Market Outlook Sept 2012 by Citi

1. L40523 281362 IPB Market Outlook Sep12.ai 1 9/13/12 10:07 AM
MICA (P) 069/10/2011
01 Feature Article September 2012
02 Equity Markets
03 Bond Markets
04 Investment Insights
C
M
Y
CM
MY
CY
CMY
K
Possible Grexit looming
Citi analysts have put the probability of Greece exiting the Euro Area (Grexit) in the next 12-18 months at about
90% and, within that timeframe, think that it is increasingly likely that Grexit could occur in the next six months
or so, conceivably even as early as September/October depending on the outcome of the September Troika
(European Union, European Central Bank and International Monetary Fund) report on Greece. There is also a
crucial series of meetings and events in the coming weeks that may clarify how this plays out.

2. L40523 281362 IPB Market Outlook Sep12.ai 2 9/13/12 10:07 AM
Possible Grexit looming
Likelihood of Grexit becoming even clearer…
The likelihood of Grexit itself is coming into even sharper focus, in Citi analysts’ view. There appears to be a sizeable – and probably
unbridgeable – gap between the Greek government’s ability to quickly cut the fiscal deficit and implement major supply-side reforms
and privatisations, and the measures that creditor nations require to extend further funding. The Greek government has sought a
two-year extension of the latest austerity programme, with a slower pace of fiscal tightening. At the same time, attitudes appear to
be hardening among official bodies and especially creditor nations, with a growing reluctance to do “whatever it takes” to keep
Greece in the European Monetary Union (EMU) and a growing willingness to contemplate the likelihood that one or more countries
will exit EMU.
There is a busy timetable of key meetings and events in the coming weeks that may clarify how this dilemma could play out.
• September 6: ECB meeting and press conference, when the ECB is likely to present details of the Conditional Government
Bond Purchase Programme (CGBPP).
• Around September 11: EU Commissioner Michel Barnier will present the proposal for a single bank supervisor (the ECB) in
the Euro Area.
• September 12: German constitutional court will rule on the legality of the European Stability Mechanism (ESM). If the court
decides in favour, the German President can sign the ESM treaty immediately. Germany is the final signatory needed for the
treaty to enter into effect. Once all ESM member states pay their obligations to the first capital tranche, the fund will become
operational. However, the court may also require additional information, particularly on the ECB’s bond purchase plans under
C
existing ESM programmes, before making a final ruling. Anything other than a positive ruling from the court will prevent
M
Germany ratifying the treaty in the short term.
Y • September 12: Dutch election, with polls pointing to an inconclusive result, which could inhibit approval of further EMU rescue
CM measures.
MY
• September 13-14: Meeting of G20 Finance Ministers and Central Bank Governors in Mexico.
• September 14-15: Informal meeting of European Finance Ministers (ECOFIN) with Central Bank Governors.
CY
• During September: Troika assessment on Greece.
CMY
The precise timing of Grexit, if it happens, remains uncertain. But Citi analysts believe it could even occur as soon as
K
September/October, if the upcoming Troika report confirms that Greece’s programme is off-track and creditor nations are unwilling
to provide Greece any funding extension or extra time. However, creditor nations may provide enough funding to delay Grexit to after
theDecember review, for example to allow plans for common bank supervision to be finalised. This might ensure that if Grexit prompts
wider bank recapitalisation needs (in the other Euro Area countries), these can be mutualised via the ESM (either immediately or at
a later stage). A deferral beyond September also could be more likely if the German Constitutional Court causes a delay in ESM
ratification. Or, the Greek establishment may accept at some stage that it will be unable (or unwilling) to implement the measures
required to stay inside EMU and decide itself that Grexit is inevitable.
…But the exact mechanics remain uncertain
In the event Grexit happens, Citi analysts envisage an extended bank holiday and some form of capital controls and limits on deposit
withdrawals in Greece (and perhaps some temporary restrictions in some other EMU countries as well). Prior examples highlight that
currency redenomination need not be uniform: for example, when Argentina abandoned its currency peg to the US Dollar in 2002,
the government decided to apply a 1-to-1 exchange rate for Bank loans and a 1.4-to-1 exchange rate to deposits. Moreover, when East
Germany adopted the Deutsche Mark as legal tender on July 1 1990, just ahead of German unification in October of the same year,
the East German mark was converted at par for wages, prices, pensions and savings up to a limit of 4000 East Mark/person. Financial
claims, including corporate and housing loans, and savings in excess of 4000 East Mark were converted at a ratio of 2:1 into the
Deutsche Mark. Citi analysts believe that a new Greek currency could fall by about 60%, pushing inflation markedly higher in 2013-16,
but the scale of currency decline is highly uncertain.

