US – In the US, a raft of data is due to be published including inflation, housing and employment numbers. Markets will be watching intently for clues as to the future course of the Federal Reserve’s tapering policy, which is currently on track to bring quantitative easing to an end by October this year.

Developed economies face the challenge of renewing their ageing infrastructure assets at the same time as delivering new projects fit for successive generations. This will be a significant multi-year theme that supports and stimulates economic activity.

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Since taking over the fund seven months back on 1 September 2013, portfolio manager Nitin Bajaj has generated 23.7% USD returns net of fees, compared with the 11.9% returns for the MSCI AC Asia Pacific ex Japan Small Cap Index (Australia capped at 10%) and 8.1% returns for the broader MSCI AC Asia Pacific ex Japan index. The fund continues to be top quartile over six month, one year and since inception in December 2011, versus the Morningstar GIF Asia-Pacific ex Japan Equity peer group as at the end of February 2014.

Raymond Ma recently completed three years as the portfolio manager of the Fidelity Funds - China Consumer Fund. Since inception on 23 February 2011, the fund outperformed the MSCI China (Net) Index by a significant margin (39.5% vs.

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We would like to inform you that copies of audited annual report of the fund listed below will be available on Schroders’ Internet site at www.schroders.com.hk or obtainable free of charge at our office, located at level 33, Two Pacific Place, 88 Queensway, Hong Kong by the end of April 2014. The report may be posted to you on request.

The purpose of this letter is to inform Shareholders of certain forthcoming changes to be made in relation to the Company. Unless otherwise provided below, these changes, subject to regulatory approval, will take effect on or about 28 March 2014.

The following changes will be effective on 2nd May 2014 and will be incorporated in the next version of the Hong Kong Offering Document in due course:

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OpenClosedSource: Morningstar Asia LtdIndices delayed at least 15 minutes

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