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Seeking Dividends                                   from Asia’s Growth                                   Jesper Madsen, CF...
Matthews Overview                                   Matthews International Capital Management, Inc. (“Matthews”)          ...
Matthews HistoryMatthews has chosen to launch new strategies when there are compelling investment opportunities.   1991   ...
Matthews Asia Funds   The following Matthews Asia Funds are currently available as   Luxembourg-domiciled SICAVs          ...
Investment Philosophy and ApproachThe foundation of Matthews’ investment philosophy is our belief in the long-term economi...
Do not give, show or quote to any other person. This document is not for public distribution and is for institutional/prof...
A Stock for Its Dividends         “Even so spoke the old farmer to his son: A cow for her milk,         a hen for her eggs...
Asia Offers Rare Combination of Income and GrowthBenefits of dividend-focused investing     Dividends serve as a means of ...
Dividends—How Asia Compares to the U.S. and Europe                                                                        ...
Dividend Yield-Focused Strategies Have Historically Outperformed In AsiaTotal return of strategies based on dividend yield...
Dividends MatterThe Impact of Dividends on Long-Term ReturnsGROWTH OF $10,000 FOR THE MSCI ALL COUNTRY ASIA PACIFIC INDEX ...
Dampening Downside Volatility  Zephyr StyleADVISOR                                                                        ...
Asia’s Expanding Dividend UniverseOver two-thirds of dividends paid within China/Hong Kong in 2010 were from companies lis...
Focus on What Matters: Signal vs. NoiseEARNINGS AND DIVIDENDS OF COMPANIES IN ASIA PACIFIC* 400                           ...
Dividends—Signal of Better Corporate  Governance            Important tool to overcome asymmetry in information           ...
Higher Payout Companies are Generally Better Stewards ofShareholder CapitalReturn on Invested Capital—MSCI All Country Asi...
Matthews Asia Dividend FundDo not give, show or quote to any other person. This document is not for public distribution an...
Fund Profile | Asia Dividend FUND FACTS                       Investment Objective                                  Total ...
Matthews Asia Dividend Balances Dividend Yield and Growth                           80%                                   ...
Portfolio Characteristics | Asia Dividend FundAs of March 31, 2012MATTHEWS ASIA DIVIDEND FUND VS. MSCI ALL COUNTRY ASIA PA...
Portfolio Characteristics | Asia Dividend FundAs of March 31, 2012MATTHEWS ASIA DIVIDEND FUND VS. MSCI ALL COUNTRY ASIA PA...
Strategy PerformanceZephyr StyleADVISOR                                                                                   ...
Investment Returns | Asia Dividend FundAs of March 31, 2012                                                               ...
Investment Returns | Asia Dividend StrategyAs of March 31, 2012                                                           ...
Contacting Matthews AsiaTo learn more about Matthews or how the Matthews Asia Funds cancomplement globally diversified por...
Appendix I | Investment Team BiosPortfolio Managers                            ROBERT J. HORROCKS, PhDChief Investment Off...
Appendix II | Client Services Team Bios                                 JONATHAN D. SCHUMANExecutive Vice President, Head ...
Appendix III | Pacific Tiger Fund—Investment ReturnsAs of March 31, 2012                                                  ...
Appendix III | Pacific Tiger Strategy—Investment ReturnsAs of March 31, 2012                                              ...
Appendix III | China Fund — Investment ReturnsAs of March 31, 2012                                                        ...
Appendix III | China Strategy—Investment ReturnsAs of March 31, 2012                                                      ...
Appendix III | India Fund—Investment ReturnsAs of March 31, 2012                                                          ...
Appendix III | India Strategy—Investment ReturnsAs of March 31, 2012                                                      ...
Important DisclosuresThese materials are provided solely for use in a private meeting and are intended for informational a...
Important DisclosuresThe shares described in each Fund’s prospectus and the related documents have not been registered or ...
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  1. 1. Seeking Dividends from Asia’s Growth Jesper Madsen, CFA Portfolio Manager May 2012The views and information discussed in this presentation are subject to change and may not reflect the presenter’s current views. Theviews expressed represent an assessment of market conditions at a specific point in time, are opinions only and should not be reliedupon as investment advice regarding a particular investment or markets in general. The subject matter contained herein has beenderived from several sources believed to be reliable and accurate at the time of compilation. Matthews International CapitalManagement, LLC does not accept any liability for losses either direct or consequential caused by the use of this information. Please seeimportant disclosures at the end of this presentation.Performance results and valuations presented are in U.S. dollars. Matthews’ advisory fees may vary depending on the size and nature of theassets and account. The standard fees are described in Part II of Matthews Form ADV. All performance is in US$ and includes all dividendsand interest accrued income, realized and unrealized gains or losses, accrued expenses, and are net of all brokerage commissions andexecution costs and advisory and other fees.Performance quoted represents past performance and is no guarantee of future results. Individual account performance will vary.Do not give, show or quote to any other person. This document is not for public distribution and is for institutional/professional use only and has not beenregistered with, or approved by, any regulatory authority in any jurisdiction.© 2012 Matthews International Capital Management, LLC GL.PT006_0512
  2. 2. Matthews Overview Matthews International Capital Management, Inc. (“Matthews”) is the advisor to the Matthews Asia Funds About Matthews Largest dedicated Asia investment specialist in the United StatesKEY FACTS Investing in Asia since 1991 through a varietyAs of March 31, 2012 of market environmentsTotal assets under management Independent, privately owned firm with significant$17.8 billion employee ownershipRegional strategies$14.3 billion Range of Asia investment strategies across the risk-reward spectrumSingle-country strategies$3.5 billion Offering a unique investment perspective from a strategicInvestment team members location in San Francisco33 Do not give, show or quote to any other person. This document is not for public distribution and is for institutional/professional use only and has not been registered with, or approved by, any regulatory authority in any jurisdiction. 1 © 2012 Matthews International Capital Management, LLC GL.PT006_0512
