DATE	15 & 16 March 2022
Title	Updates On China High Yield
Moderator	English: Ng Shin Seong Head, Investment Strategy & Advisory Standard Chartered Bank Malaysia Mandarin: Zoe Tay Investment Advisor Standard Chartered Bank Malaysia
Speaker(s)	English: Wildon Goh Head, Wholesale Distribution, SEA Fidelity International Mandarin: Christopher Wong Client Portfolio Strategist Fidelity International
Key Takeaways	1. What happened? The current NAV reflects on-going concerns on slowing property sales and refinancing pressure. Actual defaults in the fund impacted ard 10% of NAV. The fund manager has reduced property sector exposure to below 40%, raised cash to 12% and seeks opportunities to add high quality credits at attractive levels. More easing measures are expected in 2022. 2. Will income payout be revised? Yes. Payout will be revised to annualized 5.4% for investors that invested at NAV of 1.00. The reduction of payout reflects reduced income at target fund level. Additional coupon not paid out will be reflected in NAV. 3. What can I do now? Hold:Get paid 5.4% p.a. while waiting for a recovery. Switch: Diversify exposure into sectors that has pull back, e.g. Global & Chinese equities, Technology & Renewables. Top-up: Average your investment over the next 12 months and get paid monthly pay-out while waiting for a recovery.

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Updates on China High Yield