Fund Fact Sheet

January 2016

The Fund Fact Sheet provides general information concerning the underlying funds of
Pru Life UK's unit-linked policies. It is issued by Eastspring Investments (Singapore) Limited,
Pru Life UK's fund manager for unit-linked policies and is not intended to serve as individual
investment advice.

Fund Objective

PRUlink bond fund

The fund seeks to achieve an optimal level of income in the medium term together with
long-term capital growth through investments in fixed income securities and money market
instruments.

(All data as at 31 January 2016 unless otherwise stated)

FUND DETAILS
Performance

2.80

1-Month

Actual
yr-on-yr

0.31%

-3.83%

2.65
2.50
2.35
Fund Price (PhP)

September 2002
Eastspring Investments
(Singapore) Limited
Fund Size
PHP 21.40 billion
Fund Currency
Philippine Peso
Risk Classification
Diversified
of Investment

Performance Chart

Launch Date
Manager

2.20

Since
Inception
(p.a.)
7.31%

Based on Unit Price as of 01 Feb. 2016: PhP2.56451

2.05
1.90
1.75

Financial Year End

31st December

1.60
1.45

Notes:

1.30
1.15
1.00
Feb-02

Feb-04

Feb-06

Feb-08

Asset Allocation

Feb-10

Feb-12

Feb-14

Feb-16

The fund returns are net of Annual Management
Charge. Past performance is not necessarily indicative
of the future or likely performance of the fund.

Top 5 Holdings

FUND FEES & CHARGES
Annual Management Fee

1.53% p.a.

HIGHEST & LOWEST UNIT PRICE
ACHIEVED
Initial (24 Sep 02)
Highest (6 May 13)
Lowest (24 Sep 02)

1.00000
2.68094
1.00000

Fund Manager’s Commentary
The Philippines domestic government bond market (as represented by HSBC Philippines Local Bond index) posted a moderately positive
return of 0.5% in January as a decline in short-end Philippines government bond yields helped to lift returns.
Year-on-year headline inflation increased to 1.5% year-on-year in December. For 2015, average inflation was at 1.4%, below the
government's target range of 2-4%. However, the central bank noted that this was due to the marked decline in global oil prices in 2015.
Domestic economic activity remains buoyed by strong domestic liquidity (M3) which came in at 13.6% year-on-year in November, roughly
on par with October's 13.9% year-on-year. Consumer loans also remained strong, expanding by 13.3% year-on-year.
The Philippines economy continues to be robust. Philippines' GDP grew 6.3% in 4Q15, bringing overall GDP growth in 2015 to
5.8%.Government consumption remained strong at 17.4% year-on-year while private consumption rose to 6.4% year-on-year from 6.1%
in 3Q15. For 4Q15, goods export momentum moderated to 1.7% year-on-year vs 5.4% in 3Q15, but strong services export momentum
growth of 30.2% year-on-year managed to offset the weaker goods export momentum.
We took the opportunity to extend duration slightly on the sell-off following a weak auction of the 10-year bond. We see sufficient fiscal
space for the government to stimulate growth if need be, rather than needing the policy rate cut. Also, inflation does not appear to be
problematic and should fall within the targeted range, and so a rate hike is unlikely. Hence, we maintain our expectations that BSP will
keep policy rate unchanged in the near term.

Disclaimer: The views contained herein are only a general view on what may happen and Pru Life UK does not guarantee its accuracy. Established in 1996, Pru Life UK is a subsidiary of British financial
services giant Prudential plc. Pru Life UK is the pioneer and current market leader of unit-linked or investment-linked life insurance products, and is one of the first life insurance companies approved to
market US dollar-denominated policies in the country. Pru Life UK is a life insurance company and is not engaged in the business of selling pre-need plans. Pru Life UK and Prudential plc are not affiliated
with Prudential Financial, Inc. (a US-registered company), Philippine Prudential Life Insurance Company, Prudentialife Plans, Inc. or Prudential Guarantee and Assurance, Inc. (all Philippine-registered
companies). For more information about us, please visit www.prulifeuk.com.ph.

