CPFIS FUNDS REPORT. Semi-Annual Report For The Half Year Ended 31 December Mar 2011 Lipper, a Thomson Reuters company

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1 CPFIS FUNDS REPORT Semi-Annual Report For The Half Year Ended 31 December 2010 Mar 2011 Lipper, a Thomson Reuters company

2 TABLE OF CONTENTS Section Page 1. Introduction - Using the Simplified Report: CPFIS Funds Report 2 2. Financial Planning Process 3 3. Scatter Plot for CPFIS Unit Trusts 9 Investment-linked Insurance Products 9 4. Expense ratio graphs by Risk Category 1. Higher Risk Category Medium to High Risk Low to Medium Risk Annex A Supporting Tables 13 1

3 INTRODUCTION - REPORT USING THE SIMPLIFIED REPORT: CPFIS FUNDS In the previous issue of the CPFIS Semi-Annual Funds Report, we discussed the importance of factoring inflation in your investments and how it can be managed through three types of investment assets for long-term investing: cash, fixed income investments and stocks. In this issue, we set out the main steps involved in a financial planning process. How will this report help me? You will learn the main stages that constitute a financial planning process. Topics covered include: Financial Planning Process What should I do next? This report only serves as a simplified guide and complements our previous issues of the CPFIS Funds Report. Members are strongly encouraged to refer to the full version of the Lipper report * for more details. This guide is not designed to offer investment advice of any kind. Members who require personalised investment guidance may wish to consider engaging professional investment advisory services. * Further information can be found at and 2

4 2. Financial Planning Process Financial planning is a process of setting goals, estimating future needs, assessing financial situation and creating & implementing plans to achieve the stated goals. Careful planning can help you set priorities and work steadily towards long-term goals. It may also provide protection by helping you prepare for unexpected events such as illness or loss of income. This report gives a brief description of the main steps involved in a financial planning process. Setting Your Goals Identify the goals in life that are most important to you and your family and start to plan for them. These could involve long-term goals like buying a new house, saving for a child s future education needs and planning for retirement; and/or even shorter-term ones like paying off credit card debt or planning for next year s holidays. Whatever your goals may be, it is important that they are realistic in the context of your circumstances. Estimating Your Future Needs Having established the goals, calculate the amount of money that is required in the future for you to achieve each goal within your desired timeframe. As inflation destroys value, you must allow for its effect when calculating the cost of each of your goals (Click here for the previous CPFIS Funds Report on the Effects of Inflation) 3

5 Assessing Your Current Financial Situation This is where you assess your current net worth (difference between what you own and what you owe) and the relationship between your income and expenditure (what you earn and what you currently spend it on). These are the amounts that you have available to apply to the achievement of your goals. In general, you should spend less than you earn. If you spend more than what you earn, then you will need to think of ways to cut your costs and/or find other ways to increase your income. You should not turn to borrowing to pay for your bills, shopping, holidays and etc. 4

6 Providing For Your Protection Needs As part of a responsible approach to financial planning, you will need to look into a few key areas. They include: Establish an emergency fund instant access to cash as and when required. Ensure that there is sufficient insurance coverage in place to protect you and your loved ones against illness, accident, death etc. Make a will which dictates the distribution of your estate in the event of your death. 5

7 Creating and Implementing Your Financial Plan This is the creation and implementation stage of accumulating the amount of money to achieve your stated goals, either by regular savings and/or investments or by assigning capital that you already have to that purpose. An important aspect of the financial plan involves choosing appropriate types of savings or investment vehicle which is most suitable for you. This depends on the timeframe involved and your risk tolerance. In general, the longer the timeframe to achieve your goals, the higher the risk you are able to take in achieving your financial goals. This is because you can ride out the volatility in the market. There is usually a trade-off between risk and return such that investments with higher returns typically entail higher risks. After you have put in place your financial plan, you need to be disciplined in adhering to it. You may need to make temporary adjustments (e.g. cut down on current spending) to achieve your financial goals. 6

8 Regular Reviews Your financial plan should be reviewed regularly, preferably at least once a year (or more often if you are working towards short-term goals), to measure your progress and to make any necessary adjustments. Conclusion It s advisable to start planning how to achieve your financial goals now. Inflation can erode your savings over time and have a devastating impact on your financial goals. Thus, the earlier you put in place a financial plan and be disciplined in adhering to it, the higher the likelihood of you achieving your financial goals. As this report is only intended to give you a brief and general outline of the main steps involved in a financial plan, do consider seeking professional advice if need be. 7