3. L40523 281362 IPB Market Outlook Sep12.ai 3 9/13/12 10:07 AM
Possible Grexit looming
With policymakers aware that Grexit could be a “Lehman” moment – that causes massive unanticipated disruption – Grexit (if it
happens) is likely to prompt a huge policy response, with policymakers using conventional and unconventional tools. The approach
may be to err on the side of being overly generous rather than emphasise long-run moral hazard or inflation concerns. Greece itself
could probably receive financial assistance from the IMF and EU, while the ECB (and other central banks) may provide extensive extra
liquidity and, in some cases, monetary policy easing as well. In addition, assistance for Italy and Spain is likely to be promptly
activated (if it is not already in place) with little or no extra conditionality on top of what has already been agreed. Fiscal targets for
other periphery EMU countries may also be eased, at least for 2012 and 2013.
Grexit unlikely to be the end-game to the EMU crisis
Even so, Citi analysts doubt that potential Grexit and the resultant policy responses would be a cathartic event that ends EMU strains.
Indeed, they suspect that Grexit, if it happens, could intensify the withdrawal of private sector funds from periphery EMU countries.
Grexit would fundamentally change the nature of EMU, establishing that exit can occur. Greece’s non-compliance with its programme
is unique at present. But, there are echoes of Greece’s economic problems – persistent economic weakness, poor external
competitiveness, fragile banking system and unsustainable fiscal trends – in a range of other periphery countries.
In Citi analysts’ opinion, the EMU end-game is likely to be a mix of EMU exit (Greece), a significant amount of sovereign debt and
bank debt restructuring (Portugal and, eventually, perhaps Ireland, Italy and Spain), with only limited official fiscal burden sharing
(via the ESM, European Financial Stability Facility (EFSF) and ECB losses) and ongoing liquidity support from the ESM and the ECB.
C
Portugal is still expected to get a second bailout (or a prolonged extension of the current programme), with no private sector
M
involvement (PSI) initially but a high chance of PSI and official sector involvement (OSI) over the next three years or so. Ireland may
Y
well also need some external assistance beyond the end of the current programme, although – with the deficit likely to undershoot
CM official forecasts and evidence that the country has some access to markets – this may take the form of partial funding via the
MY EFSF/ESM and the backstop of ECB market purchases if needed.
CY
Nevertheless, for Portugal, Ireland, Italy and Spain, the crisis looks set to leave a legacy of high unemployment and very high
CMY government debt-to-GDP ratios (90%+, and, in most cases, well above that level). Citi analysts doubt that any of these countries will
K be able to sustain normal market access at a tolerable yield without the backstop of official support in coming years. There are
arguments in favour of implementing widespread debt restructuring early, to limit the extent to which restructuring risks hang over
the system and paralyse decision-making. However, in practice the process is likely to be lengthy and drawn-out over several years,
because of hopes that periphery countries can grow their way back to fiscal sustainability and widespread reluctance to inflict early
losses on the already-weak banking system.

4. L40523 281362 IPB Market Outlook Sep12.ai 4 9/13/12 10:07 AM
Equity markets
Chart 1 : Chart 2 :
S&P 500 Index Dow Jones Stoxx 600 Index
40% 14%
37.82% 12.81%
35% 12.13%
12%
30%
10%
8.87%
25%
8%
20%
15.40% 6%
15%
11.85% 4%
10%
1.86%
5% 2%
1.98%
0% 0%
1-Mth YTD 1-Yr 3-Yr* 1-Mth YTD 1-Yr 3-Yr*
*Denotes cumulative performance *Denotes cumulative performance
Performance data as of August 31 2012 Performance data as of August 31 2012
Source: Bloomberg Source: Bloomberg
United States Euro-Area
C
Near-term caution appears appropriate ECB likely to cut rates by 50 bps by year-end
M
 Rebounds in employment and consumer spending in July  Greece might manage to get some more months of funding
have eased fears that the expansion might be at risk. from the Troika, however, the increasing unwillingness of some
Y
Although major downside threats remain due to scheduled creditor countries to expand support for Greece suggests that
CM fiscal tightening next year and the ongoing financial crisis “Grexit” — to which Citi analysts attach a probability of about
MY
in Europe, the US recovery is proceeding on a modest 2% 90% — could happen as early as September/October. In
track. particular, if the German constitutional court approves
CY
Germany’s ESM participation, this could increase the
CMY
 Citi’s base case expects further eventual accommodation probability of Grexit soon.