we will do this with tactical overlay to take advantage of opportunities when interest rates move to more extreme levels.70 1. rising only by 4 bps over the month. Top 5 Holdings FUND FEES & CHARGES Annual Management Fee 1.4% year-on-year while private consumption rose to 6.47590 0.00 0.Fund Fact Sheet January 2016 The Fund Fact Sheet provides general information concerning the underlying funds of Pru Life UK's unit-linked policies. Inc. Established in 1996. the credit spread of the EM sovereign bond market closed 50 bps wider. However. Pru Life UK and Prudential plc are not affiliated with Prudential Financial.20 2. please visit www.90 Feb-02 Feb-04 Feb-06 Feb-08 Sector Allocation Feb-10 Feb-12 Feb-14 Feb-16 The fund returns are net of Annual Management Charge. Having said that.40 2.4% year-on-year from 6. The Philippines economy continues to be robust.10 Fund Price (USD) June 2003 Eastspring Investments (Singapore) Limited Fund Size USD 0. (a US-registered company).90 Based on Unit Price as of 01 Feb.80 1.77% 0. It is issued by Eastspring Investments (Singapore) Limited. helped by declines in US Treasury yields and relatively unchanged spreads.47410 1.) 7.ph. We continue to hold an underweight duration position for government bonds as we think the market may have underpriced the number of hikes the Fed may do in 2016. Prudentialife Plans. Pru Life UK is a subsidiary of British financial services giant Prudential plc. bringing overall GDP growth in 2015 to 5. Philippine Prudential Life Insurance Company. the Bank of Japan surprised markets by announcing a move to negative interest rates. The annual liability management exercise by the Philippine government was not carried out in December and this could be due to the volatility in the emerging markets. HIGHEST & LOWEST UNIT PRICE ACHIEVED Initial (03 Jun 03) Highest (28 Apr 15) Lowest (05 Aug 03) 1. Under the new interest rate policy. 2016: USD2. with oil prices and global equity markets posting sharp losses over the month. The Philippine USD sovereign bonds turned in a strong return of 2.53% p.Over the month. Pru Life UK's fund manager for unit-linked policies and is not intended to serve as individual investment advice.3% in 4Q15.1% to excess reserves that financial institutions place at the bank with effect from February.8%. Inc. (all Philippine-registered companies). and is one of the first life insurance companies approved to market US dollar-denominated policies in the country. Inc.86% (as represented by JPMorgan EMBI Global Philippines Index) in January.10 1.prulifeuk. As a result. .1% in 3Q15. Investor sentiment was hit by a rough start to the year.a.50 1.20 1. Past performance is not necessarily indicative of the future or likely performance of the fund. Pru Life UK is a life insurance company and is not engaged in the business of selling pre-need plans.50 2.60 Financial Year End 31st December 1. (All data as at 31 January 2016 unless otherwise stated) FUND DETAILS Performance 2. Pru Life UK is the pioneer and current market leader of unit-linked or investment-linked life insurance products.20 billion Fund Currency US Dollar Risk Classification Diversified of Investment Performance Chart Launch Date Manager 2.a.00 Since Inception (p. Fund Objective PRUlink US dollar bond fund The fund seeks to achieve an optimal level of income in the medium term together with long-term capital growth through investments in fixed income securities denominated in USD. or Prudential Guarantee and Assurance.00000 2.com. we expect it will come in the 1Q of 2016 and we intend to participate in that new issue if the pricing is attractive.54% 2. the central bank will apply a rate of -0.Government consumption remained strong at 17.41% 1. For more information about us. Philippines' GDP grew 6.40 1. Other major central banks like the European Central Bank and the Federal Reserve also released dovish statements over the month. Disclaimer: The views contained herein are only a general view on what may happen and Pru Life UK does not guarantee its accuracy. the Philippine sovereign credit spread remained relatively resilient.96080 Fund Manager’s Commentary The UST yield curve bull flattened in January with 2-year and 10-year UST yields falling by 27 bps and 35 bps respectively.30 Notes: 1. Nevertheless.30 1-Month Actual yr-on-yr 2.

