Annual Statement and Report for the Period 1 ... - Great Eastern Life

contentsc o n t e n t sGeneral Manager’s Message 1Investment Outlook 2Announcement 5Disclaimer 6Lifestyle Portfolios 7Balanced 13Global Equity 17Asian Equity 24Non-Equity 33Others 36Funds Information 48Soft Dollar Commissions 106Capital Account 108Statement Of Assets & Liabilities 113Notes To The Accounts 118The Great Eastern Life Assurance Company Limited (Reg. No. 1908 00011G)1 Pickering Street #13-01 Great Eastern Centre Singapore 048659www.greateasternlife.com

GREATLINK FUNDS SUMMARY as at 31 December 2011Fund Name Investment Objectives Risk Category Launch Date CurrentFund SizeNON-EQUITYGreatLink Cash Fund To generate a return comparable to S$ time deposits. Lower Risk / BroadlyDiversifiedGreatLink StableBond FundGreatLink GlobalBond FundASIAN EQUITYGreatLink Pan AsiaFundGreatLink EnhancerFundGreatLink Far East exJapan Equities FundGreatLink ASEANGrowth FundGreatLink Lion JapanGrowth FundGreatLink ChinaGrowth FundGreatLink Lion IndiaFundGreatLink SingaporeEquities FundGreatLink LionVietnam FundOTHERSGreatLink Choice(Aug 2013)GreatLink Choice(Dec 2013)To achieve an attractive return by investing in single A andabove quality investment grade bonds of Singapore and majorbond markets such as the G7 countries and Australia and NewZealand. The G7 countries are Canada, France, Germany, Italy,Japan, UK and US.To achieve excess return relative to the index while minimisingvolatility of return relative to the index.To achieve long-term capital growth through investment insecurities quoted on Asian stockmarkets including but not limitedto Singapore, Malaysia, Thailand, Indonesia, Philippines, HongKong, Japan, Taiwan, China, South Korea, Australia, New Zealandand the Indian sub continent.To achieve long-term capital appreciation by investing primarilyin the equity markets of the Asia Pacific Region.To maximise capital growth through investing primarily in equitiesof companies based in China, Hong Kong, Indonesia, South Korea,Malaysia, Philippines, Singapore, Taiwan and Thailand, and also inother Asian Pacific regions.To achieve long-term capital appreciation by investing in equitiesin the economies of the ASEAN region.To provide long-term capital growth of assets of the Fundby investing primarily in quoted or listed securities in anyRecognised Stock Exchange or OTC market in Japan.To achieve medium to long-term capital growth of assets ofthe Fund by investing primarily in equity-linked securities ofcompanies with assets in or earnings derived from the People'sRepublic of China.To achieve medium to long-term capital appreciation by investingin Indian equities and equity related instruments.To maximise capital growth through investing primarily inSingapore equities.To achieve medium to long-term capital appreciation by investingin Vietnam. The Fund will invest in companies listed in Vietnamand other companies listed elsewhere that have operations in,or derive part of their revenue from Vietnam and the Indo-Chinaregion. The Fund may also invest in short-term fixed incomeinstruments listed or traded on recognised markets within theIndo-China region.The Fund objective is to seek to provide policyholders with (1)Annual payouts of 4.90% of the Initial Unit Price per Unit held byeach policyholder as at each policy anniversary; and(2) 100% of the Initial Unit Price per Unit held on maturity.The Fund objective is to seek to provide policyholders with (1)Annual payouts of 4.60% of the Initial Unit Price per Unit held byeach policyholder as at each policy anniversary; and(2) 100% of the Initial Unit Price per Unit held on maturity.Low to Medium Risk /Broadly DiversifiedLow to Medium Risk /Broadly DiversifiedHigher Risk / NarrowlyFocusedHigher Risk / NarrowlyFocusedHigher Risk / NarrowlyFocusedHigher Risk / NarrowlyFocusedHigher Risk / NarrowlyFocusedHigher Risk / NarrowlyFocusedHigher Risk / NarrowlyFocusedHigher Risk / NarrowlyFocusedHigher Risk / NarrowlyFocusedMgmt Fee Investment Philosophy Benchmark Index Performance bid-bid basis Fund Manager Sub-Manager3 mths 6 mths 1 year 3 years 5 years 10 years Since Sinceinception inception(Total (Annualised)return)26-Apr-96 $131.93 mil 0.30% p.a. Top-down & Bottom-up approach 1 Month SIBID 0.08 % 0.08 % 0.24 % 0.74 % 1.26 % 1.24 % 29.79 % 1.68 % Lion GlobalInvestors Ltd25-Mar-02 $61.11 mil 0.50% p.a. Fundamental & Technical analysis 6 Months SIBOR Less 0.08 % 0.08 % 1.85 % 3.35 % 2.90 % - 27.37 % 2.51 % Deutsche Asset12.5bpsManagement(Asia) Ltd15-Jan-02 $241.56 mil 0.85% p.a. Top-down & Bottom-up approach Barclays Global AggregateBond Index, 50% Hedgedinto SGD10-Jul-00 $20.64 mil 1.50% p.a. Top-down & Bottom-up approach MSCI AC Asia PacificIndex26-Apr-96 $428.03 mil 1.50% p.a. Top-down & Bottom-up approach MSCI All Country AsiaPacific ex Japan with NetDividends Reinvested25-Mar-02 $52.64 mil 1.50% p.a. Top-down & Bottom-up approach MSCI AC Far East Freeex Japan Index with NetDividends Reinvested26-Apr-96 $327.99 mil 1.50% p.a. Top-down & Bottom-up approach MSCI AC South East AsiaIndex with Net DividendsReinvested9-Jan-07 $4.48 mil 1.50% p.a. Bottom-up approach TOPIX with Net DividendsReinvested, in SGD terms09-Jan-07 $146.26 mil 1.50% p.a. Bottom-up approach MSCI Golden DragonIndex with Net DividendsReinvested, in SGD terms09-Jan-07 $85.92 mil 1.50% p.a. Bottom-up approach MSCI India with NetDividends Reinvested, inSGD terms25-Mar-02 $104.60 mil 1.50% p.a. Bottom-up approach MSCI Singapore FreeIndex with Net DividendsReinvested0.43 % 6.38 % 8.00 % 8.06 % 4.69 % - 49.16 % 4.10 % Lion GlobalInvestors Ltd1.24 % -12.71 %-19.32 % 5.67 % -8.19 % 0.72 % -22.63 % -2.21 % Lion GlobalInvestors Ltd4.37 % -16.44 %-21.43 % 6.80 % -2.53 % 7.33 % 91.05 % 4.22 % Lion GlobalInvestors Ltd4.13 % -15.68 %-20.64 % 9.96 % -2.72 % - 64.74 % 5.24 % Lion GlobalInvestors Ltd4.91 % -9.65 % -9.48 % 23.40 % 4.34 % 11.49 % 145.26 % 5.89 % Lion GlobalInvestors Ltd-2.81 % -4.97 % -9.33 % 4.32 % - - -41.68 % -10.27 % Lion GlobalInvestors Ltd4.16 % -15.20 %-20.96 % 6.86 % - - -13.05 % -2.77 % Lion GlobalInvestors Ltd-13.87 %-27.22 %-36.05 % 7.90 % - - -18.95 % -4.13 % Lion GlobalInvestors Ltd-1.28 % -19.26 %-22.17 % 13.90 % -1.38 % - 70.32 % 5.60 % Lion GlobalInvestors Ltd01-Feb-08 $5.36 mil 1.50% p.a. Bottom-up approach Vietnam Stock Index -18.96 %-16.79 %-36.07 % -8.74 % - - -64.00 % -22.98 % Lion GlobalInvestors LtdN.A. 31-Aug-06 $243.82 k Initial ManagementFee of 5% ofSP deductedupfront & AnnualManagement Feeof 0.896% p.a.deducted fromfund valueN.A. 31-Dec-06 $8.70 k Initial ManagementFee of 5% ofSP deductedupfront & AnnualManagement Feeof 0.458% p.a.deducted fromfund valueRigorous research process supplemented by effective riskcontrol systems that incorporates both quantitative andqualitative screening. Emphasis is on initial name selection forreference portfolios. Portfolio is diversified across sectors.Rigorous research process supplemented by effective riskcontrol systems that incorporates both quantitative andqualitative screening. Emphasis is on initial name selection forreference portfolios. Portfolio is diversified across sectors.7-year Singapore swaprate (mid rate) taken onthe start of the initial offerperiod on 6 Jul 2006 i.e3.90%.7-year Singapore swaprate (mid rate) taken onthe start of the initial offerperiod on 1 Nov 2006 i.e3.465%.- - - - - - - - Lion GlobalInvestors Ltd- - - - - - - - Lion GlobalInvestors Ltd--PIMCO-----------For disclaimer, please refer to page 6.

GREATLINK FUNDS SUMMARY as at 31 December 2011Fund Name Investment Objectives Risk Category Launch Date CurrentFund SizeGREATLINK LIFESTYLE PORTFOLIOSGreatLink LifestyleDynamic PortfolioTo achieve medium to long term capital appreciation for theinvestorGreatLink Lifestyle To achieve medium to long term capital appreciation for theProgressive Portfolio investorGreatLink Lifestyle To achieve medium to long term capital appreciation for theBalanced Portfolio investorGreatLink LifestyleSteady PortfolioGreatLink LifestyleSecure PortfolioBALANCEDGreatLink GlobalSupreme FundGreatLink GlobalOptimum FundGreatLink Lion GlobalFlexi FundGreatLink Lion AsianBalanced FundGLOBAL EQUITYGreatLink GlobalEquity FundGreatLink GlobalOpportunities FundGreatLink GlobalGrowth TrendsPortfolioGreatLink GlobalEquity Alpha FundGreatLink EuropeanEquity FundGreatLink GlobalTechnology FundGreatLink Global RealEstate SecuritiesFundTo achieve medium to long term capital appreciation for theinvestorTo achieve medium to long term capital appreciation for theinvestorTo maximise total returns in S$ terms over the longer term byinvesting in a balanced but diversified portfolio of equities anddebt securities of the major stock & bond markets around theworld.To provide long-term total return in excess of the custombenchmark while managing the overall risk of the portfolio.To achieve absolute returns over the medium to long term byinvesting the assets of the fund in a diversified portfolio ofequities, money market securities, asset-backed securities,equity-related securities (including, but not limited to, preferenceshares, real estate investment trusts, deposited receipts),fixed income instruments, other debt-related instrumentssuch as collateralised debt obligations, and financial derivativeinstruments (“FDIs”).The Managers may also invest up to 10% ofthe assets of the Fund in hedge funds or fund of hedge funds thatare domiciled either in Singapore or outside of Singapore.To provide long-term total returns consistently in excess of thecustom benchmark while managing the overall risk of the portfolioby investing into the equity markets of Asia Pacific (ex Japan) aswell as primarily in bonds and other debt securities denominatedin Singapore Dollars, through LionGlobal Asia Pacific Fund andLionGlobal Singapore Fixed Income Investment respectively.To seek long-term capital appreciation by investing primarily in adiversified portfolio of common stocks globally.To provide long-term total return from an internationallydiversified portfolio of securities through investing all orsubstantially all of its assets in the Aberdeen Global - WorldEquity Fund, which will invest at least two-thirds of its assets inequities or equity-related securities"To maximise long-term growth of capital by investing principallyin a global portfolio of equity securities. The Portfolio currentlyconsists of four sub portfolios : Technology,To provide capital growth primarily through investment in equitysecurities of company worldwideHigher Risk / BroadlyDiversifiedHigher Risk / BroadlyDiversifiedMedium to High Risk /Broadly DiversifiedMedium to High Risk /Broadly DiversifiedMedium to High Risk /Broadly DiversifiedMedium to High Risk /Broadly DiversifiedMedium to High Risk /Broadly DiversifiedMedium to High Risk /Broadly DiversifiedMedium to High Risk /Narrowly FocusedHigher Risk / BroadlyDiversifiedHigher Risk / BroadlyDiversifiedHigher Risk / BroadlyDiversifiedHigher Risk / BroadlyDiversifiedTo achieve long-term capital growth through investment in stocks Higher Risk / Narrowlyin the European markets.FocusedTo achieve long-term capital growth through investment in global Higher Risk / Narrowlytechnology stocks.FocusedTo provide investors with medium to long term capital appreciationand to make regular income distributions by investing globallyin (a) equities securities of companies that derive a substantialpart of their revenue from the ownership, management and/ordevelopment of real estate and (b) Real Estate Investment Trusts(REITS) listed or traded in a regulated market.Higher Risk / NarrowlyFocusedMgmt Fee Investment Philosophy Benchmark Index Performance bid-bid basis Fund Manager Sub-Manager3 mths 6 mths 1 year 3 years 5 years 10 years Since Sinceinception inception(Total (Annualised)return)25-Mar-02 $18.35 mil 1.55% p.a. To invest all or substantially in global, Asia Pacific ex-Japan and Composite of UnderlyingASEAN equitiesFunds' Benchmarks25-Mar-02 $48.79 mil 1.41% p.a. To invest approximately 80% of its assets in global, Asia Pacific Composite of Underlyingex-Japan and ASEAN equities and 20% in global bonds Funds' Benchmarks25-Mar-02 $365.53 mil 1.25% p.a. To invest approximately 60% of its assets in global, Asia Pacific Composite of Underlyingex-Japan and ASEAN equities and 40% in global bonds and Funds' Benchmarksshort duration bonds25-Mar-02 $30.04 mil 1.10% p.a. To invest approximately 40% of its assets in global, Asia Pacificex-Japan and ASEAN equities and 60% in global bonds andshort duration bonds25-Mar-02 $56.25 mil 0.92% p.a. To invest approximately 20% of its assets in global, Asia Pacificex-Japan and ASEAN equities and 80% in global bonds andshort duration bonds1-Jul-99 $343.47 mil 1.35% p.a. To invest approximately 50% of its assets in global equities and50% in global bonds23-May-01 $38.13 mil 1.35% p.a. To invest approximately 40% of its assets in global equities and60% in global bondsComposite of UnderlyingFunds' BenchmarksComposite of UnderlyingFunds' Benchmarks50% MSCI World Net &50% Citigrp World GovBond Index (unhedged)40% MSCI World Net &60% Citigroup World GovtBond Index (unhedged)5.42 % -9.15 % -11.40 % 6.29 % -6.61 % - -1.79 % -0.18 % Lion GlobalInvestors Ltd4.26 % -5.97 % -7.48 % 7.92 % -3.34 % - 21.05 % 1.98 % Lion GlobalInvestors Ltd3.17 % -3.29 % -4.14 % 7.36 % -1.37 % - 26.74 % 2.46 % Lion GlobalInvestors Ltd2.21 % -0.48 % -0.48 % 7.18 % 0.39 % - 31.16 % 2.82 % Lion GlobalInvestors Ltd1.31 % 1.91 % 2.73 % 7.56 % 3.10 % - 46.32 % 3.97 % Lion GlobalInvestors Ltd3.54 % 2.31 % 3.63 % 6.10 % -0.26 % 1.83 % 26.11 % 1.87 % Lion GlobalInvestors Ltd2.38 % -1.46 % -2.47 % 2.51 % -3.21 % 0.07 % -0.21 % -0.02 % Lion GlobalInvestors Ltd24-Jul-07 $5.70 mil 1.35% p.a. Top-down & Bottom-up approach 12-months Singapore 2.05 % -6.05 % -11.41 % 1.62 % - - -21.58 % -5.33 % Lion GlobalInterbank Bid Rate (SIBID)Investors Ltd+ 2.5%1-Feb-08 $77.75 mil 1.35% p.a. Top-down & Bottom-up approach 50% MSCI All CountriesAsia Pacific ex JapanIndex (Net) + 50% JPMorgan Singapore GovernmentBond Index1-Aug-00 $41.98 mil 1.60% p.a. Quantitative valuation via use of country/currency and stockselection modelsMSCI World Index withNet Dividends Reinvested25-Mar-02 $83.29 mil 1.60% p.a. Bottom-up approach MSCI World Indexwith Gross DividendsReinvested1.71 % -7.68 % -9.92 % 4.90 % - - -6.32 % -1.65 % Lion GlobalInvestors Ltd7.63 % -8.42 % -5.61 % 5.86 % -7.60 % -2.06 % -45.05 % -5.11 % Goldman Sachs(Singapore)Pte. Ltd.6.97 % -1.36 % -1.12 % 7.30 % -6.82 % - -16.00 % -1.77 % Aberdeen AssetManagementAsia Ltd15-Aug-01 $14.98 mil 1.60% p.a. Bottom-up growth driven approach MSCI World Index with -3.88 % -2.62 % 10.84 % -28.99 % -36.34 % - -13.89 % -1.50 % AllianceBernsteinNet Dividends Reinvested (Singapore) Ltd25-Mar-02 $71.19 mil 1.60% p.a. Bottom-up approach MSCI World Index withNet Dividends Reinvested10-Jul-00 $13.39 mil 1.60% p.a. Bottom-up multi-manager platform approach MSCI Europe Index, withNet Dividends Reinvested15-Jan-01 $43.75 mil 1.60% p.a. Bottom-up approach, growth bias MSCI AC World IT Freewith Net DividendsReinvested8-Jun-05 $90.35 mil 1.60% p.a. Top-down & Bottom-up approach S&P Citigroup BMI WorldProperty Index with NetDividends Reinvested5.17 % -10.03 % -13.84 % 0.16 % -11.55 % - -35.79 % -4.43 % SchroderInvestmentManagement Ltd4.40 % -13.68 % -13.81 % 1.57 % -11.12 % -1.98 % -37.58 % -4.02 % CapitalInternational, Inc5.41 % -3.65 % -2.37 % 17.51 % -2.50 % -6.31 % -61.05 % -8.25 % Lion GlobalInvestors Ltd7.05 % -6.00 % -5.61 % 10.72 % -8.07 % - -9.93 % -1.58 % Lion GlobalInvestors Ltd-----PIMCO &Brandywine (FixedIncome) / CapitalInt’l, Acadian AssetMgm't, INTECH(Equity)Loomis, Sayles(Fixed Income) /AllianceBernstein(Equity)-------Wellington Int’lMgmtPramericaInvestment MgmtFor disclaimer, please refer to page 6.

GENERAL MANAGER’S MESSAGEDear Valued Policyholders2011 was a challenging year. Europe fell into a debt crisis, the US was trapped in slowgrowth, whilst activities in the Asian and emerging countries were dampened by thetightening of monetary policies to address the rising inflationary pressures. The globaleconomy was faced with the unwelcome possibility of a double dip recession. AlthoughGreat Eastern’s funds were affected by the severe volatility in the global financial markets,our fund managers were able to effectively cushion the impact.2012 started on a relatively strong note with some positive signs in the global economy.The major stock markets started the year well. Whilst uncertainty about Europe’s situationcontinues and there are also concerns of China slowing down too much and too fast,some analysts are of the opinion that the global economy will turn around this year.Notwithstanding this, concerns remain high about the Eurozone sovereign debt crisis.We will continue our strategy to take a long-term view of the markets and invest incompanies with sound fundamentals and attractive valuations as we strive to deliveroptimal returns to you.Thank you for your continued support.Yours faithfullyDr Khoo Kah SiangGeneral Manager (Singapore)For disclaimers, please refer to page 4.General Manager’s Message1

INVESTMENT OUTLOOKInvestment OutlookSince the 2009 global recession, recovery momentum has been rather weak.Developed countries like US and the eurozone economies have made limitedprogress in tackling their fiscal problems. Asian and emerging economies withmuch potential were unfortunately adversely affected by the slow pickup in thedeveloped world.Nonetheless, there are now some grounds for optimism. Better economic datafrom US and China and the European Central Bank’s expansion of its balancesheet have given analysts and investors hope for 2012. Some think that we mayeven see an economic turnaround as early as mid year.USThe US economy has been stuck in the doldrums since the 2009 financial crisisas it has not been able to pull itself out of the stubbornly slow growth and highunemployment situation. Investors get cold feet every now and then as they feara double dip recession.However, it seems that the country has gathered growth momentum towards theend of 2011. Manufacturer’s business grew at the fastest pace in six months andexport orders rose to the highest level in three months. December data showedthat payrolls doubled the gain in November. 1 Hiring was encouraging across allmajor industries which helped to push the December US unemployment rate toits lowest rate in three years. 2 Such positive data are encouraging indicatorsthat the US may be set for a rebound.Investment OutlookAsia and Other Emerging MarketsFor the past 2 years, Asia (especially China) and emerging markets have beenthe key drivers of the global economy in terms of growth rates. While theseeconomies slowed somewhat in 2011 on the back of slower export demand,policy makers have been reversing some of their interest rate hikes in the pastsix months.For 2011, the Singapore economy grew by 4.8% year-on-year, a sharp slowdowncompared to the previous year’s 14.5% expansion. 3 Being an open and exporteconomy,Singapore’s showing for 2012 will largely be dependent on the biggereconomies such as US, the EU and China.2

INVESTMENT OUTLOOKChina managed a 9.2% growth in 2011. Although it is a decline from theprevious year’s 10.4%, it is better than expected. 4 Given lower demand from USand Europe which are China’s key trading partners, it is widely expected that theChinese economy may continue to slow this year. But as long as the slowdownis a gradual and modest one, the region and the world will do fine. It appearsthat the gradual softening of China’s exponential growth is very much controlledand the country is not likely to suffer a hard landing as some may fear.EuropeWith positive signals from US and China, the most pressing concern for investorsis Europe. Eurozone is still on shaky grounds. There are renewed concerns onEurope’s economic health, especially after the recent credit ratings downgradeof some eurozone countries. Standard and Poor’s stripped France and Austria oftheir triple A rating. Other European countries that received a downgrade includeItaly, Spain, Portugal, Cyprus, Malta, Slovakia and Slovenia.Looking from a brighter angle, the eurozone nations do recognize their situation,and are apparently casting aside differences and taking concerted efforts torestore confidence. The European Central Bank has provided liquidity into thebanking system, and European policymakers are introducing austerity measuresto address their high fiscal deficit. Nevertheless, any negative development ineurozone will still unnerve investors and there will be knee jerk reactions in thefinancial markets.Stocks, Bonds or CashStocksThe global outlook is still hazy. But by and large, global equities are significantlyundervalued. Some investors are periodically picking up bargain stocks so thatthey are all set and ready to reap handsome rewards once the global economyturns around. Some analysts think that the time is near, others feel that 2012may be even slower than 2011. There is no knowing how the global economywill play out this year but stocks are one asset class that cannot be ignored. Itis ultimately the asset class that is likely to bring you good returns if you take alonger term horizon.Investment Outlook3

INVESTMENT OUTLOOKBondsThe debt crisis in Europe tells us that bonds are not exactly a risk free assetclass. However, money will always flow back into bonds during any financialcrisis as the issuers of bonds remain committed to paying out coupon interest ifthey do not default. Nevertheless, given current dismally low-yield, low interestenvironment, stocks appear relatively more attractive.CashInterest rate for the past 2 years has been rock bottom low and is likely toremain such for a while. The cash you have can work harder for you. It is a goodtime to pick up some undervalued stocks with strong corporate fundamentalsas long as you calculate the risks. Investment funds managed by professionalmanagers will be ideal for those who want to take advantage of the fundmanagers’ experience and expertise and have the capacity to undertake riskfor investment.Most investors rarely have the time and expertise to monitor the manydevelopments in different parts of the world and the corporate performanceof various companies in different industries. It will probably be a lot easier ifyou speak to your Distribution Representative and find out how Great Eastern’sfunds and financial advice can be of help to you.1Source: “Bright start to year for US economy” January 8, 2012, The Straits Times2Source: “US jobless rate at lowest in 3 years” January 7, 2012, The Straits Times3Source: “Economy shrank 4.9% in fourth quarter” January 4, 2012, The Straits Times4Source: “China’s growth weakens to 9.2%” January 18, 2012, The Straits TimesInvestment OutlookDisclaimer: The report is accurate at time of writing on 20 January 2012. Pastperformance is not necessarily indicative of future performances. Any opinion orview presented is subject to change without notice. The document is intendedfor information purposes only, and is not intended as an offer or solicitation forthe purchase or sale of any financial instrument.The information provided may contain projections or other forward lookingstatements regarding future events or future financial performance of countries,markets or companies, and such prediction or forecast is not necessarilyindicative of the future or likely performance of the fund.4

ANNOUNCEMENTGoing GreenIn our continuous efforts to “GO GREEN”, we would like to take this opportunityto inform all policyholders that from August 2012, hard copies of the GreatLinkFunds Report will no longer be sent out. You are encouraged to download thesoft copy report from our corporate website at www.greateasternlife.com.A notification will be sent to you once the report is available for download on ourcorporate website. However, if you still require a hard copy of the report, pleasecontact us at our service centres or at wecare-sg@greateasternlife.com.This is a notification for your information only and there is no action requiredon your part.Announcement5

Fund FactsheetFund Factsheet Disclaimer6This disclaimer applies to the fund factsheets that follow.DISCLAIMER: This factsheet is compiled by Great Eastern Life. The information presented isfor informational use only. A product summary and a Product Highlights Sheet in relation tothe Fund may be obtained through Great Eastern Life Assurance Co Ltd, its Life Planners orany of its appointed distributors. Potential investors should read the product summary and theProduct Highlights Sheet before deciding whether to invest in the Fund. Returns on the unitsof the Fund are not guaranteed. The value of the units in the Fund and the income accruing tothe units, if any, may fall or rise. The fees and charges payable through deduction of premiumor cancellation of units are excluded in the calculation of fund returns. Past returns, and anyother economic or market predictions, projections or forecasts, are not necessarily indicativeof future or likely performance.

Lifestyle PortfoliosGREATLINK LIFESTYLE PORTFOLIOS report as at 31 December 2011INVESTMENT OBJECTIVEThe investment objectives of the 5 Lifestyle Portfolios areto achieve medium to long term capital appreciation for theinvestor. The investment policies for the GreatLink LifestyleSecure Portfolio, GreatLink Lifestyle Steady Portfolio,GreatLink Lifestyle Balanced Portfolio, and GreatLinkLifestyle Progressive Portfolio are to invest the assets ofeach of these Lifestyle Portfolios in equities and bonds inthe proportion of approximately 20:80, 40:60, 60:40, 80:20respectively. The investment policy for GreatLink LifestyleDynamic Portfolio is to invest the assets only in equities(or in one or more different mutual fund(s) and unit trust(s)reflecting an underlying investment in equities). A separateportfolio account is maintained for each Lifestyle Portfoliowhich is invested in accordance with the investmentobjective applicable to the Lifestyle Portfolio to which suchportfolio relates.Each individual Lifestyle Fund is invested in some of theunderlying GreatLink Funds as shown in the table below.However, the asset proportion may vary, depending onmarket conditions.FUND FACTSInception Date 25 March 2002Fund ManagerLion Global Investors LtdCurrency of Fund Singapore DollarValuation Frequency DailyBid–Offer Spread 5%Fund Management Fee Dynamic 1.55% p.a. ^Progressive 1.41% p.a. ^Balanced 1.25% p.a. ^Steady 1.10% p.a. ^Secure 0.92% p.a. ^^ These are weighted average fund management charge whichcould be used as an indicative fund management charge for theLifestyle FundsGREATLINK LIFESTYLE PORTFOLIOS (ASSET ALLOCATION)GreatLink Constituent Funds Secure Steady Balanced Progressive DynamicGreatLink Stable Bond Fund 20% 10% 5% 0% 0%GreatLink Global Bond Fund 60% 50% 35% 20% 0%GreatLink Global Equity Alpha Fund 5% 10% 15% 20% 25%GreatLink Global Opportunities Fund 5% 10% 15% 20% 25%GreatLink Enhancer Fund 5% 10% 15% 20% 25%GreatLink ASEAN Growth Fund 5% 10% 15% 20% 25%Source: Great Eastern LifeFor disclaimer, please refer to page 6. 7

GREATLINK LIFESTYLE PORTFOLIOS report as at 31 December 2011DYNAMICFUND FACTSPORTFOLIO WEIGHTINGSOffer Price S$ 0.982Bid Price S$ 0.933Fund SizeS$ 18.35 milCPFIS IncludedCPFIS - OARisk CategoryHigher Risk / BroadlyDiversifiedBenchmarkComposite of UnderlyingFunds’ BenchmarksMorningstar Rating PORTFOLIO PERFORMANCE SINCE INCEPTIONLifestyle PortfoliosPERFORMANCE ON BID–BID BASIS (%)3 mths 6 mths 1 year 3 years 3 years(annualised)5 years 5 years(annualised)Since InceptionSince Inception(annualised)GreatLink Lifestyle Dynamic Portfolio 5.42 -9.15 -11.40 20.08 6.29 -28.94 -6.61 -1.79 -0.18Benchmark 5.79 -7.11 -6.89 33.53 10.12 -17.29 -3.73 23.68 2.20Source: Morningstar. Performance figures are calculated on a bid-bid basis, with all dividends anddistributions reinvested, taking into account all charges which would have been payable upon suchreinvestment.8For disclaimer, please refer to page 6.

GREATLINK LIFESTYLE PORTFOLIOS report as at 31 December 2011PROGRESSIVEFUND FACTSPORTFOLIO WEIGHTINGSOffer Price S$ 1.210Bid Price S$ 1.150Fund SizeS$ 48.79 milCPFIS IncludedCPFIS - OARisk Category Higher Risk /Broadly DiversifiedBenchmarkComposite of UnderlyingFunds’ BenchmarksMorningstar Rating PORTFOLIO PERFORMANCE SINCE INCEPTIONPERFORMANCE ON BID–BID BASIS (%)3 mths 6 mths 1 year 3 years 3 years(annualised)5 years 5 years(annualised)Since InceptionSince Inception(annualised)GreatLink LifeStyle Progressive Portfolio 4.26 -5.97 -7.48 25.68 7.92 -15.63 -3.34 21.05 1.98Benchmark 4.73 -4.57 -4.24 32.80 9.92 -7.11 -1.46 37.09 3.28Source: Morningstar. Performance figures are calculated on a bid-bid basis, with all dividends anddistributions reinvested, taking into account all charges which would have been payable upon suchreinvestment.Lifestyle PortfoliosFor disclaimer, please refer to page 6. 9

GREATLINK LIFESTYLE PORTFOLIOS report as at 31 December 2011BALANCEDFUND FACTSPORTFOLIO WEIGHTINGSOffer Price S$ 1.267Bid Price S$ 1.204Fund SizeS$ 365.53 milCPFIS IncludedCPFIS - OA & SARisk Category Medium to High Risk /Broadly DiversifiedBenchmarkComposite of UnderlyingFunds’ BenchmarksMorningstar Rating PORTFOLIO PERFORMANCE SINCE INCEPTIONLifestyle PortfoliosPERFORMANCE ON BID–BID BASIS (%)3 mths 6 mths 1 year 3 years 3 years(annualised)5 years 5 years(annualised)Since InceptionSince Inception(annualised)GreatLink LifeStyle Balanced Portfolio 3.17 -3.29 -4.14 23.74 7.36 -6.67 -1.37 26.74 2.46Benchmark 3.64 -2.31 -1.89 26.04 8.02 -1.60 -0.32 37.34 3.30Source: Morningstar. Performance figures are calculated on a bid-bid basis, with all dividends anddistributions reinvested, taking into account all charges which would have been payable upon suchreinvestment.10For disclaimer, please refer to page 6.

GREATLINK LIFESTYLE PORTFOLIOS report as at 31 December 2011STEADYFUND FACTSPORTFOLIO WEIGHTINGSOffer Price S$ 1.311Bid Price S$ 1.246Fund SizeS$ 30.04 milCPFIS IncludedCPFIS - OA & SARisk Category Medium to High Risk /Broadly DiversifiedBenchmarkComposite of UnderlyingFunds’ BenchmarksMorningstar Rating PORTFOLIO PERFORMANCE SINCE INCEPTIONPERFORMANCE ON BID–BID BASIS (%)3 mths 6 mths 1 year 3 years 3 years(annualised)5 years 5 years(annualised)Since InceptionSince Inception(annualised)GreatLink LifeStyle Steady Portfolio 2.21 -0.48 -0.48 23.12 7.18 1.96 0.39 31.16 2.82Benchmark 2.53 -0.06 0.44 19.19 6.03 3.38 0.67 35.99 3.20Source: Morningstar. Performance figures are calculated on a bid-bid basis, with all dividends anddistributions reinvested, taking into account all charges which would have been payable upon suchreinvestment.Lifestyle PortfoliosFor disclaimer, please refer to page 6.11

GREATLINK LIFESTYLE PORTFOLIOS report as at 31 December 2011SECUREFUND FACTSPORTFOLIO WEIGHTINGSOffer Price S$ 1.463Bid Price S$ 1.390Fund SizeS$ 56.25 milCPFIS IncludedCPFIS - OA & SARisk Category Medium to High Risk /Broadly DiversifiedBenchmarkComposite of UnderlyingFunds’ BenchmarksMorningstar Rating PORTFOLIO PERFORMANCE SINCE INCEPTIONLifestyle PortfoliosPERFORMANCE ON BID–BID BASIS (%)3 mths 6 mths 1 year 3 years 3 years(annualised)5 years 5 years(annualised)Since InceptionSince Inception(annualised)GreatLink LifeStyle Secure Portfolio 1.31 1.91 2.73 24.44 7.56 16.51 3.10 46.32 3.97Benchmark 1.40 1.90 2.45 16.28 5.16 12.31 2.35 42.49 3.69Source: Morningstar. Performance figures are calculated on a bid-bid basis, with all dividends anddistributions reinvested, taking into account all charges which would have been payable upon suchreinvestment.12For disclaimer, please refer to page 6.