9 DESCRIPTION & INTERPRETATION OF RISK/RETURN SCATTER PLOTS The scatterplots on page 9 compare the return performance of CPFIS-included unit trusts (UTs) and Investment-Linked Insurance Products (ILPs) against their risk level (i.e. volatility). Return performance is shown on the vertical axis and the funds volatility on the horizontal axis. Using the median lines (dotted in red) as dividers, four distinct quadrants are formed, representing the following: Funds with above-average return and below-average risk Funds with above-average return but above-average risk Funds with below-average return but below-average risk Funds with below-average return and above-average risk Quadrant A might be seen as the most optimal choice where the fund managers have managed to produce relatively higher returns while minimising the funds volatility. All quadrants with the exception of D are desirable depending on the investor s risk tolerance level and return requirements. Which quadrant does your CPFIS funds fall under? Refer to Annex A for a full listing. 8

10 4. SCATTER PLOT FOR CPFIS SUMMARY OF RISK-ADJUSTED PERFORMANCE Risk-Return Analysis Over the Past Three Years Risk and Return Analysis Jan 2008 to Dec 2010 CPFIS-Included Unit Trusts Annualised Monthly Return % A (25.17%) Above-average return and below -average risk C Below -average return but below -average risk B Above-average return but above-average risk D (30.61%) Below -average return and above-average risk Annualised Monthly Risk % Over the three-year period from 1 January 2008 to 31 December 2010, 25.17% of all CPFIS-included unit trusts fell into quadrant A, while 30.61% of the funds were in quadrant D Risk and Return Analysis Jan 2008 to Dec 2010 CPFIS-Included ILPs Annualised Monthly Return % A (33.90%) Above-average return and below -average risk C Below -average return but below -average risk B Above-average return but above-average risk D (35.03%) Below -average return and below -average risk Annualised Monthly Risk % In the three years from 1 January 2008 to 31 December 2010, 33.90% of the ILPs were in quadrant A, while 35.03% of the CPFIS-included ILPs were in quadrant D. * For the complete list of funds in each quadrant, please see Annex A.. 9

11 5. EXPENSE RATIO GRAPHS BY RISK CATEGORY A) Higher Risk Category CPFIS-Included Unit Trusts & Investment-linked Insurance Products Higher Risk Category - CPFIS-UTs 0 APS Alpha SGD X United Millennium III X United Global Real Estate Securities Fund X United Global Technology Fund X Templeton Korea A Acc SGD X Average Expense Ratio in Higher Risk Category DBS Shenton Thrift Infinity European Stock Index SGD Infinity US 500 Stock Index SGD Infinity Global Stock Index SGD HSBC Amanah Global Equity ZD SGD Expense Ratio (%) Higher Risk Category - CPFIS-ILPs 0 1 United LifeLink Asia Fund X Aviva Henderson European Fund (SP) X Aviva AllianceBernstein Global Growth Trends (SP) X Aviva Aberdeen Pacific Equity (SP) X Aviva LionGlobal Japan Growth Fund (SP) X Average Expense Ratio in Higher Risk Category UOB Life FOF - Unifund ALA - Asia Regional Asian Equity Aviva MM Capital Growth Fund NTUC Singapore Equity Fund 0.53 United LifeLink Global Fund Expense Ratio (%) * The expense ratios of Aviva s ILPs include all expenses and costs necessary to issue and maintain the ILPs. Unlike other ILPs, Aviva s ILPs do not charge an upfront sales charge, mortality fee, policy fee, bid-offer spread and switching fee separately from their management fee. 10

12 B) Medium to High Risk Category CPFIS-Included Unit Trusts & Investment-linked Insurance Products Medium to High Risk Category- CPFIS-UTs Expense Ratio (%) United Millennium I X United Millennium II X AllianceBernstein-Global Balanced Portfolio A SGD X Schroder Multi-Asset Revolution A * LionGlobal SGD Income Plus Average Expense Ratio in Medium to High Risk Category United GrowthPath 2030 First State Bridge PRU Asian Balanced Fund United GrowthPath 2040 United GrowthPath Medium to High Risk Category- CPFIS-ILPs Expense Ratio (%) UOB Life FOF - Millennium Trust I X 3.14 UOB Life FOF - Millennium Trust II X 2.86 Aviva Templeton Global Balanced Fund (SP) X 2.42 John Hancock Money Growth X 2.29 Aviva Income Growth Fund (SP) X 2.17 Average Expense Ratio in Medium to High Risk Category 1.61 NTUC Enhanced Fund NTUC Conservative Fund NTUC Trust Fund GE GreatLink Lifestyle Secure Portfolio NTUC Prime Fund * The expense ratios of Aviva s ILPs include all expenses and costs necessary to issue and maintain the ILPs. Unlike other ILPs, Aviva s ILPs do not charge an upfront sales charge, mortality fee, policy fee, bid-offer spread and switching fee separately from their management fee. 11