but this vigil is likely to extend well beyond the next few
K
months and into 2013. For now, the improvement in key  If and when Spain or Italy has sought support from the
early 3Q12 data is likely to forestall action at their next ESFS/ESM, the European Central Bank (ECB) is also expected
meeting. In the meantime, Operation Twist has been to resume its multi-year LTRO programme. Likely backed by a
extended and officials are likely to use public statements weaker growth outlook, the ECB could cut the refi rate to 0.5%
to underscore their readiness to buoy financial conditions, in September and the deposit rate to -0.25%. During 4Q12,
most likely through MBS purchases or a new lending Citi analysts expect a reduction of the main refi and the
program. Action remains contingent on either a serious deposit rate to 0.25% and -0.5%, respectively.
financial shock or more credible evidence that economic
momentum, particularly in labour markets, is stalling.  Over the last decade, mega cap has been the weakest
performing group eight out of the ten years. It has been the
 A near 11% rally by the S&P 500 index off its June lows seem best performing twice, both years that the market fell,
to have caught many within the investment community by highlighting defensive characteristics. Indeed, mega caps in
surprise, as once again investors turned too defensive after Europe have performed much like the Japanese market, while
May’s severe market correction. Going forward, while mid caps have delivered EM-type returns.
sentiment and valuation still support additional gains,
estimate revision momentum and intra-stock correlation  There are two similarities. One, lack of appetite for equity as
no longer generate as much enthusiasm as before. an asset class, and two, no market for corporate control. Since
the end of the Japanese bubble there has been a consistent
 As such, with political and geopolitical uncertainty rising, switch out of equities, driving the derating. This pattern of
possibly to a crescendo in the next couple of months, Citi outflows has also been seen in Europe. However, all other
analysts believe that some caution may be appropriate. It things being equal, the flows out of equity should have
also appears more prudent to stick with high quality impacted mid caps as much as mega caps. But mid cap has had
dividend yielders at this juncture that also have moderate another buyer, the corporate sector though buy backs and
growth characteristics than chasing high beta or M&A. While mega caps have also been buying back stock, there
economically leveraged names. is very little chance of a cash bid for mega caps. They are
effectively bid proof because of their size. This is where
European mega caps are like Japan, where acquisitions are
very rare.

5. L40523 281362 IPB Market Outlook Sep12.ai 5 9/13/12 10:07 AM
Equity markets
Chart 3 : Chart 4 :
Topix Index MSCI Asia ex Japan Index
5% 20%
0.42% 16.04%
0% 15%
-0.63%
-5%
-5.06% 10%
-10% 6.41%
5%
-15%
0%
-20%
-0.80%
-25% -5%
-24.24% -4.67%
-30% -10%
1-Mth YTD 1-Yr 3-Yr* 1-Mth YTD 1-Yr 3-Yr*
*Denotes cumulative performance *Denotes cumulative performance
Performance data as of August 31 2012 Performance data as of August 31 2012
Source: Bloomberg Source: Bloomberg
Japan Asia Pacific
C
Growth may slow in 2014 due to tax hike Valuations suggest upside probability
M
 Economic growth in this year and next could be pushed up  Growth worries continue to dominate, with forecast
to 2.7% and 1.8% respectively, by reconstruction demand downgrades in India, Hong Kong and Taiwan. Malaysia's and
Y
from the earthquake and frontloaded spending ahead of Indonesia's growth remained strong — in Indonesia’s case
CM the consumption tax hike. But GDP growth in 2014 will this prompted a marked current account deterioration and
MY
inevitably slow sharply due to a payback to frontloaded earlier-than-expected rate hike. For others, benign inflation
spending and erosion in real household disposable income still leaves a window for some cuts, notably Korea, Thailand
CY
driven by tax hikes. Citi expects a sharp contraction in GDP and Philippines, but sticky inflation likely mean delayed
CMY right after the tax hike in April 2014, which could in turn easing room for India.
