PRUlink adapt 2015 fund June 2011

All data as at 31 May 2011 unless otherwise stated

Investment Objective

The PRUlink adapt 2015 fund aims to generate capital growth at a controlled risk level consistent with the investment horizon
of the portfolio to accumulate assets and provide wealth for investors at maturity. Beyond the investment horizon, which would
centre around 2015, the objective is to maintain capital stability in the portfolio.

Fund Details

CPFIS Risk Classification

Launch Date 19 April 2005 Broadly Diversified; Medium
of Investment-linked
to High Risk
Insurance Products (ILP)
Initial Investment Cash, CPFIS-OA, CPF-SA,
5% ^ Subscription Method
Charge SRS
Continuing Investment
1.5% p.a. † Funds Under Management S$48.30 million
Charge
Schroder Investment
Fund Manager Financial Year End 31st December
Management (Singapore) Ltd
Composite benchmark comprising the MSCI Singapore Free Index, MSCI World, MSCI AC Asia ex-Japan Index,
MSCI Emerging Market, UOB Singapore Government Bond Index (All), Barclays Capital Global Aggregate Index
Benchmark (hedged to S$), JACI Composite (hedged to S$), JPM EMBI+ Composite Index, FTSE NAREIT Developed RE
Index, Gold Bullion Spot (hedged to S$), 3-month SIBOR

Performance

Period 1 months 3 months 6 months 1 year 3 years* Since Inception*

Offer-Bid -5.1% -2.9% -3.5% 1.6% -0.8% 2.2%
Bid-Bid -0.1% 2.2% 1.6% 6.9% 1.0% 3.1%
Benchmark 0.3% 2.2% 2.6% 7.6% 3.0% 4.7%
Source: Prudential Asset Management (Singapore) Limited. SGD; net income reinvested; Offer-bid includes 5% Initial
Investment Charge. *Annualised.

Performance Chart Top 10 Holdings

PRUlink Adapt 2015 Fund Schroder Singapore Fixed Income 25.1%

Benchmark
Schroder ISF Global Bond USD Hedged 17.1%
140
130 Schroder ISF Asian Bond Absolute Return 10.5%

120 Schroder ISF Emerging Markets Debt

7.9%
Absolute Return
110
100 Schroder ISF Pacific Equity 6.3%

90 Schroder ISF Global Property Securities 5.5%

80 Schroder ISF Global Inflation Linked Bond 5.0%
70 SPDR Gold Trust 4.2%
60
Schroder Singapore Trust 4.0%
May- Nov- May- Nov- May- Nov- May- Nov- May- Nov- May- Nov- May-
05 05 06 06 07 07 08 08 09 09 10 10 11 Schroder ISF Global Equity Alpha 4.0%
Inception date: 31 May 2005
Source: Prudential Asset Management (Singapore) Limited Source: Schroder Investment Management (Singapore) Pte
Ltd
^ Please refer to the relevant product summary for details of charges incurred on your plan as charges may vary from product to
product and may be lower than 5%.
† We reserve the right to vary the Continuing Investment Charge and may increase it up to 2% of the bid price per annum, but will

not do so before giving investors 6 months’ written notice.