  3. 3. Matthews HistoryMatthews has chosen to launch new strategies when there are compelling investment opportunities. 1991 2010 G. Paul Matthews 1998 Matthews Asia founds Matthews China inception introduces off-shore International Capital funds for non-U.S. Management 1994 2003 investors Matthews Asia Asia Growth introduces Asia inception 2008 1998 Asia Small Companies ex-Japan and Asian Japan inception inception Growth & Income1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2006 1995 1999 Asia Dividend Korea inception Asia Science and 2005 inception 2009 1992 Technology inception India inception China Dividend Firm launches an inception investment vehicle 2011 for the Asia China Small Companies ex-Japan region inception 2011 Asia Strategic Income inception Do not give, show or quote to any other person. This document is not for public distribution and is for institutional/professional use only and has not been registered with, or approved by, any regulatory authority in any jurisdiction. 2 © 2012 Matthews International Capital Management, LLC GL.PT006_0512
  4. 4. Matthews Asia Funds The following Matthews Asia Funds are currently available as Luxembourg-domiciled SICAVs Asia Dividend Pacific Tiger China IndiaAn investment in Matthews Asia Funds may be subject to risks, such as social and political instability, market illiquidity, exchange-rate fluctuations, a highlevel of volatility and limited regulation. Please see the Prospectus for a Fund for additional information about the risks of investing in a Fund.Do not give, show or quote to any other person. This document is not for public distribution and is for institutional/professional use only and has not beenregistered with, or approved by, any regulatory authority in any jurisdiction. 3© 2012 Matthews International Capital Management, LLC GL.PT006_0512
  5. 5. Investment Philosophy and ApproachThe foundation of Matthews’ investment philosophy is our belief in the long-term economicgrowth and development of the countries in Asia.Active managementWe believe many of the region’s widely used indices are backward looking and are not representative of theindustries and companies that will be successful in the future. We look to invest in companies whosepotential has yet to be fully recognized by the market.Long-term focus on AsiaWe believe a long-term approach is the most effective way to capitalize on Asia’s evolution. Matthews hasbeen investing in Asia since 1991 and we draw on our experience to identify companies that stand to benefitfrom the growth and development of markets throughout the region.Bottom-up researchWe employ a fundamental, bottom-up investment process that seeks to identify companies with sustainablelong-term growth prospects, strong business models, quality management teams and reasonable valuations.This research process involves more than 2,000 company meetings each year.Defining Asia’s investment strategiesWe strive to provide investors a range of Asia strategies across the risk-reward spectrum and launch newstrategies when there are compelling investment opportunities in the region. Do not give, show or quote to any other person. This document is not for public distribution and is for institutional/professional use only and has not been registered with, or approved by, any regulatory authority in any jurisdiction. 4 © 2012 Matthews International Capital Management, LLC GL.PT006_0512
  6. 6. Do not give, show or quote to any other person. This document is not for public distribution and is for institutional/professional use only and has not beenregistered with, or approved by, any regulatory authority in any jurisdiction. 5© 2012 Matthews International Capital Management, LLC GL.PT006_0512
  7. 7. A Stock for Its Dividends “Even so spoke the old farmer to his son: A cow for her milk, a hen for her eggs, and a stock, by heck, for her dividends.” John Burr Williams The Theory of Investment Value (1938) Do not give, show or quote to any other person. This document is not for public distribution and is for institutional/professional use only and has not been registered with, or approved by, any regulatory authority in any jurisdiction. 6 © 2012 Matthews International Capital Management, LLC GL.PT006_0512
  8. 8. Asia Offers Rare Combination of Income and GrowthBenefits of dividend-focused investing Dividends serve as a means of realizing tangible value from a long-term investment Dividend-paying companies tend to exhibit lower volatility Dividends help cut out short-term noise and focus on long-term sustainable growth Dividends provide a signal that the interests of minority shareholders are valued by management Do not give, show or quote to any other person. This document is not for public distribution and is for institutional/professional use only and has not been registered with, or approved by, any regulatory authority in any jurisdiction. 7 © 2012 Matthews International Capital Management, LLC GL.PT006_0512
  9. 9. Dividends—How Asia Compares to the U.S. and Europe Europe Asia Pacific U.S. $305 4.3% 17% $219 $219 3.0% 2.2% 12% 6% Size of Dividend Pool Dividend Yield Dividend Growth (Bil US$)* (as of 04/20/2012)** 2002-2010****Index members as of December 2009; Europe (Bloomberg European 500 Index), Asia Pacific (MSCI AC Asia Pacific Index), U.S. (S&P 500 Index).**Dividend yield as of 04/20/2012, calculated by JP Morgan using I/B/E/S estimates for current Index constituents. Europe (MSCI Europe Index),Asia Pacific (MSCI AC Asia Pacific Index), U.S. (MSCI U.S. Index).*** Compound annual growth rate based on index constituents of Europe (Bloomberg European 500 Index), Asia Pacific (MSCI AC Asia PacificIndex), U.S. (S&P 500 Index) as of 12/31/02, excluding those that are no longer in existence as of fiscal year 2010.All performance quoted represents past performance and is no guarantee of future results. Past yields are no guarantee of future yields. It is notpossible to invest directly in an index.Sources: Factset, MSCI, I/B/E/S, JPMorgan, S&P, Bloomberg Do not give, show or quote to any other person. This document is not for public distribution and is for institutional/professional use only and has not been registered with, or approved by, any regulatory authority in any jurisdiction. 8 © 2012 Matthews International Capital Management, LLC GL.PT006_0512
  10. 10. Dividend Yield-Focused Strategies Have Historically Outperformed In AsiaTotal return of strategies based on dividend yield and earnings growth ABSOLUTE RETURN (INDEXED) 1000 800 600 400 200 0 05/01/96 PRICE INDEX 05/01/01 05/01/06 05/01/11 Lowest Dividend Yield Quintile Highest Dividend Yield Quintile Second Highest EPS Growth Quintile Highest EPS Growth QuintileThe universe used is the S&P Broad Market Index for Asia Pacific ex Japan. For Dividend Yield and EPS growth factors, companies are ranked monthly bypercentile and divided into quintiles. All performance quoted represents past performance and is no guarantee of future results. Past yields are noguarantee of future yields. Source: Citi Do not give, show or quote to any other person. This document is not for public distribution and is for institutional/professional use only and has not been registered with, or approved by, any regulatory authority in any jurisdiction. 9 © 2012 Matthews International Capital Management, LLC GL.PT006_0512