make the second tax hike slated for October 2015 less
K
likely.  A slower Chinese economy and flat CNY has important
implications for export/China-led Asian currencies. In
 Citi analysts expect the Bank of Japan (BoJ) to take particular, the Korean Won (KRW), Taiwan Dollar (TWD) and
additional easing action in late October when Malaysian Ringgit (MYR) are expected to face the largest
policymakers publish a semiannual economic outlook downside risks in the medium term.
report. The BoJ’s inflation forecasts could be revised down
somewhat and this may lead to additional easing action,  Based on the last 37 years of price-to-book (PB), Asia ex
most likely in the form of increasing purchases of Japan has traded on a higher multiple 73% of the time and
short-term and long-term JGBs under the asset purchase delivered a return of 32% on a 12 month view versus a 27%
program. probability of a 12% loss. Based on mid-cycle earnings,
current valuations have led to 21% upside over six months
 Citi analysts see two potential impacts from the and 44% over 12 months.
strengthening of the Fed policy duration effect on
Japanese equities: 1) a negative impact from JPY  Post more than a year of deceleration, balance sheets of
appreciation versus USD stemming from lower US interest central banks are expanding again. Without this, we typically
rates; and 2) a positive impact from higher stock prices in do not see multiple expansion. The average duration of
the US and increased investor risk appetite. Overall, the expansion is 11 months, during which the market typically
negative impact on Japanese equities from JPY strength adds 0.3 multiple points to PB which based on current levels
is expected to be offset by the potential rise in US equities. is 20% upside. The summer has brought more earnings
downgrades and this is likely to carry on into September.
 It is possible that expectations could rise not only for a 2012 earnings-per-share (EPS) growth estimates has fallen
strengthening of the policy duration effect, but also for from 16% to 11.8%, but already appears priced in given
QE3. As expectations of QE3 mount, Citi analysts believe implied EPS growth to perpetuity of a mere 1% versus a
the following sectors may be worth keeping an eye on: 1) historic average of 8% p.a. The current results season is also
exporters with high US sales weightings, on mounting turning out better than expected. Moreover, both in the G10
expectations of a US economic recovery (Transport and EM world, economic data is generally coming out better
Equipment, etc.); 2) Real Estate, on a decline in than expected. The same is also true in Asia and China.
longer-term call rates; 3) resource-related sectors
(Wholesale Trade, etc.), on higher resource prices; and 4)
Brokers, on recovering share prices.

6. L40523 281362 IPB Market Outlook Sep12.ai 6 9/13/12 10:07 AM
Bond markets
Chart 5 :
MSCI Emerging Markets Index Positive on High-Grade Corporates and
Emerging Market Debt
15%
12.85%
US Treasuries
Citi analysts expect yield curves to flatten, and for gains to be
10% potentially generated in the intermediate- to longer-dated
maturity range.
5%
3.38% US Corporates
0% A strengthening technical backdrop, large cash balances, low
-0.54% default rates, decreasing net issuance, and a smaller universe of
-5% safe haven assets continue to remain supportive. Meanwhile,
although high yield valuations have become more attractive, Citi
-10%
-8.31% analysts remain cautious due to festering concerns in Europe and
1-Mth YTD 1-Yr 3-Yr*
expectations that global growth could continue to slow. As such,
they selectively favour high quality, double-B rated issuers and
*Denotes cumulative performance select single-B rated issuers with strong fundamentals.
Performance data as of August 31 2012
Source: Bloomberg Euro Bonds
As global growth slows further and heightened uncertainties
persist, high quality government bonds in safe haven markets,
Emerging Markets particularly UK Gilts are likely to be well-supported.
C
Outlook for CEEMA equities appears Emerging Market Debt
challenging Increased corporate bond issuance in emerging markets may
M present opportunities to pick up yield while benefiting from
 CEEMEA1 remains hostage to growth and deleveraging risks stronger domestic growth.
Y
from the Eurozone. In particular, growth prospects in Poland
CM
appear to be rather gloomy plus the risk of further escalation
MY in the conflict surrounding the Middle East is what Citi
analysts would pay attention to.