3% Diversified finance 4. It is issued by Eastspring Investments (Singapore) Limited. This Fund’s portfolio primarily consists of offshore securities denominated in the various Asian currencies and aims to maximize total returns through investing in fixed income or debt securities that are rated as well as unrated.02 1. (all Philippine-registered companies). Inc.10 Since Inception (p. India also underperformed and fell 2.51% 1.0% HIGHEST & LOWEST UNIT PRICE ACHIEVED Initial (31 Jan 12) Highest (9 May 13) Lowest (30 Sep 15) 1.) -1.3% Industrial Conglomerate 1. 2year UST yields declined 27bps as a result.00 0. Pru Life UK's fund manager for unit-linked policies and is not intended to serve as individual investment advice.54% Based on Unit Price as of 01 Feb. Feb-14 Feb-15 Feb-16 Government 69. Established in 1996. We are overall duration underweight in the fund as we find valuation expensive for government bonds.prulifeuk. Disclaimer: The views contained herein are only a general view on what may happen and Pru Life UK does not guarantee its accuracy.875% 06/13/2019 1. and is one of the first life insurance companies approved to market US dollar-denominated policies in the country. Pru Life UK is a life insurance company and is not engaged in the business of selling pre-need plans.25%.4% vs.5% Top 5 Holdings Thailand Govt 3.a. . Pru Life UK is the pioneer and current market leader of unit-linked or investment-linked life insurance products. Safe-haven assets rallied as risk-off sentiment dictated the mood of financial markets over the month. or Prudential Guarantee and Assurance. while the yield on the 10-year fell 35bps back below 2%. Markets in particular. Pru Life UK and Prudential plc are not affiliated with Prudential Financial.4% over the month.90362 Real estate management & development 3.a.com.4% Thailand Govt 3.00000 1. Prudentialife Plans.375% 03/15/2024 1.93969 1. which helped to mitigate losses from weaker regional currencies against the US dollar.625% 09/09/2025 1.90 Feb-11 Feb-13 Sector Allocation FUND FEES & CHARGES Annual Management Fee Feb-12 1.9% Fund Manager’s Commentary In January.92 The fund returns are net of Annual Management Charge.5% Thailand Govt 3. (a US-registered company). 2 and 10-year yields declined a respective 63bps and 49bps. Pru Life UK is a subsidiary of British financial services giant Prudential plc.625% 06/16/2023 1.4% Govertment Agency 1. Chief among market concerns was China where weaker-than-expected growth and further depreciation of the yuan triggered a rout in global equity markets. (All data as at 31 January 2016 unless otherwise stated) FUND DETAILS Launch Date Manager January 2012 Eastspring Investments (Singapore) Limited Fund Size USD 20.3% Transport Infrastructure 1. In Asia.5% Philippine Gov't 3. 0. Asian domestic bond markets were up in aggregate by 0. Philippine Prudential Life Insurance Company. Nevertheless.98 0.6 million Fund Currency US Dollar Risk Classification Diversified of Investment 31st December Performance 1. Amid the tumult in global markets. most local bond markets gained as yields were guided lower by USTs. the Malaysian ringgit bucked the depreciation trend and rose 3. Fund Objective PRUlink asian local bond fund The fund is structured as a feeder fund which invests in the Eastspring Investments -Asian Local Bond Fund (EI-Asian Local Bond Fund). Risky assets staged a modest recovery later in the month amid more dovish monetary policy statements and / or expectations from G3 central banks. Hong Kong however. most Asian currencies exhibited a large degree of weakness against the USD over the month.1% Diversified Telecom 1. the USD. Volatile oil price moves in January also contributed significantly to the rise in risk aversion.Fund Fact Sheet January 2016 The Fund Fact Sheet provides general information concerning the underlying funds of Pru Life UK's unit-linked policies.6% (USD terms). In contrast. Gains were led by US and Asian government bond yield declines. persistent fears of a global recession continued to drive demand for US Treasuries (UST) and pushed out expectations for US rate hikes. Malaysia was another outperformer as investors reacted positively to Bank Negara’s unexpected decision to lower the mandatory reserve ratio for local banks.4% Indonesia Government 8. We remain positive on corporate credits and expect continued outperformance going into 2016 as global economic momentum has stabilized and credit spreads offer value.96 0.04 Fund Price (USD) Financial Year End Performance Chart 1. The fund remains overweight Indian Rupee and Indonesian Rupiah and underweight Korean Won.650% 12/17/2021 1. welcomed the Bank of Japan’s surprise decision to take interest rates into negative territory. as measured by the customised HSBC Asian Local Bond Index. The EI-Asian Local Bond Fund invests in a diversified portfolio consisting primarily of fixed income or debt securities issued by Asian entities or their subsidiaries.06 1. The Korean won was a key detractor having declined 2% as the currency was hit by a slew of disappointing economic data releases.1% Real estate invesmtent trusts (reits) 2. 2016: USD0.ph. Indonesian government bonds advanced the furthest over the month amid the central bank’s decision to ease policy rates by 25bps to 7.94 Notes: 0. Inc.07329 0. Disinflationary pressures in the region also led to increased expectations for further monetary easing. The ringgit was supported by reduced political tensions and the government’s recalibrated 2016 Budget which focused on sustaining growth.09% -6. The Hong Kong government bond yield curve rose across all tenors as a result. underperformed the broader index as Treasury yield declines failed to fully offset sharp losses spurred by China’s market turmoil. Inc. Past performance is not necessarily indicative of the future or likely performance of the fund.80% p. please visit www.0% Others 8.08 1-Month Actual yr-on-yr 0.4% Banks 7. For more information about us.

65 2. Prudentialife Plans. Disclaimer: The views contained herein are only a general view on what may happen and Pru Life UK does not guarantee its accuracy. . Headline inflation remains below BSP's target range on low prices for energy while Core CPI inflation rose 1. or Prudential Guarantee and Assurance.Fund Fact Sheet January 2016 The Fund Fact Sheet provides general information concerning the underlying funds of Pru Life UK's unit-linked policies. Against this backdrop.79% p.8% in January.86 billion Fund Currency Philippine Peso Risk Classification Diversified of Investment Performance Chart Launch Date Manager 1.00181 2. the fund targets an underweight in Equities and an overweight in Bonds.85 Feb-02 Feb-04 Feb-06 Feb-08 Feb-10 Feb-12 Feb-14 Feb-16 2.60 1. Asset Allocation FUND FEES & CHARGES Annual Management Fee Bond 83. For more information about us.80 Fund Price (PhP) September 2002 Eastspring Investments (Singapore) Limited Fund Size PHP 6. In such a scenario.45 1.67% -6.a. Philippines Equities remain expensive (one standard deviation above historical average) on multiple valuation measures. Pru Life UK is a life insurance company and is not engaged in the business of selling pre-need plans.20894 0. The fund returns are net of Annual Management Charge. (All data as at 31 January 2016 unless otherwise stated) FUND DETAILS Performance 3. Pru Life UK is the pioneer and current market leader of unit-linked or investment-linked life insurance products.20 2. The Peso Bond Fund and Equity Fund have served as underlying funds of the Managed and Growth Funds prior to the funds launch date.58% Based on Unit Price as of 01 Feb. Philippine Prudential Life Insurance Company.9%yoy. Past performance is not necessarily indicative of the future or likely performance of the fund. Fund Objective PRUlink managed fund The fund seeks to optimize medium to long-term capital and income growth through investment in fixed income securities. before significant sell-offs (more than 50%) during periods of global risk aversion. Philippines real GDP growth in the fourth quarter of 2015 was 6. 2016: PhP3.75 1. please visit www.30 1.prulifeuk. Pru Life UK is a subsidiary of British financial services giant Prudential plc. weak oil prices and persistently timid global economic data.41% Since Inception (p. (a US-registered company). remaining largely benign. Pru Life UK and Prudential plc are not affiliated with Prudential Financial.3% HIGHEST & LOWEST UNIT PRICE ACHIEVED Initial (24 Sep 02) Highest (03 Feb 15) Lowest (23 Oct 02) 1.5% 1.25 3.3% yoy.10 2.a.05 Notes: 1.ph.40 3.2% Cash 0.95 2. they offer little margin of safety against external shock and risk aversion. With Philippine equities trading at such elevated valuations.) 8. Established in 1996. local equities at current valuation levels are unlikely to outperform local bonds.00 0. The fund manager reckons that the improving fiscal and macroeconomic fundamentals are already reflected in the equity valuations.90 31st 1-Month 2. 1. driven by stronger private consumption.99568 Fund Manager’s Commentary Philippines equities declined in January as volatility rose on the back of Chinese asset volatility. while the BOJ moved to negative rates.50 Financial Year End December Actual yr-on-yr -0.15 1. Inc. Slower US economic data culminated in a more dovish Fed meeting and the ECB signaled that it would ease policy further. money market instruments and shares of stocks listed in the Philippine Stock Exchange. Such level of valuation surpasses levels last seen in 1996 and 2007. Pru Life UK's fund manager for unit-linked policies and is not intended to serve as individual investment advice. Inc. (all Philippine-registered companies). Equity 16.com.35 2. It is issued by Eastspring Investments (Singapore) Limited. and is one of the first life insurance companies approved to market US dollar-denominated policies in the country.00000 3. Inc. This is still supportive of government bond prices. above Bloomberg consensus of 5.