  11. 11. Dividends MatterThe Impact of Dividends on Long-Term ReturnsGROWTH OF $10,000 FOR THE MSCI ALL COUNTRY ASIA PACIFIC INDEX $25,000 $23,000 DIVIDENDS REINVESTED $21,000 $19,000 $17,000 ~70% $15,000 $13,000 $11,000 $9,000 PRICE INDEX $7,000 $5,000 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 For periods 12/31/87–3/31/12. The MSCI All Country Asia Pacific Index is a free float-adjusted, market capitalization-weighted index of the stock markets of Australia, China, Hong Kong, India, Indonesia, Japan, Malaysia, New Zealand, Philippines, Singapore, South Korea, Taiwan and Thailand. It is not possible to invest directly in an index. Sources: MICM, MSCI Do not give, show or quote to any other person. This document is not for public distribution and is for institutional/professional use only and has not been registered with, or approved by, any regulatory authority in any jurisdiction. 10 © 2012 Matthews International Capital Management, LLC GL.PT006_0512
  12. 12. Dampening Downside Volatility Zephyr StyleADVISOR Zephyr S yl A V S : Mat t hew I nt er nat i nal C t al Management t e D I OR s o api Drawdown November 2006 - March 2012 0% -10% -20% -30% Matthews Asia Dividend Investor MSCI AC ASIA PACIF IC -40% -50% -60% Oct 2006 Dec 2007 Dec 2008 Dec 2009 Dec 2010 Mar 2012 Performance results are of the largest account in the noted strategy managed by Matthews International Capital Management LLC. The performance results are net of advisory and other fees. Matthews’ advisory fees may vary depending on the size and nature of the assets and account. All performance is in US$ and includes all dividends and interest accrued income, realized and unrealized gains or losses, accrued expenses, and are net of all brokerage commissions and execution costs and advisory and other fees. Individual account performance will vary. Performance quoted represents past performance and is no guarantee of future results. This performance information does not, and it is not intended to, represent performance of the Matthews Asia Dividend Fund, which commenced operations on April 30, 2010. For performance information for the Matthews Asia Dividend Fund, please slide 22 or visit matthewsasia.com. Performance results, statistics, portfolio characteristics, and holdings information for the Matthews Asia Dividend Fund may vary from representative account for the strategy. Source: Zephyr Do not give, show or quote to any other person. This document is not for public distribution and is for institutional/professional use only and has not been registered with, or approved by, any regulatory authority in any jurisdiction. 11 © 2012 Matthews International Capital Management, LLC GL.PT006_0512
  13. 13. Asia’s Expanding Dividend UniverseOver two-thirds of dividends paid within China/Hong Kong in 2010 were from companies listedafter 1998. 1998 US$B 2010 US$B Japan 18.9 Japan 73.5 Australia 8.7 China/Hong Kong 65.8 China/Hong Kong 7.7 Australia 42.8 Taiwan 1.9 Taiwan 29.5 Singapore 1.7 Other 5.0 Other 72.6 Total 43.9 Total 284.2Note: Excluding China A-share market.Data represents Asia Pacific dividend-paying stock universe with market cap over US$100 million as of end of 1998 and 2010 respectively.Sources: Factset, MSCI, I/B/E/S, JPMorgan, S&P Do not give, show or quote to any other person. This document is not for public distribution and is for institutional/professional use only and has not been registered with, or approved by, any regulatory authority in any jurisdiction. 12 © 2012 Matthews International Capital Management, LLC GL.PT006_0512
  14. 14. Focus on What Matters: Signal vs. NoiseEARNINGS AND DIVIDENDS OF COMPANIES IN ASIA PACIFIC* 400 TOTAL EARNINGS 350 300 250 200 TOTAL DIVIDENDS 150 100 50 0 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010*MSCI AC Asia Pacific Index members as of 12/30/10. To be included, these companies must have had an average operating income during the three previous fiscalyears of a minimum of US$50 million. Companies must also have a 10-year financial history.Sources: Factset, MSCI, I/B/E/S, JPMorgan, S&P Do not give, show or quote to any other person. This document is not for public distribution and is for institutional/professional use only and has not been registered with, or approved by, any regulatory authority in any jurisdiction. 13 © 2012 Matthews International Capital Management, LLC GL.PT006_0512
  15. 15. Dividends—Signal of Better Corporate Governance Important tool to overcome asymmetry in information Help align minority with majority shareholders Often signal of better financial reportingDo not give, show or quote to any other person. This document is not for public distribution and is for institutional/professional use only and has not beenregistered with, or approved by, any regulatory authority in any jurisdiction. 14© 2012 Matthews International Capital Management, LLC GL.PT006_0512
  16. 16. Higher Payout Companies are Generally Better Stewards ofShareholder CapitalReturn on Invested Capital—MSCI All Country Asia Pacific Index Dividend Payout Quartile 1 (highest payout ratio) Dividend Payout Quartile 4 (lowest payout ratio) 16% 14% 12% 10% ROIC 8% 6% 4% 2% 0% 2004 2005 2006 2007 2008 2009 2010 2011 Note: Based on constituents of the MSCI AC Asia Pacific Index; Quartiles adjust each year based on dividend payout ratio; All metrics are trailing 3 year; Outliers beyond 4 standard deviations of the mean are excluded. Source: FactSet Do not give, show or quote to any other person. This document is not for public distribution and is for institutional/professional use only and has not been registered with, or approved by, any regulatory authority in any jurisdiction. 15 © 2012 Matthews International Capital Management, LLC GL.PT006_0512
  17. 17. Matthews Asia Dividend FundDo not give, show or quote to any other person. This document is not for public distribution and is for institutional/professional use only and has not beenregistered with, or approved by, any regulatory authority in any jurisdiction. 16© 2012 Matthews International Capital Management, LLC GL.PT006_0512
  18. 18. Fund Profile | Asia Dividend FUND FACTS Investment Objective Total return with an emphasis on providing current income.Inception DateFund: April 30, 2010 StrategyStrategy: October 31, 2006 Seeks to provide a level of income that is higher than the yield generally available in Asia equity markets over the long term.Cap RangeAll Cap Invests primarily in companies that are paying high dividends relative to their current share price, or are well positioned to do soNumber of Holdings50 to 80 in the future.Turnover Range Lead Manager Co-Manager20% to 50%BenchmarkMSCI All Country AsiaPacific Index JESPER MADSEN, CFA YU ZHANG, CFAAssets (as of March 31, 2012)Fund: $96.2 million RatingsStrategy: $2.8 billion Fund ratings represent an opinion only and are not a recommendation to buy or sell any fund. Do not give, show or quote to any other person. This document is not for public distribution and is for institutional/professional use only and has not been registered with, or approved by, any regulatory authority in any jurisdiction. 17 © 2012 Matthews International Capital Management, LLC GL.PT006_0512