13 C) Low to Medium Risk Category CPFIS-Included Unit Trusts & Investment-linked Insurance Products Low to Medium Risk Category- CPFIS-UTs Expense Ratio (%) Schroder Asian Premium Bond X SIS International Fixed Interest Fund United GrowthPath Today PineBridge Intl Funds - Singapore Bond Legg Mason Singapore Bond A Average Expense Ratio in Low to Medium Risk Category DWS Lion Bond SGD 0.74 PRU Protected Global Titans Fund SGD 0.68 LionGlobal Singapore Fixed Income Investment A 0.63 United SGD Fund 0.59 DBS Enhanced Income SGD Low to Medium Risk Category- CPFIS-ILPs Expense Ratio (%) Aviva Legg Mason Global Bond Trust (SP) X Aviva DBS Enhanced Income (SP) X John Hancock Worldwide Bond X PruLink International Bond Fund AIA Portfolio 30 Average Expense Ratio in Low to Medium Risk Category PruLink Protected Global Titans Fund PruLink Global Bond Fund (HSBC Insurance) HSBC-Link Singapore Bond Fund GE GreatLink Stable Bond NTUC Singapore Bond Fund * The expense ratios of Aviva s ILPs include all expenses and costs necessary to issue and maintain the ILPs. Unlike other ILPs, Aviva s ILPs do not charge an upfront sales charge, mortality fee, policy fee, bid-offer spread and switching fee separately from their management fee. 1. Closed-end funds are excluded from the computation as their management fees are generally charged upfront. 2. Fixed term funds are excluded from the expense ratio rankings 3. All the expense ratios are in percentages (%). 12

14 6. ANNEX A: SUPPORTING TABLES CPFIS-Included Unit Trusts Annex A Singapore Unit Trust Sharpe Annualised Annualised Annualised Expense Ratio 12/31/ /31/ /31/2005 CPFIS Risk Lipper Ratio 1 Monthly Excess Monthly 12/31/ /31/ /31/2010 Classification 3 Global (3 Return Return 2 Risk 1-Year Fund 3-Year Fund 5-Year Fund Classification Year) SGD % SGD % SGD % Date Value Performance Performance Performance (3 Year) (3 Year) (3 Year) Quadrant A Aberdeen Malaysian Equity SGD /03/ HR Equity Malaysia DBS Enhanced Income SGD /06/ L-MR Bond SGD DWS Lion Bond SGD /06/ L-MR Bond Global DWS Premier Select Trust SGD /06/ M-HR Mixed Asset SGD Balanced First State Bridge /12/ M-HR Mixed Asset SGD Balanced Franklin Biotechnology Discovery A Acc SGD /06/ N/A HR Equity Sector Biotechnology United GrowthPath /12/ M-HR Target Maturity United GrowthPath /06/ M-HR Target Maturity United GrowthPath /06/ M-HR Target Maturity United GrowthPath /06/ M-HR Target Maturity United GrowthPath Today /06/ L-MR Target Maturity Henderson Global Balanced /06/ M-HR Mixed Asset SGD Balanced Henderson Global Bond A /06/ L-MR Bond Global Legg Mason Global Bond Trust /03/ L-MR Bond Global Legg Mason Singapore Bond A /03/ L-MR Bond SGD LionGlobal SGD Income Plus /06/ M-HR Mixed Asset Other Flexible LionGlobal Singapore Balanced SGD /06/ M-HR Mixed Asset SGD Balanced LionGlobal Singapore Fixed Income Investment A /06/ L-MR Bond SGD PineBridge Intl Funds - Singapore Bond /06/ L-MR Bond SGD PRU Asian Balanced Fund /06/ M-HR Mixed Asset SGD Balanced PRU Global Balanced Fund /06/ N/A M-HR Mixed Asset SGD Balanced PRU Protected Global Titans Fund SGD /06/ L-MR Protected Schroder Asian Premium Bond /06/ N/A L-MR Bond Asia Pacific Schroder Multi-Asset Revolution A /06/ M-HR Mixed Asset Other Flexible SIS International Fixed Interest Fund /05/ L-MR Bond Global United Global Healthcare Fund /06/ HR Equity Sector Pharma&Health United SGD Fund /06/ L-MR Bond SGD United Singapore Bond Fund /12/ L-MR Bond SGD Quadrant B Aberdeen Asian Smaller Companies SGD /03/ N/A HR Equity Asia Pacific Sm&Mid Cap Aberdeen China Opportunities SGD /03/ HR Equity China Aberdeen Global Emerging Markets SGD /03/ HR Equity Emerging Mkts Global Aberdeen Global Technology /03/ HR Equity Sector Information Tech Aberdeen India Opportunities SGD /03/ HR Equity India Aberdeen Indonesia Equity SGD /03/ HR Equity Indonesia Aberdeen Pacific Equity SGD /03/ HR Equity Asia Pacific Ex Japan Aberdeen Singapore Equity SGD /03/ HR Equity Singapore Aberdeen Thailand Equity SGD /03/ HR Equity Thailand APS Alpha SGD /06/ HR Equity Asia Pacific Ex Japan Fidelity Funds - Asian Special Sits A /04/ HR Equity Asia Pacific Ex Japan Fidelity Funds - Greater China A USD /04/ HR Equity Greater China Fidelity Funds - South East Asia A SGD /04/ N/A HR Equity Asia Pacific Ex Japan Fidelity Funds - South East Asia A USD /04/ HR Equity Asia Pacific Ex Japan First State Asian Growth SGD /12/ HR Equity Asia Pacific Ex Japan First State Dividend Advantage SGD /12/ HR Equity Asia Pacific Ex Japan First State Global Resources SGD /12/ HR Equity Sector Natural Resource First State Regional China SGD /12/ HR Equity Greater China Franklin US Opportunities A Acc SGD /06/ N/A HR Equity North America Henderson Global Technology /06/ HR Equity Sector Information Tech Legg Mason Southeast Asia Special Sits Trust /03/ HR Equity Asia Pacific Ex Japan LionGlobal Malaysia SGD /06/ HR Equity Malaysia LionGlobal Singapore Trust SGD /06/ HR Equity Singapore LionGlobal Singapore/Malaysia SGD /06/ HR Equity Malaysia/Singapore LionGlobal Thailand SGD /06/ HR Equity Thailand PineBridge Intl Funds - Acorns of Asia Balanced /06/ M-HR Mixed Asset SGD Balanced PRU Global Basics Fund SGD /06/ HR Equity Global Schroder Asian Equity Yield /06/ HR Equity Asia Pacific Ex Japan Schroder Asian Growth SGD /06/ HR Equity Asia Pacific Ex Japan Schroder Singapore Trust Class A /06/ HR Equity Singapore SGAM Singapore Dividend Growth /09/ HR Equity Singapore DBS Shenton Thrift /06/ HR Equity Singapore Templeton Asian Growth A Acc SGD /06/ N/A HR Equity Asia Pacific Ex Japan Templeton China A Acc SGD /06/ N/A HR Equity Greater China Templeton Thailand A Acc SGD /06/ N/A HR Equity Thailand United Growth Fund /12/ HR Equity Singapore 13