2016: PhP2. It is issued by Eastspring Investments (Singapore) Limited.com. weak oil prices and persistently timid global economic data.99950 Fund Manager’s Commentary Philippines equities declined in January as volatility rose on the back of Chinese asset volatility. Fund Objective PRUlink proactive fund The fund seeks to optimize medium to long term capital and income growth with emphasis on dynamic asset allocation by fund managers through investment in fixed income securities. Asset Allocation FUND FEES & CHARGES Annual Management Fee 2. before significant sell-offs (more than 50%) during periods of global risk aversion.3% yoy. Such level of valuation surpasses levels last seen in 1996 and 2007. (a US-registered company). Inc.70 1.) 10. above Bloomberg consensus of 5. they offer little margin of safety against external shock and risk aversion. Pru Life UK is the pioneer and current market leader of unit-linked or investment-linked life insurance products.81 billion Fund Currency Philippine Peso Risk Classification Diversified of Investment Performance Chart Launch Date Manager Notes: 1.26471 0. or Prudential Guarantee and Assurance. Bond 58. and is one of the first life insurance companies approved to market US dollar-denominated policies in the country.ph.60 1.00 1.90 Feb-09 Feb-10 Feb-11 Feb-12 Feb-13 Feb-14 Feb-15 Feb-16 2. please visit www.prulifeuk.2% Cash 1. local equities at current valuation levels are unlikely to outperform local bonds. Prudentialife Plans.25% p. the fund targets an underweight in Equities and an overweight in Bonds.30 2.10 Fund Price (PhP) February 2009 Eastspring Investments (Singapore) Limited Fund Size PHP 15. Pru Life UK and Prudential plc are not affiliated with Prudential Financial. In such a scenario.20 Financial Year End December Actual yr-on-yr -2. Pru Life UK is a subsidiary of British financial services giant Prudential plc.18% -10.9%yoy.6% HIGHEST & LOWEST UNIT PRICE ACHIEVED Initial (17 Feb 09) Highest (13 Apr 15) Lowest (3 Mar 09) 1.58% Based on Unit Price as of 01 Feb.40 1.a. while the BOJ moved to negative rates. Disclaimer: The views contained herein are only a general view on what may happen and Pru Life UK does not guarantee its accuracy. money market instruments and shares of stocks listed in the Philippines.80 1. Philippine Prudential Life Insurance Company.90 Since Inception (p.a. Inc.01162 1. Philippines Equities remain expensive (one standard deviation above historical average) on multiple valuation measures. Pru Life UK's fund manager for unit-linked policies and is not intended to serve as individual investment advice. Against this backdrop. 1. driven by stronger private consumption. The fund returns are net of Annual Management Charge. This is still supportive of government bond prices. Philippines real GDP growth in the fourth quarter of 2015 was 6.20 1. Inc. Slower US economic data culminated in a more dovish Fed meeting and the ECB signaled that it would ease policy further. remaining largely benign.00000 2. With Philippine equities trading at such elevated valuations. .8% in January.50 31st 1-Month 2.00 0.10 1. (All data as at 31 January 2016 unless otherwise stated) FUND DETAILS Performance 2. For more information about us.48% 2. (all Philippine-registered companies).30 1.2% Equity 40. Headline inflation remains below BSP's target range on low prices for energy while Core CPI inflation rose 1. Established in 1996. Past performance is not necessarily indicative of the future or likely performance of the fund. Pru Life UK is a life insurance company and is not engaged in the business of selling pre-need plans.Fund Fact Sheet January 2016 The Fund Fact Sheet provides general information concerning the underlying funds of Pru Life UK's unit-linked policies. The fund manager reckons that the improving fiscal and macroeconomic fundamentals are already reflected in the equity valuations. The Peso Bond Fund and Equity Fund have served as underlying funds of the Managed and Growth Funds prior to the funds launch date.