  19. 19. Matthews Asia Dividend Balances Dividend Yield and Growth 80% PAYOUT RATIO 30% Dividend Yield vs. Dividend Growth Red 80+% Amber 50-80% 25% Blue 30-50% 3 Year Dividend Growth 20% Green 0-30% 15% 10% 5% 0% 0% 2% 4% 6% 8% 10% 12% 14% -5% -10% Dividend YieldBubble sizes are in proportion to the portfolio weight of individual positions.Dividend yield and dividend growth data depicted are for all securities held in the Matthews Asia Dividend Fund. Each point represents a plotting of the portfolio company’strailing dividend yield as of 03/31/12 and its 3-year annual dividend growth rate based on MICM estimates. Color depiction represents a portfolio company’s dividendpayout ratio based on company dividend policy, if available. Otherwise 5-year average payout ratio is utilized (or longest available for companies with less than 5-yearhistory) adjusted for extreme temporary outliers. There is no guarantee that the companies in the portfolio will achieve their forecasted dividend growth rates, maintain orgrow their dividend pay-out ratio, or pay dividends. Source: MICM Do not give, show or quote to any other person. This document is not for public distribution and is for institutional/professional use only and has not been registered with, or approved by, any regulatory authority in any jurisdiction. 18 © 2012 Matthews International Capital Management, LLC GL.PT006_0512
  20. 20. Portfolio Characteristics | Asia Dividend FundAs of March 31, 2012MATTHEWS ASIA DIVIDEND FUND VS. MSCI ALL COUNTRY ASIA PACIFIC INDEX Country Breakdown (%) Relative to Index (%) Sector Breakdown (%) Relative to Index (%) China/Hong Kong 28.0% 11.9% Consumer Staples 21.5% 15.4% Japan 22.3% -16.6% Financials 19.2% -8.2% Singapore 11.2% 8.0% Consumer Discretionary 14.4% 1.8% Taiwan 2.0% Industrials 10.3% -3.1% 9.0% Australia -6.4% Telecom Services 9.1% 4.3% 8.9% Thailand 5.4% Utilities 6.9% 3.6% 6.7% South Korea -5.0% Information Technology 5.4% -8.2% 4.6% Energy 4.9% -0.3% Indonesia 3.2% 1.5% Health Care 4.9% 1.6% United Kingdom 2.8% 2.8% Materials 1.9% -8.4% Philippines 1.7% 1.2% Cash and Other 1.5% 1.5% Malaysia 0.1% -2.0% India 0.0% -4.1% New Zealand 0.0% -0.2% Cash and Other 1.5% 1.5% Sources: FactSet Research Systems, MICM. The information contained in this presentation does not, in any way, constitute investment advice. Portfolio characteristics for the Fund may vary from time to time from what is shown. Do not give, show or quote to any other person. This document is not for public distribution and is for institutional/professional use only and has not been registered with, or approved by, any regulatory authority in any jurisdiction. 19 © 2012 Matthews International Capital Management, LLC GL.PT006_0512
  21. 21. Portfolio Characteristics | Asia Dividend FundAs of March 31, 2012MATTHEWS ASIA DIVIDEND FUND VS. MSCI ALL COUNTRY ASIA PACIFIC INDEX Market Cap Exposure Fund Relative to Index (%) Large Cap ($5B+) 49.2% -35.0% Mid Cap ($1B–$5B) 26.4% 10.7% Small Cap (<$1B) 22.9% 22.8% Cash and Other 1.5% 1.5% Portfolio Characteristics Fund Weighted Average Market Cap $24.0 billion P/E using FY1 Estimates 11.8x P/E using FY2 Estimates 10.7x Dividend Yield* 3.85% *The dividend yield (trailing) for the portfolio is the weighted average sum of the dividend paid per share during the last 12 months divided by the current price. The annualized dividend yield for the Fund is for the equity-only portion of the portfolio. Please note that this is based on gross portfolio holdings and does not reflect the actual yield an investor in the Fund would receive. Past yields are no guarantee of future yields. Source: FactSet Research Systems, Bloomberg, MICM.Sources: FactSet Research Systems, MICM. The information contained in this presentation does not, in any way, constitute investment advice. Portfolio characteristics for the Fund may vary from time to time from what is shown. Do not give, show or quote to any other person. This document is not for public distribution and is for institutional/professional use only and has not been registered with, or approved by, any regulatory authority in any jurisdiction. 20 © 2012 Matthews International Capital Management, LLC GL.PT006_0512
  22. 22. Strategy PerformanceZephyr StyleADVISOR Zephyr S yl A V S : Mat t hew I nt ernat i nal C t al Management t e D I OR s o apiManager PerformanceN ov ember 2006 - Marc h 2012 (Single C omputation) 180 160 140 120 Matthews Asia Dividend Investor 100 MSCI AC ASIA PACIF IC 80 60 40 Oct 2006 Dec 2007 Dec 2008 Dec 2009 Dec 2010 Mar 2012Risk / Return T ableAnnualized Summary Statistics: November 2006 - March 2012 Alpha R eturn Std D ev Sharpe v s . Mark et (%) (%) R atio (%) Matthew s As ia D iv idend Inv es tor 10.48 17.45 8.79 0.5195 MSC I AC ASIA PAC IFIC 1.75 21.32 0.00 0.0156Performance results are of the largest account in the noted strategy managed by Matthews International Capital Management LLC. The performance results are net of advisory and other fees.Matthews’ advisory fees may vary depending on the size and nature of the assets and account. All performance is in US$ and includes all dividends and interest accrued income, realized andunrealized gains or losses, accrued expenses, and are net of all brokerage commissions and execution costs and advisory and other fees. Individual account performance will vary. Performancequoted represents past performance and is no guarantee of future results. This performance information does not, and it is not intended to, represent performance of the MatthewsAsia Dividend Fund, which commenced operations on April 30, 2010. For performance information for the Matthews Asia Dividend Fund, please see the previous slide or visitmatthewsasia.com. Performance results, statistics, portfolio characteristics, and holdings information for the Matthews Asia Dividend Fund may vary from representative accountfor the strategy. Annualized summary statistical data for the Matthews Asia Dividend Fund are not available. Source: Zephyr Do not give, show or quote to any other person. This document is not for public distribution and is for institutional/professional use only and has not been registered with, or approved by, any regulatory authority in any jurisdiction. 21 © 2012 Matthews International Capital Management, LLC GL.PT006_0512
  23. 23. Investment Returns | Asia Dividend FundAs of March 31, 2012 AVERAGE ANNUAL TOTAL RETURNS 3 Months 1 Year Since Inception (04/30/2010) 11.74% 12.08% 5.79% 3.15% 2.20% -4.02% Asia Dividend Fund (I Acc, USD) MSCI AC Asia Pacific IndexAll performance quoted represents past performance and is no guarantee of future results. Investment return and principal value will fluctuatewith market conditions so that when redeemed, shares may be worth more or less than the original cost. Current performance may be lower or higherthan performance shown. Investors investing in funds denominated in non-local currency should be aware of the risk of currency exchange fluctuationsthat may cause a loss of principal. Performance details provided are based on a NAV to NAV basis, and are net of management fees and other expenses.Sources: JP Morgan, Bloomberg, MICM Do not give, show or quote to any other person. This document is not for public distribution and is for institutional/professional use only and has not been registered with, or approved by, any regulatory authority in any jurisdiction. 22 © 2012 Matthews International Capital Management, LLC GL.PT006_0512
