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Adequity Trust

Lyxor Agriculture Fund January 2010

Investment involves risks. This is not an index tracking und and the Fund'sperormance would not replicate that o the Commodity Index and / or the EquityIndex. Investors should note that the realisation price is ully exposed to market

luctuations. The price o units may go down as well as up. The Fund's pastperormance is not indicative o uture returns. Please reer to the Fund SpecifcMemorandum or details including the risk actors. This sales material has notbeen reviewed by the Securities and Futures Commission o Hong Kong. Theissuer o this document is SG Securities (HK) Limited, which is the Hong Kongrepresentative o the investment manager.

"Dow Jones,", "Dow Jones-UBS Agriculture Subindex Total ReturnSM" and any related Indexesor Subindexes are service mark o Dow Jones & Company, Inc. ("Dow Jones"), UBS AG andUBS Securities LLC ("UBS"), as the case may be, and have been licensed or use by theLyxor Asset Management. The Lyxor Agriculture Fund is not sponsored, endorsed, sold orpromoted by Dow Jones, UBS AG, UBS, or any o their respective subsidiaries or afliates,and none o Dow Jones, UBS AG, UBS, or any o their respective subsidiaries or afliates,makes any representation regarding the advisability o investing in such product.

Investment Objective

The Fund aims to provide return linked to the agricultural sector, via (a) coreexposure to commodities (including sot and grain commodities utures); and (b)satellite exposure to listed global agriculture-related companies.

Highlight o the Fund

a) Core exposure with 80% target allocation to a Commodity Index: Dow Jones-UBS Agriculture Subindex Total Return (Bloomberg code: DJUBAGTR)

b) Satellite exposure with 20% target allocation to an Equity Index: SGI GlobalAgriculture (USD) Index (Bloomberg code: SGIXGAU)

Please reer to the Fund Specifc Memorandum or urther details.

Fund Details

Fund Size: USD 23.48 million

Fund Price: USD 6.96 per Unit (As o 31 / 12 / 2009)

Base Currency: US dollar

Initial offer price: USD 10.00 per Unit

Dealing Deadline: Every Hong Kong Business Day

Dealing Day: The Exchange Business Day ollowing the Dealing Deadline

Valuation Day: The Business Day ollowing the Dealing Day

Launch Date: 22 / 4 / 2008

Initial Sales Charge: 5%

Realisation Charge: 0%

Management Fee: 1.00% per annum

Manager: Lyxor Asset Management(100% SG Subsidiary)

Breakdown o Commodity Index

Coffee10.12%

Cotton9.88%

Soybeans23.03%

Sugar19.28%

Wheat12.11%

Corn16.29%

Soybean Oil9.28%

Source: Dow Jones, as of 31 December 2009

Important inormation:

The Fund: aims to provide return linked to a pure agricultural commodity utures index and a pure agricultural equity index. The Core and Satellite investment strategyenables investors to beneft broadly rom the growth potential o the agricultural feld.

Key risks o the product:

Diversifcation risk From time to time, the perormance o the Fund may be highly correlated to the perormance o the global agricultural feld represented by theCommodity Index and the Equity Index. Investors realizing their Units on any Valuation Day will be ully exposed to the perormance o the Commodity Index and theEquity Index which could result in a Realisation Price below the Issue Price as at either the Launch Date or the relevant Valuation Day.

Risk related to commodities and utures contracts The commodity markets (including the markets or goods) generally are subject to greater risks than othermarkets, including potentially signifcant legal risks. The price o commodities and utures prices can be highly volatile. The Fund may be more volatile than otherunds investing in diversifed investment sectors, and the Fund may be subject to rapid cyclical changes in investor activity.

Counterparty risk The Fund may invest up to 10% o its Net Asset Value into fnancial derivative instruments issued by Socit Gnrale to meet the Fund'sinvestment objective. As a result the Fund may be exposed to the credit and counterparty deault risk o Socit Gnrale. The Fund is subject to the possibility oinsolvency, bankruptcy or deault o the counterparty with which it trades fnancial derivative instrument contracts outside o recognised exchange. This could resultin substantial loss to a und.

In the worst case scenario, the value o the Fund may be worth substantially less than the original amount you have invested (and in an extreme case could be worthnothing).

The Fund is a structured product involving derivatives. The investment decision is yours but you should not invest in the Fund unless the intermediary who sells it toyou has explained to you that the product is suitable or you having regard to your fnancial situation, investment experience and investment objectives. Unit trusts areNOT equivalent to time deposits. Investors should not make any investment decision on the basis o this marketing material alone. I you have any queries, please seekindependent fnancial and proessional advice.

Fund Perormance as at 31 December 2009

Cumulative Perormance

6 months 1 year 2 years 3 years Since Launch

Fund 10.83% 19.79% - - -30.40%

Calendar Year Perormance

Since Launchto end 2008 YTD

Fund -41.90% 19.79%

NAV

Fund

4.0

2.0

8.0

10.0

12.0

6.0

22/04

2008

22/06

2008

22/08

2008

22/02

2009

22/06

2009

22/08

2009

22/10

2009

31/12

2009

22/04

2009

22/12

2008

22/10

2008

Source: Lyxor Asset Management, in USD, NAV to NAV with dividends reinvested as of 31December 2009. The Fund's past performance is not indicative of future returns.

Top Constituent Stocks o Equity Index

Stocks Sector Country Holdings (%)

SYNGENTA N Agricultural Chemicals Switzerland 10.37%

POTASH CORP OF SASKATCHEWAN Agricultural Chemicals Canada 10.37%

MONSANTO CO Agricultural Chemicals United States 10.28%

DEERE & CO Machinery-Farm United States 9.62%

ARCHER-DANIELS Agricultural Operations United States 8.02%

Breakdown o Equity Index

Country Breakdown

Others18.72%

United States44.73%

Canada15.79%

Switzerland10.37%

Singapore

3.97%

Brazil 6.42%

Sector Breakdown

Food Distributors2.70%

Others

2.08%

Agricultural Products17.67%

Farm Machinery11.12%

Packaged Food & Meat11.48%

Fertilizers &Agricultural Chemicals

54.95%

Source: SG, Lyxor Asset Management, Bloomberg as at 31 December 2009

Investment Manager:

Lyxor Asset Management

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