Such level of valuation surpasses levels last seen in 1996 and 2007. driven by stronger private consumption.51878 3. Philippines real GDP growth in the fourth quarter of 2015 was 6. (a US-registered company). (All data as at 31 January 2016 unless otherwise stated) FUND DETAILS Financial Year End 31st December Performance 4. Established in 1996.50 2. Pru Life UK is the pioneer and current market leader of unit-linked or investment-linked life insurance products. The fund also invests in fixed income securities. Disclaimer: The views contained herein are only a general view on what may happen and Pru Life UK does not guarantee its accuracy. It is issued by Eastspring Investments (Singapore) Limited.00000 4.00 2.35 billion Fund Currency Philippine Peso Risk Classification Diversified of Investment Performance Chart Launch Date Manager Based on Unit Price as of 01 Feb.5% Cash 0. with an emphasis on strong capital growth.50 Feb-05 Feb-06 Feb-07 Feb-08 Feb-09 Feb-10 Feb-11 Feb-12 Feb-13 Feb-14 Feb-15 Feb-16 2.25 4. or Prudential Guarantee and Assurance. Philippines Equities remain expensive (one standard deviation above historical average) on multiple valuation measures.50 1.25% p. Against this backdrop.50 Since Inception (p. In such a scenario.68% 3. Inc.50 4.3% Bond 23. and money market instruments.21563 0.2% HIGHEST & LOWEST UNIT PRICE ACHIEVED Initial (19 Jul 05) Highest (13 Apr 15) Lowest (28 Oct 08) 1.25 Notes: 2. Slower US economic data culminated in a more dovish Fed meeting and the ECB signaled that it would ease policy further. The Peso Bond Fund and Equity Fund have served as underlying funds of the Managed and Growth Funds prior to the funds launch date.) 12.75 1. 2016: PhP3. Equity 76. Headline inflation remains below BSP's target range on low prices for energy while Core CPI inflation rose 1.3% yoy.75 0. Fund Objective PRUlink growth fund The fund seeks to optimize medium to long-term capital and income growth.prulifeuk. 1. This is still supportive of government bond prices.Fund Fact Sheet January 2016 The Fund Fact Sheet provides general information concerning the underlying funds of Pru Life UK's unit-linked policies. Past performance is not necessarily indicative of the future or likely performance of the fund. while the BOJ moved to negative rates. Prudentialife Plans.25 1. before significant sell-offs (more than 50%) during periods of global risk aversion. Pru Life UK is a subsidiary of British financial services giant Prudential plc. weak oil prices and persistently timid global economic data.99584 Fund Manager’s Commentary Philippines equities declined in January as volatility rose on the back of Chinese asset volatility. they offer little margin of safety against external shock and risk aversion. Asset Allocation FUND FEES & CHARGES Annual Management Fee 2. Philippine Prudential Life Insurance Company.75 3.a.com. Pru Life UK is a life insurance company and is not engaged in the business of selling pre-need plans. please visit www. remaining largely benign. Inc. above Bloomberg consensus of 5. Pru Life UK's fund manager for unit-linked policies and is not intended to serve as individual investment advice. For more information about us. through a greater focus of investment in shares of stocks listed in the Philippines.90% -13. .ph.00 1.25 Fund Price (PhP) July 2005 Eastspring Investments (Singapore) Limited Fund Size PHP 9. the fund targets an underweight in Equities and an overweight in Bonds.00 0. and is one of the first life insurance companies approved to market US dollar-denominated policies in the country.17% 3.75 2.a.00 1-Month Actual yr-on-yr -3.9%yoy. Pru Life UK and Prudential plc are not affiliated with Prudential Financial.8% in January. With Philippine equities trading at such elevated valuations. The fund returns are net of Annual Management Charge. (all Philippine-registered companies). Inc. The fund manager reckons that the improving fiscal and macroeconomic fundamentals are already reflected in the equity valuations. local equities at current valuation levels are unlikely to outperform local bonds.