  24. 24. Investment Returns | Asia Dividend StrategyAs of March 31, 2012 AVERAGE ANNUAL TOTAL RETURNS 3 Months 1 Year 3 Year 5 Year Since Inception (10/31/06) 24.54% 19.15% 11.55% 12.08% 10.49% 9.20% 0.77% 1.75% -0.08% -4.02% Asia Dividend Strategy MSCI AC Asia Pacific IndexPerformance results are of the largest account in the noted strategy managed by Matthews International Capital Management LLC. The performanceresults are net of advisory and other fees. Matthews’ advisory fees may vary depending on the size and nature of the assets and account. Allperformance is in US$ and includes all dividends and interest accrued income, realized and unrealized gains or losses, accrued expenses, and are net ofall brokerage commissions and execution costs and advisory and other fees. Individual account performance will vary. Performance quoted representspast performance and is no guarantee of future results. This performance information does not, and it is not intended to, represent performance ofthe Matthews Asia Dividend Fund, which commenced operations on April 30, 2010. For performance information for the Matthews Asia Dividend Fund,please see the previous slide or visit matthewsasia.com. Performance results, portfolio characteristics, and holdings information for the Matthews AsiaDividend Fund may vary from representative account for the strategy.Sources: BNY Mellon Investment Servicing , Bloomberg, MICM Do not give, show or quote to any other person. This document is not for public distribution and is for institutional/professional use only and has not been registered with, or approved by, any regulatory authority in any jurisdiction. 23 © 2012 Matthews International Capital Management, LLC GL.PT006_0512
  25. 25. Contacting Matthews AsiaTo learn more about Matthews or how the Matthews Asia Funds cancomplement globally diversified portfolios, please visit global.matthewsasia.comor contact us directly:Jonathan Schuman James CampionExecutive Vice President Senior Vice PresidentHead of Global Business Development Head of Asia Business Development+1-415-984-5366 +852-3901-0888Jonathan.Schuman@matthewsasia.com James.Campion@matthewsasia.comKate HitchingsGlobal Client Relationship Manager+1-415-954-4525Kate.Hitchings@matthewsasia.comDo not give, show or quote to any other person. This document is not for public distribution and is for institutional/professional use only and has not beenregistered with, or approved by, any regulatory authority in any jurisdiction. 24© 2012 Matthews International Capital Management, LLC GL.PT006_0512
  26. 26. Appendix I | Investment Team BiosPortfolio Managers ROBERT J. HORROCKS, PhDChief Investment Officer, Robert Horrocks is Chief Investment Officer at Matthews International Capital Management, LLC and a Portfolio Manager. He managesPortfolio Manager the firm’s Asian Growth and Income strategy and co-manages the Asia Strategic Income strategy. As Chief Investment Officer, Robert oversees the firm’s investment process and investment professionals and sets the research agenda for the investment team. Before joining Matthews in 2008, Robert was Head of Research at Mirae Asset Management in Hong Kong. From 2003 to 2006, Robert served as Chief Investment Officer for Everbright Pramerica in China, establishing its quantitative investment process. He started his career as a Research Analyst with WI Carr Securities in Hong Kong before moving on to spend eight years working in several different Asian jurisdictions for Schroders, including stints as Country General Manager in Taiwan, Deputy Chief Investment Officer in Korea and Designated Chief Investment Officer in Shanghai. Robert earned his PhD in Chinese Economic History from Leeds University in the United Kingdom, and is fluent in Mandarin. RICHARD H. GAOPortfolio Manager Richard Gao is a Portfolio Manager at Matthews International Capital Management, LLC. He manages the firm’s China, Pacific Tiger and China Small Companies strategies . Richard joined Matthews in 1997 as a China Analyst. He began his career at the Bank of China in 1989, first as a loan officer, then as a FOREX Trader in the Treasury Department. In 1993, he became Assistant Manager at the Bank of China, where he was in charge of FOREX trading for import/export companies. Richard received a B.A. in Literature from Guangdong University of Foreign Studies and an M.B.A. in International Business from the Dominican University of California. He is fluent in Mandarin, Cantonese and Shanghainese. JESPER O. MADSEN, CFAPortfolio Manager Jesper Madsen is a Portfolio Manager at Matthews International Capital Management, LLC, and manages the firm’s Asia Dividend and China Dividend strategies. Prior to joining Matthews in 2004 as a Research Analyst, Jesper was an Analyst at Charter Equity Research and also worked with the Fixed Income group at Barclays Global Investors. He has traveled extensively, including living and working in China. Jesper received a B.A. in Politics, Philosophy and Economics from the University of York in the United Kingdom. SHARAT SHROFF, CFAPortfolio Manager Sharat Shroff is a Portfolio Manager at Matthews International Capital Management, LLC. He manages the firm’s Pacific Tiger and India strategies and co-manages the Asia Growth strategy. Prior to joining Matthews in 2005 as a Research Analyst, Sharat worked in the San Francisco and Hong Kong offices of Morgan Stanley as an Equity Research Associate. Sharat received a Bachelor of Technology from the Institute of Technology in Varanasi, India and an M.B.A. from the Indian Institute of Management, in Calcutta, India. He is fluent in Hindi and Bengali. Do not give, show or quote to any other person. This document is not for public distribution and is for institutional/professional use only and has not been registered with, or approved by, any regulatory authority in any jurisdiction. 25 © 2012 Matthews International Capital Management, LLC GL.PT006_0512
