Lion-Ocbc Securities Hang Seng Tech Etf

LION-OCBC SECURITIES HANG SENG TECH ETF

November 2020

INTRODUCTION TO LION-OCBC SECURITIES HANG SENG TECH ETF

Capture the growth potential of the 30 largest TECH-themed companies listed on the Hong Kong Stock Exchange (HKEX)* through our ETF.

* Refers to the underlying Index Securities of the Hang Seng TECH Index

Coming together with a shared purpose, Lion Global Investors and OCBC Securities bring together synergies in capabilities, experiences and resources as we forge ahead with our goal of providing quality investment solutions to our clients.

Strategic Partner Strategic Partner

LION-OCBC SECURITIES HANG SENG TECH ETF

30 LARGEST FULL CAPPED AT 8% TECH-THEMED COMPANIES REPLICATION weightage for individual stocks listed on HKEX* of the Hang Seng TECH Index during rebalancing

REBALANCED IPO FAST ENTRY MECHANISM# DUALTRADING QUARTERLY Promptly captures potential investment CURRENCIES: opportunities of IPOs – March, June, September and December SGD and USD

* Refers to the underlying Index Securities of the Hang Seng TECH Index # The IPO Fast Entry Mechanism allows for newly listed tech companies to be included in the index on as early as its tenth trading day, if the company’s market capitalization ranks among the top 10 of the existing index constituents at the close of its first trading day. © Lion-OCBC Securities Hang Seng TECH ETF 5 INDEX DESIGN AND CONSTRUCTION METHODOLOGY

Changing dailylife Tech- UNIVERSE HKEX mainboard-listed experiences companies (Greater China ) enabled Business • PA Good Doctor • ZA Online • China Literature LIQUIDITY Velocity Test

SOURCES SECTOR IT/Consumer Discretionary/ Industrials/Financials/Healthcare OF INNOVATION R&D Revenue Expense/ Growth THEME Cloud/Digital/E-Commerce/ Revenue Fintech/Internet/Mobile

Higher chance at delivering Potential business model something unique with breakthrough that INNOVATION Tech-enabled business/significant R&D R&D commitment improves competitiveness investment/strong revenue growth • SMIC • Sunny Optical • Top 30 companies by market cap • Kingsoft • Weimob CONSTITUENTS • Freefloat Market Value weighted + 8% stock weight cap • IPO fast entry + Quarterly review Source: Hang Seng Indexes Company, September 2020. Companies * HKEX: Hong Kong Exchanges and Clearing Market mentioned are constituents of the Hang Seng Tech Index as of 30 September 2020. Note: Securities referenced are not intended as recommendations to buy Source: Hang Seng Indexes Company, September 2020 or sell. 6 6 HANG SENG TECH INDEX PROFILE

TOP 10 CONSTITUENTS

No Company Name Industry Weighting (%) OVERALL SECTOR BREAKDOWN 1 SUNNY OPTICAL TECHNOLOGY Industrials 8.60 (GROUP) CO. LTD

2 ALIBABA GROUP HOLDING LTD Information Technology 8.43 Information Technology 68%

3 TENCENT HOLDINGS LTD Information Technology 8.21 Industrials 12% 4 MEITUAN DIANPING Information Technology 7.90 Healthcare 11%

5 ALIBABA HEALTH Healthcare 7.48 Consumer Discretionary 7% INFORMATION TECHNOLOGY Financials 2% LTD 6 XIAOMI CORP Information Technology 6.91

7 SEMICONDUCTOR Information Technology 6.27 MANUFACTURING INTERNATIONAL CORP 8 JD.COM INC Information Technology 5.64

9 KINGDEE INTERNATIONAL Information Technology 4.42 SOFTWARE GROUP CO LTD

10 LENOVO GROUP LTD Information Technology 3.76 Source: Hang Seng Indexes, as of 30 September 2020

Source: Hang Seng Indexes Company, as of 30 September 2020 © Lion-OCBC Securities Hang Seng TECH ETF 7 2.0

WHY LION-OCBC SECURITIES HANG SENG TECH ETF

As an Excluded Investment Product, the ETF offers easy access to a diversified portfolio of leading tech stocks at an affordable price. Investors can invest in the ETF using cash and/or SRS and trade in either SGD or USD.