GREATLINK GLOBAL SUPREME FUND report as at 31 December 2011FUND FACTSInception Date 1 July 1999Offer Price S$ 1.261Bid Price S$ 1.198Fund SizeS$ 343.47 milFund ManagerSub Manager (Equity)Lion Global Investors LtdCapital International,Acadian AssetManagement, INTECHSub Manager (F.I.) PIMCO, BrandywineBid-Offer Spread 5%Fund Management Fee 1.35% p.a.Valuation Frequency DailyCurrency of Fund Singapore DollarCPFIS IncludedCPFIS – OA & SARisk Category Medium to High Risk /Broadly DiversifiedBenchmark50% MSCI World Net &50% Citigroup World GovBond Index (unhedged)Morningstar RatingFUND OBJECTIVEThe Fund objective is to maximize total returns in SingaporeDollar terms over the longer term by investing in a balancedbut diversified portfolio of equities and debt securities of themajor stock markets and bond markets around the world. TheFund shall invest in a broad mix of global equities and bonds ina wide range of industries and companies in various countries.The allocation for each asset class will be actively managedand altered constantly in such a way that seeks to maximizethe overall risk-adjusted performance of the Fund.PORTFOLIO WEIGHTINGSPORTFOLIO PERFORMANCE SINCE INCEPTIONPERFORMANCE ON BID–BID BASIS (%)3 mths 6 mths 1 year 3 years 3 years(annualised)5 years 5 years 10 years 10 years Since Inception Since Inception(annualised)(annualised)(annualised)GreatLink Global Supreme Fund 3.54 2.31 3.63 19.44 6.10 -1.32 -0.26 19.92 1.83 26.11 1.87Benchmark 3.26 1.48 1.79 14.25 4.54 -3.05 -0.62 26.67 2.39 28.73 2.04Source: Morningstar. Performance figures are calculated on a bid-bid basis, with all dividends anddistributions reinvested, taking into account all charges which would have been payable upon suchreinvestment.Balanced FundsFor disclaimer, please refer to page 6.13

GREATLINK GLOBAL OPTIMUM FUND report as at 31 December 2011FUND FACTSInception Date 23 May 2001Offer Price S$ 0.996Bid Price S$ 0.947Fund SizeS$ 38.13 milFund ManagerLion Global Investors LtdSub Manager (Equity) AllianceBernstein(Singapore) Ltd.Sub Manager (F.I.) Loomis, Sayles &Company, L.P.Bid-Offer Spread 5%Fund Management Fee 1.35% p.a.Valuation Frequency DailyCurrency of Fund Singapore DollarCPFIS IncludedCPFIS - OA & SARisk Category Medium to High Risk /Broadly DiversifiedBenchmark40% MSCI World, net& 60% Citigroup WorldGovernment Bond Index(unhedged)^Morningstar Rating FUND OBJECTIVEThe Fund objective is to provide long-term total return inexcess of the custom benchmark while managing the overallrisk of the portfolio. (40% MSCI World (unhedged) and 60%Citigroup Global Govt Bond Index (unhedged))PORTFOLIO WEIGHTINGSPORTFOLIO PERFORMANCE SINCE INCEPTIONBalanced Funds14^ Benchmark: 40% MSCI World, gross & 60% Citigroup World Government Bond Index, unhedged from launch till 14 May 2007, 40% MSCIWorld, net & 60% Citigroup World Government Bond Index, unhedged wef 15 May 2007.For disclaimer, please refer to page 6.PERFORMANCE ON BID–BID BASIS (%)3 mths 6 mths 1 year 3 years 3 years(annualised)5 years 5 years 10 years 10 years Since Inception Since Inception(annualised)(annualised)(annualised)GreatLink Global Optimum Fund 2.38 -1.46 -2.47 7.74 2.51 -15.07 -3.21 0.74 0.07 -0.21 -0.02Benchmark 2.50 2.80 2.99 12.16 3.90 1.54 0.31 32.90 2.88 30.85 2.57Source: Morningstar. Performance figures are calculated on a bid-bid basis, with all dividends anddistributions reinvested, taking into account all charges which would have been payable upon suchreinvestment.

GREATLINK LION GLOBAL FLEXI FUND report as at 31 December 2011FUND FACTSInception Date 24 July 2007Offer Price S$ 0.784Bid Price S$ 0.745Fund SizeS$ 5.70 mil(Underlying Fund Size) S$ 11.2 milUnderlying FundLionGlobal Flexi FundFund ManagerLion Global Investors LtdBid-Offer Spread 5%Fund Management Fee 1.35% p.a.Valuation Frequency DailyCurrency of Fund Singapore DollarCPFIS IncludedN.A.Risk Category Medium to High Risk /Broadly DiversifiedBenchmark 12-months SIBID + 2.5%Morningstar Rating N.A.FUND OBJECTIVEThe investment objective of the Fund is to achieve absolutereturns over the medium to long term. The Managers willinvest the assets of the Fund in a diversified portfolio ofequities, money market securities, asset-backed securities,equity-related securities (including, but not limited to,preference shares, real estate investment trusts, depositedreceipts), fixed income instruments, other debt-relatedinstruments such as collateralized debt obligations. There isno target sector, industry or geography. A portion of the assetof the Fund may be invested in other collective investmentschemes. The Managers may also invest up to 10% ofthe assets of the Fund in hedge funds or fund of hedgefunds that are domiciled either in Singapore or outside ofSingapore. The Managers may invest the assets of the Fundin financial derivative instruments. This Fund invests all orsubstantially into the LionGlobal Flexi Fund managed by LionGlobal Investors Limited.PORTFOLIO WEIGHTINGS*PORTFOLIO PERFORMANCE SINCE INCEPTIONPERFORMANCE ON BID–BID BASIS (%)3 mths 6 mths 1 year 3 years 3 years(annualised)5 years 5 years(annualised)Since InceptionSince Inception(annualised)GreatLink Lion Global Flexi Fund 2.05 -6.05 -11.41 4.93 1.62 NA NA -21.58 -5.33Benchmark 0.70 1.42 2.89 9.20 2.98 NA NA 15.90 3.38Source: Morningstar. Performance figures are calculated on a bid-bid basis, with all dividends anddistributions reinvested, taking into account all charges which would have been payable upon suchreinvestment.Balanced Funds* Information relates to LionGlobal Flexi FundFor disclaimer, please refer to page 6.15

GREATLINK LION ASIAN BALANCED FUND report as at 31 December 2011FUND FACTSInception Date 1 February 2008Offer Price S$ 0.936Bid Price S$ 0.890Fund SizeS$ 77.75 millionUnderlying Funds(Underlying Fund Size)LionGlobal Asia Pacific Fund(S$ 69.1 million)LionGlobal SingaporeFixed Income Investment(S$ 215.2 million)Fund ManagerLion Global Investors LtdBid-Offer Spread 5%Fund Management Fee 1.35% p.a.Valuation Frequency DailyCurrency of Fund Singapore DollarCPFIS IncludedCPFIS - OA & SARisk Category Medium to High Risk /Narrowly FocusedBenchmark50% MSCI All CountriesAsia Pacific ex JapanIndex (Net) + 50% JPMorgan SingaporeGovernment Bond IndexMorningstar RatingFUND OBJECTIVEThe Fund objective is to provide long-term total returnsconsistently in excess of the custom benchmark whilemanaging the overall risk of the portfolio by investing into theequity markets of Asia Pacific (ex Japan) as well as primarilyin bonds and other debt securities denominated in SingaporeDollars, through LionGlobal Asia Pacific Fund and LionGlobalSingapore Fixed Income Investment respectively.PORTFOLIO WEIGHTINGS*PORTFOLIO PERFORMANCE SINCE INCEPTIONBalanced FundsPERFORMANCE ON BID–BID BASIS (%)3 mths 6 mths 1 year 3 years 3 years(annualised)5 years 5 years(annualised)Since InceptionSince Inception(annualised)GreatLink Lion Asian Balanced Fund 1.71 -7.68 -9.92 15.43 4.90 NA NA -6.32 -1.65Benchmark 1.79 -4.46 -4.04 33.04 9.98 NA NA 3.36 0.85Source: Morningstar. Performance figures are calculated on a bid-bid basis, with all dividends anddistributions reinvested, taking into account all charges which would have been payable upon suchreinvestment.16* Information refers to LionGlobal Asia Pacific Fund and LionGlobal Singapore Fixed Income Investment.For disclaimer, please refer to page 6.

GREATLINK GLOBAL EQUITY FUND report as at 31 December 2011FUND FACTSInception Date 1 August 2000Offer Price S$ 0.549Bid Price S$ 0.522Fund SizeFund ManagerS$ 41.98 milGoldman Sachs(Singapore) Pte. Ltd.*Bid-Offer Spread 5%Fund Management Fee 1.60% p.a.Valuation Frequency DailyCurrency of Fund Singapore DollarCPFIS IncludedCPFIS – OA^Risk CategoryHigher Risk / BroadlyDiversifiedBenchmarkMSCI World Index, NetMorningstar Rating FUND OBJECTIVEThe Fund objective is to seek long-term capital appreciationby investing primarily in a diversified portfolio of commonstocks globally.PORTFOLIO WEIGHTINGSPORTFOLIO PERFORMANCE SINCE INCEPTION* With effect from 1 June 2011, Goldman Sachs (Singapore) Pte. Ltd. has been elevated to Fund Manager for this fund.^ We are unable to accept new CPF monies for the fund with effect from 22 December 2010.For disclaimer, please refer to page 6.PERFORMANCE ON BID–BID BASIS (%)3 mths 6 mths 1 year 3 years 3 years(annualised)5 years 5 years 10 years 10 years Since Inception Since Inception(annualised)(annualised)(annualised)GreatLink Global Equity Fund 7.63 -8.42 -5.61 18.64 5.86 -32.65 -7.60 -18.82 -2.06 -45.05 -5.11Benchmark 7.06 -5.24 -4.39 23.50 7.29 -25.03 -5.60 0.18 0.02 -18.64 -1.79Source: Morningstar. Performance figures are calculated on a bid-bid basis, with all dividends anddistributions reinvested, taking into account all charges which would have been payable upon suchreinvestment.Global Equity17

GREATLINK GLOBAL OPPORTUNITIES FUND report as at 31 December 2011FUND FACTSInception Date 25 March 2002Offer Price S$ 0.840Bid Price S$ 0.798Fund SizeS$ 83.29 mil(Underlying Fund Size)Fund ManagerS$ 3.8 bnAberdeen AssetManagement Asia Ltd(“Aberdeen”)Bid-Offer Spread 5%Fund Management Fee 1.60% p.a.Valuation Frequency DailyCurrency of Fund Singapore DollarCPF IncludedCPFIS - OARisk CategoryHigher Risk / BroadlyDiversifiedBenchmarkMSCI World Indexwith Gross DividendsReinvested^Morningstar RatingFUND OBJECTIVEThis Fund invests all or substantially all into the SGD classof the Aberdeen Global Opportunities Fund managed byAberdeen Asset Management Asia Limited. The AberdeenGlobal Opportunities Fund aims to provide long-termtotal return from an internationally diversified portfolio ofsecurities through investing all or substantially all of itsassets in the Aberdeen Global – World Equity Fund*, a subfundof Luxembourg-registered Aberdeen Global, which willinvest at least two-thirds of its assets in equities or equityrelatedsecurities. The country of domicile of the underlyingfund is Singapore. The base currency of the underlying fundis Singapore dollars.PORTFOLIO WEIGHTINGS*PORTFOLIO PERFORMANCE SINCE INCEPTIONGlobal Equity18PERFORMANCE ON BID–BID BASIS (%)3 mths 6 mths 1 year 3 years 3 years(annualised)5 years 5 years(annualised)Since InceptionSince Inception(annualised)GreatLink Global Opportunities Fund 6.97 -1.36 -1.12 23.53 7.30 -29.75 -6.82 -16.00 -1.77Benchmark 7.19 -5.01 -3.86 24.24 7.50 -24.58 -5.49 0.98 0.10Source: Morningstar. Performance figures are calculated on a bid-bid basis, with all dividends anddistributions reinvested, taking into account all charges which would have been payable upon suchreinvestment.* Information relates to Aberdeen Global Opportunities Fund^Benchmark: MSCI World Index with Net Dividends Reinvested from launch till 22 Nov 2010, MSCI World Index, gross dividends reinvestedw.e.f. 23 Nov 2010For disclaimer, please refer to page 6.

GREATLINK GLOBAL GROWTH TRENDS PORTFOLIO report as at 31 December 2011FUND FACTSInception Date 15 August 2001Offer Price S$ 0.785Bid Price S$ 0.746Fund SizeS$ 13.09 mil(Underlying Fund Size) US$ 796.63 milUnderlying FundLuxembourg GlobalGrowth Trends PortfolioFund ManagerAllianceBernstein(Singapore) Ltd.Bid-Offer Spread 5%Fund Management Fee 1.60% p.a.Valuation Frequency DailyCurrency of Fund Singapore DollarCPFIS IncludedCPFIS - OARisk CategoryHigher Risk / BroadlyDiversifiedBenchmarkMSCI World Index withNet Dividends ReinvestedMorningstar Rating FUND OBJECTIVEThe investment objective of the Fund is to seek long-termgrowth of capital by investing principally in a global portfolioof equity securities. This Fund invests all or substantiallyinto Luxembourg-registered AllianceBernstein GlobalGrowth Trends (“GGTP”), managed by AllianceBernsteinL.P. (the “Investment Manager”). The country of domicileof the underlying fund is Luxembourg. AB Global GrowthTrends currently consists of four sub-portfolios: Technology,Consumer, Industrial Cyclicals and Financials.PORTFOLIO WEIGHTINGS*PORTFOLIO PERFORMANCE SINCE INCEPTIONPERFORMANCE ON BID–BID BASIS (%)3 mths 6 mths 1 year 3 years 3 years(annualised)5 years 5 years 10 years 10 years Since Inception Since Inception(annualised)(annualised)(annualised)GreatLink Global Growth Trends 6.57 -8.80 -11.19 11.34 3.65 -45.86 -11.55 -28.61 -3.31 -21.47 -2.30Benchmark 7.06 -5.24 -4.39 23.50 7.29 -25.03 -5.60 0.18 0.02 0.11 0.01Source: Morningstar. Performance figures are calculated on a bid-bid basis, with all dividends anddistributions reinvested, taking into account all charges which would have been payable upon suchreinvestment.Global Equity* Information refers to AllianceBernstein – Global Growth Trends Portfolio (“Luxembourg GGTP”).For disclaimer, please refer to page 6.19

GREATLINK GLOBAL EQUITY ALPHA FUND report as at 31 December 2011FUND FACTSInception Date 25 March 2002Offer Price S$ 0.642Bid Price S$ 0.610Fund SizeS$ 71.19 mil(Underlying Fund Size)Fund ManagerUSD 586.2 milSchroder InvestmentManagement Ltd(“Schroders”)Bid-Offer Spread 5%Fund Management Fee 1.60% p.a.Valuation Frequency DailyCurrency of Fund Singapore DollarCPFIS IncludedCPFIS - OARisk CategoryHigher Risk / BroadlyDiversifiedBenchmarkMSCI World Index with NetDividends Reinvested^Morningstar Rating FUND OBJECTIVEThis Fund invests all or substantially into the USD share classof the Schroder International Selection Fund Global EquityAlpha2 managed by Schroder Investment ManagementLimited. The fund objective of Schroder InternationalSelection Fund Global Equity Alpha is to provide capitalgrowth primarily through investment in equity securitiesof companies worldwide. In order to achieve the objective,Schroder Investment Management Limited will invest in aselect portfolio of securities, which it believes offer the bestpotential for future growth. The country of domicile of theunderlying fund is Luxembourg. The base currency of theunderlying fund is US Dollar.PORTFOLIO WEIGHTINGS*PORTFOLIO PERFORMANCE SINCE INCEPTIONGlobal Equity20* Information relates to Schroder International Selection Fund – Global Equity Alpha^ Benchmark: MSCI World Index, gross dividends reinvested from launch till 14 May 2007, MSCI World Index, net dividends reinvestedwef 15 May 2007.For disclaimer, please refer to page 6.PERFORMANCE ON BID–BID BASIS (%)3 mths 6 mths 1 year 3 years 3 years(annualised)5 years 5 years(annualised)Since InceptionSince Inception(annualised)GreatLink Global Equity Alpha Fund 5.17 -10.03 -13.84 0.49 0.16 -45.87 -11.55 -35.79 -4.43Benchmark 7.06 -5.24 -4.39 23.50 7.29 -24.70 -5.52 3.15 0.32Source: Morningstar. Performance figures are calculated on a bid-bid basis, with all dividends anddistributions reinvested, taking into account all charges which would have been payable upon suchreinvestment.

GREATLINK EUROPEAN EQUITY FUND report as at 31 December 2011FUND FACTSInception Date 10 July 2000Offer Price S$ 0.624Bid Price S$ 0.593Fund SizeS$ 13.39 mil(Underlying Fund Size) S$ 101.3 milUnderlying FundCapital International Fund– European Equity FundFund Manager Capital International, Sàrl #Bid-Offer Spread 5%Fund Management Fee 1.60% p.a.Valuation Frequency DailyCurrency of Fund Singapore DollarCPFIS IncludedCPFIS – OA^Risk CategoryHigher Risk / NarrowlyFocusedBenchmarkMSCI Europe Index, withNet Dividends ReinvestedMorningstar Rating N.A.FUND OBJECTIVEThe Fund objective is to achieve long term capital growththrough investment in stocks in the European markets. ThisFund shall invest substantially into the CIF - European EquityFund managed by Capital International Sàrl. The country ofdomicile of the underlying fund is Luxembourg. The portfolioof the Fund will be broadly diversified with no specificindustry or sectoral emphasis.PORTFOLIO WEIGHTINGS*PORTFOLIO PERFORMANCE SINCE INCEPTION* Information relates to Capital International Fund – European Equity Fund#With effect from 1 June 2011, Capital International Sàrl has been elevated to Fund Manager for this fund.^ We are unable to accept new CPF monies for the fund with effect from 22 December 2010.For disclaimer, please refer to page 6.PERFORMANCE ON BID–BID BASIS (%)3 mths 6 mths 1 year 3 years 3 years(annualised)5 years 5 years 10 years 10 years Since Inception Since Inception(annualised)(annualised)(annualised)GreatLink European Equity Fund 4.40 -13.68 -13.81 4.77 1.57 -44.53 -11.12 -18.09 -1.98 -37.58 -4.02Benchmark 4.87 -13.85 -9.97 12.95 4.14 -35.30 -8.34 7.53 0.73 -15.24 -1.43Source: Morningstar. Performance figures are calculated on a bid-bid basis, with all dividends anddistributions reinvested, taking into account all charges which would have been payable upon suchreinvestment.Global Equity21

GREATLINK GLOBAL TECHNOLOGY FUND report as at 31 December 2011FUND FACTSInception Date 15 January 2001Offer Price S$ 0.389Bid Price S$ 0.370Fund SizeS$ 43.75 milFund ManagerSub ManagerLion Global Investors LtdWellington InternationalManagement CompanyPte LtdBid-Offer Spread 5%Fund Management Fee 1.60% p.a.Valuation Frequency DailyCurrency of Fund Singapore DollarCPFIS IncludedCPFIS - OARisk CategoryHigher Risk / NarrowlyFocusedBenchmarkMSCI AC World IT Free,Net #Morningstar Rating N.A.FUND OBJECTIVEThe Fund objective is to achieve long-term capital growththrough investment in global technology stocks. The Fundoffers exposure to the rapidly growing adoption of technologyacross economies worldwide. Specifically, it aims to achievehigh returns by investing in technology companies as well asin a range of industries where the growth opportunities havebeen impacted by technological developments.PORTFOLIO WEIGHTINGSPORTFOLIO PERFORMANCE SINCE INCEPTIONGlobal Equity22PERFORMANCE ON BID–BID BASIS (%)3 mths 6 mths 1 year 3 years 3 years(annualised)5 years 5 years 10 years 10 years Since Inception Since Inception(annualised)(annualised)(annualised)GreatLink Global Technology Fund 5.41 -3.65 -2.37 62.28 17.51 -11.90 -2.50 -47.89 -6.31 -61.05 -8.25Benchmark 6.35 0.93 -3.27 51.44 14.84 -10.53 -2.20 -18.69 -2.05 -43.09 -5.01Source: Morningstar. Performance figures are calculated on a bid-bid basis, with all dividends anddistributions reinvested, taking into account all charges which would have been payable upon suchreinvestment.#Benchmark: MSCI World IT Index from launch till 28 Feb 2003, MSCI AC World IT Gross index wef 1 Mar 2003 & MSCI AC World IT Free, NetIndex wef 1 Nov 06For disclaimer, please refer to page 6.

GREATLINK GLOBAL REAL ESTATE SECURITIES FUND report as at 31 December 2011FUND FACTSInception Date 8 June 2005Offer Price S$ 0.703Bid Price S$ 0.668Fund SizeS$ 90.35 milFund ManagerSub ManagerLion Global Investors LtdPramerica InvestmentManagementBid-Offer Spread 5%Fund Management Fee 1.60% p.a.Valuation Frequency DailyCurrency of FundSingapore DollarCPFIS IncludedCPFIS – OARisk CategoryHigher Risk / NarrowlyFocusedBenchmarkS&P Citigroup BMI WorldProperty Index, Net TotalReturn IndexMorningstar Rating4th Dividend DistributedN.A.15 Sep 11 – 4% per unitFUND OBJECTIVEThe Fund objective is to seek to provide investors withmedium to long term capital appreciation and to makeregular income distributions by investing globally in (a)equity securities of companies that derive a substantial partof their revenue from the ownership, management and/ordevelopment of real estate and (b) Real Estate InvestmentTrusts (REITs) listed or traded in a regulated market.PORTFOLIO WEIGHTINGSPORTFOLIO PERFORMANCE SINCE INCEPTIONPERFORMANCE ON BID–BID BASIS (%)3 mths 6 mths 1 year 3 years 3 years(annualised)5 years 5 years(annualised)Since InceptionSince Inception(annualised)GreatLink Global Real Estate Securities Fund 7.05 -6.00 -5.61 35.72 10.72 -34.35 -8.07 -9.93 -1.58Benchmark 5.85 -6.30 -5.20 38.41 11.44 -37.77 -9.05 -10.81 -1.73Source: Morningstar. Performance figures are calculated on a bid-bid basis, with all dividends anddistributions reinvested, taking into account all charges which would have been payable upon suchreinvestment.Global EquityFor disclaimer, please refer to page 6.23

GREATLINK PAN ASIA FUND report as at 31 December 2011FUND FACTSInception Date 10 July 2000Offer Price S$ 0.773Bid Price S$ 0.735Fund SizeS$ 20.64 milFund ManagerLion Global Investors LtdBid-Offer Spread 5%Fund Management Fee 1.50% p.a.Valuation Frequency DailyCurrency of Fund Singapore DollarCPFIS IncludedCPFIS - OARisk CategoryHigher Risk / NarrowlyFocusedBenchmarkMSCI AC Asia PacificIndexMorningstar Rating N.A.FUND OBJECTIVEThe Fund objective is to achieve long term capital growththrough investment in securities quoted on Asian stockmarkets including but not limited to Singapore, Malaysia,Thailand, Indonesia, Philippines, Hong Kong, Japan, Taiwan,China, South Korea, Australia, New Zealand and the Indiansub continent. The Fund is broadly diversified with nospecific industry or sectoral emphasis.PORTFOLIO WEIGHTINGSPORTFOLIO PERFORMANCE SINCE INCEPTIONAsian EquityPERFORMANCE ON BID–BID BASIS (%)3 mths 6 mths 1 year 3 years 3 years(annualised)5 years 5 years 10 years 10 years Since Inception Since Inception(annualised)(annualised)(annualised)GreatLink Pan Asia Fund 1.24 -12.71 -19.32 17.98 5.67 -34.78 -8.19 7.46 0.72 -22.63 -2.21Benchmark 0.46 -9.69 -14.07 23.01 7.15 -23.23 -5.15 39.00 3.35 -9.89 -0.90Source: Morningstar. Performance figures are calculated on a bid-bid basis, with all dividends anddistributions reinvested, taking into account all charges which would have been payable upon suchreinvestment.24For disclaimer, please refer to page 6.

GREATLINK ENHANCER FUND report as at 31 December 2011FUND FACTSInception Date 26 April 1996Offer Price S$ 1.910Bid Price S$ 1.815Fund SizeS$ 428.03 milFund ManagerLion Global Investors LtdBid-Offer Spread 5%Fund Management Fee 1.50% p.a.Valuation Frequency DailyCurrency of FundSingapore DollarCPFIS IncludedCPFIS - OARisk CategoryHigher Risk / NarrowlyFocusedBenchmarkMSCI All Countries AsiaPacific ex Japan, NetMorningstar Rating FUND OBJECTIVEThe Fund objective is to achieve long term capital appreciationby investing primarily in the equity markets of the AsianPacific region. The Fund shall invest in the Singapore marketas well as most markets in the Asia Pacific region, includingAustralia, China, Hong Kong, India, Indonesia, Malaysia, NewZealand, Philippines, South Korea, Taiwan and Thailand.PORTFOLIO WEIGHTINGSPORTFOLIO PERFORMANCE SINCE INCEPTIONPERFORMANCE ON BID–BID BASIS (%)3 mths 6 mths 1 year 3 years 3 years(annualised)5 years 5 years 10 years 10 years Since Inception Since Inception(annualised)(annualised)(annualised)GreatLink Enhancer Fund 4.37 -16.44 -21.43 21.81 6.80 -12.02 -2.53 102.79 7.33 91.05 4.22Benchmark 3.83 -12.53 -14.57 55.43 15.84 -4.26 -0.87 115.62 7.99 54.18 2.80Source: Morningstar. Performance figures are calculated on a bid-bid basis, with all dividends anddistributions reinvested, taking into account all charges which would have been payable upon suchreinvestment.Asian EquityFor disclaimer, please refer to page 6.25

GREATLINK FAR EAST EX JAPAN EQUITIES FUND report as at 31 December 2011FUND FACTSInception Date 25 March 2002Offer Price S$ 1.647Bid Price S$ 1.565Fund SizeS$ 52.64 milFund ManagerLion Global Investors LtdBid-Offer Spread 5%Fund Management Fee 1.50% p.a.Valuation Frequency DailyCurrency of Fund Singapore DollarCPFIS IncludedCPFIS - OARisk CategoryHigher Risk / NarrowlyFocusedBenchmarkMSCI AC Far East ExJapan Index, NetMorningstar Rating FUND OBJECTIVEThe Fund objective is to maximize capital growth throughinvesting primarily in equities of companies based in China,Hong Kong, Indonesia, South Korea, Malaysia, Philippines,Singapore, Taiwan, Thailand, and also in other Asia Pacificregions except Japan.PORTFOLIO WEIGHTINGSPORTFOLIO PERFORMANCE SINCE INCEPTIONPERFORMANCE ON BID–BID BASIS (%)3 mths 6 mths 1 year 3 years 3 years(annualised)5 years 5 years(annualised)Since InceptionSince Inception(annualised)Asian EquityGreatLink Far East Ex Japan Equities Fund 4.13 -15.68 -20.64 32.97 9.96 -12.86 -2.72 64.74 5.24Benchmark 4.80 -12.09 -13.74 54.71 15.66 -1.97 -0.40 81.10 6.27Source: Morningstar. Performance figures are calculated on a bid-bid basis, with all dividends anddistributions reinvested, taking into account all charges which would have been payable upon suchreinvestment.26For disclaimer, please refer to page 6.

GREATLINK ASEAN GROWTH FUND report as at 31 December 2011FUND FACTSInception Date 26 April 1996Offer Price S$ 2.452Bid Price S$ 2.330Fund SizeS$ 327.99 milFund ManagerLion Global Investors LtdBid-Offer Spread 5%Fund Management Fee 1.50% p.a.Valuation Frequency DailyCurrency of Fund Singapore DollarCPFIS IncludedCPFIS - OARisk CategoryHigher Risk / NarrowlyFocusedBenchmarkMSCI AC South East AsiaIndex (Net) #Morningstar Rating N.A.FUND OBJECTIVEThe Fund objective is to achieve long term capitalappreciation by investing in equities in the economies of theASEAN region.PORTFOLIO WEIGHTINGSPORTFOLIO PERFORMANCE SINCE INCEPTION#Composite of MSCI Singapore/Malaysia/Philippines/Thailand and Indonesia (Net) from launch till 28 February 2011, MSCI AC South East AsiaIndex (Net) with effect from 1 March 2011. Both are computed based on market capitalization and their returns mirror each other.For disclaimer, please refer to page 6.PERFORMANCE ON BID–BID BASIS (%)3 mths 6 mths 1 year 3 years 3 years(annualised)5 years 5 years 10 years 10 years Since Inception Since Inception(annualised)(annualised)(annualised)GreatLink ASEAN Growth Fund 4.91 -9.65 -9.48 87.90 23.40 23.67 4.34 196.82 11.49 145.26 5.89Benchmark 4.97 -5.85 -5.12 94.69 24.87 32.89 5.85 197.46 11.52 25.86 1.48Source: Morningstar. Performance figures are calculated on a bid-bid basis, with all dividends anddistributions reinvested, taking into account all charges which would have been payable upon suchreinvestment.Asian Equity27

GREATLINK LION JAPAN GROWTH FUND report as at 31 December 2011FUND FACTSInception Date 9 Jan 2007Offer Price S$ 0.583Bid Price S$ 0.554Fund SizeS$ 4.48 mil(Underlying Fund Size) S$ 39.5 milUnderlying FundLionGlobal Japan GrowthFundFund ManagerLion Global Investors LtdBid-Offer Spread 5%Fund Management Fee 1.50% p.a.Valuation Frequency DailyCurrency of Fund Singapore DollarCPFIS IncludedCPFIS - OARisk CategoryHigher Risk / NarrowlyFocusedBenchmarkTOPIX with net dividendsreinvested, in SGD termsMorningstar RatingFUND OBJECTIVEThe Fund aims to provide long-term capital growth ofassets of the Fund by investing primarily in quoted or listedsecurities in any Recognized Stock Exchange or OTC marketin Japan. The investment strategy is to invest the majority ofthe deposited property in mid to small market capitalizationcompanies. There is no target industry or sector for theinvestment of the Fund. This Fund invests all or substantiallyinto the LionGlobal Japan Growth Fund managed by LionGlobal Investors Limited.PORTFOLIO WEIGHTINGS*PORTFOLIO PERFORMANCE SINCE INCEPTIONAsian EquityPERFORMANCE ON BID–BID BASIS (%)3 mths 6 mths 1 year 3 years 3 years(annualised)5 years 5 years(annualised)Since InceptionSince Inception(annualised)GreatLink Lion Japan Growth Fund -2.81 -4.97 -9.33 13.52 4.32 NA NA -41.68 -10.27Benchmark -4.58 -4.88 -13.51 -10.09 -3.48 NA NA -43.35 -10.79Source: Morningstar. Performance figures are calculated on a bid-bid basis, with all dividends anddistributions reinvested, taking into account all charges which would have been payable upon suchreinvestment.28* Information relates to LionGlobal Japan Growth FundFor disclaimer, please refer to page 6.

GREATLINK CHINA GROWTH FUND^ report as at 31 December 2011FUND FACTSInception Date 9 Jan 2007Offer Price S$ 0.869Bid Price S$ 0.826Fund SizeS$ 146.26 milFund ManagerLion Global Investors LtdBid-Offer Spread 5%Fund Management Fee 1.5 % p.a.Valuation Frequency DailyCurrency of FundSingapore DollarCPFIS IncludedCPFIS - OARisk CategoryHigher Risk / NarrowlyFocusedBenchmarkMSCI Golden DragonIndex with net dividendsreinvested, in SGD termsMorningstar Rating N.A.FUND OBJECTIVEThe Fund aims for medium to long-term capital growthof assets of the Fund by investing primarily in equity andequity-linked Authorised Investments of companies withassets in or earnings derived from the People’s Republic ofChina, Hong Kong S.A.R. and Taiwan. The assets of the Fundmay also be held in cash or invested in non-China relatedinvestments in emerging and developed markets, primarilyin equities investments. The Fund will not target any specificindustry or sector.PORTFOLIO WEIGHTINGSPORTFOLIO PERFORMANCE SINCE INCEPTION^ GreatLink Lion China Growth Fund is renamed as GreatLink China Growth Fund and managed as a Standalone Fund with effect from 1 May2008.For disclaimer, please refer to page 6.PERFORMANCE ON BID–BID BASIS (%)3 mths 6 mths 1 year 3 years 3 years(annualised)5 years 5 years(annualised)Since InceptionSince Inception(annualised)GreatLink China Growth Fund 4.16 -15.20 -20.96 22.01 6.86 NA NA -13.05 -2.77Benchmark 4.50 -13.47 -17.68 38.15 11.37 NA NA -9.29 -1.94Source: Morningstar. Performance figures are calculated on a bid-bid basis, with all dividends anddistributions reinvested, taking into account all charges which would have been payable upon suchreinvestment.Asian Equity29

GREATLINK LION INDIA FUND report as at 31 December 2011FUND FACTSInception Date 9 Jan 2007Offer Price S$ 0.810Bid Price S$ 0.770Fund SizeS$ 85.92 mil(Underlying Fund Size) S$ 185.6 milUnderlying FundLionGlobal India FundFund ManagerLion Global Investors LtdBid-Offer Spread 5%Fund Management Fee 1.50% p.a.Valuation Frequency DailyCurrency of Fund Singapore DollarCPFIS IncludedCPFIS - OARisk CategoryHigher Risk / NarrowlyFocusedBenchmarkMSCI India with netdividends reinvested, inSGD termsMorningstar Rating FUND OBJECTIVEThe Fund aims for medium to long-term capital appreciationby investing in Indian equities and equity-related instruments.The Fund, denominated in S$, will not target any specificindustry or sector. This Fund invests all or substantially intothe LionGlobal India Fund managed by Lion Global InvestorsLimited.PORTFOLIO WEIGHTINGS*PORTFOLIO PERFORMANCE SINCE INCEPTIONAsian EquityPERFORMANCE ON BID–BID BASIS (%)3 mths 6 mths 1 year 3 years 3 years(annualised)5 years 5 years(annualised)Since InceptionSince Inception(annualised)GreatLink Lion India Fund -13.87 -27.22 -36.05 25.61 7.90 NA NA -18.95 -4.13Benchmark -14.67 -27.48 -36.40 38.72 11.53 NA NA -19.24 -4.20Source: Morningstar. Performance figures are calculated on a bid-bid basis, with all dividends anddistributions reinvested, taking into account all charges which would have been payable upon suchreinvestment.30* Information relates to LionGlobal India FundFor disclaimer, please refer to page 6.