  27. 27. Appendix II | Client Services Team Bios JONATHAN D. SCHUMANExecutive Vice President, Head Jonathan Schuman joined Matthews International Capital Management, LLC in 2010 as an Executive Vice President. He is responsible forof Global Business Development leading the firm’s international business development strategy, developing relationships with key distribution partners and directing the firm’s global sales efforts. Prior to joining the firm, Jonathan was a Managing Director at PineBridge Investments (formerly AIG Investments) in Tokyo, responsible for institutional sales and client relations, product development, marketing and RFP functions for AIG’s third-party investment management business in Japan. He also served as Assistant General Counsel for Legal and Government Affairs for AIG Companies, Japan and Korea. Jonathan earned a J.D. from Harvard Law School, a M.A.L.D from The Fletcher School of Law and Diplomacy and a B.A. in Asian Studies from Williams College. He has served as Co-Chair of the Financial Services Committee at the American Chamber of Commerce in Japan, and is fluent in Japanese. JAMES E. CAMPIONSenior Vice President, James Campion joined Matthews International Capital Management, LLC in 2010 as a Senior Vice President and leads the firm’s businessHead of Asia Business development efforts in Asia. Most recently, James was Head of Asia Distribution for Threadneedle Portfolio Services in Hong Kong,Development responsible for setting up its Hong Kong office and developing the firm’s Asia distribution strategy. Prior to this, he served as Allianz Global Investor’s Head of Mutual Funds for the Asia Pacific region and was a Managing Director for New Star International. From 1998 to 2004, James also held several positions with Schroder Investment Management (Hong Kong) Limited, including Regional Head of Mutual Funds, Asia ex Japan. KATE HITCHINGSGlobal Client Relationship Kate Hitchings joined Matthews International Capital Management, LLC in 2011 as Global Client Relationship Manager. She managesManager relationships with Matthews’ clients in Europe and Latin America. Prior to joining Matthews, Kate was a Business Development Executive with AllianceBernstein in London, where she was responsible for business development opportunities and client management, primarily within the U.K. Institutional market. She began her tenure with AllianceBernstein in 2005, initially working with private clients, endowments, and foundations out of its Boston-based wealth management office. Kate received a B.A. in English with a minor in Psychology from Dartmouth College, and is a proficient Spanish speaker. Do not give, show or quote to any other person. This document is not for public distribution and is for institutional/professional use only and has not been registered with, or approved by, any regulatory authority in any jurisdiction. 26 © 2012 Matthews International Capital Management, LLC GL.PT006_0512
  28. 28. Appendix III | Pacific Tiger Fund—Investment ReturnsAs of March 31, 2012 AVERAGE ANNUAL TOTAL RETURNS 3 Months 1 Year Since Inception (04/30/2010) 13.76% 10.06% 6.43% 4.79% -1.49% -6.79% Pacific Tiger Fund (I Acc, USD) MSCI AC Asia ex Japan IndexAll performance quoted represents past performance and is no guarantee of future results. Investment return and principal value will fluctuatewith market conditions so that when redeemed, shares may be worth more or less than the original cost. Current performance may be lower or higherthan performance shown. Investors investing in funds denominated in non-local currency should be aware of the risk of currency exchange fluctuationsthat may cause a loss of principal. Performance details provided are based on a NAV to NAV basis, and are net of management fees and other expenses.Sources: JP Morgan, Bloomberg, MICM Do not give, show or quote to any other person. This document is not for public distribution and is for institutional/professional use only and has not been registered with, or approved by, any regulatory authority in any jurisdiction. 27 © 2012 Matthews International Capital Management, LLC GL.PT006_0512
  29. 29. Appendix III | Pacific Tiger Strategy—Investment ReturnsAs of March 31, 2012 AVERAGE ANNUAL TOTAL RETURNS Since Inception 1 3 Months 1 Year 3 Years 5 Years 10 Years (9/12/94) 29.43% 24.70% 13.76% 14.78% 10.92% 11.84% 8.86% 9.05% 5.34% 3.88% -0.85% -6.79% Pactific Tiger Strategy MSCI AC Asia ex Japan Index1 Index return calculated from 8/31/94.Performance results are of the largest account in the noted strategy managed by Matthews International Capital Management LLC. The performanceresults are net of advisory and other fees. Matthews’ advisory fees may vary depending on the size and nature of the assets and account. Allperformance is in US$ and includes all dividends and interest accrued income, realized and unrealized gains or losses, accrued expenses, and are net ofall brokerage commissions and execution costs and advisory and other fees. Individual account performance will vary. Performance quoted representspast performance and is no guarantee of future results. This performance information does not, and it is not intended to, represent performance ofthe Matthews Pacific Tiger Fund, which commenced operations on April 30, 2010. For performance information for the Matthews Pacific Tiger Fund,please see the previous slide or visit matthewsasia.com. Performance results, portfolio characteristics, and holdings information for the Matthews PacificTiger Fund may vary from representative account for the strategy.Sources: BNY Mellon Investment Servicing , Bloomberg, MICM Do not give, show or quote to any other person. This document is not for public distribution and is for institutional/professional use only and has not been registered with, or approved by, any regulatory authority in any jurisdiction. 28 © 2012 Matthews International Capital Management, LLC GL.PT006_0512
  30. 30. Appendix III | China Fund — Investment ReturnsAs of March 31, 2012 AVERAGE ANNUAL TOTAL RETURN 3 Months 1 Year Since Inception (02/26/2010) 9.92% 9.01% 2.50% 0.43% -8.83% -12.65% China Fund (I Acc, USD) MSCI China IndexAll performance quoted represents past performance and is no guarantee of future results. Investment return and principal value will fluctuatewith market conditions so that when redeemed, shares may be worth more or less than the original cost. Current performance may be lower or higherthan performance shown. Investors investing in funds denominated in non-local currency should be aware of the risk of currency exchange fluctuationsthat may cause a loss of principal. Performance details provided are based on a NAV to NAV basis, and are net of management fees and other expenses.Sources: JP Morgan, Bloomberg, MICM Do not give, show or quote to any other person. This document is not for public distribution and is for institutional/professional use only and has not been registered with, or approved by, any regulatory authority in any jurisdiction. 29 © 2012 Matthews International Capital Management, LLC GL.PT006_0512