15 CPFIS-Included Unit Trusts Annex A Singapore Unit Trust Sharpe Annualised Annualised Annualised Expense Ratio 12/31/ /31/ /31/2005 CPFIS Risk Lipper Ratio 1 Monthly Excess Monthly 12/31/ /31/ /31/2010 Classification 3 Global (3 Return Return 2 Risk 1-Year Fund 3-Year Fund 5-Year Fund Classification Year) SGD % SGD % SGD % Date Value Performance Performance Performance (3 Year) (3 Year) (3 Year) Quadrant C Aberdeen Japan Equity /03/ HR Equity Japan AllianceBernstein-Global Balanced Portfolio A SGD /08/ M-HR Mixed Asset USD Bal - Global AllianceBernstein-Global Conservative Pf A SGD /08/ M-HR Mixed Asset USD Conservative AllianceBernstein-Global Conservative Pf A2 SGD /08/ M-HR Mixed Asset USD Conservative AllianceBernstein-Global Growth Trends Pf A SGD /08/ N/A HR Equity Global AllianceBernstein-International Health Care A SGD /11/ N/A HR Equity Sector Pharma&Health Allianz Glo Investors PF-RCM Glo High Payout SGD /06/ N/A HR Equity Global DBS Japan Growth /06/ HR Equity Japan DBS Eight Portfolio D /06/ HR Mixed Asset SGD Aggressive DBS Eight Portfolio E /06/ HR Equity Global Fidelity Funds - America A /04/ HR Equity North America Fidelity Funds - America A SGD /04/ N/A HR Equity North America DBS Horizon Global Equity SGD /06/ HR Equity Global DBS Horizon US Equity SGD /06/ HR Equity North America HSBC Amanah Global Equity ZD SGD /12/ N/A HR Equity Global HSBC Amanah Global Equity ZD USD /12/ N/A HR Equity Global Infinity Global Stock Index SGD /06/ HR Equity Global Infinity US 500 Stock Index SGD /06/ HR Equity North America LionGlobal Japan Growth SGD /06/ HR Equity Japan LionGlobal Japan SGD /06/ HR Equity Japan United Millennium I /06/ M-HR Mixed Asset SGD Balanced United Millennium II /06/ M-HR Mixed Asset SGD Balanced United Millennium III /06/ HR Mixed Asset SGD Aggressive SIS Defensive Growth Fund /05/ M-HR Mixed Asset USD Conservative SIS Growth Fund /05/ M-HR Mixed Asset USD Bal - Global SIS High Growth Fund /05/ HR Equity Global SIS International Equity /05/ HR Equity Global Templeton Global Balanced A Acc SGD /06/ N/A M-HR Mixed Asset USD Bal - Global United International Growth Fund /06/ HR Equity Global Quadrant D Aberdeen European Opportunities /03/ HR Equity Europe Aberdeen Global Opportunities /03/ HR Equity Global AllianceBernstein-Global Equity Blend Pf A SGD /08/ HR Equity Global DBS Global Property Securities SGD /06/ HR Equity Sector Real Est Global DWS China Equity A SGD /06/ HR Equity China DWS Global Themes Equity A SGD /06/ N/A HR Equity Global Fidelity Funds - China Focus A SGD /04/ N/A HR Equity China Fidelity Funds - European Growth A EUR /04/ HR Equity Europe Henderson Asia Pacific Properties Equities /06/ N/A HR Equity Sector Real Est Other Henderson European /06/ HR Equity Europe ex UK Henderson European Property Securities /06/ HR Equity Sector Real Est Europe Henderson Global Property Equities /06/ HR Equity Sector Real Est Global Henderson Pacific Dragon /06/ HR Equity Asia Pacific Ex Japan DBS Horizon European Equity SGD /06/ HR Equity Europe ex UK HSBC GIF Chinese Equity AD SGD /09/ HR Equity China HSBC GIF Indian Equity AD SGD /03/ HR Equity India Infinity European Stock Index SGD /06/ HR Equity Europe Legg Mason Asian Enterprise Trust /03/ HR Equity Asia Pacific Ex Japan Legg Mason Singapore Opportunities Trust A /03/ N/A HR Equity Singapore Legg Mason Value A Acc SGD /08/ N/A HR Equity North America LionGlobal Asia Pacific SGD /06/ HR Equity Asia Pacific Ex Japan LionGlobal China Growth SGD /06/ HR Equity Greater China LionGlobal India SGD /06/ HR Equity India PRU Dragon Peacock Fund /06/ HR Equity Emerging Mkts Far East PRU Global Technology Fund /06/ HR Equity Sector Information Tech PRU Pan European Fund /06/ HR Equity Europe Schroder BRIC /06/ N/A HR Equity Emerging Mkts Global Schroder Emerging Europe /06/ HR Equity Emerging Mkts Europe Schroder Emerging Markets /06/ HR Equity Emerging Mkts Global Schroder European Equity Alpha /12/ HR Equity Europe Schroder European Large Cap Equity /06/ HR Equity Europe Schroder Global Smaller Companies /06/ HR Equity Global Sm&Mid Cap Schroder Greater China /06/ HR Equity Greater China SIS International Property Securities Fund /05/ N/A HR Equity Sector Real Est Global Templeton Emerging Markets A Acc SGD /06/ N/A HR Equity Emerging Mkts Global Templeton European A Acc SGD /06/ N/A HR Equity Europe Templeton Global A Acc SGD /06/ N/A HR Equity Global Templeton Global Equity Income A Qdis SGD /06/ N/A HR Equity Global Income Templeton Global Smaller Companies A Acc SGD /06/ N/A HR Equity Global Sm&Mid Cap Templeton Korea A Acc SGD /06/ N/A HR Equity Korea United Asia Fund /06/ HR Equity Asia Pacific Ex Japan United Asia Top 50 Fund /06/ HR Equity Asia Pacific United Global Capital Fund /06/ HR Equity Sector Banks&Financial United Global Real Estate Securities Fund /06/ HR Equity Sector Real Est Global United Global Technology Fund /06/ HR Equity Sector Information Tech Note 1: Sharpe Ratio is a measurement of a fund's annualized return that is in excess of the risk-free rate (a theoretical interest rate that would be returned on an investment that is completely free of risk) and adjusted for the fund's Note 2: Annualized Excess Return is a fund's excess return relative to its benchmark, on an annualised basis. Benchmarks may either be supplied to Lipper by the fund's managers, or be assigned on a case-by-case basis in accordance with the fund's stated mandate and Lipper Global Classifications and Methodology. Note 3: HR=Higher Risk, M-HR=Medium to High Risk, L-MR=Low to Medium Risk, LR=Lower Risk 14