Sector Allocation

Global Equities, 6.0%

Emerging Market Equities, 3.0%

Asian Equities, 10.3%

Global Bonds, 22.2%

Emerging Markets Debt, 7.9%

Asian Bonds, 35.6%

Alternatives, 9.7%

Cash, 5.3%
Source: Schroder Investment Management (Singapore) Pte Ltd
Market and Fund Overview
Global markets fell across the board over the month of May as signs of a slowdown in global economic growth and concerns
that the Europe’s debt crisis is worsening weighed heavily on investor sentiment. The dire sovereign debt situation in Greece
dominated headlines during the month as the country’s struggle to repay its debt prompted speculation that a potential
restructuring of Greek debt would be forthcoming. Global markets were also weighed down by the plunge in commodity prices
on overheating concerns although this has also helped ease inflation concern and the pressure on central banks to raise rates .
Meanwhile, the promise of a new bailout plan for Greece sent a temporary relief to global markets on the last week of May.
Against this backdrop, the MSCI World declined 2% in USD terms over the month whilst the MSCI Asia ex Japan fell 1.3%.
Separately, Gold saw a sharp drop over the first week before climbing its way back and ended the month 2% lower than
previous month’s closings. On fixed income, global sovereigns advanced and outperformed the corporate sector as investors
flocked to safe haven assets on the back of reduced risk appetite. Yields of the US 10-year treasuries were pushed down
23bps to the lowest level this year. In Asia, bond markets were mixed with yields in the Philippines moving higher while in
Singapore, yields of 10Y government bond benchmark fell but rose subsequently and ended relatively flat from April’s closing.

The fund fell slightly in May. Main detractors from performance were the holdings in Global equities and Emerging Market
equities as well as EMD as they returned lower over the month. The losses were however mitigated by positive returns
generated from the fixed income assets as well as holdings in Asian equities as the underlying fund defied the broader market
trend to deliver positive returns over the month. The portfolio also gained from its unhedged positions as the USD appreciated
in May and helped support portfolio returns. The fund (bid-bid) underperformed the benchmark in May attributed mainly to the
underperformance in EMD and Global Property but this was mitigated by the outperformance in Asian equities and Gold during
the month. The sustainability of the global recovery is being tested by rising commodity prices, particularly oil and more
recently the disaster in Japan. The earthquake, when added to the unrest in the Middle East, Euro crises and Asian inflation,
increases the risks that have the potential to upset the market balance. Given the growing list of potentially destabilising factors
that could negatively impact markets, we are maintaining our cautious approach to risk assets.

We still favour allocating risk to credit markets. With corporates having aggressively managed costs early in the crisis, balance
sheets are in good health and defaults are falling. Credit spreads have narrowed considerably but still reward investors for risk,
particularly when compared to low cash rates. The forces of private sector de-leveraging and public sector reflation remain in
opposition to each other, generating volatile yet range bound price action in markets. In this environment, we are careful to
diversify the risk across a number of return sources to reduce the impact from any number of surfacing macro issues.

*Schroder Investment Management (Singapore) Ltd replaced Prudential Asset Management (Singapore) Limited as
Fund Manager with effect from 14 December 2010.
Important Information
The PRUlink Fund is an investment-linked policy fund issued by Prudential Assurance Company Singapore (Pte) Limited (Co.
Reg. No. [199002477Z]). The manager of the PRUlink Fund is Schroder Investment Management (Singapore) Ltd (Co. Reg.
No. [199201080H]). Prudential Assurance Company Singapore (Pte) Limited, 30 Cecil Street, #30-01 Prudential Tower,
Singapore 049712 is the product provider. Investments are subject to investment risks including the possible loss of the
principal amount invested. The prediction, projection or forecast on the economy, securities markets or the economic trends of
the markets targeted by the fund are not necessarily indicative of the future or likely performance of the fund. The fund returns
are calculated on the assumption that all dividends and distributions are reinvested, taking into account all charges which
would have been payable upon such reinvestment. The past performance of the PRUlink Fund is not necessarily indicative of
its future performance. The value of units in the PRUlink Fund and the income accruing to the units, if any, may fall or rise. A
product summary relating to the PRUlink Fund is available and may be obtained from your Prudential Adviser. A potential
investor should read the product summary before deciding whether to subscribe for units in the PRUlink Fund.

Prudential Assurance Company Singapore (Pte) Limited, Company Registration No. 199002477Z
30 Cecil Street, #30-01 Prudential Tower, Singapore 049712 Tel 1800-333 0333 Fax (65) 6734-6953 www.prudential.com.sg
Part of Prudential plc (United Kingdom)