GREATLINK SINGAPORE EQUITIES FUND report as at 31 December 2011FUND FACTSInception Date 25 March 2002Offer Price S$ 1.703Bid Price S$ 1.618Fund SizeS$ 104.60 milFund ManagerLion Global Investors LtdBid-Offer Spread 5%Fund Management Fee 1.50% p.a.Valuation Frequency DailyCurrency of FundSingapore DollarCPFIS IncludedCPFIS - OARisk CategoryHigher Risk / NarrowlyFocusedBenchmarkMSCI Singapore FreeIndex, NetMorningstar Rating FUND OBJECTIVEThe Fund objective is to maximize capital growth throughinvesting primarily in Singapore equities.PORTFOLIO WEIGHTINGSPORTFOLIO PERFORMANCE SINCE INCEPTIONPERFORMANCE ON BID–BID BASIS (%)3 mths 6 mths 1 year 3 years 3 years(annualised)5 years 5 years(annualised)Since InceptionSince Inception(annualised)GreatLink Singapore Equities Fund -1.28 -19.26 -22.17 47.76 13.90 -6.69 -1.38 70.32 5.60Benchmark -1.51 -14.59 -16.96 56.89 16.20 -0.44 -0.09 83.49 6.41Source: Morningstar. Performance figures are calculated on a bid-bid basis, with all dividends anddistributions reinvested, taking into account all charges which would have been payable upon suchreinvestment.Asian EquityFor disclaimer, please refer to page 6.31

GREATLINK LION VIETNAM FUND report as at 31 December 2011FUND FACTSInception Date 1 February 2008Offer Price S$ 0.360Bid Price S$ 0.342Fund SizeS$ 5.36 milUnderlying FundLionGlobal Vietnam FundUnderlying Fund Size S$ 49.2 milFund ManagerLion Global Investors LtdBid-Offer Spread 5%Fund Management Fee 1.50% p.a.Valuation Frequency DailyCurrency of Fund Singapore DollarCPFIS IncludedN.A.Risk CategoryHigher Risk / NarrowlyFocusedBenchmark #Vietnam Stock IndexMorningstar Rating N.A.FUND OBJECTIVEThe Fund aims to achieve medium to long-term capitalappreciation by investing in Vietnam. The Fund will investin companies listed in Vietnam and other companies listedelsewhere that have operations in, or derive part of theirrevenue from Vietnam and the Indo-China region. The Fundmay also invest in short-term fixed income instruments listedor traded on recognized markets within the Indo-China region.This Fund invests all or substantially into the LionGlobalVietnam Fund managed by Lion Global Investors Limited.PORTFOLIO WEIGHTINGS*PORTFOLIO PERFORMANCE SINCE INCEPTIONPERFORMANCE ON BID–BID BASIS (%)3 mths 6 mths 1 year 3 years 3 years(annualised)5 years 5 years(annualised)Since InceptionSince Inception(annualised)Asian Equity32GreatLink Lion Vietnam Fund -18.96 -16.79 -36.07 -24.00 -8.74 NA NA -64.00 -22.98Benchmark -18.99 -15.98 -31.94 -16.68 -5.90 NA NA -71.07 -27.15Source: Morningstar. Performance figures are calculated on a bid-bid basis, with all dividends anddistributions reinvested, taking into account all charges which would have been payable upon suchreinvestment.#Benchmark will be changed from Vietnam Stock Index to FTSE Vietnam Index wef 1 May 2012.* Information relates to LionGlobal Vietnam FundFor disclaimer, please refer to page 6.

GREATLINK CASH FUND report as at 31 December 2011FUND FACTSInception Date 26 April 1996Offer Price S$ 1.297Bid Price S$ 1.233Fund SizeS$ 129.68 milFund ManagerLion Global Investors LtdBid-Offer Spread 5%Fund Management Fee 0.30% p.a.Valuation Frequency DailyCurrency of FundSingapore DollarCPFIS IncludedCPFIS - OA & SARisk CategoryLower Risk / BroadlyDiversifiedBenchmark1 mth SIBIDMorningstar Rating FUND OBJECTIVEThe Fund objective is to generate a return comparable to S$time deposits.PORTFOLIO WEIGHTINGSPORTFOLIO PERFORMANCE SINCE INCEPTIONPERFORMANCE ON BID–BID BASIS (%)3 mths 6 mths 1 year 3 years 3 years(annualized)5 years 5 years(annualized)10 years 10 years(annualized)Since InceptionSince Inception(annualized)GreatLink Cash Fund 0.08 0.08 0.24 2.24 0.74 6.48 1.26 13.12 1.24 29.79 1.68Benchmark 0.02 0.04 0.07 0.31 0.10 3.69 0.73 10.77 1.03 28.81 1.63Source: Morningstar. Performance figures are calculated on a bid-bid basis, with all dividends anddistributions reinvested, taking into account all charges which would have been payable upon suchreinvestment.Important Note: The GreatLink Cash Fund is recommended to be used as a short term holdingfund and not as a form of long term investment as the GreatLink Cash Fund may not yield returnsthat are higher than the prevailing CPF interest rates.For disclaimer, please refer to page 6.Non-Equity33

GREATLINK STABLE BOND FUND report as at 31 December 2011FUND FACTSInception Date 25 March 2002Offer Price S$ 1.273Bid Price S$ 1.210Fund SizeS$ 61.11 mil(Underlying Fund Size) S$ 292.22 milUnderlying FundDWS Lion Bond FundFund ManagerDeutsche AssetManagement (Asia) Ltd #Bid-Offer Spread 5%Fund Management Fee 0.50% p.a.Valuation Frequency DailyCurrency of Fund Singapore DollarCPFIS IncludedCPFIS - OA & SARisk Category Low to Medium Risk ^ /Broadly DiversifiedBenchmark6 Months SIBOR less12.5bpMorningstar Rating FUND OBJECTIVEThe Fund invests all or substantially into DWS Lion BondFund, managed by Deutsche Asset Management (Asia)Limited. The investment objective of the Underlying Fund isto achieve an attractive return by investing in assets whichare in the Managers’ opinion, equivalent to or better thansingle A quality investment grade bonds of Singapore andmajor bond markets such as the G7 countries, Australia, NewZealand, Hong Kong and South Korea. The G7 countries areCanada, France, Germany, Italy, Japan, U.K. and U.S.A..Thecountry of domicile of the Underlying Fund is Singapore.PORTFOLIO WEIGHTINGS*PORTFOLIO PERFORMANCE SINCE INCEPTIONPERFORMANCE ON BID–BID BASIS (%)3 mths 6 mths 1 year 3 years 3 years(annualised)5 years 5 years(annualised)Since InceptionSince Inception(annualised)Non-EquityGreatLink Stable Bond Fund 0.08 0.08 1.85 10.40 3.35 15.35 2.90 27.37 2.51Benchmark 0.08 0.18 0.40 1.58 0.52 5.85 1.14 14.21 1.37Source: Morningstar. Performance figures are calculated on a bid-bid basis, with all dividends anddistributions reinvested, taking into account all charges which would have been payable upon suchreinvestment.* Information relates to DWS Lion Bond Fund^ The fund was reclassified from Low Risk to Low to Medium Risk wef 3 April 2007, to better reflect the nature of the underlying assets.There is no change to the fund objective and investment strategies of the fund.#With effect from 1 June 2011, Deutsche Asset Management (Asia) Ltd has been elevated to Fund Manager for this fund.34For disclaimer, please refer to page 6.

GREATLINK GLOBAL BOND FUND report as at 31 December 2011FUND FACTSInception Date 15 January 2002Offer Price S$ 1.491Bid Price S$ 1.417Fund SizeS$ 241.56 milFund ManagerLion Global Investors LtdSub ManagerPIMCOBid-Offer Spread 5%Fund Management Fee 0.85% p.a.Valuation Frequency DailyCurrency of FundSingapore DollarCPFIS IncludedCPFIS - OA & SARisk CategoryLow to Medium Risk/Broadly DiversifiedBenchmarkBarclays Global AggregateBond Index 50% Hedgedinto SGDMorningstar Rating FUND OBJECTIVEThe Fund objective is to achieve excess return relative tothe index while minimizing volatility of return relative to theindex (Barclays Global Aggregate Bond Index, 50% hedged intoSingapore Dollars).PORTFOLIO WEIGHTINGSPORTFOLIO PERFORMANCE SINCE INCEPTIONPERFORMANCE ON BID–BID BASIS (%)3 mths 6 mths 1 year 3 years 3 years(annualised)5 years 5 years(annualised)Since InceptionSince Inception(annualised)GreatLink Global Bond Fund 0.43 6.38 8.00 26.18 8.06 25.73 4.69 49.16 4.10Benchmark 0.32 5.42 6.19 11.83 3.80 19.88 3.69 45.83 3.86Source: Morningstar. Performance figures are calculated on a bid-bid basis, with all dividends anddistributions reinvested, taking into account all charges which would have been payable upon suchreinvestment.Non-EquityFor disclaimer, please refer to page 6.35

GREATLINK CHOICE (AUG 2013) FUND report as at 31 December 2011INVESTMENT OBJECTIVEThe Fund objective is to seek to provide policyholders with:1. Annual payouts of 4.90% of the Initial Unit Price per Unitheld by each policyholder as at each policy anniversary;and2. 100% of the Initial Unit Price per Unit held on maturity.“Policy Anniversary” falls on 31 Aug 2007, 31 Aug 2008,31 Aug 2009, 31 Aug 2010, 31 Aug 2011, 31 Aug 2012 andthe Maturity Date (or if such date does not fall on a BusinessDay, the next Business Day).“Maturity” falls on 31 Aug 2013 (or if such date does not fallon a Business Day, the next Business Day).FUND INFORMATIONCapital raised less all charges deducted is investedin notes (the “Signum Notes”) issued by Signum PlatinumLimited (“SPL”), which are rated at a minimum rating of“AA” by Standard & Poor’s on the Inception Date. The tranchein the reference portfolio which SPL has exposure has aninitial loss protection level of 11.00% of the initial referenceportfolio amount on the Inception Date.FUND FACTSInception Date 31 Aug 2006Investment Tenure7 YearsFund ManagerLion Global Investors LimitedInitial Management Fee 5.00% of Single Premiumdeducted upfrontAnnual Management Fee 0.896% of the OriginalPrincipal Amount less any parredemptions, deducted at thebeginning of each policy yearfrom value of the FundCurrency of FundSingapore DollarValuation frequencyLast Business Day of eachmonthDealing Deadline2 p.m, 5 Business Days priorto the Next Valuation DateMinimum holding amount $1,000Minimum realization amount In multiples of 1,000 unitsFund Size$0.24milBenchmark Index*7-year Singapore swap rate(mid rate) taken on the startof the initial offer period on 6Jul 2006, i.e. 3.9%Fund Price $0.5445 th Annual Payout 31 Aug 11 - $0.049 per unit* The benchmark index has been changed from “12-Month SingaporeDollar Fixed Deposit Rate” to “7-Year Singapore Swap Rate (mid rate)taken on the start of the initial offer period on 6 Jul 2006”.BOND COLLATERALSRating (S&P/Moody’s) of Issuers of BondCollateralsEffective Date Rating as atEffective DateAs at30 June 2011Stone Tower CLO V Ltd. 31 Aug 06 AAA / Aaa AA+ / AaaEmporia 2006-2A A1 20 Nov 08 AAA / Aaa AA+ / AaaMonument Park 2003-1A A1 15 Dec 08 AAA / Aaa AA+ / AaaWave 2007-1X A1 15 Dec 08 AAA / Aaa CCC- / B1SLMA 2002-A A2 25 Jun 09 AAA / Aaa AA / AaaUPDATES ON GREATLINK CHOICE (AUG 2013) AS AT 31 DECEMBER 2011OthersNo. of Credit Events (cumulative) 13No. of Substitutions (cumulative) 83Cumulative (Loss)/Gain -7.19%Loss Protection (or Subordination) Level 3.81%Tranche RatingInitialAACurrentCCC–Fund Price $0.544Note: Cumulative (Loss)/Gain and Loss Protection (or Subordination) Level is expressed as a percentage of initial reference portfolio amount.36

OthersGREATLINK CHOICE (AUG 2013) FUND report as at 31 December 2011DETAILS OF EVENTSCREDIT EVENTDate Reference Entity Exposure Loss7 Sep 08 Fannie Mae 0.67% 0.469%15 Sep 08 Lehman Brothers Holdings1.00% 0.70%Inc.7 Oct 08 Landsbanki Islands HF 0.83% 0.581%9 Oct 08 Kaupthing Bank HF 1.00% 0.70%6 Jan 09 Lyondell Chemical Co. 0.83% 0.581%18 Mar 09 Abitibi-Consolidated Inc. 1.00% 0.70%31 Mar 09 Idearc Inc. 1.00% 0.70%28 Apr 09 Bank TuranAlem 0.50% 0.35%28 May 09 Visteon Corporation 0.83% 0.581%1 Nov 09 CIT Group Inc. 0.83% 0.581%24 Dec 09 AIFUL Corporation 0.83% 0.581%26 Mar 10 Ambac Assurance0.83% 0.581%Corporation23 Nov 11 The PMI Group Inc. 0.83% 0.581%As at 31 December 2011(cumulative)7.69%SUBSTITUTIONDate Entity Removed /DownsizedEntity Added / UpsizedLoss Protection(or Subordination) Gain/(Loss)0.50%As at 31 December 2010(cumulative)Jan – Dec 2011 – – –As at 31 December 20110.50%(cumulative)37

GREATLINK CHOICE (AUG 2013) FUND report as at 31 December 2011REFERENCE ENTITIES AS AT 31 DECEMBER 2011Others38No. Reference Entity Seniority S&P Industry Country1 ABU DHABI NATIONAL ENERGY COMPANY PJSC Senior Utilities UAE2 ACOM CO., LTD. Senior Financial intermediaries Japan3 AGILE PROPERTY HOLDINGS LTD Senior Building & Development China4 ALLTEL CORP Senior Telecommunications USA5 AMERICAN AXLE & MANUFACTURING, INC Senior Automotive USA6 AMERICAN INTERNATIONAL GROUP, INC Senior Insurance USA7 AMR CORPORATION Senior Air transport USA8 ARVINMERITOR, INC. Senior Automotive USA9 ASSURED GURANTY CORP Senior Insurance USA10 AUSTRALIA AND NEW ZEALAND BANKING Subordinated Financial intermediaries AustraliaGROUP LIMITED11 AVIS BUDGET GROUP, INC. Senior Equipment leasing USA12 BERKSHIRE HATHAWAY INC. Senior Conglomerates USA13 BHP BILLITON LIMITED Senior Nonferrous metals/minerals Australia14 BRUNSWICK CORPORATION Senior Leisure goods/activities/movies USA15 CAPITAL ONE BANK Senior Financial intermediaries USA16 CATHAY FINANCIAL HOLDING CO., LTD. Senior Insurance Taiwan17 CHAODA MODERN AGRICULTURE (HOLDINGS) Senior Farming/agriculture ChinaLIMITED18 CIBA HOLDING AG Senior Chemicals & plastics Switzerland19 CNOOC LIMITED Senior Oil & gas China20 COMPUTER SCIENCES CORPORATION Senior Business equipment & services USA21 CONTINENTAL AIRLINES, INC. Senior Air transport USA22 COUNTRY GARDEN Senior REITs and REOCs China23 COUNTRYWIDE HOME LOANS, INC. Senior Financial intermediaries USA24 DEXIA CREDIT LOCAL Senior Financial intermediaries France25 DP WORLD LTD Senior Surface Transport UAE26 FINANCIAL SECURITY ASSURANCE INC. Senior Insurance USA27 FIRST DATA CORPORATION Senior Business equipment & services USA28 FORD MOTOR COMPANY Senior Automotive USA29 FREESCALE SEMICONDUCTOR, INC. Senior Electronics/electrical USA30 GANNETT CO., INC. Senior Publishing USA31 GMAC LLC Senior Automotive USA32 GPT RE LIMITED AS RESPONSIBLE ENTITY OF Senior REITs and REOCs AustraliaTHE GENERAL PROPERTY TRUST33 GREENTOWN CHINA HOLDINGS LTD Senior Building & Development China34 HANNOVER RUECKVERSICHERUNG AG Subordinated Insurance Germany35 HARRAH'S OPERATING COMPANY INC. Senior Lodging & casinos USA36 HOPSON DEVELOPMENT HOLDINGS LIMITED Senior Building & Development China37 HSBC FINANCE CORPORATION Senior Financial intermediaries USA38 HUTCHISON WHAMPOA LIMITED Senior Conglomerates Hong Kong39 INTELSAT, LTD. Senior Telecommunications USA40 ISTAR FINANCIAL INC Senior REITs and REOCs USA41 JETBLUE AIRWAYS CORPORATION Senior Air transport USA

GREATLINK CHOICE (AUG 2013) FUND report as at 31 December 2011No. Reference Entity Seniority S&P Industry Country42 K. HOVNANIAN ENTERPRISES, INC. Senior Building & Development USA43 KAZKOMMERTSBANK Senior Financial intermediaries Kazakhstan44 KELDA GROUP LTD^ Senior Utilities United Kingdom45 KONINKLIJKE KPN N.V. Senior Telecommunications Netherlands46 KOREA ELECTRIC POWER CORPORATION Senior Utilities South Korea47 KT CORPORATION Senior Telecommunications South Korea48 LENNAR CORPORATION Senior Building & Development USA49 LIZ CLAIBORNE INC Senior Clothing/textiles USA50 LOUISIANA-PACIFIC CORPORATION Senior Forest products USA51 MACQUARIE BANK LIMITED Subordinated Financial intermediaries Australia52 MALAYAN BANKING BERHAD Senior Financial intermediaries Malaysia53 MALAYSIA Senior Sovereign Malaysia54 MBIA INC. Senior Insurance USA55 MEDIACOM COMMUNICATIONS CORPORATION Senior Cable & satellite television USA56 MERITAGE HOMES CORPORATION Senior Building & Development USA57 MERRILL LYNCH & CO., INC Senior Brokers, Dealers & Investment USAhouses58 MGIC INVESTMENT CORPORATION Subordinated Insurance USA59 MORGAN STANLEY Senior Brokers, Dealers & Investment USAhouses60 NEXT PLC Senior Retailers (except food & drug) United Kingdom61 NORBORD INC Senior Forest products Canada62 NORSKE SKOGINDUSTRIER ASA Senior Forest products Norway63 ORIX CORPORATION Senior Equipment leasing Japan64 PHH CORPORATION Senior Business equipment & services USA65 POSCO Senior Steel South Korea66 PROMISE CO., LTD. Senior Financial intermediaries Japan67 PUBLIC BANK BHD Subordinated Financial intermediaries Malaysia68 QANTAS AIRWAYS LIMITED Senior Air transport Australia69 R.R. DONNELLEY & SONS COMPANY Senior Publishing USA70 RADIAN GROUP INC Senior Insurance USA71 REALOGY CORP Senior Building & Development USA72 RESIDENTIAL CAPITAL LLC Senior Financial intermediaries USA73 RIO TINTO LIMITED Senior Nonferrous metals/minerals Australia74 RITE AID CORPORATION Senior Food/drug retailers USA75 ROAD KING INFRASTRUCTURE LTD Senior Building & Development Hong Kong76 RUSSIAN FEDERATION Senior Sovereign Russia77 SABRE HOLDINGS CORPORATION Senior Business equipment & services USA78 SAMSUNG ELECTRONICS CO., LTD. Senior Electronics/electrical South Korea79 SERVICEMASTER COMPANY (THE) Senior Ecological Services & USAEquipment80 SHANGHAI REAL ESTATE LTD Senior Building & Development China81 SHIMAO PROPERTY HOLDING LTD Senior Building & Development China82 SHINHAN BANK Subordinated Financial intermediaries South Korea83 SK TELECOM CO., LTD. Senior Telecommunications South Korea84 SLM CORPORATION Senior Financial intermediaries USAOthers39

GREATLINK CHOICE (AUG 2013) FUND report as at 31 December 2011OthersNo. Reference Entity Seniority S&P Industry Country85 SONY CORPORATION Senior Electronics/electrical Japan86 SPRINT NEXTEL CORPORATION Senior Telecommunications USA87 SUMITOMO MITSUI BANKING CORPORATION Subordinated Financial intermediaries Japan88 SWIRE PACIFIC LIMITED Senior Building & Development Hong Kong89 TELECOM CORPORATION OF NEW ZEALAND Senior Telecommunications New ZealandLIMITED90 TELEFONOS DE MEXICO, SOCIEDAD ANONIMA Senior Telecommunications MexicoDE CAPITAL VARIABLE91 TELSTRA CORPORATION LIMITED Senior Telecommunications Australia92 THE BANK OF TOKYO-MITSUBISHI UFJ, LTD. Subordinated Financial intermediaries Japan93 THE BEAR STEARNS COMPANIES INC. Senior Brokers, Dealers & Investment USAhouses94 THE MCCLATCHY COMPANY Senior Publishing USA95 THE SHERWIN-WILLIAMS COMPANY Senior Chemicals & plastics USA96 TOYOTA MOTOR CREDIT CORPORATION Senior Automotive USA97 UNITED MEXICAN STATES Senior Sovereign Mexico98 UNITED RENTALS (NORTH AMERICA), INC. Senior Equipment leasing USA99 UPM-KYMMENE OYJ Senior Forest products Finland100 VNESHTORGBANK Senior Financial intermediaries Russia101 WESFARMERS LIMITED Senior Food/drug retailers Australia102 WESTFIELD MANAGEMENT LTD ASSenior REITs and REOCs AustraliaRESPONSIBLE ENTITY OF THE WESTFIELDTRUST103 WOOLWORTHS LTD Senior Food/drug retailers Australia104 WOORI BANK Subordinated Financial intermediaries South Korea105 WYNDHAM WORLDWIDE CORPORATION Senior Lodging & casinos USA106 XL CAPITAL LTD Senior Insurance Bermuda107 YORKSHIRE WATER SERVICES FINANCE PLC^ Senior Utilities United Kingdom108 FEDERAL NATIONAL MORTGAGE ASSOCIATION(FANNIE MAE)SeniorU.S. Agency (ExplicitlyGuaranteed)109 LEHMAN BROTHERS HOLDINGS INC Senior Brokers, Dealers & Investment USAhouses110 LANDSBANKI ISLANDS HF Senior Financial intermediaries Iceland111 KAUPTHING BANKI HF. Senior Financial intermediaries Iceland112 LYONDELL CHEMICAL COMPANY Senior Chemicals & plastics USA113 IDEARC INC. Senior Publishing USA114 ABITIBI-CONSOLIDATED INC. Senior Forest products Canada115 JSC BANK TURANALEM Senior Financial intermediaries Kazakhstan116 VISTEON CORPORATION Senior Automotive USA117 CIT GROUP INC. Senior Financial intermediaries USA118 AIFUL CORPORATION Senior Financial intermediaries Japan119 AMBAC ASSURANCE CORPORATION Senior Insurance USA120 THE PMI GROUP INC Senior Insurance USADefaulted Reference EntitiesUSA40

OthersGREATLINK CHOICE (AUG 2013) FUND report as at 31 December 2011^Kelda Group Ltd was previously known as Kelda Group plc. A split Succession Event had takenplace, whereby Yorkshire Water Services Finance plc and Kelda Group Ltd would each be Successorsto Kelda Group plc. Post the Succession Event, the portfolio’s original holding for Kelda Group plcwas split equally (in terms of notional amount) into Kelda Group Ltd and Yorkshire Water ServicesFinance plc.Footnotes:1. Policyholders will have to hold their investments in the GreatLink Choice for the entire policyterm of 7 years before they are eligible to receive the total payouts projected and 100% of theirprincipal invested at maturity. If policyholders realise their units before the fund matures, therealisation of units will be based on the prevailing net asset value which can vary according tomarket fluctuations and may be less than the initial offer price of the units.The annual payouts and return of principal invested are provided for by debt securities andderivative transactions employed as part of the investment approach of the funds and not backedby a guarantee. Policyholders may lose part or all of their investment in the funds in the eventthere is a downgrade of the debt securities, default by the issuers of the debt securities, a defaultof the swap counterparty to the derivative transactions, an early redemption of the Note, orcredit events/trading actions resulting in cumulative losses that exceed the initial loss protectionlevel (as defined in the portfolio credit default swap agreement). As such, no guarantee is giventhat policyholders will receive their principal invested at maturity or the payouts at each policyanniversary.2. No refund of the management fees will be made to policyholders who realise their units before thefund matures. The management fees will not affect the annual payouts and maturity benefit.3. During the policy term of the Fund, the Fund Manager may, where the Fund Manager considersit to be in the interest of policyholders, substitute existing Reference Entities with new ReferenceEntities (each such substitution, a “Replacement”). Replacements may give rise to trading lossesor trading gains, which shall be adjusted against the loss protection level.4. The default risk, liquidation risk, foreign currency risk, and early redemption risk on the Collateralwill be borne by Goldman Sachs International (“GSI”) under the obligation of a Total Return Swapbetween SPL and GSI. GSI will have the right to effect Collateral Substitution subject to suchCollateral has to be rated at least “AAA” by S&P or “Aaa” by Moody’s. Any capital gains/losses inproceeds and expenses incurred following a Collateral substitution will be borne by GSI, Similarlyfor Collateral amortization and Collateral maturity.For disclaimer, please refer to page 6.41

OthersGREATLINK CHOICE (DEC 2013) FUND report as at 31 December 2011DETAILS OF EVENTSCREDIT EVENTDate Reference Entity Exposure Loss15 Sep 08 Lehman Brothers Holdings0.86% 0.602%Inc.26 Sep 08 Washington Mutual Inc. 0.86% 0.602%7 Oct 08 Glitnir Banki HF 0.86% 0.602%7 Oct 08 Landsbanki Islands HF 0.86% 0.602%9 Oct 08 Kaupthing Bank HF 0.86% 0.602%8 Dec 08 Tribune Co. 0.86% 0.602%18 Mar 09 Abitibi-Consolidated Inc. 0.86% 0.602%31 Mar 09 Idearc Inc. 1.03% 0.721%28 Apr 09 Bank TuranAlem 0.77% 0.539%15 May 09 R.H. Donnelley Corporation 1.03% 0.721%28 May 09 Visteon Corporation 0.86% 0.602%1 Nov 09 CIT Group Inc. 1.03% 0.721%1 Dec 09 Financial Guaranty Insurance0.86% 0.602%Company24 Dec 09 AIFUL Corporation 0.86% 0.602%8 Nov 10 AMBAC Financial Group Inc. 1.03% 0.721%23 Nov 11 The PMI Group Inc. 0.86% 0.602%As at 31 December 2011(cumulative)10.05%SUBSTITUTIONDate Entity Removed /DownsizedEntity Added / UpsizedLoss Protection(or Subordination) Gain/(Loss)0.01%As at 31 December 2010(cumulative)Jan – Dec 2011 – – –As at 31 December 20110.01%(cumulative)43

GREATLINK CHOICE (DEC 2013) FUND report as at 31 December 2011REFERENCE ENTITIES AS AT 31 DECEMBER 2011Others44No. Reference Entity Seniority S&P Industry Country1 AGILE PROPERTY HOLDINGS LIMITED Senior Building & Development China2 AMP GROUP HOLDINGS LIMITED Senior Insurance Australia3 AMR CORPORATION Senior Air transport USA4 AROMATICS (THAILAND) PUBLIC CO LTD Senior Chemicals & plastics Thailand5 ARVINMERITOR, INC. Senior Automotive USA6 ASSURED GUARANTY CORP. Senior Insurance USA7 AUTOZONE, INC. Senior Retailers (except food & drug) USA8 AVIS BUDGET GROUP, INC. Senior Equipment leasing USA9 BEAZER HOMES USA, INC. Senior Building & Development USA10 BHP BILLITON LIMITED Senior Nonferrous metals/minerals Australia11 BRITISH TELECOMMUNICATIONS PUBLIC Senior Telecommunications United KingdomLIMITED COMPANY12 BRUNSWICK CORPORATION Senior Leisure goods/activities/movies USA13 CAPITAL ONE BANK - SENIOR Senior Financial intermediaries USA14 CATHAY FINANCIAL HOLDING CO., LTD. Senior Insurance Taiwan15 CHAODA MODERN AGRICULTURE (HOLDINGS) Senior Food products ChinaLTD16 CITADEL FINANCE LTD. Senior Brokers, Dealers & Investment USAhouses17 CITIGROUP INC. - SENIOR Senior Financial intermediaries USA18 CNOOC LIMITED Senior Oil & gas China19 COMMONWEALTH BANK OF AUSTRALIA - Senior Financial intermediaries AustraliaSENIOR20 COMPUTER SCIENCES CORPORATION Senior Business equipment & services USA21 CONTINENTAL AG Senior Automotive Germany22 COUNTRY GARDEN HOLDINGS COMPANY Senior REITs and REOCs ChinaLIMITED23 COUNTRYWIDE HOME LOANS, INC Senior Financial intermediaries USA24 DEVELOPERS DIVERSIFIED REALTYSenior REITs and REOCs USACORPORATION25 DILLARD'S, INC. Subordinated Retailers (except food & drug) USA26 DUKE REALTY LIMITED PARTNERSHIP Senior REITs and REOCs USA27 ERP OPERATING LIMITED PARTNERSHIP Senior REITs and REOCs USA28 EXPERIAN FINANCE PLC Senior Retailers (except food & drug) United Kingdom29 FINANCIAL SECURITY ASSURANCE INC. Senior Insurance USA30 FIRST DATA CORPORATION Senior Business equipment & services USA31 FREESCALE SEMICONDUCTOR INC. Senior Electronics/electrical USA32 GANNETT CO., INC Senior Publishing USA33 GMAC LLC Senior Automotive USA34 GPT RE LIMITED AS RESPONSIBLE ENTITY OF Senior REITs and REOCs AustraliaTHE GENERAL PROPERTY TRUST35 GREENTOWN CHINA HOLDINGS LTD Senior Building & Development China36 HANNOVER RUECKVERSICHERUNG AG - Subordinated Insurance GermanySUBORDINATED37 HARRAH'S OPERATING COMPANY, INC. Senior Lodging & casinos USA

GREATLINK CHOICE (DEC 2013) FUND report as at 31 December 2011No. Reference Entity Seniority S&P Industry Country38 HCP INC Senior REITs and REOCs USA39 HOPSON DEVELOPMENT HOLDINGS LIMITED Senior Building & Development China40 HSBC FINANCE CORPORATION Senior Financial intermediaries USA41 HUTCHISON WHAMPOA LIMITED Senior Conglomerates Hong Kong42 ICELAND (REPUBLIC OF) Senior Sovereign Iceland43 ISTAR FINANCIAL INC Senior REITs and REOCs USA44 JETBLUE AIRWAYS CORPORATION Senior Air transport USA45 JSC VNESHTORGBANK Senior Financial intermediaries Russia46 K. HOVNANIAN ENTERPRISES INC. Senior Building & Development USA47 KAZKOMMERTSBANK Senior Financial intermediaries Kazakhstan48 KB HOME - SUBORDINATED Subordinated Building & Development USA49 KELDA GROUP LTD^ Senior Utilities United Kingdom50 KONINKLIJKE KPN NV Senior Telecommunications Netherlands51 KOREA ELECTRIC POWER CORPORATION Senior Utilities South Korea52 KT CORPORATION Senior Telecommunications South Korea53 MACQUARIE BANK LIMITED - SUBORDINATED Subordinated Financial intermediaries Australia54 MALAYAN BANKING BERHAD - SENIOR Senior Financial intermediaries Malaysia55 MALAYSIA Senior Sovereign Malaysia56 MBIA INC. Senior Insurance USA57 MEDIACOM LLC Senior Cable & Satellite Television USA58 MERITAGE HOMES CORPORATION Senior Building & Development USA59 MERRILL LYNCH & CO., INC Senior Brokers, Dealers & Investment USAhouses60 MGIC INVESTMENT CORPORATION Senior Insurance USA61 MORGAN STANLEY Senior Brokers, Dealers & Investment USAhouses62 NOBLE GROUP LIMITED Senior Conglomerates Hong Kong63 NORBORD INC. Senior Forest products Canada64 NORSKE SKOGINDUSTRIER ASA Senior Forest products Norway65 OMNICARE, INC. - SUBORDINATED Subordinated Health care USA66 OPEN JOINT STOCK COMPANY GAZPROM Senior Oil & gas Russia67 ORIX CORPORATION Senior Equipment leasing Japan68 PHH CORPORATION Senior Business equipment & services USA69 POSCO Senior Steel South Korea70 PROLOGIS Senior REITs and REOCs USA71 QATAR (STATE OF) Senior Sovereign Qatar72 R.R. DONNELLEY & SONS COMPANY Senior Publishing USA73 RADIAN GROUP INC. Senior Insurance USA74 REALOGY CORPORATION Senior Building & Development USA75 REPUBLIC OF SOUTH AFRICA Senior Sovereign South Africa76 RESIDENTIAL CAPITAL, LLC Senior Financial intermediaries USA77 RIO TINTO LIMITED Senior Nonferrous metals/minerals Australia78 ROAD KING INFRASTRUCTURE LIMITED Senior Building & Development Hong Kong79 SERVICEMASTER CO. (THE) Senior Retailers (except food & drug) USA80 SHIMAO PROPERTY HOLDINGS LTD. Senior Building & Development Hong Kong81 SHINHAN BANK - SUBORDINATED Subordinated Financial intermediaries South KoreaOthers45