and more crucially.Fund Fact Sheet January 2016 The Fund Fact Sheet provides general information concerning the underlying funds of Pru Life UK's unit-linked policies. the fund manager is underweighting US High Yield Bonds while remaining neutral in Asian Bonds. Established in 1996.86903 Fund Manager’s Commentary The odds of a global recession has increased. . Inc. and have positioned our portfolios more defensively. Top 5 Holdings Bond 97.3% Cash 0.00000 1.96 Since Inception (p.8 % 0.92 0. Pru Life UK is a subsidiary of British financial services giant Prudential plc. please visit www.86 Oct-14 FUND FEES & CHARGES Annual Management Fee Dec-14 Feb-15 Apr-15 Jun-15 Aug-15 Oct-15 Dec-15 Feb-16 Asset Allocation 1. Our balance of indicators has skewed to become more negative.05 billion Fund Currency US Dollar Risk Classification Diversified of Investment December Performance 1.ph.8% 48. 2016: USD0. macro indicators have turned down . (all Philippine-registered companies). or Prudential Guarantee and Assurance.US High Yield Bond Fund D Tradeable United States Dollar Currency 50.3% 1. Prudentialife Plans.17% -11. Disclaimer: The views contained herein are only a general view on what may happen and Pru Life UK does not guarantee its accuracy.3% HIGHEST & LOWEST UNIT PRICE ACHIEVED Initial (17 Nov 2014) Highest (29 Apr 2015) Lowest (22 Jan 2016) The fund returns are net of Annual Management Charge.90 Notes: 0.) -9. The Fund may in addition. issued in the US market rated below BBB-.98 Fund Price (USD) Financial Year End 31st Performance Chart 0.94 0. Inc. Past performance is not necessarily indicative of the future or likely performance of the fund. Eastspring Investments . Fund Objective PRUlink cash flow fund The fund seeks to provide investors with regular payout by investing in a diversified portfolio consisting primarily of high yield bonds and other fixed income/debt securities denominated in US dollars. Pru Life UK's fund manager for unit-linked policies and is not intended to serve as individual investment advice.22% 0. Inc. Philippine Prudential Life Insurance Company. Pru Life UK is the pioneer and current market leader of unit-linked or investment-linked life insurance products. For more information about us. (All data as at 31 January 2016 unless otherwise stated) FUND DETAILS Launch Date Manager November 2014 Eastspring Investments (Singapore) Limited Fund Size USD 0. at the Fund Manager's discretion.95% p.88075 0. We have turned more bearish since the start of the year.01016 0. with negative economic surprises and tightening financial conditions with rising credit spreads and high debt levels globally. Pru Life UK and Prudential plc are not affiliated with Prudential Financial.prulifeuk. (a US-registered company). Against this backdrop. Pru Life UK is a life insurance company and is not engaged in the business of selling pre-need plans.02 1. and is one of the first life insurance companies approved to market US dollar-denominated policies in the country.88 0.a.com. as well as fixed income/debt securities issued by Asian entities or their subsidiaries.growth momentum deteriorated. invest up to twenty percent (20%) of its assets in dividend yielding equities. technicals have broken down (partly offset by increasingly investor bearish sentiment). It is issued by Eastspring Investments (Singapore) Limited.98% Based on Unit Price as of 01 Feb.Asian Bond Fund D Eastspring Investments . with stress indicators moving up.00 1-Month Actual yr-on-yr -1.a.

a comforting improvement over the 10. Inc. In US dollar terms.40 1.food prices had normalized. especially from the Middle East.80 Since Inception (p.3% in 4Q15 from a year ago.93 billion Fund Currency Philippine Peso Risk Classification Diversified of Investment Performance Chart Launch Date Manager 1. or Prudential Guarantee and Assurance. The country's GDP expanded by 6. (all Philippine-registered companies). Inc.Fund Fact Sheet January 2016 The Fund Fact Sheet provides general information concerning the underlying funds of Pru Life UK's unit-linked policies.1% in November.9%.13% -15. 2016: PhP1.com. albeit lower than the 6. .60 0. the MSCI Philippines outperformed the Asia Pacific ex. The central bank cited several factors for the lower inflation . while government spending grew a robust 17. Pru Life UK is the pioneer and current market leader of unit-linked or investment-linked life insurance products.40 1-Month Actual yr-on-yr -5. The growth rate for the full year of 2015 was a healthy 5. Inc. Past performance is not necessarily indicative of the future or likely performance of the fund.60 1.00000 2. Consumer prices rose 1.80 Notes: 0.72% Based on Unit Price as of 01 Feb.50056 0.3% in January compared to a year ago.00 Fund Price (PhP) October 2007 Eastspring Investments (Singapore) Limited Fund Size PHP 29. Established in 1996. softening from the 1. Pru Life UK is a subsidiary of British financial services giant Prudential plc. For more information about us. Prudentialife Plans. Philippine Prudential Life Insurance Company. significantly smaller than the deficit of US$1.9bn in November. please visit www. fuel prices fell.00 0.2% in November compared to a year ago.8%.prulifeuk.4%. falling sharply in the first 3 weeks before staging a smart recovery towards the end of the month. Exports declined 1.4% from a year ago. Private consumption was up 6.8% in January in local currency terms. Top 5 Holdings FUND FEES & CHARGES Annual Management Fee 2. Remittances from overseas Filipino workers rose 3. and electricity rate reached a five-year low.25% p.40 Feb-07 Feb-08 Feb-09 Feb-10 Feb-11 Sector Allocation Feb-12 Feb-13 Feb-14 Feb-15 Feb-16 The fund returns are net of Annual Management Charge.a. It is issued by Eastspring Investments (Singapore) Limited. Pru Life UK and Prudential plc are not affiliated with Prudential Financial. The BSP expects a temporary slowdown in remittances.) 8.42505 Fund Manager’s Commentary Philippine Stock Exchange Index (PSEi) declined 3. Pru Life UK is a life insurance company and is not engaged in the business of selling pre-need plans.5% rise in December. in the view of logistical difficulties amidst unrest in the region. Trade deficit narrowed to US$0.9bn in the previous month. (a US-registered company).60 2.a. and is one of the first life insurance companies approved to market US dollar-denominated policies in the country. HIGHEST & LOWEST UNIT PRICE ACHIEVED Initial (23 Oct 07) Highest (13 Apr 15) Lowest (28 Oct 08) 1. expecting a slight increase in prices of basic goods and services due to the impact of El Nino. Disclaimer: The views contained herein are only a general view on what may happen and Pru Life UK does not guarantee its accuracy.ph. (All data as at 31 January 2016 unless otherwise stated) FUND DETAILS Financial Year End 31st December Performance 2. Fund Objective PRUlink equity fund The fund seeks to optimize medium to long term capital growth through investments in shares of stocks listed in the Philippines. Pru Life UK's fund manager for unit-linked policies and is not intended to serve as individual investment advice.1% in 2014.99750 1.20 1.8% drop seen in October.20 2. Japan region by 2.19% 2. The central bank set the target inflation range for 2016 at 2%-4%.