  31. 31. Appendix III | China Strategy—Investment ReturnsAs of March 31, 2012 AVERAGE ANNUAL TOTAL RETURNS Since inception 3 Months 1 Year 3 Years 5 Years 10 Years (2/19/98) 20.76% 16.66% 14.78% 15.53% 11.44% 8.97% 9.92% 8.90% 5.09% 3.04% China Strategy MSCI China Index -10.68%1 Index return calculated from 2/28/98. -12.65%Performance results are of the largest account in the noted strategy managed by Matthews International Capital Management LLC. The performanceresults are net of advisory and other fees. Matthews’ advisory fees may vary depending on the size and nature of the assets and account. Allperformance is in US$ and includes all dividends and interest accrued income, realized and unrealized gains or losses, accrued expenses, and are net ofall brokerage commissions and execution costs and advisory and other fees. Individual account performance will vary. Performance quoted representspast performance and is no guarantee of future results. This performance information does not, and it is not intended to, represent performance ofthe Matthews China Fund, which commenced operations on February 26, 2010. For performance information for the Matthews China Fund, please seethe previous slide or visit matthewsasia.com. Performance results, portfolio characteristics, and holdings information for the Matthews China Fund mayvary from representative account for the strategy.Sources: BNY Mellon Investment Servicing , Bloomberg, MICM Do not give, show or quote to any other person. This document is not for public distribution and is for institutional/professional use only and has not been registered with, or approved by, any regulatory authority in any jurisdiction. 30 © 2012 Matthews International Capital Management, LLC GL.PT006_0512
  32. 32. Appendix III | India Fund—Investment ReturnsAs of March 31, 2012 ACTUAL RETURN, NOT ANNUALIZED 3 Months Since Inception (06/30/2011) 22.75% 20.78% -16.90% -17.57% India Fund (I Acc, USD) Bombay Stock Exchange (BSE) 100 IndexAll performance quoted represents past performance and is no guarantee of future results. Investment return and principal value will fluctuatewith market conditions so that when redeemed, shares may be worth more or less than the original cost. Current performance may be lower or higherthan performance shown. Investors investing in funds denominated in non-local currency should be aware of the risk of currency exchange fluctuationsthat may cause a loss of principal. Performance details provided are based on a NAV to NAV basis, and are net of management fees and other expenses.Sources: JP Morgan, Bloomberg, MICM Do not give, show or quote to any other person. This document is not for public distribution and is for institutional/professional use only and has not been registered with, or approved by, any regulatory authority in any jurisdiction. 31 © 2012 Matthews International Capital Management, LLC GL.PT006_0512
  33. 33. Appendix III | India Strategy—Investment ReturnsAs of March 31, 2012 AVERAGE ANNUAL TOTAL RETURNS 3 Months 1 Year 3 Years 5 Years Since inception (10/31/05) 32.38% 23.84% 24.25% 20.78% 11.11% 12.35% 5.85% 4.74% India Strategy Bombay Stock Exchange (BSE) 100 Index -16.96% -19.40%Performance results are of the largest account in the noted strategy managed by Matthews International Capital Management LLC. The performanceresults are net of advisory and other fees. Matthews’ advisory fees may vary depending on the size and nature of the assets and account. Allperformance is in US$ and includes all dividends and interest accrued income, realized and unrealized gains or losses, accrued expenses, and are net ofall brokerage commissions and execution costs and advisory and other fees. Individual account performance will vary. Performance quoted representspast performance and is no guarantee of future results. This performance information does not, and it is not intended to, represent performance ofthe Matthews India Fund, which commenced operations on June 30, 2011. For performance information for the Matthews India Fund, please see theprevious slide or visit matthewsasia.com. Performance results, portfolio characteristics, and holdings information for the Matthews India Fund may varyfrom representative account for the strategy.Sources: BNY Mellon Investment Servicing , Bloomberg, MICM Do not give, show or quote to any other person. This document is not for public distribution and is for institutional/professional use only and has not been registered with, or approved by, any regulatory authority in any jurisdiction. 32 © 2012 Matthews International Capital Management, LLC GL.PT006_0512
  34. 34. Important DisclosuresThese materials are provided solely for use in a private meeting and are intended for informational and discussion purposes only. To the extent thatthese materials are circulated, it is intended that they be circulated only to persons to whom they may lawfully be distributed and any recipient of thesematerials should inform themselves about and observe any applicable legal requirements. Persons who do not fall within such descriptions may not actupon the information contained in these materials.This document is not a prospectus and does not constitute an offer to the public. No public offering or advertising of investment services or securities isintended to have taken effect through the provision of these materials. Nothing in these materials is or shall be considered to be an offer of advisory orinvestment services to any recipient. The information presented in these materials is believed to be materially correct at the time of compilation, but norepresentation or warranty (express or implied) is made as to the accuracy or completeness of any of this information. Nothing set out in these materialsis or shall be relied as a promise or representation as to the future.The manager referred to in these materials means a U.S.-based investment adviser registered with the U.S. Securities and Exchange Commission who hasnot represented and will not represent that it is otherwise registered with any other regulator or regulatory body.Investors should ascertain from their professional advisers the consequences of investing with Matthews under the relevant laws of the jurisdictions towhich they are subject including the tax consequences and any exchange control requirement. Investors should carefully consider the investmentobjectives, risks, charges and expenses of any strategy before making an investment decision.An investment in Matthews Asia Funds may be subject to risks, such as social and political instability, market illiquidity, exchange-rate fluctuations, a high levelof volatility and limited regulation. In addition, single-country and sector funds may be subject to a higher degree of market risk than diversified funds becauseof concentration in a specific industry, sector or geographic location. Investing in small- and mid-size companies is more risky than investing in large companiesas they may be more volatile and less liquid than large companies. Please see the Prospectus for a Fund for additional information about the risks of investing ina Fund. This discussion of the risks associated with investing in Matthews Asia Funds is not exhaustive and prospective investors should consult a Fund’sProspectus before making an investment decision.The Board of Directors of the Matthews Asia Funds may, at its discretion, pay dividends out of the capital of this sub-fund. The Board of Directors of theFunds may amend the dividend policy, subject to the SFC’s prior approval and by giving not less than one month prior notice to the shareholders of theFunds. Dividends paid out of capital amount to a return or withdrawal of part of an investor’s original investment, or from any capital gains attributableto that original investment. Such dividends may result in an immediate decrease of the net asset value per share of this sub-fund. The composition ofthe latest dividends (i.e., the relative amount paid from the income and capital) is available from the Funds upon request and also on its website atmatthewsasia.com.Fund ratings represent an opinion only and are not a recommendation to buy or sell any fund. Fund rating reports are available on matthewsasia.com.