GREATLINK CHOICE (DEC 2013) FUND report as at 31 December 2011OthersNo. Reference Entity Seniority S&P Industry Country82 SLM CORPORATION Senior Financial intermediaries USA83 SOUTHWEST AIRLINES CO. Senior Air transport USA84 SUMITOMO MITSUI BANKING CORPORATION - Subordinated Financial intermediaries JapanSUBORDINATED85 TELECOM CORPORATION OF NEW ZEALAND Senior Telecommunications New ZealandLIMITED86 TELEFONAKTIEBOLAGET L M ERICSSON Senior Telecommunications Sweden87 TELSTRA CORPORATION LIMITED Senior Telecommunications Australia88 TEMASEK HOLDINGS (PRIVATE) LIMITED Senior Sovereign Singapore89 THE BANK OF TOKYO-MITSUBISHI UFJ, LTD. - Subordinated Financial intermediaries JapanSUBORDINATED90 THE BEAR STEARNS COMPANIES INC. Senior Brokers, Dealers & Investment USAhouses91 THE MCCLATCHY COMPANY Senior Publishing USA92 THE WESTERN UNION COMPANY Senior Business equipment & services USA93 TOYOTA MOTOR CREDIT CORPORATION Senior Automotive USA94 TRW AUTOMOTIVE INC. Senior Automotive USA95 VORNADO REALTY L.P. Senior REITs and REOCs USA96 WESTFIELD TRUST, WESTFIELD MANAGEMENT Senior Building & Development AustraliaLIMITED, TRUSTEE97 WOOLWORTHS LTD Senior Food/drug retailers Australia98 WOORI BANK - SUBORDINATED Subordinated Financial intermediaries South Korea99 XL CAPITAL LTD Senior Insurance Bermuda100 YORKSHIRE WATER SERVICES FINANCE PLC^ Senior Utilities United Kingdom101 LEHMAN BROTHERS HOLDINGS INC. Senior Brokers, Dealers & Investment USAhouses102 WASHINGTON MUTUAL, INC. – SENIOR Senior Financial intermediaries USA103 GLITNIR BANKI HF. Senior Financial intermediaries Iceland104 LANDSBANKI ISLANDS HF Senior Financial intermediaries Iceland105 KAUPTHING BANK HF Senior Financial intermediaries Iceland106 TRIBUNE CO. Senior Publishing USA107 ABITIBI-CONSOLIDATED INC. Senior Forest products Canada108 IDEARC INC Senior Publishing USA109 JSC BANK TURANALEM Senior Financial intermediaries Kazakhstan110 R.H. DONNELLEY CORPORATION Senior Publishing USA111 VISTEON CORPORATION Senior Automotive USA112 CIT GROUP INC Senior Financial intermediaries USA113 FINANCIAL GUARANTY INSURANCE COMPANY Senior Insurance USA-- NO R114 AIFUL CORPORATION Senior Financial intermediaries Japan115 AMBAC FINANCIAL GROUP INC Senior Insurance USA116 THE PMI GROUP, INC Senior Insurance USADefaulted Reference Entities46

GREATLINK CHOICE (DEC 2013) FUND report as at 31 December 2011^Kelda Group Ltd was previously known as Kelda Group plc. A split Succession Event had takenplace, whereby Yorkshire Water Services Finance plc and Kelda Group Ltd would each be Successorsto Kelda Group plc. Post the Succession Event, the portfolio’s original holding for Kelda Group plcwas split equally (in terms of notional amount) into Kelda Group Ltd and Yorkshire Water ServicesFinance plc.Footnotes:1. Policyholders will have to hold their investments in the GreatLink Choice for the entire policy termof 7 years before they are eligible to receive the total payouts projected and 100% of their principalinvested at maturity. If policyholders realise their units before the fund matures, the realisation of unitswill be based on the prevailing unit price which can vary according to market fluctuations and may beless than the initial offer price of the units.The annual payouts and return of principal invested are provided for by debt securities andderivative transactions employed as part of the investment approach of the funds and not backedby a guarantee. Policyholders may lose part or all of their investment in the funds in the eventthere is a downgrade of the debt securities, default by the issuers of the debt securities, a defaultof the swap counterparty to the derivative transactions, an early redemption of the Note, orcredit events/trading actions resulting in cumulative losses that exceed the initial loss protectionlevel (as defined in the portfolio credit default swap agreement). As such, no guarantee is giventhat policyholders will receive their principal invested at maturity or the payouts at each policyanniversary.2. No refund of the management fees will be made to policyholders who realise their units before thefund matures. The management fees will not affect the annual payouts and maturity benefit.3. During the policy term of the Fund, the Fund Manager may, where the Fund Manager considersit to be in the interest of policyholders, substitute existing Reference Entities with new ReferenceEntities (each such substitution, a “Replacement”). Replacements may give rise to trading lossesor trading gains, which shall be adjusted against the loss protection level.4. The default risk, liquidation risk, foreign currency risk, and early redemption risk on the Collateralwill be borne by Goldman Sachs International (“GSI”) under the obligation of a Total Return Swapbetween SPL and GSI. GSI will have the right to effect Collateral Substitution subject to suchCollateral has to be rated at least “AAA” by S&P or “Aaa” by Moody’s. Any capital gains/losses inproceeds and expenses incurred following a Collateral substitution will be borne by GSI, Similarlyfor Collateral amortization and Collateral maturity.OthersFor disclaimer, please refer to page 6. 47

GREATLINK LIFESTYLE DYNAMIC PORTFOLIO report as at 31 December 2011Investments in Collective InvestmentSchemesMarket ValueS$% of NetAssetsFundsGreatLink Global Opportunities Fund 5,263,283 28.68GreatLink Global Equity Alpha Fund 4,537,115 24.72GreatLink ASEAN Growth Fund 4,616,551 25.15GreatLink Enhancer Fund 3,937,503 21.4518,354,452 100.00Top 10 Holdings as at 31 December 2011 Market ValueS$% of NetAssetsGreatLink Global Opportunities Fund 5,263,283 28.68GreatLink Stable Bond Fund 4,537,115 24.72GreatLink Global Equity Alpha Fund 223,623 1.22Keppel Corp Ltd 222,089 1.21DBS Group Holdings Ltd 192,909 1.05Kasikornbank PCL 163,202 0.89Samsung Electronics Co Ltd 151,980 0.83Wilmar International Ltd 147,239 0.80BHP Billiton Ltd 145,978 0.80Astra International TBK PT 145,083 0.79Top 10 Holdings as at 31 December 2010 Market ValueS$% of NetAssetsGreatLink Global Opportunities Fund 5 ,277,293 25.75GreatLink Global Equity Alpha Fund 5 ,213,741 25.44GreatLink Stable Bond Fund 263,043 1.28United Overseas Bank Ltd 241,782 1.18Noble Group Ltd 226,411 1.10DBS Group Holdings Ltd 216,994 1.06Commerce Asset Holdings BHD 185,772 0.91Harum Energy TBK PT 185,116 0.90Thai Oil PCL 184,084 0.90Kasikornbank PCL 180,470 0.88Expense/Turnover RatiosExpense RatioTurnover Ratio31 December 2011 31 December 2010 31 December 2011 31 December 2010^GreatLink LifeStyle Dynamic Portfolio 1.70% 1.64% 58.24% 73.33%Note: The expense ratio does not include (where applicable) charges for insurance coverage, brokerage and other transaction costs, performance fees, foreign exchange gains orlosses, front or back end loads arising from the purchase or sale of collective investment schemes, tax deducted at source or arising out of income received, dividend and otherdistributions paid to unit holders and is calculated for the preceding 12 months.^ The turnover ratio for the year ended 31 December 2010 was restated.Exposure to DerivativesPlease refer to fund disclosures of GreatLink Enhancer Fund and GreatLink ASEAN Growth Fund.Funds InformationBorrowingsNot applicable.Total amount of Subscriptions and Redemptions for the year ended 31 December 2011S$Subscriptions 1 ,948,452Redemptions 1 ,767,852Related-Party TransactionsNot applicable.Any material information that will adversely impact the valuation of the fundNil.48

GREATLINK LIFESTYLE PROGRESSIVE PORTFOLIO report as at 31 December 2011Investments in Collective InvestmentSchemesMarket ValueS$% of NetAssetsFundsGreatLink Global Bond Fund 10,986,806 22.52GreatLink Global Opportunities Fund 10,724,751 21.98GreatLink Global Equity Alpha Fund 9,307,390 19.08GreatLink ASEAN Growth Fund 9,914,509 20.32GreatLink Enhancer Fund 7,854,862 16.1048,788,318 100.00Top 10 Holdings as at 31 December 2011 Market ValueS$% of NetAssetsGreatLink Global Opportunities Fund 10,724,751 21.98GreatLink Global Equity Alpha Fund 9,307,390 19.08United States Of America2.125 15/08/2021 520,311 1.07Fannie Mae 3.5000 1/11/2041 484,254 0.99United Overseas Bank Ltd 480,253 0.98Keppel Corp Ltd 476,960 0.98DBS Group Holdings Ltd 414,292 0.85Fannie Mae 3.500 25/02/2041 364,058 0.75Kasikornbank PCL 350,492 0.72Wilmar International Ltd 316,211 0.65Top 10 Holdings as at 31 December 2010 Market ValueS$% of NetAssetsGreatLink Global Opportunities Fund 10,413,380 20.61GreatLink Global Equity Alpha Fund 10,344,619 20.47Keppel Corp Ltd 546,996 1.08United Overseas Bank Ltd 502,784 1.00Noble Group Ltd 470,819 0.93DBS Group Holdings Ltd 451,237 0.89Commerce Asset-Holdings Bhd 386,311 0.76Harum Energy TBK PT 384,947 0.76Thai Oil PCL 382,801 0.76Kasikornbank PCL 375,285 0.74Expense/Turnover RatiosExpense RatioTurnover Ratio31 December 2011 31 December 2010 31 December 2011 31 December 2010^GreatLink LifeStyle Progressive Portfolio 1.55% 1.49% 58.12% 79.49%Note: The expense ratio does not include (where applicable) charges for insurance coverage, brokerage and other transaction costs, performance fees, foreign exchange gains orlosses, front or back end loads arising from the purchase or sale of collective investment schemes, tax deducted at source or arising out of income received, dividend and otherdistributions paid to unit holders and is calculated for the preceding 12 months.^ The turnover ratio for the year ended 31 December 2010 was restated.Exposure to DerivativesPlease refer to fund disclosures of GreatLink Global Bond Fund, GreatLink Enhancer Fund and GreatLink ASEAN Growth Fund.BorrowingsNot applicable.Total amount of Subscriptions and Redemptions for the year ended 31 December 2011S$Subscriptions 5,597,651Redemptions 3,445,164Related-Party TransactionsNot applicable.Any material information that will adversely impact the valuation of the fundNil.Funds Information49

GREATLINK LIFESTYLE BALANCED PORTFOLIO report as at 31 December 2011Investments in Collective InvestmentSchemesMarket ValueS$% of NetAssetsFundsGreatLink Global Bond Fund 137,925,039 37.73GreatLink Global Opportunities Fund 59,524,754 16.28GreatLink Global Equity Alpha Fund 51,243,507 14.02GreatLink ASEAN Growth Fund 55,736,020 15.25GreatLink Enhancer Fund 41,707,447 11.42GreatLink Stable Bond Fund 19,389,052 5.30365, 525,819 100.00Top 10 Holdings as at 31 December 2011 Market ValueS$% of NetAssetsGreatLink Global Opportunities Fund 59,524,754 16.28GreatLink Global Equity Alpha Fund 51,243,507 14.02GreatLink Stable Bond Fund 19,389,052 5.30United States Of America 2.125 15/08/2021 6,531,821 1.79Fannie Mae 3.5000 1/11/2041 6,079,177 1.66Fannie Mae 3.500 25/02/2041 4,570,275 1.25US Treasury N/B 2.000 15/11/2021 3,295,542 0.90Government Of Canada 1.500 01/03/2012 3,057,225 0.84FMS Wertmanagement 2.250 14/07/2014 2,949,646 0.81United Overseas Bank Ltd 2,699,819 0.74Top 10 Holdings as at 31 December 2010 Market ValueS$% of NetAssetsGreatLink Global Opportunities Fund 61,956,899 15.77GreatLink Global Equity Alpha Fund 61,317,146 15.61GreatLink Stable Bond Fund 19,600,068 4.98United States Of America 1.250 15/07/2020 4,457,071 1.13Fosse Master Issuer PLC Floating 18/10/2054 3,887,898 0.99United States Of America 2.750 15/02/2019 3,821,043 0.97Fannie Mae 4.5000 01/05/2023 3,811,304 0.97United States Of America 8.125 15/08/2021 3,527,805 0.90Keppel Corp Ltd 3,299,000 0.84Government Of Canada 1.500 01/03/2012 3,273,521 0.83The GreatLink Lifestyle Balanced Portfolio invested more than 30% of its assets in the GreatLink Global Bond Fund. The following are the top 10 holdingsin the GreatLink Global Bond:Funds InformationTop 10 Holdings of Underlying Fundas at 31 December 2011Market ValueS$% of NetAssetsUnited States Of America 2.125 15/08/2021 11,438,681 4.74Fannie Mae 3.5000 1/11/2041 10,646,000 4.41Fannie Mae 3.500 25/02/2041 8,003,574 3.31US Treasury N/B 2.000 15/11/2021 5,771,231 2.39Government Of Canada 1.500 01/03/2012 5,353,884 2.22FMS Wertmanagement 2.250 14/07/2014 5,165,490 2.14United Kingdom 3.75 07/09/2019 4,654,138 1.93Bear Stearns Cos LLC 6.400 02/10/2017 4,641,323 1.92Federal Republic Of Germany 5.6254,436,360 1.8404/01/2028Fosse Master Issuer PLC Floating18/10/20544,415,836 1.83Top 10 Holdings of Underlying Fundas at 31 December 2010Market ValueS$% of NetAssetsUnited States Of America 1.250 15/07/2020 7,376,285 3.39Fosse Master Issuer PLC Floating6,434,324 2.9518/10/2054United States Of America 2.7506,323,683 2.9015/02/2019Fannie Mae 4.5000 01/05/2023 6,307,565 2.90United States Of America 8.125 15/08/2021 5,838,384 2.68Government Of Canada 1.500 01/03/2012 5,417,554 2.49Fannie Mae 4.0000 15/01/2022 5,278,723 2.42United States Of America 4.500 15/08/2039 4,868,007 2.23United Kingdom 3.75 07/09/2019 4,141,328 1.90Federal Republic Of Germany 5.62504/01/20284,043,340 1.8650

Funds InformationGREATLINK LIFESTYLE BALANCED PORTFOLIO report as at 31 December 2011Expense/Turnover RatiosExpense RatioTurnover Ratio31 December 2011 31 December 2010 31 December 2011 31 December 2010^GreatLink LifeStyle Balanced Portfolio 1.36% 1.33% 57.46% 82.27%Note: The expense ratio does not include (where applicable) charges for insurance coverage, brokerage and other transaction costs, performance fees, foreign exchange gains orlosses, front or back end loads arising from the purchase or sale of collective investment schemes, tax deducted at source or arising out of income received, dividend and otherdistributions paid to unit holders and is calculated for the preceding 12 months.^ The turnover ratio for the year ended 31 December 2010 was restated.Exposure to DerivativesPlease refer to fund disclosures of GreatLink Global Bond Fund, GreatLink Enhancer Fund and GreatLink ASEAN Growth Fund.BorrowingsNot applicable.Total amount of Subscriptions and Redemptions for the year ended 31 December 2011S$Subscriptions 6,859,256Redemptions 18,303,865Related-Party TransactionsNot applicable.Any material information that will adversely impact the valuation of the fundNil.51

GREATLINK LIFESTYLE STEADY PORTFOLIO report as at 31 December 2011Investments in Collective InvestmentSchemesMarket ValueS$% of NetAssetsFundsGreatLink Global Bond Fund 15,827,789 52.69GreatLink Global Opportunities Fund 3,175,950 10.57GreatLink Global Equity Alpha Fund 2,730,837 9.09GreatLink ASEAN Growth Fund 3,225,075 10.74GreatLink Enhancer Fund 1,982,886 6.61GreatLink Stable Bond Fund 3,097,008 10.3030,039,545 100.00Top 10 Holdings as at 31 December 2011 Market ValueS$% of NetAssetsGreatLink Global Opportunities Fund 3,175,950 10.57GreatLink Stable Bond Fund 3,097,008 10.31GreatLink Global Equity Alpha Fund 2,730,837 9.09United States Of America 2.125749,569 2.5015/08/2021Fannie Mae 3.5000 1/11/2041 697,625 2.32Fannie Mae 3.500 25/02/2041 524,469 1.75US Treasury N/B 2.000 15/11/2021 378,185 1.26Government Of Canada 1.500 01/03/2012 350,836 1.17FMS Wertmanagement 2.250 14/07/2014 338,491 1.13United Kingdom 3.75 07/09/2019 304,982 1.02Top 10 Holdings as at 31 December 2010 Market ValueS$% of NetAssetsGreatLink Global Opportunities Fund 3,354,906 10.63GreatLink Global Equity Alpha Fund 3,322,086 10.53GreatLink Stable Bond Fund 3,174,896 10.06United States Of America 1.250518,625 1.6415/07/2020Fosse Master Issuer PLC Floating452,396 1.4318/10/2054United States Of America 2.750 15/02/2019 444,617 1.41Fannie Mae 4.5000 01/05/2023 443,483 1.41United States Of America 8.125 15/08/2021 410,495 1.30Government Of Canada 1.500 01/03/2012 380,907 1.21Fannie Mae 4.0000 15/01/2022 371,146 1.18The GreatLink Lifestyle Steady Portfolio invested more than 30% of its assets in the GreatLink Global Bond Fund. The following are the top 10 holdings inthe GreatLink Global Bond:Funds InformationTop 10 Holdings of Underlying Fundas at 31 December 2011Market ValueS$% of NetAssetsUnited States Of America 2.12511,438,681 4.7415/08/2021Fannie Mae 3.5000 1/11/2041 10,646,000 4.41Fannie Mae 3.500 25/02/2041 8,003,574 3.31US Treasury N/B 2.000 15/11/2021 5,771,231 2.39Government Of Canada 1.500 01/03/2012 5,353,884 2.22FMS Wertmanagement 2.250 14/07/2014 5,165,490 2.14United Kingdom 3.75 07/09/2019 4,654,138 1.93Bear Stearns Cos LLC 6.400 02/10/2017 4,641,323 1.92Federal Republic Of Germany 5.6254,436,360 1.8404/01/2028Fosse Master Issuer PLC Floating18/10/20544,415,836 1.83Top 10 Holdings of Underlying Fundas at 31 December 2010Market ValueS$% of NetAssetsUnited States Of America 1.250 15/07/2020 7,376,285 3.39Fosse Master Issuer PLC Floating6,434,324 2.9518/10/2054United States Of America 2.7506,323,683 2.9015/02/2019Fannie Mae 4.5000 01/05/2023 6,307,565 2.90United States Of America 8.125 15/08/2021 5,838,384 2.68Government Of Canada 1.500 01/03/2012 5,417,554 2.49Fannie Mae 4.0000 15/01/2022 5,278,723 2.42United States Of America 4.500 15/08/2039 4,868,007 2.23United Kingdom 3.75 07/09/2019 4,141,328 1.90Federal Republic Of Germany 5.62504/01/20284,043,340 1.8652

Funds InformationGREATLINK LIFESTYLE STEADY PORTFOLIO report as at 31 December 2011Expense/Turnover RatiosExpense RatioTurnover Ratio31 December 2011 31 December 2010 31 December 2011 31 December 2010^GreatLink LifeStyle Steady Portfolio 1.18% 1.16% 56.79% 85.05%Note: The expense ratio does not include (where applicable) charges for insurance coverage, brokerage and other transaction costs, performance fees, foreign exchange gainsor losses, front or back end loads arising from the purchase or sale of collective investment schemes, tax deducted at source or arising out of income received, dividend andother distributions paid to unit holders and is calculated for the preceding 12 months.^ The turnover ratio for the year ended 31 December 2010 was restated.Exposure to DerivativesPlease refer to fund disclosures of GreatLink Global Bond Fund, GreatLink Enhancer Fund and GreatLink ASEAN Growth Fund.BorrowingsNot applicable.Total amount of Subscriptions and Redemptions for the year ended 31 December 2011S$Subscriptions 1,335,405Redemptions 2,701,061Related-Party TransactionsNot applicable.Any material information that will adversely impact the valuation of the fundNil.53

GREATLINK LIFESTYLE SECURE PORTFOLIO report as at 31 December 2011Investments in Collective InvestmentSchemesMarket ValueS$% of NetAssetsFundsGreatLink Global Bond Fund 34,272,621 60.93GreatLink Global Opportunities Fund 2,917,303 5.19GreatLink Global Equity Alpha Fund 2,570,658 4.57GreatLink ASEAN Growth Fund 3,117,233 5.54GreatLink Enhancer Fund 1,982,340 3.53GreatLink Stable Bond Fund 11,387,243 20.2456,247,398 100.00Top 10 Holdings as at 31 December 2011 Market ValueS$% of NetAssetsGreatLink Stable Bond Fund 11,387,243 20.24GreatLink Global Opportunities Fund 2,917,303 5.19GreatLink Global Equity Alpha Fund 2,570,658 4.57United States Of America 2.1251,623,075 2.8915/08/2021Fannie Mae 3.5000 1/11/2041 1,510,598 2.69Fannie Mae 3.500 25/02/2041 1,135,655 2.02US Treasury N/B 2.000 15/11/2021 818,900 1.46Government Of Canada 1.500 01/03/2012 759,682 1.35FMS Wertmanagement 2.250 14/07/2014 732,950 1.30United Kingdom 3.75 07/09/2019 660,392 1.17Top 10 Holdings as at 31 December 2010 Market ValueS$% of NetAssetsGreatLink Stable Bond Fund 10,250,980 20.53GreatLink Global Opportunities Fund 2,654,435 5.32GreatLink Global Equity Alpha Fund 2,632,628 5.27United States Of America 1.250986,921 1.9815/07/2020Fosse Master Issuer PLC Floating 18/10/2054 860,890 1.72United States Of America 2.750 15/02/2019 846,087 1.69Fannie Mae 4.5000 01/05/2023 843,930 1.69United States Of America 8.125 15/08/2021 781,155 1.56Government Of Canada 1.500 01/03/2012 724,850 1.45Fannie Mae 4.0000 15/01/2022 706,275 1.41The GreatLink Lifestyle Secure Portfolio invested more than 30% of its assets in the GreatLink Global Bond Fund. The following are the top 10 holdings inthe GreatLink Global Bond:Funds InformationTop 10 Holdings of Underlying Fundas at 31 December 2011Market ValueS$% of NetAssetsUnited States Of America 2.12511,438,681 4.7415/08/2021Fannie Mae 3.5000 1/11/2041 10,646,000 4.41Fannie Mae 3.500 25/02/2041 8,003,574 3.31US Treasury N/B 2.000 15/11/2021 5,771,231 2.39Government Of Canada 1.500 01/03/2012 5,353,884 2.22FMS Wertmanagement 2.250 14/07/2014 5,165,490 2.14United Kingdom 3.75 07/09/2019 4,654,138 1.93Bear Stearns Cos LLC 6.400 02/10/2017 4,641,323 1.92Federal Republic Of Germany 5.6254,436,360 1.8404/01/2028Fosse Master Issuer PLC Floating18/10/20544,415,836 1.83Top 10 Holdings of Underlying Fundas at 31 December 2010Market ValueS$% of NetAssetsUnited States Of America 1.250 15/07/2020 7,376,285 3.39Fosse Master Issuer PLC Floating6,434,324 2.9518/10/2054United States Of America 2.7506,323,683 2.9015/02/2019Fannie Mae 4.5000 01/05/2023 6,307,565 2.90United States Of America 8.125 15/08/2021 5,838,384 2.68Government Of Canada 1.500 01/03/2012 5,417,554 2.49Fannie Mae 4.0000 15/01/2022 5,278,723 2.42United States Of America 4.500 15/08/2039 4,868,007 2.23United Kingdom 3.75 07/09/2019 4,141,328 1.90Federal Republic Of Germany 5.62504/01/20284,043,340 1.8654

Funds InformationGREATLINK LIFESTYLE SECURE PORTFOLIO report as at 31 December 2011Expense/Turnover RatiosExpense RatioTurnover Ratio31 December 2011 31 December 2010 31 December 2011 31 December 2010^Greatlink LifeStyle Secure Portfolio 1.01% 1.02% 55.56% 84.45%Note: The expense ratio does not include (where applicable) charges for insurance coverage, brokerage and other transaction costs, performance fees, foreign exchange gains orlosses, front or back end loads arising from the purchase or sale of collective investment schemes, tax deducted at source or arising out of income received, dividend and otherdistributions paid to unit holders and is calculated for the preceding 12 months.^ The turnover ratio for the year ended 31 December 2010 was restated.Exposure to DerivativesPlease refer to the fund information of underlying funds GreatLink Global Bond Fund, GreatLink Enhancer Fund and GreatLink ASEAN Growth Fund.BorrowingsNot applicable.Total amount of Subscriptions and Redemptions for the year ended 31 December 2011S$Subscriptions 25,976,137Redemptions 21,103,032Related-Party TransactionsNot applicable.Any material information that will adversely impact the valuation of the fundNil.55

GREATLINK CASH FUND report as at 31 December 2011Top Ten Holdings as at 31 December 2011 Market ValueS$% of NetAssetsHutchison Whamp Intl Ltd 6.5003,260,081 2.4713/02/2013Petronas Capital Ltd 7.000 22/05/2012 3,120,262 2.37F&N Treasury Pte Ltd 3.405 11/06/2012 3,025,806 2.29United Overseas Land Ltd Floating2,988,639 2.2715/05/2012Ascott Capital Pte Ltd 4.380 14/08/2012 2,795,606 2.12Hana Bank 6.500 09/04/2012 2,629,410 1.99Citydev Nahdah Pte Ltd 3.5650 15/12/2013 2,060,248 1.56Shinhan Bank 1.05 07/26/2012 1,500,072 1.14General Elec Cap Corp 3.485 08/03/2012 1,304,352 0.99Export-Import Bk Korea 1.45 10/24/2012 1,248,671 0.95Top Ten Holdings as at 31 December 2010 Market ValueS$% of NetAssetsHousing & Development Board 3.455 5,325,106 4.9401/03/2011DBS Bank Ltd/Singapore 7.125 15/05/2011 3,850,237 3.58CDL Properties Limited 3.850 12/10/2011 3,319,092 3.08F&N Treasury Pte Ltd 3.380 15/04/2011 3,269,838 3.04Capitaland Treasury Ltd 4.080 15/03/2011 3,016,617 2.80Singapore Airlines Ltd 4.150 19/12/2011 2,576,528 2.39China Construct Bk Asia 0.850 11/02/2011 2,553,900 2.37Kim Eng Holdings 2.300 28/01/2011 2,251,478 2.09John Hancock Global Funding Ii 4.280 2,006,436 1.8622/02/2011BNP Paribas 0.810 23/08/2011 2,000,478 1.86Allocation By Country Market Value % of NetS$ AssetsCayman Islands 3,260,081 2.47Malaysia 3,120,262 2.37Singapore 16,974,689 12.87South Korea 11,607,569 8.80United States Of America 1,702,979 1.29Others ** 94,916,019 71.93Accrued interest receivable on fixed income 349,679 0.27securitiesTotal 131,931,278 100.00** Includes any other countries and net current assets.Allocation By Asset Class Market Value % of NetS$ AssetsFixed Income Securities (including accrued 38,773,121 29.39interest on fixed income securities)Derivatives (279,536) (0.21)Embedded Derivatives 7,384,329 5.60Cash and cash equivalents 85,816,641 65.05Other net assets 236,723 0.18Total 131,931,278 100.00Allocation By Industry Market Value % of NetS$ AssetsBuilding & Development 3,994,148 3.03Conglomerates 3,260,081 2.47Financial Intermediaries 20,360,691 15.43Government Agency 3,960,582 3.00Oil & Gas 3,120,262 2.37Reits And Reocs 1,948,320 1.48Others ** 94,937,515 71.95Accrued interest receivable on fixed income 349,679 0.27securitiesTotal 131,931,278 100.00** Includes any other industries and net current assetsFunds Information56Credit Rating of Debt Securities Market Value % of Net(by S&P or equivalent) S$ AssetsAAA 18,896,683 14.32AA 2,830,474 2.15A 1,758,955 1.33Not Rated 14,937,330 11.32Accrued interest receivable on fixed income 349,679 0.27securities38,773,121 29.39Investments By Maturity Market Value % of NetS$ AssetsUp to 30 Days - 0.00More than 30 Days to 3 Months 2,307,676 1.75More than 3 Months to 6 Months 16,307,806 12.36More than 6 Months to 1 Year 11,493,284 8.71More than 1 Year 8,314,676 6.30Accrued interest receivable on fixed income 349,679 0.27securities38,773,121 29.39

Funds InformationGREATLINK CASH FUND report as at 31 December 2011Expense/Turnover RatiosExpense RatioTurnover Ratio31 December 2011 31 December 2010 31 December 2011 31 December 2010GreatLink Cash Fund 0.32% 0.32% 47.65% 64.64%Note: The expense ratio does not include (where applicable) charges for insurance coverage, brokerage and other transaction costs, performance fees, foreign exchange gains orlosses, front or back end loads arising from the purchase or sale of collective investment schemes, tax deducted at source or arising out of income received, dividend and otherdistributions paid to unit holders and is calculated for the preceding 12 months.Exposure to Derivatives Market Value % of NetS$ Assetsi) Market value of derivativesForward Foreign Exchange Contracts (279,536) (0.21)ii) Net gain on derivative realised 1,653,141iii) Net loss on outstanding derivatives (1,612,392)Investments in Collective Investment SchemesNot applicable.BorrowingsNot applicable.Total amount of Subscriptions and Redemptions for the year ended 31 December 2011S$Subscriptions 68,374,855Redemptions 44,391,405Related-Party TransactionsNot applicable.Any material information that will adversely impact the valuation of the fundNil.57

Funds InformationGREATLINK ASEAN GROWTH FUND report as at 31 December 2011Top Ten Holdings as at 31 December 2011 Market ValueS$% of NetAssetsUnited Overseas Bank Ltd 15,886,389 4.84Keppel Corp Ltd 15,777,450 4.81DBS Group Holdings Ltd 13,704,445 4.18Kasikornbank PCL 11,594,005 3.53Wilmar International Ltd 10,460,000 3.19Astra International Tbk PT 10,306,848 3.14Malayan Banking BHD 9,705,844 2.96Singtel 9,443,040 2.88Genting International PLC 8,523,950 2.60Bank Central Asia Tbk PT 8,480,456 2.59Top Ten Holdings as at 31 December 2010 Market ValueS$% of NetAssetsKeppel Corp Ltd 18,315,760 5.21United Overseas Bank Ltd 16,835,364 4.79Noble Group Ltd 15,765,050 4.48DBS Group Holdings Ltd 15,109,361 4.30Commerce Asset Holdings BHD 12,935,343 3.68Harum Energy Tbk PT 12,889,695 3.67Thai Oil PCL 12,817,829 3.65Kasikornbank PCL 12,566,144 3.57STX OSV Holdings Ltd 12,504,660 3.56Singtel 11,172,150 3.18Allocation By Country Market Value % of NetS$ AssetsIndonesia 69,232,398 21.11Malaysia 74,537,650 22.72Philippines 12,447,527 3.80Singapore 114,529,504 34.92Thailand 47,013,478 14.33Others ** 10,229,235 3.12Total 327,989,792 100.00** Includes any other countries and net current assets.Allocation By Asset Class Market Value % of NetS$ AssetsEquities 317,760,557 96.88Cash and cash equivalents 11,356,183 3.46Other net liabilities (1,126,948) (0.34)Total 327,989,792 100.00Credit Rating of Debt Securities Market Value % of NetS$ AssetsNot applicable.Allocation By Industry Market Value % of NetS$ AssetsAutomotive 8,099,316 2.47Building & Development 29,156,858 8.88Chemicals & Plastics 3,436,326 1.05Conglomerates 26,300,358 8.02Farming / Agriculture 20,662,188 6.30Financial Intermediaries 117,251,361 35.75Food & Drug Retailers 4,782,826 1.46Food Products 7,942,506 2.42Lodging & Casinos 16,307,489 4.97Nonferrous Metals / Minerals 10,890,487 3.32Oil & Gas 19,352,315 5.90Publishing 4,018,410 1.23Retailers 10,306,848 3.14Telecommunications 26,762,025 8.16Others ** 22,720,479 6.93Total 327,989,792 100.00** Includes any other industries and net current assets58