INVEST IN DIVERSIFIED THE LARGEST TECH-THEMED ACROSS 30 COMPANIES* COMPANIES To ride the growth wave From Alibaba to ZTE

IPO FAST WITHIN YOUR ENTRY Qualified IPOs included in Index REACH shortly after listing Affordable and easy access

* Refers to the underlying Index Securities of the Hang Seng TECH Index © Lion-OCBC Securities Hang Seng TECH ETF 9 Chinese Tech Diversification IPO Fast Entry Within Your Reach

CHINA OVERTAKING USA AS A TECH LEADER?

TOP 10 INTERNET COMPANIES BY MARKET CAP SIZE OF DIGITAL ECONOMY IN CHINA (RMB’ billions) No Company Name Market Cap

2019 35,840 1 Amazon US$1.6 trillion 2 Alphabet US$ 1.1 trillion 2018 31,293 3 Facebook US$0.8 trillion 2017 27,174 4 Alibaba Group US$0.8 trillion

2014 16,164 5 Tencent US$ 0.7 trillion

2011 9,490 6 Paypal US$0.2 trillion 7 Netflix US$0.2 trillion 2008 4,809 8 Shopify US$0.1 trillion 2005 2,616 9 Naspers US$0.08 trillion

- 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 10 Netease US$0.06 trillion

Source: Bloomberg, Lion Global Investors, October 2020 Source: PwC China Economic Quarterly Q2 / Q3 2020

PAYMENT TRANSPORTATION DRIVEN BY RAPID App-based Cash Street GPS ADOPTION Credit Mobile Hail Ride OF NEW Pay Sharing TECHNOLOGIES COMMERCE HEALTHCARE

Accelerated by COVID-19, there is a growing trend of business activities shifting to online or virtual platforms.

Local Local Big Box E-Commerce Medical Hospital E-Health Market Retail Care

Source: Lion Global Investors, November 2020 © Lion-OCBC Securities Hang Seng TECH ETF 11 Chinese Tech Diversification IPO Fast Entry Within Your Reach

NEW ECONOMY OUTPERFORMS

HSI Index HSTECH Index STI Index Nasdaq CCMP Index HANG SENG TECH INDEX 200% TOTAL RETURN INDEX

150%

100%

50%

0% 1-Jan 1-Feb 1-Mar 1-Apr 1-May 1-Jun 1-Jul 1-Aug 1-Sep 1-Oct 1-Nov

Source: Bloomberg, Hang Seng Indexes Company, Lion Global Investors, November 2020 Note: All information for the HSTECH Index prior to its launch date is back tested. Back tested performance of the HSTECH Index is extracted from the Hang Seng Tech Index factsheet issued by Hang Seng Indexes Company and reflects hypothetical historical performance of the Index. The HSTECH Index was launched on 27 July 2020.

HONG KONG – TECH LISTING HUB

HOMECOMING UNICORNS: There are currently 28 companies that are eligible to seek secondary listing in Secondary Listings Hong Kong. The below table highlights some of the largest companies. As US-China relations worsen, an increasing number of US listed Chinese companies have sought secondary Market Cap No Company Name Main Business (US$ billion)* listings in HongKong. 1. Pinduoduo Online Retailer 89.6

USD70B USD52B 2. Baidu Internet Search Engine 43.6 NetEase USD585B JD.com 3. Tencent Music Online music entertainment 23.8 Entertainment platform Alibaba Group 4. New Oriental Online education service 26.2 Education provider

2020 Hong Kong 5. Trip.com Online travel agency IPO raised service provider 19.3 Hong Kong USD2.7 billion 6. IQIYI Online video entertainment 2019 Hong Kong secondary service provider 17.9 IPO raised IPO raised USD13 billion USD3.87 billion Source: CICC Research, 2H2020 Outlook, as of 15 June2020 Note: Market capitalization is taken from Bloomberg as of 9 October 2020. For illustrating the Source: Source: WSJ and public data, as of 6 June 2020 Hang Seng TECH index constituents selection criteria only, does not guarantee the relevant securities will be selected as constituents. © Lion-OCBC Securities Hang Seng TECH ETF 13 Chinese Tech Diversification IPO Fast Entry Within Your Reach

