key要 Facts Statement

Annual Financial Report 年度財務報告

Interim Financial Report 中期財務報告

投資者須注意所有投資均涉及風險(包括可能會損失投資本金)，基金單位價格可升亦可跌，而所呈列的過往表現資料並不表示 將來亦會有類似的表現。投資者在作出任何投資決定前，應詳細閱讀有關基金之銷售文件(包括當中所載之風險因素(就投資 於新興市場的基金而言，特別是有關投資於新興市場所涉及的風險因素)之全文)。

Investors should note that all investments involve risks ( including the possibility of loss of the capital invested), prices of fund units may go up as well as down and past performance information presented is not indicative of future performance. Investors should read the relevant fund's offering documents ( including the full text of the risk factors stated therein ( in particular those associated with investments in emerging markets for funds investing in emerging markets)) in detail before making any investment decision.