Funds InformationGREATLINK ASEAN GROWTH FUND report as at 31 December 2011Expense/Turnover RatiosExpense RatioTurnover Ratio31 December 2011 31 December 2010 31 December 2011 31 December 2010GreatLink ASEAN Growth Fund 1.53% 1.54% 48.41% 73.23%Note: The expense ratio does not include (where applicable) charges for insurance coverage, brokerage and other transaction costs, performance fees, foreign exchange gains orlosses, front or back end loads arising from the purchase or sale of collective investment schemes, tax deducted at source or arising out of income received, dividend and otherdistributions paid to unit holders and is calculated for the preceding 12 months.Exposure to Derivatives Market Value % of NetS$ Assetsi) Market value of derivatives - 0.00ii) Net gain on derivative realised 207,268iii) Net loss on outstanding derivatives (406,861)Investments in Collective Investment SchemesNot applicable.BorrowingsNot applicable.Total amount of Subscriptions and Redemptions for the year ended 31 December 2011S$Subscriptions 49,796,980Redemptions 38,244,880Related-Party TransactionsNot applicable.Any material information that will adversely impact the valuation of the fundNil.59

Funds InformationGREATLINK ENHANCER FUND report as at 31 December 2011Top Ten Holdings as at 31 December 2011 Market ValueS$% of NetAssetsSamsung Electronics Co Ltd 16,520,620 3.86BHP Billiton Ltd 15,868,154 3.71Commonwealth Bank Of Australia 13,941,831 3.26TSMC 13,704,673 3.20Australia & New Zealand Banking Group 13,628,364 3.18China Construction Bank 12,794,653 2.99Oil Search Ltd 12,348,631 2.88China Minsheng Banking Corp Ltd 10,310,038 2.41Wesfarmers Ltd 9,714,289 2.27Woolworths Ltd 9,091,890 2.12Top Ten Holdings as at 31 December 2010 Market ValueS$% of NetAssetsKB Financial Group Inc 16,807,322 3.09China Construction Bank 16,390,266 3.01BHP Billiton Ltd 15,191,517 2.79Hyundai Motor Company 13,713,120 2.52Australia & New Zealand Banking Group 13,343,203 2.45Commonwealth Bank Of Australia 12,766,952 2.35Hon Hai Precision Industry 12,431,956 2.28Newcrest Mining Ltd 11,376,503 2.09Rio Tinto Ltd 11,018,362 2.02Samsung Electronics Co Ltd 10,907,062 2.00Allocation By Country Market Value % of NetS$ AssetsAustralia 99,060,423 23.14Hong Kong 112,981,298 26.40India 24,571,842 5.74Indonesia 13,176,365 3.08Malaysia 12,659,879 2.96Singapore 25,774,303 6.02South Korea 66,914,223 15.63Taiwan 48,774,087 11.39Thailand 14,619,844 3.42United States Of America 5,165,334 1.21Others** 4,335,552 1.01Total 428,033,150 100.00** Includes any other countries and net current assets.Allocation By Asset Class Market Value % of NetS$ AssetsEquities 423,697,598 98.99Cash and cash equivalents 5,958,420 1.39Other net liabilities (1,622,868) (0.38)Total 428,033,150 100.00Credit Rating of Debt Securities Market Value % of NetS$ AssetsNot applicable.Allocation By Industry Market Value % of NetS$ AssetsAutomotive 13,218,272 3.09Beverage & Tobacco 4,865,935 1.14Building & Development 23,040,746 5.38Business Equipment & Services 21,496,468 5.02Chemicals & Plastics 11,309,620 2.64Conglomerates 8,435,100 1.97Cosmetics / Toiletries 6,245,995 1.46Drugs 7,587,026 1.77Electronics / Electrical 46,233,303 10.80Farming / Agriculture 12,447,273 2.91Financial Intermediaries 106,148,943 24.80Food Products 9,091,890 2.12Industrial Equipment 13,314,453 3.11Insurance 10,639,204 2.49Lodging & Casinos 9,934,548 2.32Nonferrous Metals / Minerals 38,727,451 9.05Oil & Gas 34,420,535 8.04Reits And Reocs 6,232,530 1.46Surface Transport 10,135,547 2.37Telecommunications 26,802,901 6.26Others** 7,705,410 1.80Total 428,033,150 100.00** Includes any other industries and net current assets60

Funds InformationGREATLINK ENHANCER FUND report as at 31 December 2011Expense/Turnover RatiosExpense RatioTurnover Ratio31 December 2011 31 December 2010 31 December 2011 31 December 2010GreatLink Enhancer Fund 1.53% 1.54% 74.94% 81.00%Note: The expense ratio does not include (where applicable) charges for insurance coverage, brokerage and other transaction costs, performance fees, foreign exchange gains orlosses, front or back end loads arising from the purchase or sale of collective investment schemes, tax deducted at source or arising out of income received, dividend and otherdistributions paid to unit holders and is calculated for the preceding 12 months.Exposure to Derivatives Market Value % of NetS$ Assetsi) Market value of derivatives - 0.00ii) Net gain on derivative realised 103,852iii) Net gain on outstanding derivatives 42,152Investments in Collective Investment SchemesNot applicable.BorrowingsNot applicable.Total amount of Subscriptions and Redemptions for the year ended 31 December 2011S$Subscriptions 33,403,431Redemptions 32,244,232Related-Party TransactionsNot applicable.Any material information that will adversely impact the valuation of the fundNil.61

GREATLINK GLOBAL SUPREME FUND report as at 31 December 2011Top Ten Holdings as at 31 December 2011 Market ValueS$% of NetAssetsUnited Kingdom 4.250 07/12/2040 14,696,027 4.28United States Of America 8.125 15/08/2021 7,204,492 2.10Government Of Canada 1.500 01/03/2012 5,481,985 1.60Fannie Mae 3.500 25/02/2041 4,794,679 1.40United States Of America 4.250 15/11/2040 4,606,156 1.34United States Of America 2.625 29/02/2016 4,497,331 1.31United Kingdom 4.500 07/03/2013 3,967,308 1.16Fosse Master Issuer PLC Floating 18/10/2054 3,470,847 1.01United States Of America 2.750 15/02/2019 3,388,677 0.99United Mexican States 8.500 31/05/2029 2,801,122 0.82Top Ten Holdings as at 31 December 2010 Market ValueS$% of NetAssetsFrench Republic 4.750 25/04/2035 14,781,606 4.23United States Of America 2.750 15/02/2019 13,279,734 3.80United States Of America 8.125 15/08/2021 7,480,429 2.14United States Of America 1.250 15/07/2020 5,795,653 1.66Government Of Canada 1.500 01/03/2012 5,546,543 1.59Fannie Mae 4.0000 15/01/2022 5,278,723 1.51United States Of America 2.625 29/02/2016 4,602,423 1.32United States Of America 4.250 15/11/2040 4,096,405 1.17Fosse Master Issuer PLC Floating 18/10/2054 4,021,453 1.15Exxon Mobil Corporation 3,027,425 0.87Funds InformationAllocation By Country Market Value % of NetS$ AssetsAustralia 21,569,913 6.28Canada 13,576,878 3.95France 6,683,249 1.95Germany 9,732,108 2.83Japan 13,362,980 3.89Netherlands 6,840,910 1.99Switzerland 7,870,574 2.29United Kingdom 47,793,454 13.92United States Of America 179,158,324 52.16Accrued interest receivable on fixed income 1,703,456 0.50securitiesOthers** 35,175,178 10.24Total 343,467,024 100.00** Includes any other countries and net current assets.Allocation By Asset Class Market Value % of NetS$ AssetsEquities 157,237,935 45.78Fixed Income Securities (including accrued 191,122,388 55.65interest on fixed income securities)Derivatives (1,004,702) (0.29)Cash and cash equivalents 10,196,592 2.97Other net liabilities (14,085,189) (4.10)Total 343,467,024 100.00Credit Rating of Debt Securities Market Value % of Net(by S&P or equivalent) S$ AssetsAAA 74,855,086 21.79AA 62,108,093 18.08A 33,344,053 9.72BBB 11,977,897 3.49BB 1,317,324 0.38Not Rated 5,816,479 1.69Accrued interest receivable on fixed income 1,703,456 0.50securities191,122,388 55.65Allocation By Industry Market Value % of NetS$ AssetsABS Consumer 4,088,512 1.19Automotive 6,833,402 1.99Brokers, Dealers & Investment Houses 5,765,250 1.68Building & Development 4,222,037 1.23Business Equipment & Services 13,628,550 3.97Chemicals & Plastics 5,115,433 1.49Drugs 12,438,664 3.62Electronics / Electrical 8,718,176 2.54Financial Intermediaries 29,606,602 8.62Food Products 6,161,535 1.79Government Agency 23,086,071 6.72Health Care 11,212,431 3.26Industrial Equipment 5,137,560 1.50Insurance 6,794,477 1.98Nonferrous Metals / Minerals 5,652,553 1.65Oil & Gas 22,014,560 6.41Retailers 5,929,507 1.73Rmbs A 6,799,619 1.98Sovereign 104,361,230 30.38State And Municipality 13,715,209 3.99Surface Transport 3,659,551 1.07Telecommunications 10,469,597 3.05Utilities 3,706,931 1.08Accrued interest receivable on fixed income 1,703,456 0.50securitiesOthers** 22,646,111 6.58Total 343,467,024 100.00** Includes any other industries and net current assets62

Funds InformationGREATLINK GLOBAL SUPREME FUND report as at 31 December 2011Expense/Turnover RatiosExpense RatioTurnover Ratio31 December 2011 31 December 2010 31 December 2011 31 December 2010GreatLink Global Supreme Fund 1.40% 1.43% 132.78% 134.04%Note: The expense ratio does not include (where applicable) charges for insurance coverage, brokerage and other transaction costs, performance fees, foreign exchange gains orlosses, front or back end loads arising from the purchase or sale of collective investment schemes, tax deducted at source or arising out of income received, dividend and otherdistributions paid to unit holders and is calculated for the preceding 12 months.Exposure to Derivatives Market Value % of NetS$ Assetsi) Market value of derivativesForward Foreign Exchange Contracts (1,082,860) (0.32)Futures 78,158 0.02ii) Net gain on derivative realised 3,140,385iii) Net loss on outstanding derivatives (1,470,701)Investments in Collective Investment SchemesNot applicable.BorrowingsNot applicable.Total amount of Subscriptions and Redemptions for the year ended 31 December 2011S$Subscriptions 3,294,535Redemptions 21,746,422Related-Party TransactionsNot applicable.Any material information that will adversely impact the valuation of the fundNil.63

Funds InformationGREATLINK PAN ASIA FUND report as at 31 December 2011Top Ten Holdings as at 31 December 2011 Market ValueS$% of NetAssetsSamsung Electronics Co Ltd 501,347 2.43BHP Billiton Ltd 480,706 2.33Commonwealth Bank Of Australia 422,412 2.05Australia & New Zealand Banking Group 412,859 2.00China Construction Bank 389,424 1.89TSMC 383,030 1.86Oil Search Ltd 374,081 1.81Li & Fung Ltd 360,116 1.75Mitsubishi Tokyo Financial Group 359,858 1.74Sumitomo Mitsui Financial Group 336,030 1.63Top Ten Holdings as at 31 December 2010 Market ValueS$% of NetAssetsOil Search Ltd 917,980 3.34China Construction Bank 796,403 2.89BHP Billiton Ltd 778,397 2.83CSL Ltd 684,786 2.49Aquarius Platinum Ltd 630,170 2.29KB Financial Group Inc 602,767 2.19Honda Motor Co Ltd 548,433 1.99Sumitomo Mitsui Financial Group 543,580 1.98Commonwealth Bank Of Australia 513,345 1.87ICBC 511,509 1.86Allocation By Country Market Value % of NetS$ AssetsAustralia 2,923,522 14.17Hong Kong 3,677,783 17.82India 610,136 2.96Indonesia 501,917 2.43Japan 7,505,386 36.37Malaysia 383,492 1.86Singapore 773,662 3.75South Korea 2,185,102 10.59Taiwan 1,386,975 6.72Thailand 442,431 2.14Others ** 244,662 1.19Total 20,635,068 100.00** Includes any other countries and net current assets.Allocation By Asset Class Market Value % of NetS$ AssetsEquities 20,546,773 99.57Cash and cash equivalents 171,188 0.83Other net liabilities (82,893) (0.40)Total 20,635,068 100.00Credit Rating of Debt Securities Market Value % of NetS$ AssetsNot applicable.Allocation By Industry Market Value % of NetS$ AssetsAutomotive 1,349,547 6.54Building & Development 1,057,698 5.13Business Equipment & Services 1,462,289 7.09Chemicals & Plastics 448,368 2.17Conglomerates 251,100 1.22Cosmetics / Toiletries 629,823 3.05Drugs 482,507 2.34Electronics / Electrical 2,704,299 13.11Farming / Agriculture 376,830 1.83Financial Intermediaries 4,241,947 20.56Food Products 275,404 1.33Health Care 287,484 1.39Industrial Equipment 566,427 2.74Insurance 321,875 1.56Lodging & Casinos 300,964 1.46Nonferrous Metals / Minerals 1,221,793 5.92Oil & Gas 1,669,965 8.09Retailers 289,540 1.40Surface Transport 1,024,778 4.97Telecommunications 902,610 4.37Others ** 769,820 3.73Total 20,635,068 100.00** Includes any other industries and net current assets64

Funds InformationGREATLINK PAN ASIA FUND report as at 31 December 2011Expense/Turnover RatiosExpense RatioTurnover Ratio31 December 2011 31 December 2010 31 December 2011 31 December 2010GreatLink Pan Asia Fund 1.53% 1.56% 104.28% 99.43%Note: The expense ratio does not include (where applicable) charges for insurance coverage, brokerage and other transaction costs, performance fees, foreign exchange gains orlosses, front or back end loads arising from the purchase or sale of collective investment schemes, tax deducted at source or arising out of income received, dividend and otherdistributions paid to unit holders and is calculated for the preceding 12 months.Exposure to Derivatives Market Value % of NetS$ Assetsi) Market value of derivatives - -ii) Net gain on derivative realised 6,374iii) Net loss on outstanding derivatives (1,367)Investments in Collective Investment SchemesNot applicable.BorrowingsNot applicable.Total amount of Subscriptions and Redemptions for the year ended 31 December 2011S$Subscriptions 988,139Redemptions 2,806,038Related-Party TransactionsNot applicable.Any material information that will adversely impact the valuation of the fundNil.65

Funds InformationGREATLINK GLOBAL EQUITY FUND report as at 31 December 2011Top Ten Holdings as at 31 December 2011 Market ValueS$% of NetAssetsConocoPhillips 1,393,209 3.32Lorillard Inc 1,308,782 3.12Microsoft Corporation 1,025,686 2.44Eli Lilly & Company 939,335 2.24Apple Computer Inc 780,888 1.86Philip Morris International Inc 711,107 1.69Statoil ASA 663,714 1.58Oracle Corporation 655,636 1.56J Sainsbury PLC 616,119 1.47BP PLC 590,100 1.41Top Ten Holdings as at 31 December 2010 Market ValueS$% of NetAssetsMicrosoft Corporation 1,314,004 2.78Muenchener Rueckversicherungs 1,097,121 2.32Eli Lilly & Company 1,017,655 2.15E.ON AG 997,775 2.11Exxon Mobil Corporation 945,883 2.00Simon Property Group Inc 850,612 1.80Lorillard Inc 834,886 1.77Chevrontexaco Corporation 829,259 1.76DSM NV 827,467 1.75Anheuser-Busch Inbev NV 783,443 1.66Allocation By Country Market Value % of NetS$ AssetsAustria 580,081 1.38France 549,594 1.31Germany 3,054,871 7.28Hong Kong 604,016 1.44Japan 3,389,579 8.08Netherlands 673,635 1.60Norway 991,971 2.36Sweden 595,884 1.42Switzerland 428,789 1.02United Kingdom 3,422,085 8.15United States Of America 26,045,642 62.05Others ** 1,641,734 3.91Total 41,977,881 100.00** Includes any other countries and net current assets.Allocation By Asset Class Market Value % of NetS$ AssetsEquities 41,086,472 97.88Derivatives 23,542 0.06Cash and cash equivalents 1,113,787 2.65Other net liabilities (245,920) (0.59)Total 41,977,881 100.00Credit Rating of Debt Securities Market Value % of NetS$ AssetsNot applicable.Allocation By Industry Market Value % of NetS$ AssetsAerospace & Defense 639,399 1.52Automotive 1,069,115 2.55Beverage & Tobacco 1,847,375 4.40Building & Development 1,015,590 2.42Business Equipment & Services 3,236,967 7.71Chemicals & Plastics 1,760,190 4.19Conglomerates 461,267 1.10Cosmetics / Toiletries 1,266,983 3.02Drugs 2,959,302 7.05Electronics / Electrical 2,431,460 5.79Financial Intermediaries 3,323,148 7.92Food & Drug Retailers 703,942 1.68Food Products 608,578 1.45Health Care 1,067,761 2.54Industrial Equipment 540,130 1.29Insurance 1,630,567 3.88Nonferrous Metals / Minerals 579,058 1.38Oil & Gas 6,134,558 14.61Radio & Television 647,683 1.54Retailers 1,725,271 4.11Surface Transport 809,124 1.93Telecommunications 1,785,196 4.25Utilities 2,051,013 4.89Others ** 3,684,204 8.78Total 41,977,881 100.00** Includes any other industries and net current assets66

Funds InformationGREATLINK GLOBAL EQUITY FUND report as at 31 December 2011Expense/Turnover RatiosExpense RatioTurnover Ratio31 December 2011 31 December 2010 31 December 2011 31 December 2010GreatLink Global Equity Fund 1.65% 1.67% 130.04% 90.20%Note: The expense ratio does not include (where applicable) charges for insurance coverage, brokerage and other transaction costs, performance fees, foreign exchange gains orlosses, front or back end loads arising from the purchase or sale of collective investment schemes, tax deducted at source or arising out of income received, dividend and otherdistributions paid to unit holders and is calculated for the preceding 12 months.Exposure to Derivatives Market Value % of NetS$ Assetsi) Market value of derivativesFutures 23,542 0.05ii) Net loss on derivative realised (35,385)iii) Net gain on outstanding derivatives 23,201Investments in Collective Investment SchemesNot applicable.BorrowingsNot applicable.Total amount of Subscriptions and Redemptions for the year ended 31 December 2011S$Subscriptions 1,870,550Redemptions 4,638,256Related-Party TransactionsNot applicable.Any material information that will adversely impact the valuation of the fundNil.67

GREATLINK GLOBAL OPTIMUM FUND report as at 31 December 2011Top Ten Holdings as at 31 December 2011 Market ValueS$% of NetAssetsAllianceBernstein - Global Equity Blend 14,203,571 37.25Portfolio Unit TrustJapan 1.300 20/03/2019 1,826,547 4.79Quebec Prov 1.600 09/05/2013 1,285,612 3.37Bundesobligation 1.250 14/10/2016 1,143,970 3.00Japan 2.100 20/12/2030 1,135,525 2.98Japan Fin Corp Muni Ent 1.900 22/06/2018 1,095,473 2.87US Treasury N/B 2.2500 31/3/2016 1,023,614 2.68Canadian Government 3.000 01/12/2015 858,133 2.25Buoni Poliennali Del Tes 4.000 01/09/2020 726,377 1.90Kingdom Of Norway 4.500 22/05/2019 562,738 1.48Top 10 Holdings of Underlying Fund Market Value % of Netas at 31 December 2011^ US$ AssetsAllianceBernstein Global Equity Blend PortfolioApple Inc 9,805,669 2.09BP PLC 7,811,419 1.66British American Tobacco PLC 6,881,311 1.46Pfizer Inc 6,238,587 1.33AstraZeneca PLC 5,159,601 1.10Hewlett-Packard Company 5,133,793 1.09JP Morgan Chase 4,959,450 1.05Nestle SA 4,891,503 1.04Samsung Electronics Co Ltd 4,822,815 1.02IBM Corporation 4,797,489 1.02Top Ten Holdings as at 31 December 2010 Market ValueS$% of NetAssetsAllianceBernstein - Global Equity Blend 17,329,276 41.79Portfolio Unit TrustJapan 1.300 20/03/2019 1,721,117 4.15Quebec Prov 1.600 09/05/2013 1,368,441 3.30Kingdom Of The Netherlands 5.500922,983 2.2315/01/2028Japan Fin Corp Muni Ent 1.900 22/06/2018 851,658 2.05Federal Republic Of Germany 1.250846,010 2.0416/09/2011Republic Of Singapore 2.250 01/07/2013 763,423 1.84Canadian Government 3.000 01/12/2015 721,605 1.74Federal Republic Of Germany 4.000636,278 1.5313/04/2012Kingdom Of Sweden 5.500 08/10/2012 608,550 1.47Top 10 Holdings of Underlying Fund Market Value % of Netas at 31 December 2010^ US$ AssetsAllianceBernstein Global Equity Blend PortfolioMerck & Co 35,567,315 1.73Goldman Sachs Group 29,285,123 1.43Microsoft Corporation 28,592,631 1.39Royal Dutch Shell PLC 25,405,159 1.24Banco Santander SA 24,445,815 1.19News Corporation 23,873,687 1.16Vodafone Group PLC 22,804,052 1.11Pfizer Inc 22,291,650 1.09Lowe's Companies Inc 21,578,415 1.05BNP Paribas SA 19,959,958 0.97Funds InformationAllocation By Country Market Value % of NetS$ AssetsAustralia 384,205 1.01Canada 3,058,048 8.02Germany 2,126,121 5.58Italy 1,371,885 3.60Japan 4,648,154 12.19Luxembourg 14,420,931 37.82Mexico 794,569 2.08Netherlands 459,230 1.20Norway 823,333 2.16Singapore 534,972 1.40Spain 408,512 1.07United Kingdom 1,529,269 4.01United States Of America 5,042,982 13.22Accrued interest receivable on fixed income 209,032 0.55securitiesOthers** 2,322,002 6.09Total 38,133,245 100.00** Includes any other countries and net current assets.Allocation By Industry Market Value % of NetS$ AssetsCMBS Diversified 444,557 1.17Financial Intermediaries 16,562,528 43.42Government Agency 3,591,903 9.42Sovereign 12,536,609 32.88State And Municipality 731,940 1.92Telecommunications 1,028,493 2.70Utilities 600,868 1.58Accrued interest receivable on fixed income 209,032 0.55securitiesOthers** 2,427,315 6.36Total 38,133,245 100.00** Includes any other industries and net current assets68

Funds InformationGREATLINK GLOBAL OPTIMUM FUND report as at 31 December 2011Allocation By Asset Class Market Value % of NetS$ AssetsEquities 14,203,571 37.25Fixed Income Securities (including accrued 23,564,051 61.79interest on fixed income securities)Derivatives (16,289) (0.04)Cash and cash equivalents 669,449 1.76Other net liabilities (287,537) (0.76)Total 38,133,245 100.00Credit Rating of Debt Securities Market Value % of Net(by S&P or equivalent) S$ AssetsAAA 6,393,320 16.77AA 6,678,500 17.51A 6,041,575 15.84BBB 3,218,009 8.44Not Rated 1,023,615 2.68Accrued interest receivable on fixed income 209,032 0.55securities23,564,051 61.7969

GREATLINK GLOBAL OPTIMUM FUND report as at 31 December 2011Expense/Turnover RatiosExpense RatioTurnover Ratio31 December 2011 31 December 2010 31 December 2011 31 December 2010GreatLink Global Optimum Fund * 1.39% 1.41% 58.86% 66.75%Underlying Fund ratio # ^ 0.75% 0.30% 27.82% 34.50%Note: The expense ratio does not include (where applicable) charges for insurance coverage, brokerage and other transaction costs, performance fees, foreign exchange gains orlosses, front or back end loads arising from the purchase or sale of collective investment schemes, tax deducted at source or arising out of income received, dividend and otherdistributions paid to unit holders and is calculated for the preceding 12 months.* The expense and turnover ratios of the underlying fund - AllianceBernstein Global Equity Blend Portfolio, which accounts for 40% of investments in GreatLink Global OptimumFund have been included to compute the final ratio.#The expense and turnover ratios of the underlying fund are computed for period from 1 September 2010 to 31 August 2011. The ratios for period 1 January 2011 to 31December 2011 are not available. The expense and turnover ratios of the underlying fund are based on audited accounts.Exposure to Derivatives Market Value % of NetS$ Assetsi) Market value of derivativesForeign Exchange Contracts (16,289) (0.04)ii) Net gain on derivative realised 58,725iii) Net loss on outstanding derivatives (40,948)Investments in Collective Investment SchemesMarket Value% of NetS$ AssetsAllianceBernstein - Global Equity Blend Portfolio 14,203,571 37.25BorrowingsNot applicable.Total amount of Subscriptions and Redemptions for the year ended 31 December 2011S$Subscriptions 313,032Redemptions 2,646,639Related-Party TransactionsNot applicable.Any material information that will adversely impact the valuation of the fundNil.Funds Information^ Source: AllianceBerstein (Singapore) Ltd70

Funds InformationGREATLINK GLOBAL TECHNOLOGY FUND report as at 31 December 2011Top Ten Holdings as at 31 December 2011 Market ValueS$% of NetAssetsApple Computer Inc 4,762,000 10.88Google Inc 3,566,102 8.15Cisco Systems Inc 2,297,082 5.25Oracle Corporation 2,234,046 5.11Microsoft Corporation 1,962,944 4.49Qualcomm Inc 1,764,445 4.03Automatic Data Processing Inc 1,671,035 3.82IBM Corporation 1,380,022 3.15Alliance Data Systems Corporation 1,362,734 3.11Western Union Company 1,314,064 3.00Top Ten Holdings as at 31 December 2010 Market ValueS$% of NetAssetsApple Computer Inc 5,170,563 10.80Qualcomm Inc 3,109,537 6.49Oracle Corporation 2,682,519 5.60Microsoft Corporation 2,415,196 5.04Intel Corporation 2,389,620 4.99Google Inc 2,176,188 4.54IBM Corporation 1,739,063 3.63Western Union Company 1,505,611 3.14Automatic Data Processing Inc 1,431,247 2.99BMC Software Inc 1,254,273 2.62Allocation By Country Market Value % of NetS$ AssetsHong Kong 867,453 1.98Japan 1,518,530 3.47South Korea 483,484 1.11Taiwan 1,880,564 4.30United States Of America 39,203,984 89.60Others** (201,548) (0.46)Total 43,752,467 100.00** Includes any other countries and net current assets.Allocation By Industry Market Value % of NetS$ AssetsBusiness Equipment & Services 24,331,042 55.61Electronics / Electrical 12,020,382 27.48Financial Intermediaries 2,218,756 5.07Telecommunications 4,734,475 10.82Others** 447,812 1.02Total 43,752,467 100.00** Includes any other industries and net current assetsAllocation By Asset Class Market Value % of NetS$ AssetsEquities 43,954,015 100.46Derivatives 478 0.00Cash and cash equivalents 203,696 0.47Other net liabilities (405,722) (0.93)Total 43,752,467 100.00Credit Rating of Debt Securities Market Value % of NetS$ AssetsNot applicable.71

Funds InformationGREATLINK GLOBAL TECHNOLOGY FUND report as at 31 December 2011Expense/Turnover RatiosExpense RatioTurnover Ratio31 December 2011 31 December 2010 31 December 2011 31 December 2010GreatLink Global Technology Fund 1.65% 1.67% 112.66% 137.45%Note: The expense ratio does not include (where applicable) charges for insurance coverage, brokerage and other transaction costs, performance fees, foreign exchange gains orlosses, front or back end loads arising from the purchase or sale of collective investment schemes, tax deducted at source or arising out of income received, dividend and otherdistributions paid to unit holders and is calculated for the preceding 12 months.Exposure to Derivatives Market Value % of NetS$ Assetsi) Market value of derivativesForward Foreign Exchange Contracts 478 0.00ii) Net loss on derivative realised (7,462)iii) Net gain on outstanding derivatives 478Investments in Collective Investment SchemesNot applicable.BorrowingsNot applicable.Total amount of Subscriptions and Redemptions for the year ended 31 December 2011S$Subscriptions 3,233,445Redemptions 6,083,219Related-Party TransactionsNot applicable.Any material information that will adversely impact the valuation of the fundNil.72

GREATLINK GLOBAL BOND FUND report as at 31 December 2011Top Ten Holdings as at 31 December 2011 Market ValueS$% of NetAssetsUnited States Of America 2.125 15/08/2021 11,438,681 4.74Fannie Mae 3.5000 1/11/2041 10,646,000 4.41Fannie Mae 3.500 25/02/2041 8,003,574 3.31US Treasury N/B 2.000 15/11/2021 5,771,231 2.39Government Of Canada 1.500 01/03/2012 5,353,884 2.22FMS Wertmanagement 2.250 14/07/2014 5,165,490 2.14United Kingdom 3.75 07/09/2019 4,654,138 1.93Bear Stearns Cos LLC 6.400 02/10/2017 4,641,323 1.92Federal Republic of Germany 5.6254,436,360 1.8404/01/2028Fosse Master Issuer PLC Floating18/10/20544,415,836 1.83Allocation By Country Market Value % of NetS$ AssetsAustralia 16,512,821 6.84Canada 7,911,471 3.28France 3,606,435 1.49Germany 9,263,532 3.83Luxembourg 2,464,884 1.02Netherlands 9,005,157 3.73United Kingdom 40,674,801 16.84United States Of America 139,681,389 57.82Accrued interest receivable on fixed income 2,061,897 0.85securitiesOthers** 10,380,623 4.30Total 241,563,010 100.00** Includes any other countries and net current assets.Allocation By Asset Class Market Value % of NetS$ AssetsFixed Income Securities (including accrued 243,452,080 100.78interest on fixed income securities)Derivatives 317,388 0.13Cash and cash equivalents 21,301,325 8.82Other net liabilities (23,507,783) (9.73)Total 241,563,010 100.00Top Ten Holdings as at 31 December 2010 Market ValueS$% of NetAssetsUnited States Of America 1.250 15/07/2020 7,376,285 3.39Fosse Master Issuer PLC Floating6,434,324 2.9518/10/2054United States of America 2.750 15/02/2019 6,323,683 2.90Fannie Mae 4.5000 01/05/2023 6,307,565 2.90United States of America 8.125 15/08/2021 5,838,384 2.68Government Of Canada 1.500 01/03/2012 5,417,554 2.49Fannie Mae 4.0000 15/01/2022 5,278,723 2.42United States of America 4.500 15/08/2039 4,868,007 2.23United Kingdom 3.75 07/09/2019 4,141,328 1.90Federal Republic Of Germany 5.62504/01/20284,043,340 1.86Allocation By Industry Market Value % of NetS$ AssetsABS Consumer 11,787,401 4.88Automotive 4,420,781 1.83Brokers, Dealers & Investment Houses 11,926,966 4.94Financial Intermediaries 38,635,042 15.99Government Agency 54,183,102 22.43Insurance 2,784,178 1.15Rmbs A 18,117,416 7.50Sovereign 74,826,796 30.98State And Municipality 12,510,838 5.18Accrued interest receivable on fixed income 2,061,897 0.85securitiesOthers** 10,308,593 4.27Total 241,563,010 100.00** Includes any other industries and net current assetsCredit Rating of Debt Securities Market Value % of Net(by S&P or equivalent) S$ AssetsAAA 84,377,325 34.93AA 89,318,989 36.98A 33,580,743 13.90BBB 17,392,245 7.20BB 324,490 0.13B 131,770 0.06CCC 584,710 0.24Not Rated 15,679,911 6.49Accrued interest receivable on fixed income 2,061,897 0.85securities243,452,080 100.78Funds Information73

Funds InformationGREATLINK GLOBAL BOND FUND report as at 31 December 2011Expense/Turnover RatiosExpense RatioTurnover Ratio31 December 2011 31 December 2010 31 December 2011 31 December 2010GreatLink Global Bond Fund 0.88% 0.89% 57.67% 104.12%Note: The expense ratio does not include (where applicable) charges for insurance coverage, brokerage and other transaction costs, performance fees, foreign exchange gains orlosses, front or back end loads arising from the purchase or sale of collective investment schemes, tax deducted at source or arising out of income received, dividend and otherdistributions paid to unit holders and is calculated for the preceding 12 months.Exposure to Derivatives Market Value % of NetS$ Assetsi) Market value of derivativesForeign Exchange Contracts (431,183) (0.18)Futures 748,571 0.31ii) Net gain on derivative realised 4,950,307iii) Net loss on outstanding derivatives (1,221,019)Investments in Collective Investment SchemesNot applicable.BorrowingsNot applicable.Total amount of Subscriptions and Redemptions for the year ended 31 December 2011S$Subscriptions 31,655,301Redemptions 25,004,838Related-Party TransactionsNot applicable.Any material information that will adversely impact the valuation of the fundNil.74