©2012 Morningstar. All Rights Reserved. The information, data, analyses, and opinions contained herein (1) include the proprietary information of Morningstar, (2) maynot be copied or redistributed, (3) do not constitute investment advice offered by Morningstar, (4) are provided solely for informational purposes and therefore are not anoffer to buy or sell a security, and (5) are not warranted to be correct, complete, or accurate. Morningstar shall not be responsible for any trading decisions, damages, orother losses resulting from, or related to, this information, data, analyses, or opinions or their use. The Morningstar Analyst Rating™ is subjective in nature and reflectsMorningstar’s current expectations of future events/behaviour as they relate to a particular fund. Because such events/behaviour may turn out to be different thanexpected, Morningstar does not guarantee that a fund will perform in line with its Morningstar Analyst Rating. Likewise, the Morningstar Analyst Rating should not beseen as any sort of guarantee or assessment of the creditworthiness of a fund or of its underlying securities and should not be used as the sole basis for making anyinvestment decision. Do not give, show or quote to any other person. This document is not for public distribution and is for institutional/professional use only and has not been registered with, or approved by, any regulatory authority in any jurisdiction. 33 © 2012 Matthews International Capital Management, LLC GL.PT006_0512
  35. 35. Important DisclosuresThe shares described in each Fund’s prospectus and the related documents have not been registered or qualified under the laws of, and may not beoffered or sold, directly or indirectly, to the public in Austria, Bahrain, Chile, Colombia, Denmark, Egypt, Finland, Germany, Iceland, Israel, Italy, Kuwait,Netherlands, Norway, Peru, Portugal, Qatar, Saudi Arabia, Spain, Sweden, or United Arab Emirates. The Fund’s prospectus and other related materials anddocuments have not been filed with or approved by the regulatory authorities of Austria, Bahrain, Chile, Colombia, Denmark, Egypt, Finland, Germany,Iceland, Israel, Italy, Kuwait, Netherlands, Norway, Peru, Portugal, Qatar, Saudi Arabia, Spain, Sweden, or United Arab Emirates and are not intended toconstitute a public offering in such countries and should not be construed as such. In particular, these materials shall not constitute an offer to sell or asolicitation of an offer to buy the shares described in each Fund’s prospectus and in the related materials and documents and no steps may be taken thatwould constitute or result in a public offering or distribution of the shares in Austria, Bahrain, Chile, Colombia, Denmark, Egypt, Finland, Germany,Iceland, Israel, Italy, Kuwait, Netherlands, Norway, Peru, Portugal, Qatar, Saudi Arabia, Spain, Sweden, or United Arab Emirates, including by use of anypublic advertisement of similar public communication.The shares of the Funds are only available for certain non-U.S. Persons in select transactions outside of the United States, or in limited circumstances,otherwise in transactions which are exempt from the registration requirements of the United States Securities Act of 1933, as amended.This document does not constitute investment advice or an offer or solicitation to sell or a solicitation of an offer to buy any shares of any Fund (norshall any such shares be offered or sold to any person) in any jurisdiction in which an offer, solicitation, purchase or sale would be unlawful under thesecurities law of that jurisdiction. This document is directed at and intended for institutional investors (as such term is defined in the variousjurisdictions). This document is provided on a confidential basis for informational purposes only and may not be reproduced in any form or transmittedto any person without authorization from Matthews International Capital Management, LLC. It is the responsibility of any persons wishing to subscribefor shares to inform themselves of and to observe all applicable laws and regulations of any relevant jurisdictions. Prospective investors should informthemselves as to the legal requirements and tax consequences within the countries of their citizenship, residence, domicile and place of business withrespect to the acquisition, holding or disposal of shares, and any foreign exchange restrictions that may be relevant thereto.The MSCI All Country Asia Pacific Index is a free float-adjusted market capitalization–weighted index of the stock markets of Australia, China, Hong Kong, India, Indonesia, Japan, Malaysia,New Zealand, Philippines, Singapore, South Korea, Taiwan and Thailand. The Asia Dividend Strategy invests in countries that are not included in the MSCI All Country Asia Pacific Index. It isnot possible to invest directly in an index.The MSCI All Country Asia ex Japan Index is a free float–adjusted market capitalization–weighted index of the stock markets of China, Hong Kong, India, Indonesia, Malaysia, Philippines,Singapore, South Korea, Taiwan and Thailand. The Pacific Tiger Strategy may invest in countries that are not included in the MSCI All Country Asia ex Japan Index. It is not possible to investdirectly in an index.The MSCI China Index is a free float–adjusted market capitalization–weighted index of Chinese equities that include China-affiliated corporations and H shares listed on the Hong Kongexchange, and B shares listed on the Shanghai and Shenzhen exchanges. It is not possible to invest directly in an index.The Bombay Stock Exchange 100 (BSE 100) Index is a free float-adjusted market capitalization-weighted index of the 100 leading stocks listed on the Bombay Stock Exchange. It is not possibleto invest directly in an indexThe MSCI China Small Cap Index is a free float–adjusted market capitalization–weighted small cap index of the Chinese equity securities markets, including H shares listed on the Hong KongExchange, B shares listed on the Shanghai and Shenzhen exchanges, and Hong Kong-listed securities known as Red Chips (issued by entities owned by national or local governments in China)and P Chips (issued by companies controlled by individuals in China and deriving substantial revenues in China). It is not possible to invest directly in an index.The S&P 500 Index is a broad market-weighted index dominated by blue-chip stocks in the U.S. It is not possible to invest directly in an index.The S&P Broad Market Index is a market-capitalization-weighted index providing a broad measure of the global equities markets. It is not possible to invest directly in an index. Do not give, show or quote to any other person. This document is not for public distribution and is for institutional/professional use only and has not been registered with, or approved by, any regulatory authority in any jurisdiction. 34 © 2012 Matthews International Capital Management, LLC GL.PT006_0512
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