CY
CMY
 In Latam, stability appears to be still the name of the game
when it comes to monetary policy (except in Brazil). Resilient
K
growth has kept most central banks in "wait-and-see" mode
but Citi analysts continue to expect easing later in the year.
 Performance of CEEMEA currencies, particularly Czech
Koruna (CZK) and Hungarian Forint (HUF) are likely to
remain generally weak, held back by association with EUR
weakness. On the other hand, Latam currencies such as
Mexican Peso (MXN), may perform relatively well short term
but give back some gains medium term.
 Citi analysts have an end-2012 target of 4,000 on the MSCI
Latam index. Although earnings-per-share (EPS) growth
appears to be slowing, policy flexibility implies that the
region can weather the European economic slowdown. They
favour Brazil and Peru, and prefer the Financials, Energy and
Consumer Discretionary sectors.
 While the CEEMEA region is attractively valued, there is
reason for continued caution given relatively weak growth
and higher exposure to the Euro Area. Under such
conditions, Citi’s preferred market is South Africa thanks
largely to its strong and resilient earnings growth outlook.
Their end-2012 target for the MSCI EM EMEA index stands
at 350.
1. CEEMEA is the collective term for Central and Eastern Europe, Middle East and Africa.

7. L40523 281362 IPB Market Outlook Sep12.ai 7 9/13/12 10:07 AM
Investment insights
QE3 and Emerging Markets
Though market talk of an imminent third round of quantitative easing (QE3) by the US Federal Reserve have been
tempered by better-than-expected economic data out of the US of late, the general expectation remains for QE3 to
be announced over the next couple of months. In this month’s issue, we take a look at the effects of previous rounds
of QE on emerging markets.
MSCI Global Emerging Markets (GEMs) Index and Quantitative Easing
C
M
Y
CM
MY
CY Source: MSCI, Datastream and Citi Research. As of August 15 2012.
CMY
Since the end of the 2007-8 bear market, periods of QE have been positive for emerging market equities, while post-QE periods have been negative.
During QE1 (from mid-December 2008 to end-March 2010), MSCI GEMs shot up by 80%; during QE2 (from late-August 2010 to mid-2011), the rise was
K
a more modest 18.7%.
GEMs Regions: Average performances during QE GEMs Sectors: Average performances during QE
Source: MSCI, Datastream and Citi Research. As of August 15 2012. Source: MSCI, Datastream and Citi Research. As of August 15 2012.
All regions have, on average, risen sharply during the two QE periods.
The sector performance picture has been less clear. Three of the high-beta sectors outperformed during QE periods (Consumer Discretionary, Materials
and IT).
However, rather unexpectedly, other higher-beta sectors – Energy, Financials and Industrials – underperformed during QE.
Most surprisingly, one of the classic defensive sectors (Consumer Staples) outperformed on average during the two QE periods.
Source: Citibank N.A., Singapore Branch, Regional Wealth Management.

8. L40523 281362 IPB Market Outlook Sep12.ai 8 9/13/12 10:07 AM
GENERAL DISCLOSURE
“Citi analysts” refers to investment professionals within Citi Research (“CR”), Citi Global Markets Inc. (“CGMI”) and voting members of the Citi
Global Investment Committee.
Citibank N.A. and its affiliates / subsidiaries provide no independent research or analysis in the substance or preparation of this document. The
information in this document has been obtained from reports issued by CGMI. Such information is based on sources CGMI believes to be reliable.
CGMI, however, does not guarantee its accuracy and it may be incomplete or condensed. All opinions and estimates constitute CGMI's judgment as
of the date of the report and are subject to change without notice. This document is for general information purposes only and is not intended as a
recommendation or an offer or solicitation for the purchase or sale of any security or currency. No part of this document may be reproduced in any
manner without the written consent of Citibank N.A. Information in this document has been prepared without taking account of the objectives,
financial situation, or needs of any particular investor. Any person considering an investment should consider the appropriateness of the investment
having regard to their objectives, financial situation, or needs, and should seek independent advice on the suitability or otherwise of a particular
investment. Investments are not deposits, are not obligations of, or guaranteed or insured by Citibank N.A., Citigroup Inc., or any of their affiliates
or subsidiaries, or by any local government or insurance agency, and are subject to investment risk, including the possible loss of the principal
amount invested. Investors investing in funds denominated in non-local currency should be aware of the risk of exchange rate fluctuations that may
cause a loss of principal. Past performance is not indicative of future performance, prices can go up or down. Some investment products (including
mutual funds) are not available to US persons and may not be available in all jurisdictions. Investors should be aware that it is his/her responsibility
to seek legal and/or tax advice regarding the legal and tax consequences of his/her investment transactions. If an investor changes residence,
citizenship, nationality, or place of work, it is his/her responsibility to understand how his/her investment transactions are affected by such change
and comply with all applicable laws and regulations as and when such becomes applicable. Citibank does not provide legal and/or tax advice and is
not responsible for advising an investor on the laws pertaining to his/her transaction.