Funds InformationGREATLINK FAR EAST EX JAPAN EQUITIES FUND report as at 31 December 2011Top Ten Holdings as at 31 December 2011 Market ValueS$% of NetAssetsSamsung Electronics Co Limited 2,872,323 5.46China Mobile Hong Kong Ltd 2,135,175 4.06TSMC 1,606,777 3.05China Construction Bank 1,584,110 3.01China Minsheng Banking Corp Ltd 1,534,820 2.92CNOOC Ltd 1,396,601 2.65Cheung Kong Holdings Ltd 1,388,373 2.64Keppel Corporation Ltd 1,289,910 2.45China Shenhua Energy Company Limited 1,071,807 2.04Chinatrust Financial Holding Company Ltd 1,071,368 2.04Top Ten Holdings as at 31 December 2010 Market ValueS$% of NetAssetsSamsung Electronics Co Limited 2,476,638 3.70China Construction Bank 2,469,094 3.69Keppel Corp Ltd 2,456,440 3.67Hon Hai Precision Industry 2,065,040 3.09Hyundai Motor Company 1,895,760 2.83ICBC 1,883,725 2.81Bank Rakyat Indonesia 1,598,149 2.39Ping An 1,589,585 2.38Banpu PCL 1,566,735 2.34Noble Group Ltd 1,559,243 2.33Allocation By Country Market Value % of NetS$ AssetsHong Kong 20,811,981 39.53Indonesia 2,081,774 3.95Malaysia 2,305,180 4.38Singapore 4,651,920 8.84South Korea 11,414,726 21.68Taiwan 6,890,482 13.09Thailand 2,463,104 4.68United States Of America 1,005,962 1.91Others** 1,019,207 1.94Total 52,644,336 100.00** Includes any other countries and net current assets.Allocation By Asset Class Market Value % of NetS$ AssetsEquities 51,625,129 98.06Cash and cash equivalents 2,151,007 4.09Other net liabilities (1,131,800) (2.15)Total 52,644,336 100.00Credit Rating of Debt Securities Market Value % of NetS$ AssetsNot applicable.Allocation By Industry Market Value % of NetS$ AssetsAutomotive 1,339,425 2.54Building & Development 4,323,024 8.21Business Equipment & Services 4,476,840 8.50Chemicals & Plastics 1,307,277 2.48Conglomerates 2,300,665 4.37Electronics / Electrical 7,958,650 15.12Farming / Agriculture 836,005 1.59Financial Intermediaries 11,600,407 22.04Industrial Equipment 1,162,744 2.21Insurance 1,684,246 3.20Lodging & Casinos 1,616,960 3.07Nonferrous Metals / Minerals 1,943,026 3.69Oil & Gas 2,519,251 4.79Retailers 543,180 1.03Surface Transport 1,960,311 3.72Telecommunications 4,213,653 8.00Utilities 923,082 1.75Others** 1,935,590 3.69Total 52,644,336 100.00** Includes any other industries and net current assets75

Funds InformationGREATLINK FAR EAST EX JAPAN EQUITIES FUND report as at 31 December 2011Expense/Turnover RatiosExpense RatioTurnover Ratio31 December 2011 31 December 2010 31 December 2011 31 December 2010GreatLink Far East Ex Japan Equities Fund 1.54% 1.55% 130.04% 75.22%Note: The expense ratio does not include (where applicable) charges for insurance coverage, brokerage and other transaction costs, performance fees, foreign exchange gains orlosses, front or back end loads arising from the purchase or sale of collective investment schemes, tax deducted at source or arising out of income received, dividend and otherdistributions paid to unit holders and is calculated for the preceding 12 months.Exposure to Derivatives Market Value % of NetS$ Assetsi) Market value of derivatives - 0.00ii) Net gain on derivative realised 3,448iii) Net gain on outstanding derivatives 284Investments in Collective Investment SchemesNot applicable.BorrowingsNot applicable.Total amount of Subscriptions and Redemptions for the year ended 31 December 2011S$Subscriptions 11,112,972Redemptions 11,599,870Related-Party TransactionsNot applicable.Any material information that will adversely impact the valuation of the fundNil.76

Funds InformationGREATLINK SINGAPORE EQUITIES FUND report as at 31 December 2011Top Ten Holdings as at 31 December 2011 Market ValueS$% of NetAssetsDBS Group Holdings Ltd 12,746,661 12.19United Overseas Bank Ltd 11,699,614 11.18Singtel 10,925,653 10.45Keppel Corp Ltd 9,524,130 9.11Wilmar International Ltd 7,340,000 7.02Genting International PLC 5,955,440 5.69Capitaland Ltd 4,243,896 4.06Golden Agri-Resources Ltd 3,861,000 3.69Hutchison Port Holdings Trust 3,854,008 3.68Singapore Press Holdings Ltd 3,826,530 3.66Top Ten Holdings as at 31 December 2010 Market ValueS$% of NetAssetsUnited Overseas Bank Ltd 12,721,345 9.99DBS Group Holdings Ltd 11,277,573 8.86Keppel Corp Ltd 11,263,400 8.84Singtel 7,218,771 5.67Noble Group Ltd 6,686,558 5.25Sembcorp Marine Ltd 6,631,950 5.21Genting International PLC 6,252,450 4.91Cosco Corp Singapore Ltd 4,641,660 3.64Sembcorp Industries Ltd 4,281,620 3.36Singapore Airlines Ltd 4,222,800 3.32Allocation By Country Market Value % of NetS$ AssetsSingapore 97,859,344 93.55United States Of America 3,854,008 3.69Others** 2,888,177 2.76Total 104,601,529 100.00** Includes any other countries and net current assetsAllocation By Asset Class Market Value % of NetS$ AssetsEquities 101,713,352 97.24Embedded Derivatives 1,755 0.00Cash and cash equivalents 4,129,313 3.95Other net liabilities (1,242,891) (1.19)Total 104,601,529 100.00Credit Rating of Debt Securities Market Value % of NetS$ AssetsNot applicable.Allocation By Industry Market Value % of NetS$ AssetsAir Transport 2,346,960 2.24Building & Development 9,222,296 8.82Business Equipment & Services 1,692,220 1.62Conglomerates 10,724,600 10.25Farming / Agriculture 11,201,000 10.71Financial Intermediaries 31,395,933 30.01Food Products 2,135,615 2.04Health Care 2,421,040 2.31Lodging & Casinos 5,955,440 5.69Publishing 3,826,530 3.66Reits And Reocs 5,007,545 4.79Surface Transport 4,858,520 4.65Telecommunications 10,925,653 10.45Others** 2,888,177 2.76Total 104,601,529 100.00** Includes any other industries and net current assets77

Funds InformationGREATLINK SINGAPORE EQUITIES FUND report as at 31 December 2011Expense/Turnover RatiosExpense RatioTurnover Ratio31 December 2011 31 December 2010 31 December 2011 31 December 2010GreatLink Singapore Equities Fund 1.53% 1.55% 33.43% 86.15%Note: The expense ratio does not include (where applicable) charges for insurance coverage, brokerage and other transaction costs, performance fees, foreign exchange gains orlosses, front or back end loads arising from the purchase or sale of collective investment schemes, tax deducted at source or arising out of income received, dividend and otherdistributions paid to unit holders and is calculated for the preceding 12 months.Exposure to Derivatives Market Value % of NetS$ Assetsi) Market value of derivatives - 0.00ii) Net gain on derivative realised -iii) Net loss on outstanding derivatives (293)Investments in Collective Investment SchemesNot applicable.BorrowingsNot applicable.Total amount of Subscriptions and Redemptions for the year ended 31 December 2011S$Subscriptions 23,545,573Redemptions 15,846,686Related-Party TransactionsNot applicable.Any material information that will adversely impact the valuation of the fundNil.78

Funds InformationGREATLINK GLOBAL REAL ESTATE SECURITIES FUND report as at 31 December 2011Top Ten Holdings as at 31 December 2011 Market ValueS$% of NetAssetsSimon Property Group Inc 5,163,666 5.72Public Storage Inc 2,908,990 3.22Sun Hung Kai Properties Ltd 2,486,676 2.75Cheung Kong Holdings Ltd 2,452,793 2.71Ventas Inc 2,448,982 2.71Mitsubishi Estate Co Ltd 2,131,872 2.36Host Marriott Corporation 2,033,509 2.25Westfield Group 1,972,587 2.18Avalonbay Communities Inc 1,847,019 2.04Camden Property Trust 1,779,028 1.97Top Ten Holdings as at 31 December 2010 Market ValueS$% of NetAssetsSun Hung Kai Properties Ltd 3,935,855 4.22Simon Property Group Inc 3,929,970 4.21Mitsubishi Estate Co Ltd 3,782,166 4.05Westfield Group 3,172,371 3.40Cheung Kong Holdings Ltd 2,944,059 3.15Mitsui Fudosan Co Ltd 2,940,784 3.15Public Storage Inc 2,245,737 2.41Hong Kong Land Holdings 2,155,058 2.31Unibail-Rodamco SE 2,053,892 2.20Sumitomo Realty & Development 2,051,970 2.20Allocation By Country Market Value % of NetS$ AssetsAustralia 7,638,364 8.45Canada 1,509,484 1.67France 2,880,847 3.19Hong Kong 8,460,171 9.36Japan 10,479,664 11.60Netherlands 1,692,461 1.87Singapore 4,047,708 4.48United Kingdom 3,936,844 4.36United States Of America 46,029,587 50.95Others** 3,675,545 4.07Total 90,350,675 100.00Allocation By Industry Market Value % of NetS$ AssetsBuilding & Development 24,195,578 26.78Reits And Reocs 61,515,842 68.09Utilities 1,770,824 1.96Others** 2,868,431 3.17Total 90,350,675 100.00** Includes any other industries and net current assets** Includes any other countries and net current assets.Allocation By Asset Class Market Value % of NetS$ AssetsEquities 88,783,288 98.27Derivatives (6,142) (0.01)Cash and cash equivalents 1,374,903 1.52Other net assets 198,626 0.22Total 90,350,675 100.00Credit Rating of Debt Securities Market Value % of NetS$ AssetsNot applicable.79

Funds InformationGREATLINK GLOBAL REAL ESTATE SECURITIES FUND report as at 31 December 2011Expense/Turnover RatiosExpense RatioTurnover Ratio31 December 2011 31 December 2010 31 December 2011 31 December 2010GreatLink Global Real Estate Securities Fund 1.65% 1.67% 46.21% 39.64%Note: The expense ratio does not include (where applicable) charges for insurance coverage, brokerage and other transaction costs, performance fees, foreign exchange gains orlosses, front or back end loads arising from the purchase or sale of collective investment schemes, tax deducted at source or arising out of income received, dividend and otherdistributions paid to unit holders and is calculated for the preceding 12 months.Exposure to Derivatives Market Value % of NetS$ Assetsi) Market value of derivativesForeign Exchange Contracts (6,142) (0.01)ii) Net loss on derivative realised (59,536)iii) Net loss on outstanding derivatives (6,089)Investments in Collective Investment SchemesNot applicable.BorrowingsNot applicable.Total amount of Subscriptions and Redemptions for the year ended 31 December 2011S$Subscriptions 17,901,900Redemptions 11,467,172Related-Party TransactionsNot applicable.Any material information that will adversely impact the valuation of the fundNil.80

Funds InformationGREATLINK CHINA GROWTH FUND report as at 31 December 2011Top Ten Holdings as at 31 December 2011 Market ValueS$% of NetAssetsTSMC 9,689,856 6.62ICBC 7,877,724 5.39President Chain Store Corporation 6,134,017 4.19China Construction Bank 6,006,007 4.11CNOOC Ltd 5,250,856 3.59Jardine Matheson Holdings Ltd 4,514,547 3.09Petrochina Co Ltd 4,368,638 2.99IShares Asia Trust 4,129,272 2.82China Shenhua Energy Co Ltd 4,081,870 2.79China Overseas Land & Investment 3,949,210 2.70Top Ten Holdings as at 31 December 2010 Market ValueS$% of NetAssetsChina Construction Bank 9,346,670 4.68ICBC 8,430,427 4.22TSMC 7,465,517 3.74CNOOC Ltd 7,037,859 3.53Ping An 6,952,646 3.48Taiwan Mobile Co Ltd 5,849,205 2.93Jardine Matheson Holdings Ltd 5,523,885 2.77Formosa International Hotels Corporation 5,424,158 2.72Giant Manufacturing Co Ltd 5,298,799 2.65China Mobile Hong Kong Ltd 5,235,139 2.62Allocation By Country Market Value % of NetS$ AssetsChina 3,768,753 2.58Hong Kong 84,194,397 57.56Singapore 7,534,471 5.15Taiwan 44,508,643 30.43United States Of America 3,979,232 2.72Others** 2,277,773 1.56Total 146,263,269 100.00** Includes any other countries and net current assets.Allocation By Asset Class Market Value % of NetS$ AssetsEquities 143,985,496 98.44Cash and cash equivalents 2,827,793 1.93Other net liabilities (550,020) (0.37)Total 146,263,269 100.00Credit Rating of Debt Securities Market Value % of NetS$ AssetsNot applicable.Allocation By Industry Market Value % of NetS$ AssetsAutomotive 4,205,923 2.88Beverage & Tobacco 2,704,791 1.85Building & Development 13,062,186 8.93Business Equipment & Services 13,190,309 9.02Chemicals & Plastics 4,706,129 3.22Conglomerates 1,615,420 1.10Electronics / Electrical 18,714,375 12.79Financial Intermediaries 29,956,660 20.48Industrial Equipment 2,631,882 1.80Insurance 6,316,665 4.32Lodging & Casinos 2,262,464 1.55Nonferrous Metals / Minerals 8,687,580 5.94Oil & Gas 9,619,495 6.58Retailers 8,431,361 5.76Surface Transport 5,840,580 3.99Telecommunications 7,711,530 5.27Others** 6,605,919 4.52Total 146,263,269 100.00** Includes any other industries and net current assets81

Funds InformationGREATLINK CHINA GROWTH FUND report as at 31 December 2011Expense/Turnover RatiosExpense RatioTurnover Ratio31 December 2011 31 December 2010 31 December 2011 31 December 2010GreatLink China Growth Fund 1.53% 1.55% 44.46% 42.00%Note: The expense ratio does not include (where applicable) charges for insurance coverage, brokerage and other transaction costs, performance fees, foreign exchange gains orlosses, front or back end loads arising from the purchase or sale of collective investment schemes, tax deducted at source or arising out of income received, dividend and otherdistributions paid to unit holders and is calculated for the preceding 12 months.Exposure to Derivatives Market Value % of NetS$ Assetsi) Market value of derivatives - 0.00ii) Net gain on derivative realised -iii) Net gain on outstanding derivatives 2,392Investments in Collective Investment SchemesNot applicable.BorrowingsNot applicable.Total amount of Subscriptions and Redemptions for the year ended 31 December 2011S$Subscriptions 7,784,536Redemptions 20,290,943Related-Party TransactionsNot applicable.Any material information that will adversely impact the valuation of the fundNil.82

GREATLINK EUROPEAN EQUITY FUND report as at 31 December 2011Investments in Collective InvestmentSchemesMarket ValueS$% of NetAssetsUnit TrustCIF European Equity Fund Class B EUR - 13,385,032 99.96SingaporeOther net assets 5,105 0.0413,390,137 100.00Top 10 Holdings of Underlying Fundas at 31 December 2011 ^Market ValueEur €% of NetAssetsNovartis AG Namen 1,890,935 3.13Sampo OYJ 1,663,879 2.76Pernod Ricard 1,644,669 2.72Imperial Tobacco Group PLC 1,578,175 2.61Prudential PLC 1,455,398 2.41SES FDR 1,413,574 2.34Royal Dutch Shell PLC 1,412,173 2.34BG Group PLC 1,384,234 2.29Roche Holding Genus 1,330,623 2.20Koninklijke KPN NV 1,301,160 2.16Allocation By Country ^ Market Value % of Net(Underlying Fund) Eur € AssetsDenmark 1,218,425 2.02Finland 1,663,879 2.76France 12,243,590 20.29Germany 5,834,844 9.67Netherlands 4,558,366 7.55Norway 1,268,701 2.10Russian Federation 1,105,681 1.83Spain 1,665,470 2.76Sweden 3,166,455 5.25Switzerland 7,260,964 12.03United Kingdom 17,699,746 29.32United States of America 312,469 0.51Others** 2,357,280 3.91Total 60,355,870 100.00Top 10 Holdings of Underlying Fund Market Value % of Netas at 31 December 2010 ^ Eur € AssetsRoyal Dutch Shell PLC 2,930,134 3.18Xstrata PLC 2,628,416 2.85Lloyds Banking Group PLC 2,571,415 2.79Novartis AG Namen 2,506,690 2.72Koninklijke KPN NV 2,496,760 2.71UBS AG Namen 2,389,167 2.59Sampo OYJ 2,282,913 2.47Bg Group PLC 2,202,186 2.39Pernod Ricard 2,117,273 2.29SES FDR 1,982,810 2.15Allocation By Industry ^ Market Value % of Net(Underlying Fund) Eur € AssetsFinancials 10,789,843 17.88Energy 9,067,985 15.02Consumer Discretionary 8,233,161 13.64Consumer Staples 6,093,726 10.10Materials 5,987,386 9.92Health Care 5,691,637 9.43Industrials 4,977,114 8.25Telecommunication Services 3,636,036 6.02Information Technology 2,335,699 3.87Utilities 1,186,003 1.96Others** 2,357,280 3.91Total 60,355,870 100.00** Includes any other industries and net current assets.** Includes any other countries and net current assets.Allocation By Asset Class ^ Market Value % of Net(Underlying Fund) Eur € AssetsEquity 57,998,590 96.09Cash and cash equivalents 2,357,280 3.91Total 60,355,870 100.00Credit Rating of Debt Securities ^ Market Value % of Net(Underlying Fund) Eur € AssetsNot applicable.Funds Information83

Funds InformationGREATLINK EUROPEAN EQUITY FUND report as at 31 December 2011Expense/Turnover RatiosExpense RatioTurnover Ratio31 December 2011 31 December 2010 31 December 2011 31 December 2010GreatLink European Equity Fund * 1.59% 1.62% 27.90% 36.40%Underlying Fund # ^ 1.74% 1.77% 27.90% 36.40%Note: The expense ratio does not include (where applicable) charges for insurance coverage, brokerage and other transaction costs, performance fees, foreign exchange gains orlosses, front or back end loads arising from the purchase or sale of collective investment schemes, tax deducted at source or arising out of income received, dividend and otherdistributions paid to unit holders and is calculated for the preceding 12 months.* The expense ratio of the underlying fund is included to compute the final ratio.#The expense and turnover ratios of the underlying fund are based on audited accounts.Exposure to Derivatives ^(Underlying Fund)NilBorrowingsNot applicable.Total amount of Subscriptions and Redemptions for the year ended 31 December 2011S$Subscriptions 552,411Redemptions 2,880,587Related-Party TransactionsNot applicable.Any material information that will adversely impact the valuation of the fundNil.^ Source: Capital International, Inc.84

Funds InformationGREATLINK GLOBAL GROWTH TRENDS PORTFOLIO report as at 31 December 2011Investments in Collective InvestmentSchemesMarket ValueS$% of NetAssetsUnit TrustAllianceBernstein-Global Growth Trends 13,117,218 100.23Portfolio - SingaporeOther net liabilities (29,580) (0.23)13,087,638 100.00Top 10 Holdings of Underlying Fund Market Value % of Netas at 31 December 2011 ^ US$ AssetsApple Inc 33,342,591 4.19British American Tobacco PLC 23,398,787 2.94Nestle SA 16,632,766 2.09IBM Corporation 16,313,084 2.05Google Inc 15,952,267 2.00Anheuser Busch Inbev NV 14,546,700 1.83Qualcomm 14,147,980 1.77BASF 12,605,401 1.58Monsanto 12,543,697 1.58Danaher Corporation 12,521,513 1.57Allocation By Country ^ Market Value % of Net(Underlying Fund) US$ AssetsAsia Pacific ex Japan 58,233,892 7.31Europe ex UK 119,494,990 15.00Japan 45,567,423 5.72Singapore 4,620,473 0.58United Kingdom 93,843,399 11.78United States of America 423,729,235 53.19Others ** 51,143,856 6.42Total 796,633,268 100.00** Includes any other countries and net current assets.Allocation By Asset Class ^ Market Value % of Net(Underlying Fund) US$ AssetsEquities 796,633,268 100.00Total 796,633,268 100.00Top 10 Holdings of Underlying Fund Market Value % of Netas at 31 December 2010 ^ US$ AssetsApple Inc 27,991,899 2.58Rio Tinto PLC 18,604,119 1.71Google Inc 17,556,996 1.62Teck Resources Ltd 16,207,024 1.49Oracle 15,951,610 1.47Freeport-Mcmoran Copper & Gold Inc 15,779,936 1.45Vale SA 15,604,360 1.44IBM Corporation 14,777,787 1.36Petroleo Brasileiro SA 14,161,362 1.30Standard Chartered 13,997,280 1.29Allocation By Industry ^ Market Value % of Net(Underlying Fund) US$ AssetsConsumer Discretionary 109,100,620 13.70Consumer Staples 102,320,783 12.85Energy 79,539,422 9.99Financials 91,863,763 11.53Health Care 64,614,803 8.11Industrials 86,214,892 10.82Information Technology 185,399,984 23.27Materials 66,868,414 8.39Others** 10,710,587 1.34Total 796,633,268 100.00** Includes any other industries and net current assets.Credit Rating of Debt Securities ^ Market Value % of Net(Underlying Fund) US$ AssetsNot applicable.85

Funds InformationGREATLINK GLOBAL GROWTH TRENDS PORTFOLIO report as at 31 December 2011Expense/Turnover RatiosExpense RatioTurnover Ratio31 December 2011 31 December 2010 31 December 2011 31 December 2010GreatLink Global Growth Trends Portfolio * 1.66% 1.67% 70.00% 103.69%Underlying Fund # ^ 0.76% 0.76% 70.00% 103.69%Note: The expense ratio does not include (where applicable) charges for insurance coverage, brokerage and other transaction costs, performance fees, foreign exchange gains orlosses, front or back end loads arising from the purchase or sale of collective investment schemes, tax deducted at source or arising out of income received, dividend and otherdistributions paid to unit holders and is calculated for the preceding 12 months.* The expense ratio of the underlying fund is included to compute the final ratio.#The expense and turnover ratios of the underlying fund are computed for period from 1 September 2010 to 31 August 2011. The ratios for period 1 January 2011 to 31December 2011 are not available. The expense and turnover ratios of the underlying fund are based on audited accounts.Exposure to Derivatives ^(Underlying Fund)Not applicable.BorrowingsNot applicable.Total amount of Subscriptions and Redemptions for the year ended 31 December 2011S$Subscriptions 1,860,341Redemptions 2,213,408Related-Party TransactionsNot applicable.Any material information that will adversely impact the valuation of the fundNil.^ Source: AllianceBerstein (Singapore) Ltd86

GREATLINK GLOBAL OPPORTUNITIES FUND report as at 31 December 2011Investments in Collective InvestmentSchemesMarket ValueS$% of NetAssetsUnit TrustAberdeen Global Opportunities Fund - 83,314,168 100.02SingaporeOther net liabilities (20,208) (0.02)83,293,960 100.00Top 10 Holdings of Underlying Fund Market Value % of Netas at 31 December 2011 ^ S$ AssetsPhilip Morris International 126,469,887 4.30Zurich Financial Services 119,887,693 4.08Roche Holdings 119,361,441 4.06Vodafone Group PLC 118,720,389 4.04TSMC 108,725,287 3.70Johnson & Johnson 104,337,338 3.55British American Tobacco 103,874,587 3.53QBE Insurance Group Ltd 96,540,278 3.28Banco Bradesco SA 95,640,089 3.25Standard Chartered 94,410,075 3.21Allocation By Country ^ Market Value % of Net(Underlying Fund) US$ AssetsAustralia 96,540,278 3.28Brazil 159,989,487 5.44Canada 60,132,282 2.05China 88,776,434 3.02France 41,387,937 1.41Hong Kong 48,235,485 1.64Italy 162,051,309 5.51Japan 228,845,189 7.79Mexico 44,167,610 1.50Singapore 27,172,366 0.92South Korea 78,753,106 2.68Sweden 142,430,949 4.85Switzerland 403,093,003 13.71Taiwan 108,725,287 3.70United Kingdom 519,193,454 17.66United States 683,661,290 23.26Others** 46,316,828 1.58Total 2,939,472,294 100.00Top 10 Holdings of Underlying Fund Market Value % of Netas at 31 December 2010 ^ S$ AssetsVodafone Group PLC 101,961,263 3.86Zurich Financial Services 97,178,312 3.67TSMC 91,987,695 3.48ENI 91,248,821 3.45QBE Insurance Group Ltd 87,476,206 3.31Philip Morris International 86,134,405 3.26Novartis 82,656,584 3.13Tenaris SA 81,096,524 3.07Canon 80,697,431 3.05Roche Holdings 78,327,062 2.96Allocation By Industry ^ Market Value % of Net(Underlying Fund) US$ AssetsFinancials 632,301,419 21.51Consumer Staples 555,671,115 18.90Energy 419,370,528 14.27Health Care 393,978,962 13.40Information Technology 311,701,409 10.60Industrials 233,631,936 7.95Telecommunication Services 167,297,314 5.69Materials 66,568,820 2.26Utilities 60,559,024 2.06Technology 52,074,939 1.78Others** 46,316,828 1.58Total 2,939,472,294 100.00** Includes any other industries and net current assets.** Includes any other countries and net current assets.Allocation By Asset Class ^ Market Value % of Net(Underlying Fund) US$ AssetsEquities 2,893,155,466 98.42Cash and cash equivalents 46,316,828 1.58Total 2,939,472,294 100.00Credit Rating of Debt Securities ^ Market Value % of Net(Underlying Fund) US$ AssetsNot applicable.Funds Information87

Funds InformationGREATLINK GLOBAL OPPORTUNITIES FUND report as at 31 December 2011Expense/Turnover RatiosExpense RatioTurnover Ratio31 December 2011 31 December 2010 31 December 2011 31 December 2010GreatLink Global Opportunities Fund * 1.83% 1.73% 6.31% 38.49%Underlying Fund # ^ 1.73% 1.78% 6.31% 10.31%Note: The expense ratio does not include (where applicable) charges for insurance coverage, brokerage and other transaction costs, performance fees, foreign exchange gains orlosses, front or back end loads arising from the purchase or sale of collective investment schemes, tax deducted at source or arising out of income received, dividend and otherdistributions paid to unit holders and is calculated for the preceding 12 months.* The expense ratio of the underlying fund is included to compute the final ratio.#The expense and turnover ratios of the underlying fund are computed for period from 1 October 2010 to 30 September 2011. The ratios for period 1 January 2011 to 31December 2011 are not available. The expense and turnover ratios of the underlying fund are based on audited accounts.Exposure to Derivatives ^(Underlying Fund)Nil.BorrowingsNot applicable.Total amount of Subscriptions and Redemptions for the year ended 31 December 2011S$Subscriptions 1,224,993Redemptions 2,131,647Related-Party TransactionsNot applicable.Any material information that will adversely impact the valuation of the fundNil.^ Source: Aberdeen Asset Management Asia Ltd88

GREATLINK GLOBAL EQUITY ALPHA FUND report as at 31 December 2011Investments in Collective InvestmentSchemesMarket ValueS$% of NetAssetsUnit TrustSchroders ISF Global Equity Alpha Fund - 71,297,132 100.15SingaporeOther net liabilities (105,557) (0.15)71,191,575 100.00Top 10 Holdings of Underlying Fund Market Value % of Netas at 31 December 2011 ^ US$ AssetsPfizer Inc 16,530,398 2.82Google Inc 14,361,516 2.45Gilead Sciences Inc 12,778,818 2.18Apple Inc 12,720,200 2.17Anheuser Busch Inbev NV 12,134,015 2.07JP Morgan Chase & Co 11,958,160 2.04Glaxosmithkline PLC 11,840,923 2.02Wal-Mart Stores Inc 11,489,213 1.96Seven & I Holdings Co Ltd 11,137,502 1.90Comcast Corporation 10,844,410 1.85Allocation By Country ^ Market Value % of Net(Underlying Fund) US$ AssetsUnited States 265,365,643 45.27United Kingdom 67,352,579 11.49Japan 30,540,203 5.21Canada 25,323,163 4.32Hong Kong 24,912,834 4.25Switzerland 19,871,649 3.39South Korea 17,702,767 3.02Germany 17,175,201 2.93Australia 16,120,069 2.75Brazil 14,595,990 2.49France 14,478,753 2.47Belgium 12,134,015 2.07Israel 9,554,804 1.63China 9,261,712 1.58Singapore 8,675,528 1.48Norway 8,499,673 1.45Netherlands 7,972,107 1.36Russian Federation 7,503,159 1.28Others** 9,144,473 1.56Total 586,184,322 100.00Top 10 Holdings of Underlying Fund Market Value % of Netas at 31 December 2010 ^ US$ AssetsMicrosoft Corporation 14,825,674 2.54JP Morgan Chase & Co 13,483,192 2.31Rio Tinto PLC 13,308,085 2.28Samsung Electronics Co Ltd 12,782,766 2.19Novartis AG 12,782,766 2.19BG Group PLC 11,965,603 2.05Xstrata PLC 11,965,603 2.05Fedex Corporation 11,907,234 2.04Goodrich 11,732,128 2.01Celanese Corporation 11,673,759 2.00Allocation By Industry ^ Market Value % of Net(Underlying Fund) US$ AssetsFinancials 95,899,755 16.36Information Technology 82,183,042 14.02Consumer Discretionary 77,259,094 13.18Consumer Staples 71,631,724 12.22Industrials 67,938,763 11.59Health Care 61,725,209 10.53Energy 58,032,248 9.90Materials 42,439,745 7.24Utilities 10,668,555 1.82Telecommunication services 10,140,988 1.73Others** 8,265,199 1.41Total 586,184,322 100.00** Includes any other industries and net current assets.** Includes any other countries and net current assets.Allocation By Asset Class ^ Market Value % of Net(Underlying Fund) US$ AssetsEquities 577,919,123 98.59Cash and cash equivalents 8,265,199 1.41Total 586,184,322 100.00Credit Rating of Debt Securities ^ Market Value % of Net(Underlying Fund) US$ AssetsNot applicable.Funds Information89

Funds InformationGREATLINK GLOBAL EQUITY ALPHA FUND report as at 31 December 2011Expense/Turnover RatiosExpense RatioTurnover Ratio31 December 2011 31 December 2010 31 December 2011 31 December 2010GreatLink Global Equity Alpha Fund * 1.90% 1.72% 103.29% 100.60%Underlying Fund # ^ 1.30% 1.34% 103.29% 94.68%Note: The expense ratio does not include (where applicable) charges for insurance coverage, brokerage and other transaction costs, performance fees, foreign exchange gains orlosses, front or back end loads arising from the purchase or sale of collective investment schemes, tax deducted at source or arising out of income received, dividend and otherdistributions paid to unit holders and is calculated for the preceding 12 months.* The expense ratio of the underlying fund is included to compute the final ratio.#The expense and turnover ratios of the underlying fund are based on unaudited draft accounts.Exposure to Derivatives ^ Market Value % of Net(Underlying Fund) S$ Assetsi) Market value of derivative contracts - 0.00ii) Net gain on derivative realised 246,265iii) Net gain on outstanding derivatives -BorrowingsNot applicable.Total amount of Subscriptions and Redemptions for the year ended 31 December 2011S$Subscriptions 1,241,259Redemptions 2,111,247Related-Party TransactionsNot applicable.Any material information that will adversely impact the valuation of the fundNil.^ Source: Schroders Investment Management Ltd90