08 1-Month Actual yr-on-yr -10. and is one of the first life insurance companies approved to market US dollar-denominated policies in the country.96 Since Inception (p. The government’s incoherent circuit breaker policy further deepened investor fears. It appears increasingly likely that the Federal Reserve’s hiking cycle could be delayed while the Bank of Japan unexpectedly adopted negative rates.7% Utilities 1. or Prudential Guarantee and Assurance.7% AUSTRALIA AND NEW ZEALAND BANKING GROUP 3.a.00 Fund Price (USD) February 2013 Eastspring Investments (Singapore) Limited Fund Size USD 20. Developments in China dominated headlines as economic and policy uncertainties coalesced to send panic through the markets. Prudentialife Plans. which aims to maximize long-term total return by investing primarily in equity and equity-related securities of companies which are incorporated. Established in 1996. with services providing a bright spot.70% 1. It is issued by Eastspring Investments (Singapore) Limited. debt securities convertible into common shares.84 0. North Korea’s nuclear test.Fund Fact Sheet January 2016 The Fund Fact Sheet provides general information concerning the underlying funds of Pru Life UK's unit-linked policies.7 million Fund Currency US Dollar Risk Classification Diversified of Investment 0. Inc. HIGHEST & LOWEST UNIT PRICE ACHIEVED Initial (26 Feb 2013) Highest (05 Sep 2014) Lowest (22 Jan 2016) 1. Pru Life UK is a life insurance company and is not engaged in the business of selling pre-need plans. Past performance is not necessarily indicative of the future or likely performance of the fund. Top 5 Holdings SAMSUNG ELECTRONICS 4. both citing the simultaneous slowdowns of large emerging economies led by weak commodity prices as a key risk to the world economy.com. China’s full-year GDP growth of 6. Oil crashed to its lowest since 2003 on higher reported stockpiles and Iran re-entering the oil market. . In Malaysia.0% Information technology 18. For more information about us.9% TAIWAN SEMICONDUCTOR MANUFACTURING 4. the MSCI AC Asia Pacific ex Japan index fell 7.68 Feb-13 Feb-14 Sector Allocation FUND FEES & CHARGES Annual Management Fee 2. Inc.4% NATIONAL AUSTRALIA BANK 3.00000 1. Domestic political risks appeared to abate as Prime Minister Najib was cleared of any wrongdoing by the newly appointed Attorney-General in the1MDB saga.prulifeuk. Fiscal spending. 1Eastspring Investments Disclaimer: The views contained herein are only a general view on what may happen and Pru Life UK does not guarantee its accuracy.8%1 in January 2016.9% Materials 3.80 Notes: 0. Manufacturing remained weak and disinflationary conditions persisted. preference shares and warrants. please visit www.0% Consumer staples 2.3% Industrials 9. markets reacted positively to the government’s revised budget that is fiscally responsible. exacerbating capital outflows sparked by the devaluation of the yuan.10429 0.03% Based on Unit Price as of 01 Feb.04 1.76 0.05% -26.4% Consumer discretionary 9.5% Others 5. listed in or have their area of primary activity in the Asia Pacific Region (excluding Japan). Pru Life UK is a subsidiary of British financial services giant Prudential plc.88 0. lowered employee state pension contributions and offered selective tax breaks. (All data as at 31 January 2016 unless otherwise stated) FUND DETAILS Launch Date Manager Financial Year End 31st December Performance Chart Performance 1. (all Philippine-registered companies).9% was the lowest in a quarter of a century. This fund may also invest in depository receipts including American Depositary Receipts and Global Depositary Receipts.4% Fund Manager’s Commentary In one of the worst starts to a new year for global equity markets.92 0.4% The fund returns are net of Annual Management Charge. China underperformed the region in January.73412 0. simmering tensions in the East and South China Seas. Inc.) -10. The International Monetary Fund (IMF) and the World Bank downgraded their global growth forecasts.12 1. Bank Negara also cut the bank’s reserve requirement ratio by 50bps. Fund Objective PRUlink asia pacific equity fund The fund is structured as a feeder fund which invests in the Eastspring Investments-Asia Pacific Equity Fund.3% CHINA CONSTRUCTION BANK-H 3.1% Energy 6.ph.72 0. 2016: USD0. Pru Life UK and Prudential plc are not affiliated with Prudential Financial.4% Telecommunication services 4. Thailand and Malaysia were the top performers this month. (a US-registered company).a.05% p. rising non-farm incomes and robust tourism continued to lead an economic turnaround in Thailand. Pru Life UK's fund manager for unit-linked policies and is not intended to serve as individual investment advice. Pru Life UK is the pioneer and current market leader of unit-linked or investment-linked life insurance products. Philippine Prudential Life Insurance Company. raising prospects of an interest rate cut in Malaysia. the terrorist attack in Jakarta and Taiwan’s election result were among the many events that led to higher geopolitical risks.69551 Feb-15 Feb-16 Financials 39.