COUNTRY SPECIFIC DISCLOSURES
C
Australia : This document is distributed in Australia by Citigroup Pty Limited ABN 88 004 325 080, AFSL 238098. For a full explanation of
M the risks of investing in any investment, please ensure that you fully read and understand the relevant Product Disclosure
Statement prior to investing.
Y
Hong Kong : This document is distributed in Hong Kong by Citibank (Hong Kong) Limited ("CHKL"). Prices and availability of financial
CM
instruments can be subject to change without notice. Certain high-volatility investments can be subject to sudden and large falls
MY
in value that could equal the amount invested.
CY
India : This document is distributed in India by Citibank N.A. Investment are subject to market risk including that of loss of principal
amounts invested. Products so distributed are not obligations of, or guaranteed by, Citibank and are not bank deposits. Past
CMY performance does not guarantee future performance. Investment products cannot be offered to US and Canada Persons.
K
Investors are advised to read and understand the Offer Documents carefully before investing.
Indonesia : This report is made available in Indonesia through Citibank, N.A. Indonesia Branch, Citibank Tower Lt 7, Jend. Sudirman Kav
54-55, Jakarta. Citibank, N.A. Indonesia Branch is regulated by the Bank of Indonesia.
Korea : This document is distributed in South Korea by Citibank Korea Inc. Investors should be aware that investment products are not
guaranteed by the Korea Deposit Insurance Corporation and are subject to investment risk including the possible loss of the
principal amount invested. Investment products are not available to US persons.
Malaysia : This document is distributed in Malaysia by Citibank Berhad.
People's Republic : This document is distributed by Citibank (China) Co., Ltd in the People's Republic of China (excluding the Special Administrative
of China Regions of Hong Kong and Macau, and Taiwan).
Philippines : This document is made available in Philippines by Citicorp Financial Services and Insurance Brokerage Phils. Inc, Citibank N.A.
Philippines, and/or Citibank Savings Inc. Investors should be aware that Investment products are not insured by the Philippine
Deposit Insurance Corporation or Federal Deposit Insurance Corporation or any other government entity.
Singapore : The information in this report has been sourced from Citigroup Global Markets Inc. ("CGMI") which is a member of FINRA and
registered with the US Securities and Exchange Commission. This report is distributed in Singapore by Citibank Singapore Ltd
("CSL"). CSL provides no independent research or analysis of the substance or in preparation of this report. Investment products
are not insured under the provisions of the Deposit Insurance and Policy Owners’ Protection Schemes Act 2011 of Singapore and
are not eligible for deposit insurance coverage under the Deposit Insurance Scheme. CSL accepts legal responsibility for the
content of this report. Please contact your CSL Relationship Manager if you have any queries on or any matters arising from or in
connection with this report.
Thailand : This document is distributed in Thailand by Citibank N.A. and made available in English language only. Investment contains
certain risk, please study prospectus before investing. Not an obligation of, or guaranteed by, Citibank. Not bank deposits. Subject
to investment risks, including possible loss of the principal amount invested. Subject to price fluctuation. Past performance does
not guarantee future performance. Not offered to US persons.
United Kingdom : This document is distributed in U.K. by Citibank International plc., it is registered in England with number 1088249. Registered
office: Citigroup Centre, Canada Square, London E14 5LB. Authorised and regulated by the Financial Services Authority.
For more information, please call your Relationship Manager or our 24-Hour Citiphone Banking at +65 6224 5757.
Citibank full disclaimers, terms and conditions apply to individual products and banking services. ©2012 Citibank. Citi, Citibank, Citigold and Citi and Arc
Design are registered service marks of Citigroup Inc. Citibank Singapore Limited Co. Reg. No. 200309485K Printed on 09/2012