GREATLINK STABLE BOND FUND report as at 31 December 2011Investments in Collective InvestmentSchemesUnit TrustDeutsche Lion Bond Fund Class A -SingaporeMarket ValueS$% of NetAssets61,108,084 100.00Top 10 Holdings of Underlying Fund Market Value % of Netas at 31 December 2011 ^ S$ AssetsSingapore Press Holdings Limited MTN 11,390,730 3.872.81% 02/03/2015Hang Seng Bank Limited FRN 05/07/2017 10,356,471 3.52HSBC Singapore Series MTN 1.6%8,782,698 2.9907/10/2013Temasek Financial One Limited 4.5% 8,584,108 2.9221/09/2015Danga Capital Berhad 2.615% 11/08/2015 8,056,531 2.74Winmall Limited 4.69% 27/04/2014 7,933,515 2.70Lloyds TSB Bank PLC Series EMTN 3.5% 7,332,814 2.4917/09/2014United Overseas Land Limited (Br) 3.34% 7,313,191 2.4915/05/2012Standard Chartered Bank EMTN 2.22% 7,104,560 2.4205/07/2013CMT MTN Pte Limited MTN 2.85%01/09/20147,093,471 2.41Top 10 Holdings of Underlying Fund Market Value % of Netas at 31 December 2010 ^ S$ AssetsStar Topaz Limited Ser 2006-1 Cl A Frn 11,773,926 4.2205/01/2013Hang Seng Bank Limited FRN 05/07/2017 10,133,582 3.63CMT MTN Pte Ltd MTN (Br) 2.85%9,545,486 3.4201/09/2014United Overseas Bank Limited 4.95% 9,301,611 3.3330/09/2016Capitaland Treasury Limited MTN FRN 9,008,798 3.2315/03/2011Singapore Press Holdings Limited MTN 8,757,983 3.142.81% 02/03/2015Citigroup Inc EMTN 4.98% 20/06/2013 8,433,258 3.02Winmall Ltd (Br) 4.69% 27/04/2014 8,110,354 2.91United Overseas Land Limited FRN7,891,077 2.8315/05/2012F&N Treasury Pte Limited MTN 3.38%15/04/20117,597,544 2.72Allocation By Country ^ Market Value % of Net(Underlying Fund) S$ AssetsAustralia 10,683,810 3.63Cayman Islands 7,537,268 2.56Germany 2,028,724 0.69Great Britain 23,984,696 8.16Hong Kong 19,139,169 6.51Ireland 1,733,076 0.59Malaysia 20,143,942 6.85New Zealand 10,302,599 3.51Singapore 103,575,010 35.23South Korea 46,878,931 15.95United States of America 38,533,018 13.11Others** 9,444,798 3.21Total 293,985,041 100.00** Includes any other countries and net current assets.Allocation By Asset Class ^ Market Value % of Net(Underlying Fund) S$ AssetsBonds 284,540,243 96.79Other Net Assets 9,444,798 3.21Total 293,985,041 100.00Allocation By Industry ^ Market Value % of Net(Underlying Fund) S$ AssetsBanks 109,038,383 37.09Brewery 6,228,511 2.12City Gas 2,757,948 0.94Diversified Resources 5,450,442 1.85Electrical/Electronics 5,138,715 1.75Finance 58,924,064 20.04Government 9,465,449 3.22Hotels 7,025,982 2.39Investment 8,584,108 2.92Miscellaneous 23,292,028 7.92Oil & Gas 3,328,965 1.13Print & Publish 11,390,730 3.87Real estate 21,440,963 7.29Real Estate Investment Trust 3,036,473 1.03Ship Building 5,368,405 1.83Transport - Rail 4,069,077 1.40Others** 9,444,798 3.21Total 293,985,041 100.00** Includes any other industries and net current assets.Funds Information91

GREATLINK STABLE BOND FUND report as at 31 December 2011Credit Rating of Debt Securities ^ Market Value % of Net(Underlying Fund) S$ AssetsAaa 19,219,707 6.54AA (by S&P) 7,933,515 2.70Aa3 10,302,599 3.50Aa2 24,576,323 8.36Aa1 8,782,698 2.99A3 40,398,239 13.74A2 18,168,587 6.18A1 59,282,151 20.17A (by S&P) 16,246,363 5.53A- (by S&P) 4,004,411 1.36Baa1 6,791,873 2.31Not Rated 68,833,777 23.41Other Net Assets 9,444,798 3.21Total 293,985,041 100.00Expense/Turnover RatiosExpense RatioTurnover Ratio31 December 2011 31 December 2010 31 December 2011 31 December 2010GreatLink Stable Bond Fund * 0.65% 0.73% 46.58% 36.57%Underlying Fund # ^ 0.65% 0.73% 46.58% 36.57%Note: The expense ratio does not include (where applicable) charges for insurance coverage, brokerage and other transaction costs, performance fees, foreign exchange gains orlosses, front or back end loads arising from the purchase or sale of collective investment schemes, tax deducted at source or arising out of income received, dividend and otherdistributions paid to unit holders and is calculated for the preceding 12 months.* The expense ratio of the underlying fund is included to compute the final ratio.#The expense and turnover ratios of the underlying fund are based on audited accounts.Exposure to Derivatives ^ Market Value % of Net(Underlying Fund) S$ Assetsi) Market value of derivative contractsForeign exchange contracts 187,918 0.06ii) Net gain on derivative realised 1,355,337iii) Net gain on outstanding derivatives 187,918BorrowingsNot applicable.Funds InformationTotal amount of Subscriptions and Redemptions for the year ended 31 December 2011S$Subscriptions 22,335,682Redemptions 9,773,745Related-Party TransactionsNot applicable.Any material information that will adversely impact the valuation of the fundNil.^ Source: Deutsche Asset Management (Asia) Ltd92

Funds InformationGREATLINK LION JAPAN GROWTH FUND report as at 31 December 2011Investments in Collective InvestmentSchemesMarket ValueS$% of NetAssetsUnit TrustLionGlobal Japan Growth Fund - Singapore 4,480,363 99.98Other net assets 1,109 0.024,481,472 100.00Top 10 Holdings of Underlying Fund Market Value % of Netas at 31 December 2011 ^ S$ AssetsDenso Corporation 1,554,893 3.95The Bank Of Yokohama Limited 1,492,681 3.79ORIX Corporation 1,465,197 3.72Benesse Holdings Incorporation 1,343,231 3.41ITOCHU Corporation 1,271,758 3.23Hitachi Limited 1,181,748 3.00Musashi Seimitsu Industry Company Limited 1,179,857 2.99Mitsubishi Electric Corporation 1,128,729 2.86Koito Manufacturing Company Limited 1,071,868 2.72Mitsui & Company Limited 1,023,062 2.60Allocation By Country ^ Market Value % of Net(Underlying Fund) S$ AssetsJapan 38,383,807 97.39Others** 1,027,180 2.61Total 39,410,987 100.00** Includes any other countries and net current assets.Allocation By Asset Class ^ Market Value % of Net(Underlying Fund) S$ AssetsEquities 38,383,807 97.39Cash and cash equivalents 1,027,180 2.61Total 39,410,987 100.00Credit Rating of Debt Securities ^ Market Value % of Net(Underlying Fund) S$ AssetsNot applicable.Top 10 Holdings of Underlying Fund Market Value % of Netas at 31 December 2010 ^ S$ AssetsMurata Manufacturing Co Ltd 1,543,104 3.33Benesse Holdings Inc 1,518,180 3.28ORIX Corporation 1,501,800 3.24Chiba Bank Ltd 1,406,746 3.04ITOCHU Corporation 1,402,213 3.03Mitsubishi Electric Corporation 1,278,444 2.76Goldcrest Co Ltd 1,240,710 2.68FANUC Ltd 1,220,192 2.63Denso Corporation 1,216,212 2.62Bank Of Yokohama Ltd 1,163,693 2.51Allocation By Industry ^ Market Value % of Net(Underlying Fund) S$ AssetsIndustrial 10,369,788 26.31Consumer, Cyclical 7,525,036 19.09Financial 5,385,674 13.67Consumer, Non-cyclical 5,020,101 12.74Technology 4,840,515 12.28Basic Materials 3,367,995 8.55Energy 1,440,420 3.65Utilities 434,278 1.10Others** 1,027,180 2.61Total 39,410,987 100.00** Includes any other industries and net current assets.93

Funds InformationGREATLINK LION JAPAN GROWTH FUND report as at 31 December 2011Expense/Turnover RatiosExpense RatioTurnover Ratio31 December 2011 31 December 2010 31 December 2011 31 December 2010GreatLink Lion Japan Growth Fund * 1.79% 1.67% 68.00% 38.00%Underlying Fund # ^ 1.89% 1.77% 68.00% 38.00%Note: The expense ratio does not include (where applicable) charges for insurance coverage, brokerage and other transaction costs, performance fees, foreign exchange gains orlosses, front or back end loads arising from the purchase or sale of collective investment schemes, tax deducted at source or arising out of income received, dividend and otherdistributions paid to unit holders and is calculated for the preceding 12 months.* The expense ratio of the underlying fund is included to compute the final ratio.#The expense and turnover ratios of the underlying fund are based on audited accounts.Exposure to Derivatives ^ Market Value % of Net(Underlying Fund) S$ Assetsi) Market value of derivative contracts - 0.00ii) Net gain on derivative realised 6,955iii) Net gain on outstanding derivatives -BorrowingsNot applicable.Total amount of Subscriptions and Redemptions for the year ended 31 December 2011S$Subscriptions 1,711,512Redemptions 743,051Related-Party TransactionsThe GreatLink Lion Japan Growth Fund invests 100% of its net assets value in LionGlobal Japan Growth Fund, which is managed by Lion Global InvestorsLimited, a related company of The Great Eastern Life Assurance Company Limited.Any material information that will adversely impact the valuation of the fundNil.^ Source: Lion Global Investors Ltd94

Funds InformationGREATLINK LION INDIA FUND report as at 31 December 2011Investments in Collective InvestmentSchemesMarket ValueS$% of NetAssetsUnit TrustLionGlobal India Fund - Singapore 85,936,907 100.02Other net liabilities (16,512) (0.02)85,920,395 100.00Top 10 Holdings of Underlying Fund Market Value % of Netas at 31 December 2011 ^ S$ AssetsInfosys Technologies Limited 23,611,092 12.76ITC Limited 16,017,416 8.65Housing Development Finance Corp Ltd 14,246,909 7.70HDFC Bank Limited 14,128,056 7.63Reliance Industries Limited 13,904,853 7.51Tata Consultancy Services Limited 13,756,632 7.43ICICI Bank Limited 9,231,285 4.99Sun Pharmaceuticals Industries Limited 7,295,115 3.94Tata Motors Limited 6,292,574 3.40Bharti Airtel Limited 5,309,062 2.87Allocation By Country ^ Market Value % of Net(Underlying Fund) S$ AssetsIndia 179,328,207 96.89Others** 5,757,750 3.11Total 185,085,957 100.00** Includes any other countries and net current assets.Allocation By Asset Class ^ Market Value % of Net(Underlying Fund) S$ AssetsEquities 179,328,207 96.89Cash and cash equivalents 5,757,750 3.11Total 185,085,957 100.00Credit Rating of Debt Securities ^ Market Value % of Net(Underlying Fund) S$ AssetsNot applicable.Top 10 Holdings of Underlying Fund Market Value % of Netas at 31 December 2010 ^ S$ AssetsInfosys Technologies Ltd 39,398,411 12.40Reliance Industries Ltd 36,345,550 11.44ICICI Bank Limited 24,942,065 7.85Housing Development Finance Corp Ltd 21,807,483 6.87Tata Consultancy Services Ltd 17,740,974 5.59Larsen & Toubro Ltd 16,539,575 5.21ITC Limited 15,031,849 4.73Tata Motors Ltd 14,598,246 4.60HDFC Bank Limited 12,403,574 3.90Mahindra & Mahindra Ltd 8,245,375 2.60Allocation By Industry ^ Market Value % of Net(Underlying Fund) S$ AssetsFinancial 45,370,009 24.51Technology 37,367,724 20.19Consumer, Non-Cyclical 25,246,115 13.64Energy 22,038,888 11.91Consumer, Cyclical 14,097,468 7.62Basic Materials 12,773,311 6.90Industrial 12,307,795 6.65Communications 5,309,062 2.87Utilities 4,817,835 2.60Others** 5,757,750 3.11Total 185,085,957 100.00** Includes any other industries and net current assets.95

Funds InformationGREATLINK LION INDIA FUND report as at 31 December 2011Expense/Turnover RatiosExpense RatioTurnover Ratio31 December 2011 31 December 2010 31 December 2011 31 December 2010GreatLink Lion India Fund * 1.72% 1.69% 15.00% 27.00%Underlying Fund # ^ 1.65% 1.62% 15.00% 27.00%Note: The expense ratio does not include (where applicable) charges for insurance coverage, brokerage and other transaction costs, performance fees, foreign exchange gains orlosses, front or back end loads arising from the purchase or sale of collective investment schemes, tax deducted at source or arising out of income received, dividend and otherdistributions paid to unit holders and is calculated for the preceding 12 months.* The expense ratio of the underlying fund is included to compute the final ratio.#The expense and turnover ratios of the underlying fund are computed for period from 1 July 2011 to 31 December 2011. The ratios for period 1 January 2011 to 31 December2011 are not available. The expense and turnover ratios of the underlying fund are based on unaudited draft accounts.Exposure to Derivatives^ Market Value % of Net(Underlying Fund) S$ Assetsi) Market value of derivative contracts - 0.00ii) Net gain on derivative realised 223,941iii) Net gain on outstanding derivatives -BorrowingsNot applicable.Total amount of Subscriptions and Redemptions for the year ended 31 December 2011S$Subscriptions 14,606,297Redemptions 16,418,012Related-Party TransactionsThe GreatLink Lion India Fund invests 100% of its net assets value in LionGlobal India Fund, which is managed by Lion Global Investors Limited, a relatedcompany of The Great Eastern Life Assurance Company Limited.Any material information that will adversely impact the valuation of the fundNil.^ Source: Lion Global Investors Ltd96

GREATLINK LION GLOBAL FLEXI FUND report as at 31 December 2011Investments in Collective InvestmentSchemesMarket ValueS$% of NetAssetsUnit TrustLionGlobal Flexi Fund - Singapore 5,696,358 100.02Other net liabilities (1,343) (0.02)5,695,015 100.00Top 10 Holdings of Underlying Fund Market Value % of Netas at 31 December 2011 ^ S$ AssetsLionGlobal Singapore Fixed Income1,100,000 9.88InvestmentLionGlobal Asia Bond Fund 919,421 8.26Indosat Palapa Limited 7.375% due285,276 2.5629/07/2020LionGlobal Emerging Markets Bond Fund 279,834 2.51Stats Chippac Limited 7.5% due272,297 2.4512/08/2015Pttep Canada International Finance 5.692% 271,044 2.43due 05/04/2021State of Qatar 4.5% due 20/01/2022 268,199 2.41CFS Retail Property Trust Convertible262,574 2.365.075% due 21/08/2014Banyan Tree Holdings Limited 6.25% due261,278 2.3527/08/2013Hyundai Capital America 4% due08/06/2017257,069 2.31Top 10 Holdings of Underlying Fund Market Value % of Netas at 31 December 2010 ^ S$ AssetsEmirates Airline FRN due 21/06/2011 732,675 4.40Emirates 4.28% due 21/06/2011 498,550 3.00Keppel Corporation Limited 475,440 2.86Indonesia Government 11% Series FR23 466,228 2.80due 15/12/2012Parkson Retail Group 7.875% due466,119 2.8014/11/2011Indosat Pal 7.375% due 29/07/2020 423,107 2.54Artadis Fund Management AB2 Fund (USD) 399,439 2.40Rabobank Nederland Australia FRN due 393,966 2.3729/01/2013KB Financial Group Incorporation 375,199 2.25Suntec Real Estate Investment Trust 366,540 2.20Allocation By Country ^ Market Value % of Net(Underlying Fund) S$ AssetsAustralia 1,249,286 11.22China 392,567 3.53Hong Kong 474,097 4.26Indonesia 520,000 4.67Malaysia 91,101 0.82Philippines 141,790 1.27Qatar 268,199 2.41Singapore 4,993,028 44.84Taiwan 466,603 4.19Thailand 370,206 3.32United States of America 827,198 7.42Accrued interestreceivable on debt securities64,885 0.58Others** 1,277,250 11.47Total 11,136,210 100.00** Includes any other countries and net current assets.Allocation By Asset Class ^ Market Value % of Net(Underlying Fund) S$ AssetsEquities 2,882,604 25.88Debt Securities (including accrued interest 4,106,972 36.88on debt securities)Funds 2,869,384 25.77Derivatives (34,575) (0.31)Cash and cash equivalents 1,311,825 11.78Total 11,136,210 100.00Allocation By Industry ^ Market Value % of Net(Underlying Fund) S$ AssetsBasic Materials 55,161 0.50Communications 994,507 8.93Consumer, Cyclical 615,771 5.53Consumer, Non-cyclical 422,591 3.79Energy 500,855 4.50Financial 2,314,886 20.79Funds 2,869,384 25.77Industrial 1,187,433 10.66Sovereign 268,199 2.41Technology 565,288 5.07Accrued interest64,885 0.58receivable on debt securitiesOthers** 1,277,250 11.47Total 11,136,210 100.00** Includes any other industries and net current assets.Funds Information97

GREATLINK LION GLOBAL FLEXI FUND report as at 31 December 2011Credit Rating of Debt Securities ^ Market Value % of Net(Underlying Fund) S$ AssetsAa2 268,199 2.41B2 104,226 0.94Ba1 700,205 6.29Ba3 125,132 1.12Baa1 271,044 2.43Baa2 257,069 2.31Baa3 173,612 1.56Not Rated 2,142,600 19.24Accrued interest64,885 0.58receivable on debt securities4,106,972 36.88Expense/Turnover RatiosExpense RatioTurnover Ratio31 December 2011 31 December 2010 31 December 2011 31 December 2010GreatLink Lion Global Flexi Fund * 2.76% 1.62% 170.00% 140.00%Underlying Fund # 2.66% 1.52% 170.00% 140.00%Note: The expense ratio does not include (where applicable) charges for insurance coverage, brokerage and other transaction costs, performance fees, foreign exchange gains orlosses, front or back end loads arising from the purchase or sale of collective investment schemes, tax deducted at source or arising out of income received, dividend and otherdistributions paid to unit holders and is calculated for the preceding 12 months.* The expense ratio of the underlying fund is included to compute the final ratio.#The expense and turnover ratios of the underlying fund are based on audited accounts.Exposure to Derivatives^ Market Value % of Net(Underlying Fund) S$ Assetsi) Market value of derivative contractsForward foreign exchange contracts 19,671 0.18Spot foreign exchange contracts 26 0.00Options 14,930 0.13ii) Net loss on derivative realised (58,609)iii) Net loss on outstanding derivatives (34,575)BorrowingsNot applicable.Funds InformationTotal amount of Subscriptions and Redemptions for the year ended 31 December 2011S$Subscriptions 856,936Redemptions 765,255Related-Party TransactionsThe GreatLink Lion Global Flexi Fund invests 100% of its net assets value in LionGlobal Flexi Fund, which is managed by Lion Global Investors Limited, arelated company of The Great Eastern Life Assurance Company Limited.Any material information that will adversely impact the valuation of the fundNil.^ Source: Lion Global Investors Ltd98

GREATLINK LION ASIAN BALANCED FUND report as at 31 December 2011Investments in Collective InvestmentSchemesMarket ValueS$% of NetAssetsUnit TrustLionGlobal Asia Pacific Fund - Singapore 37,185,479 47.83LionGlobal Singapore Fixed Income 40,609,268 52.23Investment (Class A Units) - SingaporeOther net liabilities (47,087) (0.06)77,747,660 100.00Top 10 Holdings of Underlying Fund Market Value % of Netas at 31 December 2011 ^ S$ AssetsLionGlobal Asia Pacific FundSamsung Electronics Company Limited 2,707,986 3.95BHP Billiton Limited 2,517,599 3.67Commonwealth Bank Of Australia 2,250,052 3.28Taiwan Semiconductor Manufacturing 2,204,703 3.22Company LimitedAustralia And New Zealand Banking Group 2,130,476 3.11LimitedChina Construction Bank H Shares 2,054,279 3.00Oil Search Limited 2,008,212 2.93China Minsheng Banking Company Limited 1,661,328 2.42H SharesWesfarmers Limited 1,551,804 2.26Woolworths Limited 1,472,979 2.15LionGlobal Singapore Fixed Income Investment (Class A Units)Government of Singapore 3.25% due 18,582,009 7.8901/09/2020Government of Singapore 2.5% due 14,299,021 6.0701/06/2019Government of Singapore 3.5% due 01/03/2027 11,481,099 4.88Government of Singapore 3.125% due 9,597,791 4.0801/09/2022Government of Singapore 2.25% due 8,436,653 3.5801/06/2021Government of Singapore 3% due 01/09/2024 8,261,369 3.51Sembcorp Financial Services MTN 5% due 3,989,831 1.6921/04/2014Keppel Land Limited Convertible 2.5% due 3,581,928 1.5223/06/2013DBS Capital Funding II Var Perpetual due 3,532,403 1.5015/06/2018SP PowerAssets Limited EMTN 4.19% due18/08/20153,256,531 1.38Allocation By Country ^ Market Value % of Net(Underlying Fund) S$ AssetsLionGlobal Asia Pacific FundAustralia 15,803,847 23.05China 11,200,967 16.34South Korea 10,969,959 16.00Hong Kong 8,504,346 12.40Taiwan 6,998,615 10.21India 3,989,780 5.82Singapore 3,627,070 5.29Indonesia 2,633,355 3.84Thailand 2,374,677 3.46Malaysia 2,043,618 2.98Others** 421,341 0.61Total 68,567,575 100.00Top 10 Holdings of Underlying Fund Market Value % of Netas at 31 December 2010 ^ S$ AssetsLionGlobal Asia Pacific FundChina Construction Bank H Shr 2,833,727 3.09Kb Financial Group 2,797,115 3.05BHP Billiton Ltd Ord 2,604,004 2.84Australia And Nz Banking Group Ltd 2,552,750 2.78Commonwealth Bank Of Australia 2,373,452 2.59Hon Hai Precision Industry 2,107,453 2.30Newcrest Mining Ltd 1,950,063 2.12Rio Tinto Ltd 1,888,675 2.06Samsung Electronics Co Ltd 1,852,311 2.02Tata Motors Ltd 1,792,112 1.95LionGlobal Singapore Fixed Income Investment (Class A Units)Government of Singapore 3.25% due 8,789,070 5.8701/09/2020Government of Singapore 3.5% due8,228,580 5.5001/03/2027Government of Singapore 3.125% due 6,623,739 4.4301/09/2022Government of Singapore 2.5% due6,515,278 4.3501/06/2019Sembcorp Financial Services MTN 5% due 4,073,619 2.7221/04/2014SP PowerAssets Limited EMTN 4.19% due 2,979,023 1.9918/08/2015SK Telecom Company Limited 4.25% due 2,639,310 1.7601/04/2013Singapore Post Limited 3.13% due2,599,530 1.7411/04/2013HSBC Capital Funding Var Perpetual 2,568,215 1.72Singapore Press Holdings Limited MTN2.81% due 02/03/20152,552,589 1.71Allocation By Industry ^ Market Value % of Net(Underlying Fund) S$ AssetsLionGlobal Asia Pacific FundFinancial 22,843,870 33.32Technology 9,115,338 13.29Basic Materials 7,796,382 11.37Consumer, Non-cyclical 7,055,970 10.29Energy 5,198,290 7.58Consumer, Cyclical 4,566,740 6.66Industrial 4,368,351 6.37Communications 4,269,356 6.23Utilities 1,772,567 2.59Funds 1,159,370 1.69Others** 421,341 0.61Total 68,567,575 100.00Funds Information** Includes any other countries and net current assets.** Includes any other industries and net current assets.99

GREATLINK LION ASIAN BALANCED FUND report as at 31 December 2011Allocation By Country ^ Market Value % of Net(Underlying Fund) S$ AssetsLionGlobal Singapore Fixed IncomeInvestment (Class A Units)Singapore 167,210,362 71.02Hong Kong 8,845,340 3.76Malaysia 4,513,710 1.92United States of America 4,310,298 1.83Great Britain 3,054,870 1.30South Korea 1,909,227 0.81India 1,766,683 0.75Russia 1,249,681 0.53China 997,626 0.42Taiwan 994,375 0.42Australia 647,334 0.27Accrued interest receivable on debt securities 1,454,253 0.62Others** 38,503,573 16.35Total 235,457,332 100.00Allocation By Industry ^ Market Value % of Net(Underlying Fund) S$ AssetsLionGlobal Singapore Fixed IncomeInvestment (Class A Units)Financial 92,397,817 39.24Sovereign 73,837,919 31.36Industrial 16,473,825 7.00Utilities 4,810,808 2.04Consumer, Cyclical 4,446,973 1.89Technology 1,747,973 0.74Communications 1,602,057 0.68Consumer, Non-cyclical 182,134 0.08Accrued interest receivable on debt securities 1,454,253 0.62Others** 38,503,573 16.35Total 235,457,332 100.00** Includes any other industries and net current assets.** Includes any other countries and net current assets.Allocation By Asset Class ^ Market Value % of Net(Underlying Fund) S$ AssetsLionGlobal Asia Pacific FundEquities 68,146,234 99.39Cash and cash equivalents 421,341 0.61Total 68,567,575 100.00LionGlobal Singapore Fixed Income Investment (Class A Units)Debt Securities (including accrued interest 196,953,759 83.65on debt securities)Cash and cash equivalents 38,503,573 16.35Total 235,457,332 100.00Funds InformationCredit Rating of Debt Securities ^ Market Value % of Net(Underlying Fund) S$ AssetsLionGlobal Singapore Fixed Income Investment (Class A Units)A1 8,021,011 3.41A2 2,463,110 1.05A3 8,412,057 3.57Aa1 1,650,423 0.70Aa2 7,629,188 3.24Aa3 3,256,531 1.38Aaa 67,472,300 28.66Baa1 3,294,990 1.40Baa2 500,680 0.21Not rated 92,799,216 39.41Accrued interest receivable on debt securities 1,454,253 0.62196,953,759 83.65100

GREATLINK LION ASIAN BALANCED FUND report as at 31 December 2011Expense/Turnover RatiosExpense RatioTurnover Ratio31 December 2011 31 December 2010 31 December 2011 31 December 2010GreatLink Lion Asian Balanced Fund * 1.43% 1.38% 53.50% 64.50%Underlying Fund - LionGlobal Asia Pacific 1.77% 1.69% 73.00% 92.00%Fund # ^Underlying Fund - LionGlobal SingaporeFixed Income Investment (Class A Units) # ^0.66% 0.59% 34.00% 37.00%Note: The expense ratio does not include (where applicable) charges for insurance coverage, brokerage and other transaction costs, performance fees, foreign exchange gains orlosses, front or back end loads arising from the purchase or sale of collective investment schemes, tax deducted at source or arising out of income received, dividend and otherdistributions paid to unit holders and is calculated for the preceding 12 months.* The expense and turnover ratios of the two underlying funds based on 50% of investments into each underlying fund are included to compute the final ratio.#The expense and turnover ratios of the underlying fund - LionGlobal Singapore Fixed Income Investment (Class A Units) are computed for period from 1 July 2011 to 31December 2011. The ratios for period 1 January 2011 to 31 December 2011 are not available. The expense and turnover ratios of the two underlying funds are based onunaudited draft accounts.Exposure to Derivatives ^ Market Value % of Net(Underlying Fund) S$ AssetsLionGlobal Asia Pacific Fundi) Market value of derivative contracts - 0.00ii) Net gain on derivative realised 39,565iii) Net gain on outstanding derivatives -LionGlobal Singapore Fixed Income Investment Class Ai) Market value of derivative contractsForward foreign exchange contract 30,484 0.01ii) Net gain on derivative realised 463,634iii) Net gain on outstanding derivatives 30,484BorrowingsNot applicable.Total amount of Subscriptions and Redemptions for the year ended 31 December 2011S$Subscriptions 12,492,101Redemptions 7,903,975Related-Party TransactionsThe GreatLink Lion Asian Balanced Fund invests 47.83% and 52.23% of its net assets value in LionGlobal Asia Pacific Fund and LionGlobal SingaporeFixed Income Investment (Class A Units) respectively. These underlying funds are managed by Lion Global Investors Limited, a related company of TheGreat Eastern Life Assurance Company Limited.Any material information that will adversely impact the valuation of the fundNil.^ Source: Lion Global Investors LtdFunds Information101

Funds InformationGREATLINK LION VIETNAM FUND report as at 31 December 2011Investments in Collective InvestmentSchemesMarket ValueS$% of NetAssetsUnit TrustLionGlobal Vietnam Fund - Singapore 5,362,846 100.00Top 10 Holdings of Underlying Fund Market Value % of Netas at 31 December 2011 ^ S$ AssetsMasan Group Corporation 5,064,433 11.83Vincom JSC 4,771,847 11.15Baoviet Holdings 3,135,644 7.33FPT Corporation 2,775,949 6.49JSC Bank For Foreign Trade Of Vietnam 2,429,992 5.68Sacombank 2,248,046 5.25Vietnam Joint Stock Commercial Bank For 2,095,008 4.90Industry And TradePetrovietnam Drilling And Well Services JSC 2,055,620 4.80Petrovietnam Fertilizer & Chemicals 1,834,312 4.29Hoa Phat Group JSC 1,415,536 3.31Allocation By Country ^ Market Value % of Net(Underlying Fund) S$ AssetsVietnam 40,699,696 95.10Others** 2,097,881 4.90Total 42,797,577 100.00** Includes any other countries and net current assets.Allocation By Asset Class ^ Market Value % of Net(Underlying Fund) S$ AssetsEquities 40,699,696 95.10Cash and cash equivalents 2,097,881 4.90Total 42,797,577 100.00Credit Rating of Debt Securities ^ Market Value % of Net(Underlying Fund) S$ AssetsNot applicable.Top 10 Holdings of Underlying Fund Market Value % of Netas at 31 December 2010 ^ S$ AssetsVincom Joint Stock Company 5,029,121 8.20Hagl Joint Stock Company 3,352,534 5.46Saigon Securities Inc 2,890,377 4.71Petrovietnam Drilling & Well 2,880,288 4.69Viet Nam Dairy Product Company 2,825,261 4.60Petrovietnam Fertilizer & Chemical Joint 2,496,757 4.07Stock CompanySong Da Urb & Ind Z 2,091,978 3.41Hoa Phat Group JSC 2,003,570 3.26Refrigeration Elect Engin Corporation 1,960,074 3.19Saigon Thuong Tin Commercial 1,940,370 3.16Allocation By Industry ^ Market Value % of Net(Underlying Fund) S$ AssetsFinancial 16,768,508 39.18Consumer, Non-cyclical 10,377,721 24.25Industrial 4,611,054 10.77Basic Materials 3,513,418 8.21Communications 2,775,949 6.49Energy 2,055,620 4.80Utilities 455,901 1.07Consumer, Cyclical 141,525 0.33Others** 2,097,881 4.90Total 42,797,577 100.00** Includes any other industries and net current assets.102

Funds InformationGREATLINK LION VIETNAM FUND report as at 31 December 2011Expense/Turnover RatiosExpense RatioTurnover Ratio31 December 2011 31 December 2010 31 December 2011 31 December 2010GreatLink Lion Vietnam Fund * 2.10% 1.90% 68.00% 66.00%Underlying Fund # ^ 2.10% 1.90% 68.00% 66.00%Note: The expense ratio does not include (where applicable) charges for insurance coverage, brokerage and other transaction costs, performance fees, foreign exchange gains orlosses, front or back end loads arising from the purchase or sale of collective investment schemes, tax deducted at source or arising out of income received, dividend and otherdistributions paid to unit holders and is calculated for the preceding 12 months.* The expense ratio of the underlying fund is included to compute the final ratio.#The expense and turnover ratios of the underlying fund are based on audited accounts.Exposure to Derivatives ^(Underlying Fund)Not applicable.BorrowingsNot applicable.Total amount of Subscriptions and Redemptions for the year ended 31 December 2011S$Subscriptions 3,664,103Redemptions 455,114Related-Party TransactionsThe GreatLink Lion Vietnam Fund invests 100% of its net assets value in LionGlobal Vietnam Fund, which is managed by Lion Global Investors Limited, arelated company of The Great Eastern Life Assurance Company Limited.Any material information that will adversely impact the valuation of the fundNil.^ Source: Lion Global Investors Ltd103

GREATLINK CHOICE (AUG 2013) FUND report as at 31 December 2011Top 10 HoldingsMarket Value % of Netas at 31 December 2011S$AssetsSignum Platinum I Ltd 0.000 31/08/2013 236,477 96.99Allocation by Country Market Value % of NetS$ AssetsSingapore 236,477 96.99Others** 7,338 3.01Total 243,815 100.00** Includes any other countries and net current assets.Allocation By Asset Class Market Value % of NetS$ AssetsStructured Products 236,477 96.99Cash and cash equivalents 7,338 3.01Total 243,815 100.00Top 10 HoldingsMarket Value % of Netas at 31 December 2010S$AssetsSignum Platinum I Ltd 0.000 31/08/2013 325,037 97.79Allocation By Industry Market Value % of NetS$ AssetsFinancial Intermediaries 236,477 96.99Others** 7,338 3.01Total 243,815 100.00** Includes any other industries and net current assets.Market Value % of NetCredit Rating of Debt Securities(by S&P or equivalent) S$ AssetsStructured ProductsAA 236,477 96.99Investments By Maturity Market Value % of NetS$ AssetsStructured ProductsUp to 5 years 236,477 96.99Expense/Turnover RatiosExpense RatioTurnover Ratio31 December 2011 31 December 2010 31 December 2011 31 December 2010GreatLink Choice (Aug 2013) Fund 1.98% 2.18% 0.00% 0.00%Note: The expense ratio does not include (where applicable) charges for insurance coverage, brokerage and other transaction costs, performance fees, foreign exchange gains orlosses, front or back end loads arising from the purchase or sale of collective investment schemes, tax deducted at source or arising out of income received, dividend and otherdistributions paid to unit holders and is calculated for the preceding 12 months.Exposure to DerivativesNot applicable.Investments in Collective Investment SchemesNot applicable.BorrowingsNot applicable.Funds InformationTotal amount of Subscriptions and Redemptions for the year ended 31 December 2011S$Subscriptions -Redemptions -Related-Party TransactionsNot applicable.Any material information that will adversely impact the valuation of the fundNil.104