16 CPFIS-Included ILPs Annex A Singapore Insurance-Linked Product Sharpe Ratio 1 (3 Year) Annualised Monthly Return SGD % (3 Year) Annualised Annualised Expense Ratio 12/31/ /31/ /31/2005 CPFIS Risk Lipper Excess Monthly 12/31/ /31/ /31/2010 Classification 3 Global Return 2 Risk 1-Year Fund 3-Year Fund 5-Year Fund Classification SGD % SGD % Date Value Performance Performance Performance (3 Year) (3 Year) Quadrant A AIA Portfolio /12/ L-MR Mixed Asset SGD Conservative AIA Portfolio /12/ M-HR Mixed Asset SGD Balanced AIA Regional Fixed Income Fund /12/ L-MR Bond SGD AIA SGD Money Market Fund /12/ LR Money Market SGD ALA - Asia Global Balanced /06/ N/A M-HR Mixed Asset SGD Balanced AXA Inspire - Global Defensive Fund /04/ L-MR Bond Global AXA Inspire - Global Secure Fund /04/ L-MR Mixed Asset SGD Conservative Aviva Balanced Growth Fund (SP) /03/ M-HR Mixed Asset SGD Balanced Aviva DBS Enhanced Income (SP) /03/ N/A L-MR Money Market SGD GE GreatLink Cash /07/ LR Money Market SGD GE GreatLink Global Bond /07/ L-MR Bond Global GE GreatLink Global Supreme /07/ M-HR Mixed Asset SGD Balanced GE GreatLink Lifestyle Balanced Portfolio /07/ M-HR Mixed Asset SGD Balanced GE GreatLink Lifestyle Secure Portfolio /07/ M-HR Mixed Asset SGD Conservative GE GreatLink Lifestyle Steady Portfolio /07/ M-HR Mixed Asset SGD Balanced GE GreatLink Stable Bond /07/ L-MR Bond Global (HSBC Insurance) HSBC-Link Ethical Capital Protected Fund /06/ M-HR Equity Global (HSBC Insurance) HSBC-Link Premium Balanced Fund /06/ M-HR Mixed Asset SGD Balanced (HSBC Insurance) HSBC-Link Singapore Bond Fund /06/ L-MR Bond Global Aviva Income Growth Fund (SP) /03/ M-HR Mixed Asset SGD Conservative John Hancock Cautious Portfolio /06/ M-HR Mixed Asset SGD Conservative John Hancock Money Growth /06/ M-HR Mixed Asset SGD Balanced John Hancock Singapore Cash /06/ LR Money Market SGD John Hancock Worldwide Bond /06/ L-MR Bond Global Aviva Legg Mason Global Bond Trust (SP) /03/ L-MR Bond Global Manulife LifeStyle Portfolios-Conservative /06/ M-HR Mixed Asset SGD Conservative Manulife LifeStyle Portfolios-Moderate /06/ M-HR Mixed Asset SGD Balanced Manulife LifeStyle Portfolios-Secure /06/ M-HR Mixed Asset SGD Balanced Manulife Golden Balanced Growth Fund /06/ M-HR Mixed Asset SGD Balanced Manulife Golden International Bond Fund /06/ L-MR Bond Global Manulife Singapore Bond Fund /06/ L-MR Bond SGD Manulife Singapore Cash Fund /06/ LR Money Market SGD Aviva MM Balanced Growth Fund /03/ M-HR Mixed Asset SGD Balanced Aviva MM Income Growth Fund /03/ M-HR Mixed Asset SGD Conservative NTUC Balanced Fund /06/ M-HR Mixed Asset SGD Balanced NTUC Conservative Fund /06/ M-HR Mixed Asset SGD Conservative NTUC