Company Name: UOB Asset Management Ltd (Issuer of UOBAM Ping An FTSE ASEAN Dividend Index ETF)

Date of Prospectus: 15 December 2025

UOBAM Ping An FTSE ASEAN Dividend Index ETF IPO: Dividend-Focused ASEAN Exposure with Passive Growth Potential

IPO Snapshot: Key Details and Strategic Positioning

UOBAM Ping An FTSE ASEAN Dividend Index ETF offers investors a unique opportunity to access a portfolio of dividend-paying, liquid ASEAN equities—excluding REITs—tracking the FTSE ASEAN ex REITs Target Dividend Index. The ETF is designed for investors seeking diversified exposure to Singapore, Malaysia, Indonesia, Thailand, and the Philippines, with a focus on reliable dividend streams and efficient, passive management.

• IPO Symbol: SGD Class Units (UPD), USD Class Units (UPU)
• Listing Date: 29 January 2026
• Product Type: Exchange-Traded Fund (ETF)
• Designated Market Maker: Phillip Securities Pte Ltd
• Managers/Issuer: UOB Asset Management Ltd
• Underlying Index: FTSE ASEAN ex REITs Target Dividend Index
• Board Lot Size: 1 Unit
• Traded Currency: Singapore Dollars (SGD) and United States Dollars (USD)

Use of Proceeds: Growth-Driven Passive Investment

Proceeds from the ETF will be allocated to acquire constituent securities of the underlying index in substantially the same weightings, aiming to closely replicate index performance before fees, costs, and withholding taxes. The managers retain discretion to rebalance and adjust the portfolio to minimize tracking error, optimize returns, and enhance liquidity, indicating a growth-driven strategy rather than deleveraging.

Dividend Policy and Distribution Commitment

The ETF follows a semi-annual distribution policy, with payouts scheduled around March and September each year. Distributions may be made from income, capital gains, and/or capital, and while specific payout ratios are not stated, distribution decisions rest with the manager. Investors should note that distributions out of capital may reduce future returns, and the declaration of dividends will lower the net asset value (NAV) of the fund.

Placement and Issuance Breakdown

Units may be purchased via participating dealers (primary market) in application packets of 1,000 units (minimum 50,000 units per application) or on the SGX-ST (secondary market) with a board lot size of 1 unit. No details on cornerstone, anchor, shareholder, or employee allocations are provided.

Investor Participation and Book Quality

The ETF caters to investors seeking passive exposure to the ASEAN region, with an emphasis on dividend-paying, liquid equities. Institutional involvement is highlighted via the designated market maker, Phillip Securities Pte Ltd. No specific anchor investors, tranche allocations, or subscription levels are disclosed. The presence of a market maker suggests an intention to support liquidity and mitigate trading risk, which may favor steady first-day performance.

Deal Parties and Structure

• Managers: UOB Asset Management Ltd
• Trustee: State Street Trust (SG) Limited
• Custodian/Registrar: State Street Bank and Trust Company, Singapore Branch
• Designated Market Maker: Phillip Securities Pte Ltd

No details on underwriters, sponsors, or stabilization/over-allotment options are disclosed. The involvement of renowned parties such as UOBAM and State Street Trust lends credibility and operational strength to the listing.

Company Overview: Passive ASEAN Dividend Exposure

Business Model: The ETF is structured to passively track the FTSE ASEAN ex REITs Target Dividend Index by fully replicating its constituent securities. It invests in dividend-paying, liquid stocks across Singapore, Malaysia, Indonesia, Thailand, and the Philippines, providing regional diversification and sectoral focus (excluding REITs).

Revenue Streams: Returns to investors come from both capital appreciation and regular dividend distributions, in line with the index’s performance.

Customer Segments: Retail and institutional investors seeking passive, dividend-focused exposure to ASEAN equities.

Key Geographies: Singapore, Malaysia, Indonesia, Thailand, Philippines.

Industry/Sector Definition: ASEAN equities, ex-REITs, selected for liquidity and consistent dividend payout.

Market Position and Competitive Advantages

The ETF is well-positioned as a regional dividend play, leveraging FTSE’s robust index methodology and UOBAM’s management. Its exclusion of REITs provides a unique angle for investors seeking pure equity exposure. The appointment of an established market maker and global custodian enhances liquidity and investor confidence.