CHINA HAS SOME OF THE WORLD’S MOST VALUABLE UNICORNS

Ant Financial (CN) US$200 billion ByteDAnce (CN) US$95 billion Didi Chuxing (CN) US$58 billion SpaceX (US) US$36 billion Kuaishou filed Stripe (US) US$36 billion for Hong Kong Waymo (US) US$31 billion IPO in Nov 2020 Kuaishou (CN) US$29 billion JD Digits (CN) US$27 billion Palantir Technologies… US$20 billion Airbnb (US) US$18 billion Paytm (IN) US$17 billion Grab (SG) US$15 billion SZ DJI Technology (CN) US$15 billion Epic Games (US) US$15 billion Bitmain (CN) US$15 billion 0 50 100 150 200 250 US$ billion

Source: Bloomberg, as of 11 June 2020 © Lion-OCBC Securities Hang Seng TECH ETF 14 Chinese Tech Diversification IPO Fast Entry Within Your Reach CASE STUDY NASDAQ OF ASIA? East Trumps West TECH GAINS Year-to-date return (%) of Nasdaq Composite vs Hang Seng TECH Index HANG SENG TECH INDEX TOTAL 60 RETURN INDEX 40

20 NASDAQ COMPOSITE INDEX TOTAL 0 RETURN INDEX

-20 Jan Feb Mar Apr May Jun Jul Aug Sep Oct

Source: Bloomberg, Lion Global Investors, as of 27 October 2020 Note: All information for the HSTECH Index prior to its launch date is back tested. Back tested performance of the HSTECH Index is extracted from the Hang Seng Tech Index factsheet issued by Hang Seng Indexes Company and reflects hypothetical historical performance of the Index. The HSTECH Index was launched on 27 July 2020.

This could be an opportunity to invest in the Hang Seng TECH index which has significantly outperformed the NASDAQ Composite year to date 2020.

30 STOCKS, EACH CAPPED AT 8%

No. Company Name Industry Classification No. Company Name Industry Classification 1. Sunny Optical Technology (Group) Co. Ltd Industrials 16. China Literature Ltd Consumer Discretionary 2. Alibaba Group Holding Ltd Information Technology 17. ASM Pacific Technology Ltd Information Technology 3. Tencent Holdings Ltd Information Technology 18. Tongcheng-Elong Holdings Ltd Consumer Discretionary 4. Meituan Dianping Information Technology 19. Weimob Inc Consumer Discretionary 5. Alibaba Health Information Technology Ltd Healthcare 20. ZhongAn Online P & C Insurance Co Ltd Financials 6. Xiaomi Corp Information Technology 21. ZTE Corp Information Technology 7. Semiconductor Manufacturing Information Technology International Corp 22. Hua Hong Semiconductor Ltd Information Technology 8. JD.com Inc Information Technology 23. Koolearn Technology Holding Ltd Consumer Discretionary 9. Kingdee International Information Technology 24. HengTen Networks Group Ltd Information Technology Software Group Co Ltd 25. Maoyan Entertainment Consumer Discretionary 10. Lenovo Group Ltd Information Technology 26. XD Inc Information Technology 11. Kingsoft Corporation Ltd Information Technology 27. Foxconn Interconnect Technology Ltd Information Technology 12. Ping An Healthcare and Technology Co Ltd Healthcare 13. BYD Electronic (International) Co. Ltd Information Technology 28. Q Technology Group Co Ltd Information Technology 14. NetEase Inc Information Technology 29. NetDragon Websoft Holdings Ltd Information Technology 15. Aac Technologies Holdings Inc Industrials 30. Yixin Group Ltd Financials

Source: Hang Seng Indexes Company, September 2020 © Lion-OCBC Securities Hang Seng TECH ETF 16 Chinese Tech Diversification IPO Fast Entry Within Your Reach

LOWER VOLATILITY

Average Volatility Constituents of the Hang Seng TECH Index SINGLE STOCK INDEX AVERAGE 120 VOLATILITY VOLATILITY 100

80 Single Stock Average Hang Seng 60 Volatility Hang Seng TECH Index VS 40 Index Volatility Constituents TECH Index 20

37.2% C

Inc Inc Inc Ltd Inc

Inc

Inc Inc

Ltd

Ltd Ltd Ltd Ltd Ltd Ltd Ltd Ltd

Ltd

Ltd Ltd Ltd Ltd Ltd Ltd Ltd Ltd Ltd Ltd &

59.6% and

Ltd

Corp

Hong Hong

Corp

Elong Elong

Group Group

Co.