GREATLINK CHOICE (DEC 2013) FUND report as at 31 December 2011Top 10 HoldingsMarket Value % of Netas at 31 December 2011S$AssetsSignum Platinum II Ltd 0.000 31/12/2013 6,954 79.91Allocation by Country Market Value % of NetS$ AssetsSingapore 6,954 79.91Others** 1,748 20.09Total 8,702 100.00** Includes any other countries and net current assets.Allocation By Asset Class Market Value % of NetS$ AssetsStructured Products 6,954 79.91Cash and cash equivalents 1,748 20.09Total 8,702 100.00Top 10 HoldingsMarket Value % of Netas at 31 December 2010S$AssetsSignum Platinum II Ltd 0.000 31/12/2013 19,713 91.85Allocation By Industry Market Value % of NetS$ AssetsFinancial Intermediaries 6,954 79.91Others** 1,748 20.09Total 8,702 100.00** Includes any other industries and net current assets.Credit Rating of Debt Securities Market Value % of Net(by S&P or equivalent) S$ AssetsStructured ProductsNot Rated 6,954 79.91Investments By Maturity Market Value % of NetS$ AssetsStructured ProductsUp to 5 years 6,954 79.91Expense/Turnover RatiosExpense RatioTurnover Ratio31 December 2011 31 December 2010 31 December 2011 31 December 2010GreatLink Choice (Dec 2013) Fund 1.73% 1.77% 0.00% 0.00%Note: The expense ratio does not include (where applicable) charges for insurance coverage, brokerage and other transaction costs, performance fees, foreign exchange gains orlosses, front or back end loads arising from the purchase or sale of collective investment schemes, tax deducted at source or arising out of income received, dividend and otherdistributions paid to unit holders and is calculated for the preceding 12 months.Exposure to DerivativesNot applicable.Investments in Collective Investment SchemesNot applicable.BorrowingsNot applicable.Total amount of Subscriptions and Redemptions for the year ended 31 December 2011S$Subscriptions -Redemptions -Related-Party TransactionsNot applicable.Any material information that will adversely impact the valuation of the fundNil.Funds Information105

SOFT DOLLAR COMMISSIONS report as at 31 December 2011Funds managed by Lion Global Investors LtdThe soft dollar commissions from various brokers for the period were utilised on research andadvisory services, economic and political analyses, portfolio analyses, market analyses, data andquotation analyses and computer hardware and software used for and in support of the investmentprocess of fund managers. Goods and services received were for the benefit of the scheme andthere was no churning of trades. These brokers also execute trades for other funds managed bythe managers. The trades are conducted on best available terms and in accordance with bestpractices.Fund managed by Alliance Bernstein (Singapore) Ltd**Although currently the Management Company does not receive or enter into soft-dollar commissions/arrangements, the Investment Manager does receive and has entered into soft-dollar commissions/arrangements with brokers relating to portfolios of the Fund that invest in equity securities, in respect ofwhich certain goods and services used to support the investment decision making process were received.The soft commission arrangements were entered into on the basis that the execution of transactionson behalf of the Fund will be consistent with best execution standards and brokerage rates willnot be in excess of customary institutional full-service brokerage rates. The goods and servicesreceived include specialist industry, company and consumer research, portfolio and market analysisand computer software used for the delivery of such services. The nature of the goods and servicesreceived is such that the benefits provided under the arrangement must be those which assistin the provision of investment services to the Fund and may contribute to an improvement in theFund’s performance. For the avoidance of doubt, such goods and services do not include travel,accommodations, entertainment, general administrative goods or services, general office equipmentor premises, membership fees, employees’ salaries or direct money payments.Soft Dollar Commissions** Alliance Bernstein (Singapore) Ltd has confirmed that their Investment Professionals are strictly prohibited from engaging in any portfolio ormarket manipulative practices, including, but not limited to churning of trade. The Investment Manager will not enter into unnecessary tradesin order to qualify for soft-dollar commissions/arrangements.Fund managed by Deutsche Asset Management (Asia) LtdSoft dollar commissions are benefits accorded to Manager by their brokers, usually in the form ofresearch, advisory, analysis and data services, computer hardware or software used for and/or insupport of the investment process.The Manager’s policy on soft dollar commissions is as follows:- the goods and services received would assist in the provision of investment advice or relatedservices to the unit trust;- transactions are executed on the best available terms; and- the Manager does not engage in unnecessary trades in order to qualify for soft dollarcommissions.During the year, soft dollar services received were:-(A) Investment Research Services and Publications — Broker research from Macquaries, JP Morgan,106

SOFT DOLLAR COMMISSIONS report as at 31 December 2011Deutsche Bank, Credit Suisse, Citigroup Global Markets, Merrill Lynch Equities, CLSA.(B) Market and Corporate Data Services — Bloomberg, Factset, Thomson Financial.Soft dollar commissions were received from the Manager’s panel of soft dollar brokers whichexecuted transactions for the unit trust and other funds managed by the Managers.Soft dollar commission received from brokers which executed transactions for the unit trust for theyear ended 31 December 2011: NIL.All “soft” commission information provided herein is based upon our calculations using data fromthird party service providers and brokers and is subject to change, dependent on future informationprovided by such parties. Although the information in this report was compiled from sources believedto be reliable, no liability for any error or omission is accepted by Deutsche Asset Management(Asia) Limited (“DeAM”), or its affiliates or any of their directors or employees. The informationand determinations contained herein may also change. To the extent permitted by applicable law,none of DeAM or its affiliates, or any officer or employee of DeAM or its affiliates, accepts anyliability whatsoever for any direct or consequential loss arising from any use of this statement or itscontents, including for negligence.Fund managed by Schroders Investment Management (Singapore) LtdEach Investment Manager may enter into soft commission arrangements only where there is a directand identifiable benefit to the clients of the Investment Manager, including the Sub-Fund, and wherethe Investment Manager is satisfied that the transactions generating the soft commissions are madein good faith, in strict compliance with applicable regulatory requirements and in the best interestsof the relevant Sub-Fund. Any such arrangements must be made by the Investment Manager onterms commensurate with best market practice.Fund managed by Capital International, Inc.NIL.Fund managed by Aberdeen Asset Management Asia LtdNIL.Fund managed by Goldman Sachs (Singapore) Pte LtdNIL.Soft Dollar Commissions107

CAPITAL ACCOUNT for the year ended 31 December 2011GreatLink CashFundGreatLinkASEAN GrowthFundGreatLinkEnhancer FundGreatLinkGlobal SupremeFundGreatLink PanAsia FundGreatLinkEuropeanEquity FundValue of Fund as at1 January 2011Amount paid to the Fundfor creation of unitsAmount paid by the Fundfor redemption of unitsNet cash into/(out of) theFundS$ S$ S$ S$ S$ S$107,695,299 351,621,776 544,266,328 349,648,348 27,509,720 17,997,20368,374,855 49,796,980 33,403,431 3,294,535 988,139 552,411(44,391,405) (38,244,880) (32,244,232) (21,746,422) (2,806,038) (2,880,587)23,983,450 11,552,100 1,159,199 (18,451,887) (1,817,899) (2,328,176)Investment IncomeInterest 1,579,051 4,955 3,009 6,770,454 - -Dividends - 11,332,777 12,299,796 4,428,536 562,023 -Other income - 8,168 433,562 149,059 7,965 24,2291,579,051 11,345,900 12,736,367 11,348,049 569,988 24,229Fund ExpensesManagement fees (344,729) (5,268,998) (7,380,967) (4,732,224) (356,239) -Custody fees (13,442) (41,784) (58,510) (65,275) (3,254) -Other expenses - (4,987) (4,226) (2,997) (5,337) (2,875)(358,171) (5,315,769) (7,443,703) (4,800,496) (364,830) (2,875)Net income/(loss) 1,220,880 6,030,131 5,292,664 6,547,553 205,158 21,354Net gains/(losses) oninvestmentsRealised gains/(losses) frominvestments sold(3,034,497) 5,266,737 (10,078,821) (4,528,295) (2,351,371) -Unrealised appreciation/(depreciation) in value ofinvestments2,010,153 (45,367,402) (111,684,345) 8,705,880 (2,867,032) (2,300,244)Capital AccountNet gains/(losses) on foreignexchangeNet gains/(losses) in fairvalue on derivatives15,244 (98,505) (150,886) 654,060 (14,854) -40,749 (199,593) 146,004 1,669,684 5,007 -(968,351) (40,398,763) (121,768,048) 6,501,329 (5,228,250) (2,300,244)Less: Income Tax - (815,452) (916,993) (778,319) (33,661) -Less: Distribution - - - - - -Value of Fund as at31 December 2011131,931,278 327,989,792 428,033,150 343,467,024 20,635,068 13,390,137108

CAPITAL ACCOUNT for the year ended 31 December 2011GreatLinkGlobal EquityFundGreatLinkGlobalOptimum FundGreatLinkGlobalTechnologyFundGreatLinkGlobal GrowthTrends PortfolioGreatLinkGlobal BondFundGreatLinkGlobalOpportunitiesFundValue of Fund as at1 January 2011Amount paid to the Fundfor creation of unitsAmount paid by the Fundfor redemption of unitsNet cash into/(out of) theFundS$ S$ S$ S$ S$ S$47,240,797 41,463,780 47,893,817 15,121,429 217,867,670 85,158,5181,870,550 313,032 3,233,445 1,860,341 31,655,301 1,224,993(4,638,256) (2,646,639) (6,083,219) (2,213,408) (25,004,838) (2,131,647)(2,767,706) (2,333,607) (2,849,774) (353,067) 6,650,463 (906,654)Investment IncomeInterest 1,311 764,794 9,400 - 7,129,861 4,126Dividends 1,574,615 - 474,911 - - -Other income 31,437 - 9,990 - - 241,6091,607,363 764,794 494,301 - 7,129,861 245,735Fund ExpensesManagement fees (731,293) (427,950) (765,414) (129,126) (1,926,006) (27,108)Custody fees (6,000) (4,764) (6,710) - (26,624) (50)Other expenses - (95) - - - (37,696)(737,293) (432,809) (772,124) (129,126) (1,952,630) (64,854)Net income/(loss) 870,070 331,985 (277,823) (129,126) 5,177,231 180,881Net gains/(losses) oninvestmentsRealised gains/(losses) frominvestments sold(1,299,059) (1,210,313) 1,443,706 - (9,262,665) -Unrealised appreciation/(depreciation) in value ofinvestments(1,768,947) (114,160) (2,326,063) (1,551,598) 15,108,905 (1,146,401)Net gains/(losses) on foreignexchangeNet gains/(losses) in fairvalue on derivatives19,969 (21,109) (15,669) - 2,292,118 (36,348)(12,184) 17,777 (6,984) - 3,729,288 -(3,060,221) (1,327,805) (905,010) (1,551,598) 11,867,646 (1,182,749)Less: Income Tax (305,059) (1,108) (108,743) - - 43,964Less: Distribution - - - - - -Value of Fund as at31 December 201141,977,881 38,133,245 43,752,467 13,087,638 241,563,010 83,293,960Capital Account109

CAPITAL ACCOUNT for the year ended 31 December 2011GreatLink FarEast Ex JapanEquities FundGreatLinkSingaporeEquities FundGreatLinkGlobal EquityAlpha FundGreatLinkStable BondFundGreatLinkGlobalReal EstateSecurities FundGreatLink LionJapan GrowthFundValue of Fund as at1 January 2011Amount paid to the Fundfor creation of unitsAmount paid by the Fundfor redemption of unitsNet cash into/(out of) theFundS$ S$ S$ S$ S$ S$66,918,462 127,343,737 83,472,957 47,712,226 93,369,091 3,914,72111,112,972 23,545,573 1,241,259 22,335,682 17,901,900 1,711,512(11,599,870) (15,846,686) (2,111,247) (9,773,745) (11,467,172) (743,051)(486,898) 7,698,887 (869,988) 12,561,937 6,434,728 968,461Investment IncomeInterest - - 308 - 88,787 -Dividends 1,767,440 4,623,723 - - 719,956 -Other income - 86,790 229,564 - 2,512,287 4,3221,767,440 4,710,513 229,872 - 3,321,030 4,322Fund ExpensesManagement fees (920,094) (1,864,358) (478,019) - (1,489,649) -Custody fees (10,638) (14,776) (93) - (12,150) -Other expenses (1,400) (3,918) (6,102) - (472) -(932,132) (1,883,052) (484,214) - (1,502,271) -Net income/(loss) 835,308 2,827,461 (254,342) - 1,818,759 4,322Net gains/(losses) oninvestmentsRealised gains/(losses) frominvestments sold(1,927,179) (6,182,192) - - (1,296,141) -Unrealised appreciation/(depreciation) in value ofinvestments(12,356,691) (27,089,946) (11,174,506) 833,921 (5,636,701) (406,032)Capital AccountNet gains/(losses) on foreignexchangeNet gains/(losses) in fairvalue on derivatives(160,874) 3,875 (26,213) - 204,477 -3,732 (293) - - (65,625) -(14,441,012) (33,268,556) (11,200,719) 833,921 (6,793,990) (406,032)Less: Income Tax (181,524) - 43,667 - (533,065) -Less: Distribution - - - - (3,944,848) -Value of Fund as at31 December 201152,644,336 104,601,529 71,191,575 61,108,084 90,350,675 4,481,472110

CAPITAL ACCOUNT for the year ended 31 December 2011GreatLinkChina GrowthFundGreatLink LionIndia FundGreatLink LionGlobal FlexiFundGreatLink LionAsian BalancedFundGreatLink LionVietnam FundGreatLinkLifeStyleSecurePortfolioValue of Fund as at1 January 2011Amount paid to the Fundfor creation of unitsAmount paid by the Fundfor redemption of unitsNet cash into/(out of) theFundS$ S$ S$ S$ S$ S$199,599,246 137,944,125 6,322,163 81,547,310 4,235,149 49,924,4837,784,536 14,606,297 856,936 12,492,101 3,664,103 25,976,137(20,290,943) (16,418,012) (765,255) (7,903,975) (455,114) (21,103,032)(12,506,407) (1,811,715) 91,681 4,588,126 3,208,989 4,873,105Investment IncomeInterest - - - - - 1,011,791Dividends 5,180,484 - - - - 164,671Other income - - - - - 18,8375,180,484 - - - - 1,195,299Fund ExpensesManagement fees (2,620,293) (79,809) (5,800) (172,729) - (375,729)Custody fees (26,661) - - - - (4,451)Other expenses (810) - - - - (1,608)(2,647,764) (79,809) (5,800) (172,729) - (381,788)Net income/(loss) 2,532,720 (79,809) (5,800) (172,729) - 813,511Net gains/(losses) oninvestmentsRealised gains/(losses) frominvestments sold(8,503,148) - - - - (1,310,796)Unrealised appreciation/(depreciation) in value ofinvestments(34,204,280) (50,132,206) (713,029) (8,215,047) (2,081,292) 1,106,742Net gains/(losses) on foreignexchangeNet gains/(losses) in fairvalue on derivatives(30,394) - - - - 321,3482,392 - - - - 527,885(42,735,430) (50,132,206) (713,029) (8,215,047) (2,081,292) 645,179Less: Income Tax (626,860) - - - - (8,880)Less: Distribution - - - - - -Value of Fund as at31 December 2011146,263,269 85,920,395 5,695,015 77,747,660 5,362,846 56,247,398Capital Account111

CAPITAL ACCOUNT for the year ended 31 December 2011GreatLinkLifeStyleSteady PortfolioGreatLinkLifeStyleBalancedPortfolioGreatLinkLifeStyleProgressivePortfolioGreatLinkLifeStyleDynamicPortfolioGreatLinkChoice (Aug2013) FundGreatLinkChoice (Dec2013) FundValue of Fund as at1 January 2011Amount paid to the Fundfor creation of unitsAmount paid by the Fundfor redemption of unitsNet cash into/(out of) theFundS$ S$ S$ S$ S$ S$31,554,304 392,824,538 50,525,292 20,494,886 332,376 21,4611,335,405 6,859,256 5,597,651 1,948,452 - -(2,701,061) (18,303,865) (3,445,164) (1,767,852) - -(1,365,656) (11,444,609) 2,152,487 180,600 - -Investment IncomeInterest 467,397 4,075,237 325,058 378 25,977 348Dividends 168,413 3,124,293 568,283 272,659 - -Other income 20,107 381,536 69,325 34,001 - 1,748655,917 7,581,066 962,666 307,038 25,977 2,096Fund ExpensesManagement fees (231,568) (3,077,711) (448,305) (174,238) (4,025) (174)Custody fees (2,432) (28,106) (3,566) (1,135) - -Other expenses (1,740) (32,590) (5,880) (2,880) - -(235,740) (3,138,407) (457,751) (178,253) (4,025) (174)Net income/(loss) 420,177 4,442,659 504,915 128,785 21,952 1,922Net gains/(losses) oninvestmentsRealised gains/(losses) frominvestments sold(601,816) (5,375,786) (447,040) (18,585) - -Unrealised appreciation/(depreciation) in value ofinvestments(347,741) (18,097,971) (4,173,887) (2,408,674) (88,561) (12,759)Capital AccountNet gains/(losses) on foreignexchangeNet gains/(losses) in fairvalue on derivatives146,126 1,232,444 90,397 (6,742) - -243,066 2,109,618 166,262 (1,466) - -(560,365) (20,131,695) (4,364,268) (2,435,467) (88,561) (12,759)Less: Income Tax (8,915) (165,074) (30,108) (14,352) - -Less: Distribution - - - - (21,952) (1,922)Value of Fund as at31 December 201130,039,545 365,525,819 48,788,318 18,354,452 243,815 8,702112

STATEMENT OF ASSETS AND LIABILITIES as at 31 December 2011GreatLinkCash FundGreatLinkASEAN GrowthFundGreatLinkEnhancer FundGreatLinkGlobalSupreme FundGreatLink PanAsia FundGreatLinkEuropeanEquity FundS$ S$ S$ S$ S$ S$INVESTMENT PORTFOLIOEquities - 317,760,557 423,697,598 157,237,935 20,546,773 13,385,032Fixed income securities 38,423,442 - - 189,418,932 - -Structured products - - - - - -Value of Investments 38,423,442 317,760,557 423,697,598 346,656,867 20,546,773 13,385,032CURRENT ASSETSFixed deposits 77,850,527 5,800,897 - 1,456,678 - -Cash at bank 3,967,114 5,555,286 5,958,420 6,924,604 171,188 -Short term instruments 3,999,000 - - 1,815,310 - -Accrued interest 349,679 48 - 1,703,456 - -Dividend receivable - 207,808 58,072 322,235 7,938 -Due from brokers 354,388 1,635,506 - 5,792,956 - -Financial derivatives at fairvalue35,637 - - 1,074,687 - -Embedded derivatives atfair value7,384,329 - - - - -Other assets - - - - - 5,105Total Assets 132,364,116 330,960,102 429,714,090 365,746,793 20,725,899 13,390,137CURRENT LIABILITIESDue to brokers - 1,746,744 44,632 17,798,783 12,787 -Financial derivativesat fair value315,173 - - 2,079,389 - -Other liabilities 117,665 1,223,566 1,636,308 2,401,597 78,044 -Value of fund as at31 December 2011131,931,278 327,989,792 428,033,150 343,467,024 20,635,068 13,390,137Units in issue 107,017,478 140,757,186 235,821,319 286,625,916 28,086,217 22,587,161Net Asset Valueper Unit1.233 2.330 1.815 1.198 0.735 0.593Assets and Liabilities113

STATEMENT OF ASSETS AND LIABILITIES as at 31 December 2011GreatLinkGlobal EquityFundGreatLinkGlobalOptimum FundGreatLinkGlobalTechnologyFundGreatLinkGlobal GrowthTrendsPortfolioGreatLinkGlobal BondFundGreatLinkGlobalOpportunitiesFundS$ S$ S$ S$ S$ S$INVESTMENT PORTFOLIOEquities 41,086,472 14,203,571 43,954,015 13,117,218 - 83,314,168Fixed income securities - 23,355,019 - - 241,390,183 -Structured products - - - - - -Value of Investments 41,086,472 37,558,590 43,954,015 13,117,218 241,390,183 83,314,168CURRENT ASSETSFixed deposits 38,461 - - - 550,575 -Cash at bank 1,075,326 669,449 203,696 - 1,430,683 484Short term instruments - - - - 19,320,067 -Accrued interest - 209,032 - - 2,061,897 -Dividend receivable 115,278 4,505 12,021 - - 50,445Due from brokers - - 30,337 - 8,897,737 -Financial derivatives at fairvalue23,542 9,182 494 - 2,067,722 -Embedded derivatives atfair value- - - - - -Other assets - - - - - -Total Assets 42,339,079 38,450,758 44,200,563 13,117,218 275,718,864 83,365,097CURRENT LIABILITIESAssets and LiabilitiesDue to brokers 26,977 64,355 94,297 - 31,412,770 -Financial derivativesat fair value- 25,471 16 - 1,750,334 -Other liabilities 334,221 227,687 353,783 29,580 992,750 71,137Value of fund as at31 December 201141,977,881 38,133,245 43,752,467 13,087,638 241,563,010 83,293,960Units in issue 80,371,469 40,262,030 118,397,852 17,533,400 170,457,025 104,433,201Net Asset Valueper Unit0.522 0.947 0.370 0.746 1.417 0.798114

STATEMENT OF ASSETS AND LIABILITIES as at 31 December 2011INVESTMENT PORTFOLIOGreatLink FarEast Ex JapanEquities FundGreatLinkSingaporeEquities FundGreatLinkGlobal EquityAlpha FundGreatLinkStable BondFundGreatLinkGlobalReal EstateSecuritiesFundGreatLink LionJapan GrowthFundS$ S$ S$ S$ S$ S$Equities 51,625,129 101,713,352 71,297,132 - 88,783,288 4,480,363Fixed income securities - - - 61,108,084 - -Structured products - - - - - -Value of Investments 51,625,129 101,713,352 71,297,132 61,108,084 88,783,288 4,480,363CURRENT ASSETSFixed deposits - 398 - - - -Cash at bank 2,151,007 4,128,915 34,864 - 540,961 -Short term instruments - - - - 833,942 -Accrued interest - - - - - -Dividend receivable 7,412 240,435 23,447 - 376,019 -Due from brokers - - - - 409,393 -Financial derivatives at fairvalue- - - - - -Embedded derivatives atfair value- 1,755 - - - -Other assets - - - - - 1,109Total Assets 53,783,548 106,084,855 71,355,443 61,108,084 90,943,603 4,481,472CURRENT LIABILITIESDue to brokers 941,085 1,073,399 - - - -Financial derivativesat fair value- - - - 6,142 -Other liabilities 198,127 409,927 163,868 - 586,786 -Value of fund as at31 December 201152,644,336 104,601,529 71,191,575 61,108,084 90,350,675 4,481,472Units in issue 33,632,165 64,639,921 116,626,752 50,511,771 135,304,133 8,084,444Net Asset Valueper Unit1.565 1.618 0.610 1.210 0.668 0.554Assets and Liabilities115

STATEMENT OF ASSETS AND LIABILITIES as at 31 December 2011GreatLinkChina GrowthFundGreatLinkLion IndiaFundGreatLinkLion GlobalFlexi FundGreatLink LionAsian BalancedFundGreatLink LionVietnam FundGreatLinkLifeStyleSecurePortfolioS$ S$ S$ S$ S$ S$INVESTMENT PORTFOLIOEquities 143,985,496 85,936,907 5,696,358 37,185,479 5,362,846 10,474,755Fixed income securities - - - 40,609,268 - 45,635,343Structured products - - - - - -Value of Investments 143,985,496 85,936,907 5,696,358 77,794,747 5,362,846 56,110,098CURRENT ASSETSFixed deposits - - - - - 133,247Cash at bank 2,827,793 - - - - 284,652Short term instruments - - - - - 2,741,104Accrued interest - - - - - 292,540Dividend receivable 109,451 - - - - 4,857Due from brokers - - - - - 1,277,942Financial derivatives at fairvalue- - - - - 293,365Embedded derivatives atfair value- - - - - -Other assets - - - - - -Total Assets 146,922,740 85,936,907 5,696,358 77,794,747 5,362,846 61,137,805CURRENT LIABILITIESAssets and LiabilitiesDue to brokers 105,087 - - - - 4,473,608Financial derivativesat fair value- - - - - 248,335Other liabilities 554,384 16,512 1,343 47,087 - 168,464Value of fund as at31 December 2011146,263,269 85,920,395 5,695,015 77,747,660 5,362,846 56,247,398Units in issue 177,048,539 111,621,798 7,649,225 87,318,149 15,661,228 40,476,858Net Asset Valueper Unit0.826 0.770 0.745 0.890 0.342 1.390116

STATEMENT OF ASSETS AND LIABILITIES as at 31 December 2011GreatLinkLifeStyleSteadyPortfolioGreatLinkLifeStyleBalancedPortfolioGreatLinkLifeStyleProgressivePortfolioGreatLinkLifeStyleDynamicPortfolioGreatLinkChoice (Aug2013) FundGreatLinkChoice (Dec2013) FundS$ S$ S$ S$ S$ S$INVESTMENT PORTFOLIOEquities 10,998,900 206,141,418 37,429,142 18,178,594 - -Fixed income securities 18,913,473 157,215,412 10,978,945 - - -Structured products - - - - 236,477 6,954Value of Investments 29,912,373 363,356,830 48,408,087 18,178,594 236,477 6,954CURRENT ASSETSFixed deposits 93,114 1,300,120 200,391 81,650 - -Cash at bank 177,325 2,366,926 346,960 135,257 - 1,922Short term instruments 1,265,897 11,031,163 878,718 - - -Accrued interest 135,101 1,177,288 93,781 - 7,338 -Dividend receivable 5,135 93,899 16,908 8,141 - -Due from brokers 599,083 5,358,259 454,126 23,020 - -Financial derivatives at fairvalue135,482 1,180,606 94,044 - - -Embedded derivatives atfair value- - - - - -Other assets - - - - - -Total Assets 32,323,510 385,865,091 50,493,015 18,426,662 243,815 8,876CURRENT LIABILITIESDue to brokers 2,075,622 18,236,901 1,482,340 24,997 - -Financial derivativesat fair value114,686 999,387 79,609 - - -Other liabilities 93,657 1,102,984 142,748 47,213 - 174Value of fund as at31 December 201130,039,545 365,525,819 48,788,318 18,354,452 243,815 8,702Units in issue 24,105,020 303,545,931 42,434,645 19,662,615 448,000 38,000Net Asset Valueper Unit1.246 1.204 1.150 0.933 0.544 0.229Assets and Liabilities117

NOTES TO THE ACCOUNTSNotes to the Accounts1 GENERALThe GreatLink Funds comprise:Direct FundsGreatLink Cash FundGreatLink ASEAN Growth FundGreatLink Enhancer FundGreatLink Global Supreme FundGreatLink Pan Asia FundGreatLink Global Equity FundGreatLink Global Optimum FundGreatLink Global Technology FundGreatLink Global Bond FundGreatLink Far East Ex Japan Equities FundGreatLink Singapore Equities FundGreatLink Global Real Estate Securities FundGreatLink Choice (Aug 2013) FundGreatLink Choice (Dec 2013) FundGreatLink China Growth FundFeeder FundsGreatLink European Equity FundGreatLink Global Growth Trends PortfolioGreatLink Global Opportunities FundGreatLink Global Equity Alpha FundGreatLink Stable Bond FundGreatLink Lion Japan Growth FundGreatLink Lion India FundGreatLink Lion Global Flexi FundGreatLink Lion Asian Balanced FundGreatLink Lion Vietnam FundFund of Funds (LifeStyle Portfolios) ^GreatLink LifeStyle Secure PortfolioGreatLink LifeStyle Steady PortfolioGreatLink LifeStyle Balanced PortfolioGreatLink LifeStyle Progressive PortfolioGreatLink LifeStyle Dynamic Portfolio^ The LifeStyle Portfolios invest in existing GreatLink Funds, namely GreatLink Global Bond Fund, GreatLink GlobalOpportunities Fund, GreatLink Global Equity Alpha Fund, GreatLink ASEAN Growth Fund, GreatLink Enhancer Fundand GreatLink Stable Bond Fund.2 SIGNIFICANT ACCOUNTING POLICIESa. Basis of accountingThe financial statements are expressed in Singapore dollars, and are prepared in accordance with the historical costconvention, except for investments and derivatives which are carried at fair value.b. Recognition of income and expensesDividend income is recognised when the shareholders’ right to receive payment is established. Interest income isrecognised using the effective interest method.Expenses are recognised on an accrual basis.118

NOTES TO THE ACCOUNTSc. InvestmentsAll purchases of investments are recognised on their trade dates, i.e., the date the commitment exists to purchase theinvestments. The investments are initially recorded at fair value (or cost representing fair value on trade date) whichwould include transaction costs directly attributable to the acquisition of the investments. After initial recognition, theunrealised gains or losses on remeasurement to fair value are taken to the Capital Account. Fair value is determinedby using open market valuation at the year-end date. The closing price has been adopted for all investments except forquoted equity investments. For equity investments traded on exchanges, fair value is derived from the last traded priceon the respective exchange.Certain investments have been valued using valuation techniques based on assumptions that are supported by pricesfrom observable current market transactions. The valuation of these investments have either been provided by brokersor counterparties or valued using internal models.d. Realised gains/losses from sale of investmentsAll sales of investments are recognised on their trade dates i.e., the date the fund commits to sell the investments.Realised gains/losses from sale of investments are taken to the Capital Account.e. Foreign currency transactionsForeign currency transactions are translated into Singapore dollars at exchange rates prevailing at the transactiondates and foreign currency monetary assets and liabilities are translated at the approximate rates ruling at year end.Differences on exchange are included in the Capital Account.f. Derivative financial instrumentsAll derivatives including embedded derivatives are carried at fair value. All fair value changes on derivatives are takento the Capital Account. The closing price has been adopted for the valuation of derivatives.3 DERIVATIVESThe GreatLink Funds enter into derivative contracts for the purposes of hedging foreign currency and interest riskexposures, and efficient portfolio management. The derivative contracts traded include forward foreign exchangecontracts and futures.NotionalAmountFair ValueAssetFair Value(Liability)S$ S$ S$Forward foreign exchange contractsGreatLink Cash Fund 11,944,597 35,637 (315,173)GreatLink Global Supreme Fund 138,439,224 996,529 (2,079,389)GreatLink Global Optimum Fund 2,120,298 9,182 (25,471)GreatLink Global Technology Fund 87,793 494 (16)GreatLink Global Bond Fund 249,803,376 1,319,151 (1,750,334)GreatLink Global Real Estate SecuritiesFund371,645 - (6,142)Futures purchasedGreatLink Global Supreme Fund 3,500,955 78,158 -GreatLink Global Equity Fund 12 23,542 -GreatLink Global Bond Fund 7,390,990 748,571 -4 MANAGEMENT FEESManagement fees are payable to The Great Eastern Life Assurance Company Limited and its related company, LionGlobal Investors Limited.5 DISTRIBUTION TO POLICY HOLDERSGreatLink Real Estate Global Securities Fund, GreatLink Choice (Aug 2013) Fund and GreatLink Choice (Dec 2013) Fundhave made distributions of $3,944,848, $21,952 and $1,922 respectively to policy holders during the financial year.No other sub-fund made any distribution to policy holders for the year ended 31 December 2011.Notes to the Accounts119

Notes to the Accounts120INDEPENDENT AUDITORS’ REPORTREPORT TO THE BOARD OF DIRECTORS OFTHE GREAT EASTERN LIFE ASSURANCE COMPANY LIMITEDWe have audited the accompanying financial statements of the GreatLink Funds of The Great EasternLife Assurance Company Limited (“GreatLink Funds”), set out on pages 108 to 119, which comprisethe Statement of Assets and Liabilities as at 31 December 2011 and the Capital Account for the yearthen ended, and a summary of significant accounting policies and other explanatory information.MANAGEMENT’S RESPONSIBILITY FOR THE FINANCIAL STATEMENTSManagement is responsible for the preparation and fair presentation of these financial statementsin accordance with the stated accounting policies, and for devising and maintaining a system ofinternal accounting controls sufficient to provide a reasonable assurance that assets are safeguardedagainst loss from unauthorised use or disposition; and transactions are properly authorised andthat they are recorded as necessary to permit the preparation of true and fair Capital Account andStatement of Assets and Liabilities and to maintain accountability of assets.AUDITORS’ RESPONSIBILITYOur responsibility is to express an opinion on these financial statements based on our audit. Weconducted our audit in accordance with Singapore Standards of Auditing. Those standards requirethat we comply with ethical requirements and plan and perform the audit to obtain reasonableassurance whether the financial statements are free from material misstatement.An audit involves performing procedures to obtain audit evidence about the amounts and disclosuresin the financial statements. The procedures selected depend on the auditor’s judgment, including theassessment of the risk of material misstatement of the financial statements, whether due to fraud orerror. In making those risk assessments, the auditor considers internal control relevant to the entity’spreparation and fair presentation of the financial statements in order to design audit proceduresthat are appropriate in the circumstances, but not for the purpose of expressing an opinion onthe effectiveness of the GreatLink Funds’ internal control. An audit also includes evaluating theappropriateness of accounting policies used and the reasonableness of accounting estimates madeby management, as well as evaluating the overall presentation of the financial statements.We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basisfor our audit opinion.OPINIONIn our opinion, on the basis of the stated accounting policies, the financial statements present fairly,in all material respects, the state of affairs of the GreatLink Funds as at 31 December 2011 and thecapital movements for the year ended on that date.ERNST & YOUNG LLPPublic Accountants and Certified Public AccountantsSingapore15 March 2012