or listed in. Philippine Prudential Life Insurance Company. . The People’s Bank of China also guided the Renminbi lower in early January.5%.a. and healthcare outperformed in January. Pru Life UK is the pioneer and current market leader of unit-linked or investment-linked life insurance products. Chinese equities witnessed a rocky start to the year.60 Feb-14 Apr-14 FUND FEES & CHARGES Annual Management Fee Jun-14 Aug-14 Oct-14 Dec-14 Feb-15 Apr-15 Jun-15 Aug-15 Oct-15 Dec-15 Feb-16 Sector Allocation 2.ph. Market sentiment is being affected by falling global economic activity. Our approach is to deeply understand the trend fundamentals for every stock held in the Fund.90 0. setting the official mid-point rate at 6.69696 Industrials 5. Emerging Asia underperformed both EMEA and Latam. related or associated corporations derive substantial revenue from the emerging markets worldwide.4% CHINA CONSTRUCTION BANK-H 3. Pru Life UK is a subsidiary of British financial services giant Prudential plc.a.00000 1.Fund Fact Sheet January 2016 The Fund Fact Sheet provides general information concerning the underlying funds of Pru Life UK's unit-linked policies. equity-related securities and bonds.prulifeuk. Pru Life UK's fund manager for unit-linked policies and is not intended to serve as individual investment advice. while financials. triggering a new circuit breaker mechanism that was quickly dropped.4% Fund Manager’s Commentary The MSCI Emerging Markets (Net Div) fell again in January and ended the month down 6. Inc. Inc.3% Information technology 21. Fund Objective PRUlink global emerging markets dynamic fund The fund is structured as a feeder fund which invests in the Eastspring Investments –Global Emerging Markets Dynamic Fund. Pru Life UK is a life insurance company and is not engaged in the business of selling pre-need plans. or carrying on significant business in. or operating principally from. which aims to generate long –term capital growth through a concentrated portfolio of equities .4% Initial (01 Apr 2014) Highest (04 Sep 2014) Lowest (22 Jan 2016) 1. (a US-registered company). We avoid following the thematic preferences of the market.70 0. This fund will invest primarily in securities of companies which are incorporated. Prudentialife Plans.3% KOREA ELECTRIC POWER 3. Established in 1996. global equity market volatility has remained high and it continued to rise in 2016.7%.3% TAIWAN SEMICONDUCTOR MANUFACTURING 5.69038 0. or Prudential Guarantee and Assurance.) -18. . Inc. please visit www. Unsurprisingly. and is one of the first life insurance companies approved to market US dollar-denominated policies in the country.0% Materials 3. consumer discretionary and technology lagged the most.10 1-Month Actual yr-on-yr -7. Disclaimer: The views contained herein are only a general view on what may happen and Pru Life UK does not guarantee its accuracy. a sharp correction in Chinese onshore markets. We ensure that the price we pay gives us a significant valuation buffer which more than compensates us for the patient time frame we apply.com.33% Based on Unit Price as of 01 Feb. This fund may also invest in depository receipts including American Depositary Receipts and Global Depositary Receipts.2 million Fund Currency US Dollar Risk Classification Diversified of Investment December Performance 1. The fund returns are net of Annual Management Charge.10986 0.52% 1. continue to be evident in the market’s narrow focus on defensive stocks. For more information about us.8% Others 2. 2016: USD0. In recent months. or derive substantial revenue from. Emerging Markets are still hovering towards the lower end of the past five-year range. consumer staples. the Fed tightening amid a slowing US economy.3% HIGHEST & LOWEST UNIT PRICE ACHIEVED Consumer discretionary 7. A-shares slid 7% twice within the first trading week.05% p. As Chinese stocks plummeted.00 Fund Price (USD) Financial Year End 31st Performance Chart Since Inception (p.70% -22. (all Philippine-registered companies). Past performance is not necessarily indicative of the future or likely performance of the fund.80 Notes: 0. Ironically. Significant changes in risk perception and required returns. the introduction of market stabilizing circuit breakers likely that accelerated selling as investors feared if they did not sell quickly they would be prevented by the circuit breakers.5646 per US dollar on January 7. Top 5 Holdings Financials 32.0% Energy 8.8% IND & COMM BK OF CHINA-H 3. the biggest daily fall since August 2015’s devaluation. It is issued by Eastspring Investments (Singapore) Limited. Pru Life UK and Prudential plc are not affiliated with Prudential Financial. (All data as at 31 January 2016 unless otherwise stated) FUND DETAILS Launch Date Manager April 2014 Eastspring Investments (Singapore) Limited Fund Size USD 11. preference shares and warrants.8% Telecoms 6.9% Utilities 6.8% Consumer staples 5. the Renminbi decline and a further collapse in oil prices. or whose subsidiaries. closing January down 12. defensive sectors such as telecoms.5% HON HAI PRECISION INDUSTRY 3.