(Group)

Meituan

Websoft

Networks

ZTE

Group

Hua

JD.com

Holding

Information

Technology

Weimob

heng

NetEase

Holdings

Holdings Holdings

Interconnect Interconnect

Holdings International

Xiaomi

Technologies Technologies

(International)

Entertainment

Alibaba

Manufacturing

Technology Technology

Technology

(Group) (Group)

Yixin Group Yixin

Healthcare

ong

Insurance Insurance

Aac

Lenovo Lenovo

International

Technology

Semiconductor

HengTen

Technology

NetDragon

China Literature China

Koolearn

Tencent

Kingdee

Foxconn

Q Q

Maoyan

ZhongAn Online Online ZhongAn

Software Group Software

Ping Ping Kingsoft Corporation Kingsoft

Annualized Standard Deviation for 260 trading days Optical Sunny

Alibaba Health Alibaba

ASM Pacific Pacific ASM BYD Electronic BYD Source: Bloomberg, as of September 30, 2020 Semiconductor Exclude 4 constituents which are listed in HKEX less than 260 trading days

Volatility of the Hang Seng TECH Index is approximately 20% lower than the average of the individual constituents.

ILLUSTRATION OF IPO FAST ENTRY RULE BENEFIT OF MARKET CAP RANK ON COMPANY A’S LISTING DATE FAST ENTRY • IPO stock will be added Qualified IPOs to the Index if its market 1 cap ranks among the 2 included in Index Top 10 of the existing 3 constituents at the shortly after listing 4 market close of its first 5 (Added to the Index after the trading day. Company A close of the 10th trading day, 6 based on Fast Entry Rule) 7 • The addition will normally 8 be implemented after the 9 th close of the 10 trading 10 day of the new issue. 0 1,000 2,000 3,000 4,000 5,000 Market Cap (HK$bn) Source: Hang Seng Indexes Company, September 2020

LESS THAN EXCLUDED TRADES IN INVESTMENT S$20* PRODUCT (EIP) S$ OR US$ WITHIN TO START INVESTING YOUR

REACH INVEST USING LISTED ON CASH AND/OR SRS SGX

* Assumes NAV of the ETF is S$1.50 per unit and minimum trading lot size of 10 units on SGX

30 LEADING TECH STOCKS* AT LESS THAN S$20 Minimum Investment BUY 1 LOT: Amount

01 ALL 30 INDEX CONSTITUENTS S$76,6081

TOP 5 INDEX CONSTITUENTS 1 02 S$26,858 (BY WEIGHTAGE)

03 LION-OCBC SECURITIES Less than S$202 HANG SENG TECH ETF

* The 30 leading tech stocks refer to the underlying Index Securities 1 Based on closing price as of 30 September 2020. Assumes each stock is bought at their respective minimum trading lot size on HKEX and a HKD SGD FX rate of 0.176142 2 Assumes NAV of the ETF is S$1.50 per unit and minimum trading lot size of 10 units on SGX

Source: Bloomberg, Lion Global Investors, as of 27 October 2020

OTHER INFORMATION

Seize the opportunity to own a piece of the burgeoning Chinese tech sector. The listing date of the ETF is on 10 Dec 2020. You can place an order with any of the participating dealers. Alternatively, you can trade the ETF on SGX or invest in it via a regular savings plan.

You can place order through the following ways:

Initial Offering Period (IOP) AFTER LISTING 23 November – 7 December 2020 From 10 December 2020

PRIMARY MARKET 1. SECONDARY MARKET Place order through the following Trade on SGX through your stockbroking participating dealers: firms both online & offline • OCBC Securities • DBS Vickers 2. REGULAR SAVINGS PLAN OCBC Blue Chip Investment plan • UOB Kay Hian • Phillip Securities • iFast Financial

Lion Global Investors Limited OCBC Securities Private Limited 65 Chulia Street #18-01 18 Church Street #01-00 OCBC Centre Singapore OCBC Centre South 049513 Singapore 049479

https://www.lionglobalinvestors.com/en/funds/lion- https://portal.iocbc.com/hstetf ocbcsec-hangseng-tech-etf/index.html [email protected] [email protected] 1800 338 8688 +65 6417 6900