Global Bond Fund /06/ L-MR Bond Global NTUC Growth Fund /06/ M-HR Mixed Asset SGD Aggressive NTUC Prime Fund /06/ M-HR Mixed Asset SGD Balanced NTUC Singapore Bond Fund /06/ L-MR Bond SGD NTUC Trust Fund /06/ M-HR Mixed Asset SGD Balanced PruLink Adapt /06/ M-HR Target Maturity PruLink Adapt /06/ M-HR Target Maturity PruLink Asian Reach Managed Fund /06/ M-HR Mixed Asset SGD Balanced PruLink Global Bond Fund /06/ L-MR Bond Global PruLink Global Managed Fund /06/ M-HR Mixed Asset SGD Balanced PruLink International Bond Fund /06/ L-MR Bond Global PruLink Protected Global Titans Fund /06/ L-MR Protected PruLink Singapore Cash Fund /06/ LR Money Market SGD UOB Life FOF - Global Healthcare Fund /12/ HR Equity Sector Pharma&Health Quadrant B Aviva Aberdeen Pacific Equity (SP) /03/ N/A HR Equity Asia Pacific Ex Japan AIA Acorns of Asia Fund /12/ M-HR Mixed Asset SGD Balanced AIA Global Resources Fund /12/ N/A HR Equity Sector Natural Resource AIA Global Technology Fund /12/ HR Equity Sector Information Tech AIA Growth Fund /12/ M-HR Mixed Asset SGD Aggressive AIA India Balanced Fund /12/ M-HR Mixed Asset SGD Balanced AIA India Opportunities Fund /12/ HR Equity India ALA - Asia Regional Asian Equity /06/ HR Equity Asia Pacific Ex Japan AXA Asian Growth Fund /04/ HR Equity Asia Pacific Ex Japan AXA Fortress A /04/ HR Equity Singapore AXA Fortress B /04/ HR Equity Singapore AXA Pacific Equity Fund /04/ N/A HR Equity Asia Pacific Ex Japan AXA Singapore Equity Fund /04/ N/A HR Equity Singapore AXA Investor s Choice-AXA Value Growth Fund /04/ HR Equity Asia Pacific Ex Japan Aviva Capital Growth Fund (SP) /03/ HR Equity Asia Pacific Ex Japan GE GreatLink Asean Growth /07/ HR Equity Asia Pacific Ex Japan GE GreatLink Singapore Equities /07/ HR Equity Singapore (HSBC Insurance) HSBC-Link Ethical Asia Equity Fund /06/ HR Equity Asia Pacific Ex Japan John Hancock Pacific Harvest /06/ M-HR Mixed Asset SGD Aggressive Manulife Global Emerging Markets Fund /06/ N/A HR Equity Emerging Mkts Global Manulife Golden Singapore Growth Fund /06/ HR Equity Singapore Manulife Golden Southeast Asia Special Situations Fund /06/ HR Equity Asia Pacific Ex Japan Manulife Pacific Equity Fund /06/ N/A HR Equity Asia Pacific Ex Japan Aviva MM Capital Growth Fund /03/ HR Equity Asia Pacific Ex Japan NTUC Enhanced Fund /06/ M-HR Mixed Asset SGD Aggressive NTUC Singapore Equity Fund /06/ HR Equity Singapore NTUC Takaful Fund /06/ HR Equity Global NTUC Technology Fund /06/ HR Equity Sector Information Tech PruLink Global Basics Fund /06/ N/A HR Equity Sector Basic Industries PruLink Singapore Managed Fund /06/ M-HR Mixed Asset SGD Aggressive United LifeLink Growth Fund /12/ HR Equity Singapore 15