No market share or sector ranking figures are disclosed.

Management Team

Managers: UOB Asset Management Ltd (no individual names or bios disclosed)

Trustee: State Street Trust (SG) Limited

Custodian/Registrar: State Street Bank and Trust Company, Singapore Branch

Trends, Timing & Market Environment

Sector and Regional Trends: The ETF targets dividend-paying, liquid ASEAN equities, a sector that benefits from regional economic growth, rising middle class, and increasing demand for income-generating investments. FTSE reviews the index semi-annually, ensuring timely adaptation to market conditions.

Timing: The IPO opens on 29 January 2026, aligning with semi-annual index reviews in March and September.

Market Environment: The ETF is designed for periods of both volatility and growth, with a passive approach that limits defensive repositioning during market downturns. Investors should expect NAV and distribution fluctuations in response to macroeconomic conditions.

Recent Developments: The sub-fund is newly constituted, with no historical expense ratio, indicating a fresh opportunity for investors.

Overall, the timing appears favorable, with ongoing index reviews and liquidity support from the market maker.

Risk Factors: Quantified Exposures and Investment Considerations

Key risks for investors include:

• Market Risk: Exposure to regional political and economic shifts, interest rate changes, and market sentiment.
• Foreign Exchange Risk: Investments may be denominated in non-SGD currencies; currency fluctuations impact income and NAV.
• Trading Risk: Market prices may deviate from NAV; liquidity is not guaranteed, potentially affecting exit options.
• Liquidity Risk: Investors cannot redeem units directly with the manager unless holding at least 50,000 units; secondary market liquidity may vary.
• Tracking Error Risk: The ETF may not perfectly replicate the index performance due to portfolio adjustments and external factors.
• Concentration Risk: Focused exposure to ASEAN region may result in higher volatility than global funds.
• Small and Medium Cap Risk: Smaller companies may offer higher potential returns but carry greater risk.
• Emerging Market Risk: Risks of expropriation, capital controls, or limitations on repatriation.
• Passive Investment Risk: No active selection or defensive repositioning; NAV closely follows index movements.

Growth Strategy and Expansion Plans

The ETF’s strategy is to fully replicate the FTSE ASEAN ex REITs Target Dividend Index. Regular portfolio review, rebalancing, and the use of financial derivatives for hedging and efficient portfolio management enhance tracking accuracy and returns. The fund may invest in non-index securities or employ sampling/optimization techniques as permitted by regulatory codes, maintaining close alignment with index characteristics.

Growth is driven by:

• Full replication of index securities
• Semi-annual index review and portfolio rebalancing
• Potential use of derivatives for risk management and efficiency

Ownership and Lock-up Structure

Units will be available through primary and secondary markets, with minimum application sizes for institutional/redemption purposes. No details on pre- or post-IPO shareholding, promoter holdings, or lock-in periods are disclosed.

Listing Outlook and Investor Sentiment

Based on all disclosed factors, the UOBAM Ping An FTSE ASEAN Dividend Index ETF presents a compelling opportunity for investors seeking passive, dividend-focused exposure to ASEAN equities. The robust structure, credible management, market maker support, and semi-annual distribution policy suggest a stable first-day performance, with potential for modest appreciation above offer price if regional equity sentiment remains positive. Liquidity and tracking error risks are mitigated by operational controls and regulatory alignment.

The ETF appears worth subscribing for investors seeking diversified, income-generating exposure to ASEAN markets, with likely first-day trading within a tight range above the offer price, subject to market conditions and demand for passive regional products.

Prospectus Access

Obtain the prospectus at: uobam.com.sg

How to Apply

Investors may purchase units via participating dealers or on the SGX-ST, with the option for large institutional applications (minimum 50,000 units) through primary dealers. Application details and eligibility can be obtained directly from UOB Asset Management Ltd or authorized agents and distributors.

Contact Information:

• Hotline: 1800 22 22 228
• Operating Hours: 8 a.m. to 8 p.m. daily (Singapore time)
• Fax: 6532 3868
• Email: [email protected]