Fund Information Index Hang Seng TECH Index Index Provider Hang Seng Indexes Company Limited Currency of Account (Base Currency) Hong Kong dollars (HK$) Trading Currency Singapore dollars (S$), United States dollars (US$) SGX Code HST (S$ counter), HSS (US$ counter) Bloomberg Ticker HST SP (S$ counter), HSS SP (US$ counter) Issue Price HK$7.75 Trading Board Lot Size 10 units Management Fee 0.45% per annum Expense Ratio Capped at 0.68% per annum for 2 years from the inception of the Fund Dividend Distribution Currently no intention to distribute Designated Market Makers Flow Traders Asia Pte Ltd, Phillip Securities Pte Ltd Participating Dealers OCBC Securities Private Limited, DBS Vickers (Singapore) Pte. Ltd., UOB Kay Hian Holdings Limited, Phillip Securities Pte. Ltd., iFast Financial Pte. Ltd.

Source: Lion Global Investors, as of November 2020

DISCLAIMER – Lion Global Investors This advertisement or publication has not been reviewed by the Monetary Authority of Singapore. It is for information only, and is not a recommendation, offer or solicitation to deal in any capital markets products or investments and does not have regard to your specific investment objectives, financial situation or particular needs. You should read the prospectus and Product Highlights Sheet for the Lion-OCBC Securities Hang Seng TECH ETF (“ETF”), which is available and may be obtained from Lion Global Investors Limited or any of the appointed Participating Dealers (“PDs”), before deciding whether to purchase units in the ETF. Investments are subject to investment risks including the possible loss of the principal amount invested.

The performance of the ETF, the value of its units and any accruing income are not guaranteed and may rise or fall. Past performance, payout yields and payments and any prediction, projection, or forecast are not indicative of the future performance, payout yields and payments of the ETF. You should independently assess any information, opinion or estimates, graphs, charts, formulae or devices provided and seek professional advice on them. Any information, opinions, estimates, graphs, charts, formulae or devices provided are subject to change without notice and are not to be relied on as advice. The ETF may invest in financial derivative instruments for hedging or for efficient portfolio management.

The units of the ETF are listed and traded on the Singapore Exchange (“SGX”), and may be traded at prices different from its net asset value, suspended from trading, or delisted. Such listing does not guarantee a liquid market for the units. You cannot purchase or redeem units in the ETF directly with the manager of the ETF, but you may, subject to specific conditions, do so on the SGX or through the PDs.

Any dividend distributions, which may be either out of income and/or capital, are not guaranteed and subject to the Manager’s discretion. Any such dividend distributions will reduce the available capital for reinvestment and may result in an immediate decrease in the net asset value of the ETF.

© Lion Global Investors Limited (UEN/ Registration No. 198601745D). All rights reserved. LGI is a Singapore incorporated company and is not related to any corporation or trading entity that is domiciled in Europe or the United States (other than entities owned by its holding companies).