17 CPFIS-Included ILPs Annex A Singapore Insurance-Linked Product Sharpe Ratio 1 (3 Year) Annualised Monthly Return SGD % (3 Year) Annualised Annualised Expense Ratio 12/31/ /31/ /31/2005 CPFIS Risk Lipper Excess Monthly 12/31/ /31/ /31/2010 Classification 3 Global Return 2 Risk 1-Year Fund 3-Year Fund 5-Year Fund Classification SGD % SGD % Date Value Performance Performance Performance (3 Year) (3 Year) Quadrant C AIA Emerging Markets Balanced Fund /12/ N/A M-HR Mixed Asset SGD Balanced AIA Global Balanced Fund /12/ M-HR Mixed Asset SGD Balanced AIA International Health Care Fund /12/ HR Equity Sector Pharma&Health AIA Japan Balanced Fund /12/ N/A M-HR Mixed Asset SGD Balanced AIA Japan Equity Fund /12/ N/A HR Equity Japan AIA Portfolio /12/ M-HR Mixed Asset SGD Aggressive AXA Inspire - Global Balanced Fund /04/ M-HR Mixed Asset SGD Balanced AXA Inspire - Global Growth Fund /04/ M-HR Mixed Asset SGD Aggressive GE GreatLink Global Optimum /07/ M-HR Mixed Asset SGD Balanced GE GreatLink Global Value Equity /07/ HR Equity Global GE GreatLink Lifestyle Progressive Portfolio /07/ HR Mixed Asset SGD Aggressive John Hancock Adventurous Portfolio /06/ M-HR Mixed Asset SGD Aggressive John Hancock Balanced Portfolio /06/ M-HR Mixed Asset SGD Balanced John Hancock Global Balanced /06/ M-HR Mixed Asset SGD Balanced John Hancock Japan Growth /06/ HR Equity Japan Manulife Golden Global Balanced Fund /06/ M-HR Mixed Asset SGD Balanced Manulife Japan Growth Fund /06/ HR Equity Japan PruLink Adapt /06/ HR Target Maturity Aviva Templeton Global Balanced Fund (SP) /03/ M-HR Mixed Asset SGD Balanced United LifeLink Global Fund /12/ HR Equity Global UOB Life FOF - Millennium Trust I /12/ M-HR Mixed Asset SGD Balanced UOB Life FOF - Millennium Trust II /12/ M-HR Mixed Asset SGD Balanced UOB Life FOF - Millennium Trust III /12/ HR Mixed Asset SGD Aggressive Quadrant D AIA Emerging Markets Equity Fund /12/ N/A HR Equity Emerging Mkts Global AIA Greater China Balanced Fund /12/ M-HR Mixed Asset SGD Balanced AIA Greater China Equity Fund /12/ HR Equity Greater China AIA Portfolio /12/ HR Equity Global AIA Regional Equity Fund /12/ HR Equity Emerging Mkts Far East ALA - Asia Global Equity /06/ N/A HR Equity Global Aviva AllianceBernstein Global Growth Trends (SP) /03/ N/A HR Equity Global AXA China Growth Fund /04/ N/A HR Equity China AXA Global Equity Blend /04/ N/A HR Equity Global AXA Inspire - Global High Growth Portfolio /04/ HR Equity Global AXA India Fund /04/ N/A HR Equity India Aviva Emerging Countries Growth Fund (SP) /03/ HR Equity Emerging Mkts Global Aviva EU Convergence Growth Fund (SP) /03/ HR Equity Emerging Mkts Europe (HSBC Insurance) Global Leaders Fund /12/ HR Equity Global GE GreatLink Enhancer /07/ HR Equity Asia Pacific Ex Japan GE GreatLink European Equity /07/ HR Equity Europe GE GreatLink Far East ex Japan Equities /07/ HR Equity Asia Pacific Ex Japan GE GreatLink Global Equity /07/ HR Equity Global GE GreatLink Global Growth Trends Portfolio /07/ HR Equity Global GE GreatLink Global Intersection /07/ HR Equity Global GE GreatLink Global Real Estate Securities /07/ HR Equity Sector Real Est Global GE GreatLink Global Technology /07/ HR Equity Sector Information Tech GE GreatLink Lifestyle Dynamic Portfolio /07/ HR Equity Global GE GreatLink Lion China Growth /07/ N/A HR Equity Greater China GE GreatLink Lion India /07/ N/A HR Equity India GE GreatLink Lion Japan Growth /07/ N/A HR Equity Japan GE GreatLink Pan Asia /07/ HR Equity Asia Pacific Aviva Henderson European Fund (SP) /03/ HR Equity Europe ex UK (HSBC Insurance) HSBC-Link China Equity Fund /06/ HR Equity China (HSBC Insurance) HSBC-Link Emerging Markets Equity Fund /06/ N/A HR Equity Emerging Mkts Global (HSBC Insurance) HSBC-Link Ethical Global Equity Fund /06/ HR Equity Global (HSBC Insurance) HSBC-Link Europe Equity Fund /12/ HR Equity Europe (HSBC Insurance) HSBC-Link India Equity Fund /06/ HR Equity India John Hancock European Equity /06/ HR Equity Europe John Hancock Greater China /06/ HR Equity Greater China John Hancock Pacific Equity /06/ HR Equity Asia Pacific Ex Japan John Hancock Worldwide Equities /06/ HR Equity Global Aviva Legg Mason Asian Enterprise Trust (SP) /03/ HR Equity Asia Pacific Sm&Mid Cap Aviva LionGlobal India Fund (SP) /03/ HR Equity India Aviva LionGlobal Japan Growth Fund (SP) /03/ HR Equity Japan Manulife LifeStyle Portfolios-Aggressive /06/ HR Equity Global Manulife LifeStyle Portfolios-Growth /06/ HR Mixed Asset SGD Aggressive Manulife European Equity Fund /06/ HR Equity Europe Manulife Golden Asia Growth Fund /06/ HR Equity Asia Pacific Sm&Mid Cap Manulife Golden Regional China Fund /06/ HR Equity China Manulife Golden Worldwide Equity Fund /06/ HR Equity Global Manulife India Equity Fund /06/ HR Equity India NTUC Global Equity Fund /06/ HR Equity Global PruLink America Fund /06/ HR Equity North America PruLink Asian Equity Fund /06/ HR Equity Asia Pacific Ex Japan PruLink China-India Fund /06/ HR Equity Emerging Mkts Far East PruLink Emerging Markets Fund /06/ HR Equity Emerging Mkts Global PruLink Global Equity Fund /06/ HR Equity Global PruLink Global Property Securities Fund /06/ N/A HR Equity Sector Real Est Global PruLink Global Technology Fund /06/ HR Equity Sector Information Tech PruLink Pan European Fund /06/ HR Equity Europe 16

