Fund Objective

The investment objective of the PRU Asian Infrastructure Equity Fund is to maximise long-term capital appreciation by investing primarily in equity and equity-related securities of corporations deriving substantial revenue from,or whose subsidiaries, related or associated corporations are engaged in, infrastructure or related business and are incorporated in, or listed in, or operating principally from the Asia ex-Japan region. The PRU Asian Infrastructure Equity Fund may also invest in depository receipts including American Depository Receipts (ADRs) and Global Depository Receipts (GDRs), debt securities convertible into common shares,preference shares and warrants. The Manager intends to achieve this investment objective by investing all or substantially all of the assets of the PRU Asian Infrastructure Equity Fund into the IOF - Asian Infrastructure Equity which shares the same investment objective.

Market Overview	As of 01-Aug-2010
Markets in Asia outside Japan advanced in July, posting a second consecutive month-on-month gain as hopes of a shift in Chinese policy, positive company earnings reports, and better-than-expected economic data bolstered confidence in the strength of the global economy. The Fund rose 1.1% (bid-to-bid basis) for the month compared to its benchmark’s hike of 3.1% in Singapore dollar terms. China Railway Group Limited was the Underlying Fund’s largest contributor to performance. The railway construction company benefitted from large purchases of land in Guangzhou. The Underlying Fund’s position in Pacific Basin Shipping Ltd outperformed as the Baltic dry index shows signs of reaching a low point and attractive valuations encouraged new investors. Bharti Airtel Limited was a top performing stock as the Indian economy continues to surge ahead. The Underlying Fund’s largest detractor was Reliance Industries Limited as the shares fell after modest second quarter results. Gail India Ltd underperformed as the company came under pressure ahead of concerns about its second-quarter earnings results. KT Corporation underperformed ahead of the strong second quarter results’ announcement as they announced a delay in the release of Apple’s latest iPhone 4G. Over the month, the fund manager of the Underlying Fund sold off the entire positions in Hanjin Shipping. The proceeds were used to build a holding in Pacific Basin Shipping, the Hong Kong based dry bulk shipping services company and add a new position in the Philippine infrastructure holding company, Metro Pacific Investments. Going forward, the fund manager believes the Underlying Fund is well placed to deliver while continuing to focus on domestic and emerging market themes within countries in Asia.

  FactSheet (Cash)