MONTHLY OUTLOOKOCBC PREMIER BANKING

APRIL 2013

WHY YOU SHOULD STAY BULLISH ON EQUITIESRECOVERY ON TRACK

FOrEIGN ExCHANGE & COmmOdITIES

Kiwi Looks PromisingNew Zealand’s economy and exports are booming, and its currency is poised to benefit from the country’s role as a major provider of ‘soft commodities’. Wellington reported a health trade surplus for January, thanks to a recovery in demand from China, and its growth in the final quarter of 2012 was the best in three years. Despite some concern about whether the Kiwi is already fully valued, the outlook for the currency remains positive.

Following a period of weakness, the New Zealand dollar has come back strongly, thanks to the country’s upbeat economic news.

With a new prime minister and new Bank of Japan leadership, we expect more expansionary monetary and fiscal policy targeting a 2 per cent inflation goal in Japan.

The impact of greater stimulus may push the yen lower. A rate of ¥100 to the U.S. dollar looks likely in the short term.

•

•

•

kEY POINTS:

VIEWS OF THE OCBC WEALTH PANEL

“ “

From left to right:Back row: Simon Flood, Koh Huat Soon and Vasu MenonFront row: Selena Ling, Lin Wyson and Ong Shi Jie

The way stock markets brushed aside the Cyprus crisis to resume their climb shows that financial confidence is taking hold worldwide. With the U.S. on an increasingly clear recovery path and Japan acting aggressively to get its economy moving, investors have good reason to remain bullish about prospects for sustained economic growth that can drive strong investment returns.

- Lim Wyson, Head of Global Wealth Management, OCBC Bank

With over 200 years of collective investment experience, the OCBC Wealth Panel is well recognised in the industry and sought after by the media for its invaluable insights. Now those insights are available to you in our new Monthly Outlook, featuring the Panel’s concise markets analyses and easy-to-understand recommendations to help you make the best decisions for your financial future. For more information, please visit www.ocbc.com.my/personal-banking/premier

ABOuT THE OCBC WEALTH PANEL

IMPORTANT INFORMATION

Any opinions or views of third parties expressed in this material are those of the third parties identified, and not those of OCBC Bank (Malaysia) Berhad (“OCBC Bank”, which expression shall include OCBC Bank’s related companies or affiliates). The information provided herein is intended for general circulation and/or discussion purposes only. It does not take into account the specific investment objectives, financial situation or particular needs of any particular person. Before you make any investment decision, please seek advice from your OCBC Relationship Manager regarding the suitability of any investment product taking into account your specific investment objectives, financial situation or particular needs. In the event that you choose not to seek advice from your OCBC Relationship Manager, you should carefully consider whether the product is suitable for you. This does not constitute an offer or solicitation to buy or sell or subscribe for any security or financial instrument or to enter into any transaction or to participate in any particular trading or investment strategy.

OCBC Bank and its related corporations together with their respective directors and officers may have or take positions in the securities or investments mentioned in this report, which positions may change from time to time without any notice, and may also perform or seek to perform broking and other investment or securities related services for the corporations whose securities are mentioned in this report as well as other parties generally.

These unit trusts are not bank deposits and are not obligations of or guaranteed or insured by OCBC Bank and are subject to investment risk unless otherwise specified. The investment risk includes general risks and specific risks as described in the Prospectus for the unit trust. Past performance is not indicative of future performance; the net asset value can go up or down. Investors should also note that the net asset value per unit and distributions payable, if any, may go down as well as up.

Foreign currency investments or deposits are subject to inherent exchange rate fluctuations that may provide opportunities and risks. Earnings on foreign currency investments or deposits would be dependent on the exchange rates prevalent at the time of their maturity if any conversion takes place. Exchange controls may be applicable from time to time to certain foreign currencies.

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 OCBC Bank and it should not be relied upon as such. OCBC Bank does not undertake an obligation to update the information or to correct any inaccuracy that may become apparent at a later time. All information presented is subject to change without notice. OCBC Bank shall not be responsible or liable for any loss or damage whatsoever arising directly or indirectly howsoever in connection with or as a result of any person acting on any information provided herein. The information provided herein may contain projections or other forward looking statement regarding future events or future performance of countries, assets, markets or companies. Actual events or results may differ materially. Past performance figures are not necessarily indicative of future or likely performance. Any reference to any specific company, financial product or asset class in whatever way is used for illustrative purposes only and does not constitute a recommendation on the same.

The information provided herein may contain projections or other forward looking statement regarding future events or future performance of countries, assets, markets or companies. Actual events or results may differ materially. Past performance figures are not necessarily indicative of future or likely performance. Any reference to any specific company, financial product or asset class in whatever way is used for illustrative purposes only and does not constitute a recommendation on the same.

The contents hereof are considered proprietary information and may not be reproduced or disseminated in whole or in part without OCBC Bank’s written consent.

© Copyright 2013 - OCBC Bank (Malaysia) Berhad | All Rights Reserved. (295400-W)

OCBC Bank (Malaysia) Berhad Menara OCBC, 18th Jalan Tun Perak, 50050 Kuala Lumpurwww.ocbc.com.my/personal-banking/premierCo. Reg No. 295400-W