18 CPFIS-Included ILPs Annex A Singapore Insurance-Linked Product Sharpe Ratio 1 (3 Year) Annualised Monthly Return SGD % (3 Year) Annualised Annualised Expense Ratio 12/31/ /31/ /31/2005 CPFIS Risk Lipper Excess Monthly 12/31/ /31/ /31/2010 Classification 3 Global Return 2 Risk 1-Year Fund 3-Year Fund 5-Year Fund Classification SGD % SGD % Date Value Performance Performance Performance (3 Year) (3 Year) Quadrant D United LifeLink Asia Fund /12/ HR Equity Asia Pacific Ex Japan UOB Life FOF - Unifund /12/ HR Equity Malaysia/Singapore UOB Life FOF - Asia Fund /12/ HR Equity Asia Pacific Ex Japan UOB Life FOF - Asia Top 50 Fund /12/ HR Equity Asia Pacific UOB Life FOF - Greater China Fund /12/ HR Equity Greater China UOB Life FOF - International Growth Fund /12/ HR Equity Global Note 1: Sharpe Ratio is a measurement of a fund's annualized return that is in excess of the risk-free rate (a theoretical interest rate that would be returned on an investment that is completely free of risk) and adjusted for the fund's volatility. Note 2: Annualized Excess Return is a fund's excess return relative to its benchmark, on an annualised basis. Benchmarks may either be supplied to Lipper by the fund's managers, or be assigned on a case-by-case basis in accordance with the fund's stated mandate and Lipper Global Classifications and Methodology. Note 3: HR=Higher Risk, M-HR=Medium to High Risk, L-MR=Low to Medium Risk, LR=Lower Risk 17