DISCLAIMER – Hang Seng Indexes Company Limited and Hang Seng Data Services Limited The Hang Seng TECH Index (the “Index”) is published and compiled by Hang Seng Indexes Company Limited pursuant to a licence from Hang Seng Data Services Limited. The mark and name Hang Seng TECH Index are proprietary to Hang Seng Data Services Limited. Hang Seng Indexes Company Limited and Hang Seng Data Services Limited have agreed to the use of, and reference to, the Index(es) by Lion Global Investors in connection with Lion-OCBC Securities Hang Seng TECH ETF (the “Product”), BUT NEITHER HANG SENG INDEXES COMPANY LIMITED NOR HANG SENG DATA SERVICES LIMITED WARRANTS OR REPRESENTS OR GUARANTEES TO ANY BROKER OR HOLDER OF THE PRODUCT OR ANY OTHER PERSON (i) THE ACCURACY OR COMPLETENESS OF ANY OF THE INDEX(ES) AND ITS COMPUTATION OR ANY INFORMATION RELATED THERETO; OR (ii) THE FITNESS OR SUITABILITY FOR ANY PURPOSE OF ANY OF THE INDEX(ES) OR ANY COMPONENT OR DATA COMPRISED IN IT; OR (iii) THE RESULTS WHICH MAY BE OBTAINED BY ANY PERSON FROM THE USE OF ANY OF THE INDEX(ES) OR ANY COMPONENT OR DATA COMPRISED IN IT FOR ANY PURPOSE, AND NO WARRANTY OR REPRESENTATION OR GUARANTEE OF ANY KIND WHATSOEVER RELATING TO ANY OF THE INDEX(ES) IS GIVEN OR MAY BE IMPLIED. The process and basis of computation and compilation of any of the Index(es) and any of the related formula or formulae, constituent stocks and factors may at any time be changed or altered by Hang Seng Indexes Company Limited without notice. TO THE EXTENT PERMITTED BY APPLICABLE LAW, NO RESPONSIBILITY OR LIABILITY IS ACCEPTED BY HANG SENG INDEXES COMPANY LIMITED OR HANG SENG DATA SERVICES LIMITED (i) IN RESPECT OF THE USE OF AND/OR REFERENCE TO ANY OF THE INDEX(ES) BY LION GLOBAL INVESTORS IN CONNECTION WITH THE PRODUCT; OR (ii) FOR ANY INACCURACIES, OMISSIONS, MISTAKES OR ERRORS OF HANG SENG INDEXES COMPANY LIMITED IN THE COMPUTATION OF ANY OF THE INDEX(ES); OR (iii) FOR ANY INACCURACIES, OMISSIONS, MISTAKES, ERRORS OR INCOMPLETENESS OF ANY INFORMATION USED IN CONNECTION WITH THE COMPUTATION OF ANY OF THE INDEX(ES) WHICH IS SUPPLIED BY ANY OTHER PERSON; OR (iv) FOR ANY ECONOMIC OR OTHER LOSS WHICH MAY BE DIRECTLY OR INDIRECTLY SUSTAINED BY ANY BROKER OR HOLDER OF THE PRODUCT OR ANY OTHER PERSON DEALING WITH THE PRODUCT AS A RESULT OF ANY OF THE AFORESAID, AND NO CLAIMS, ACTIONS OR LEGAL PROCEEDINGS MAY BE BROUGHT AGAINST HANG SENG INDEXES COMPANY LIMITED AND/OR HANG SENG DATA SERVICES LIMITED in connection with the Product in any manner whatsoever by any broker, holder or other person dealing with the Product. Any broker, holder or other person dealing with the Product does so therefore in full knowledge of this disclaimer and can place no reliance whatsoever on Hang Seng Indexes Company Limited and Hang Seng Data Services Limited. For the avoidance of doubt, this disclaimer does not create any contractual or quasi-contractual relationship between any broker, holder or other person and Hang Seng Indexes Company Limited and/or Hang Seng Data Services Limited and must not be construed to have created such relationship.

DISCLAIMER – OCBC Securities The information provided herein is a compilation or summary of materials and data based from external sources available to OCBC Securities Private Limited (“OSPL”), and does not represent OSPL’s view on the matters mentioned. Whilst we have taken all reasonable care to ensure that the information contained in this publication is not untrue or misleading at the time of publication, we cannot guarantee its accuracy or completeness, and you should not act on it without first independently verifying its contents. Trading in securities can be very risky, and you may lose all or more than the amount invested or deposited. Where necessary, please seek advice from an independent financial adviser regarding the suitability of any trade or investment product taking into account your investment objectives, financial situation or particular needs before making a commitment to trade or purchase the investment product. You should consider carefully and exercise caution in making any trading decision whether or not you have received advice from any financial adviser. No representation or warranty whatsoever (including without limitation any representation or warranty as to accuracy, usefulness, adequacy, timeliness or completeness) in respect of any information (including without limitation any statement, figures, opinion, view or estimate) provided herein is given by OSPL and it should not be relied upon as such. OSPL does not undertake an obligation to update the information or to correct any inaccuracy that may become apparent at a later time. OSPL shall not be responsible for any loss or damage howsoever arising, directly or indirectly, as a result of any person acting on any information provided herein. The information provided herein is intended for general circulation/discussion purposes only and may not be published or circulated in whole or in part without our written consent. All trademarks, registered trademarks, product names and company names or logos mentioned herein are the property of their respective owners, and you agree that you will not do anything to infringe or prejudice those rights. Reference to any products, services, processes or other information, does not constitute or imply endorsement, sponsorship or recommendation thereof by OSPL.

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