GROWTH & INCOME INDEX 2013 UNIT TRUST FUND INVESTOR BEHAVIOUR STUDY MALAYSIA

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1 GROWTH & INCOME INDEX 2013 UNIT TRUST FUND INVESTOR BEHAVIOUR STUDY MALAYSIA November 2013

2 CONTENT Foreword By Eastspring Investments Executive Summary The Growth & Income Index Investors and Projected Holdings Unit Trust Fund Allocation Preference Investor Confidence in Different Asset Class Key Findings The Growth & Income Index Income Fund Ownership & Projected Holdings Unit Trust Fund Allocation by Geography Investor Confidence in Different Asset Class Investor Education Appendix Methodology Eastspring Growth & Income Index About Eastspring Investments Media Enquiries 1

3 FOREWORD In an increasingly complex global market environment in which unit trust fund investors are seeking greater control over their portfolios, changes in investor outlook and risk appetite have a significant bearing on markets. We are therefore delighted to release the first Eastspring Investments Growth & Income Index and Asia Unit Trust Fund Investor Behaviour Study. The Index, the only forward-looking index focusing exclusively on Asian unit trust fund investors, offers a new perspective on future shifts in investor asset allocation appetite. This is powerful information with Asia's retail unit trust fund investments currently worth about US$1 billion 1 and growing. According to a March 20 report by PwC, while about 0% of the world's population live in Asia, Asian investors investments only account for about 13% of total global assets under management. 2 Eastspring Investments development of this measurement tool provides important insight into what current and intending unit trust fund investors are planning and allows the industry to better meet their needs through the development of appropriate products. Importantly, the findings support our ongoing commitment to investor education. I trust you will find this study of value. We look forward to sharing more investor insights with you in the future. Guy Strapp Chief Executive, Eastspring Investments 1: Strategic Insights, August : PwC Asset Management Insights, March 20 2

4 EXECUTIVE SUMMARY THE GROWTH & INCOME INDEX Eastspring Investments inaugural Growth & Income Index of Malaysia indicates that investors in Malaysia show intention to move toward income funds with an Index score of 4, indicating a shift toward income funds in the next six months. Unit trust fund intenders in Malaysia, with an Index score of 3, hold one of the most favourable attitude toward income funds across the region. INVESTORS CURRENT AND PROJECTED HOLDINGS Looking into the unit trust fund holders existing allocation, 30% is allocated into growth funds, 3% to income funds and 34% into growth & income funds. With half of the unit trust fund investors planning to change allocation in the next six months, a sufficient change is expected to be seen. Allocation into growth funds is expected to drop to 2% and income funds category is anticipated to go up to 3%. Focusing on investors who plan to invest in unit trust funds in the next six months, they are planning to allocate 4% of their portfolio into income funds, and only 20% in growth funds. UNIT TRUST FUND ALLOCATION PREFERENCE The orientation of investors is predominantly home market, on-shore Malaysia funds, forming close to 0% of home-market funds in an investors portfolio. Their main objectives for investment are for retirement, getting better rates than savings accounts, and saving for the rainy days. INVESTOR CONFIDENCE IN DIFFERENT ASSET CLASS Looking at different asset classes, investors in Malaysia have the highest confidence in many of the asset classes when compared to other markets. Investors have very high confidence in cash and real estate confidence levels in six months time is expected to remain stable. 3

5 THE GROWTH & INCOME INDEX The inaugural Eastspring Investments Growth & Income Index of Malaysia stands at 4, indicating investors have a slight orientation toward income funds. Malaysian investors who plan to invest in unit trust fund are particularly keen on income funds with an Index score of 3. Unit trust fund intenders are much more heavily inclined towards income funds than those who are currently investing in unit trust fund. The Index offers fresh insight into fund investors planned asset allocation over the next six months across Asia. Growth & Income Index Increasing income orientation in next six months (NM) Increasing growth orientation in next six months (NM) unit trust fund holders Unit trust fund intenders 4 unit trust fund holders Unit trust fund intenders HK SG 4 3 MY TW KR Source: The Eastspring Investments Unit Trust Fund Investor Behaviour Study July 2013 Base: Respondents who intend to still hold unit trust funds in the next six months: TOTAL (1401); HK (23); SG (2); MY (); TW (); KR (2) 4

6 INCOME FUND OWNERSHIP & PROJECTED HOLDINGS According to the study, Asian high dividend equities is currently the most popular income asset class among income fund holders with 4% of them owning it in Malaysia. This is followed by Asian bonds (40%) and multi-asset income (32%). Despite of the potential change in asset allocation amongst income funds, Asian themed income funds will still be the most popular. Income Fund Ownership vs. Next Six Months (NM) % TOTAL HK SG High dividend equities Asian Bonds Multi-asset income Corporate bonds High yield bonds Global Multi-asset income High dividend equities High yield bonds Emerging markets Debt High yield bonds US Government bond Corporate bonds NM NM NM Source: The Eastspring Investments Unit Trust Fund Investor Behaviour Study July 2013 Base: income fund investors: TOTAL (0); HK (2); SG (1); MY (1); TW (11); KR (144) Investment involves risk. Past performance is not indicative of future performance. Investors should read the relevant offering document for full details in particular information on investment risks before investment and to seek professional advice where appropriate.

7 MY TW KR NM NM NM

8 3 UNIT TRUST FUND ALLOCATION BY GEOGRAPHY Home market funds make up the large majority in Malaysian investors unit trust fund portfolio (the most domestically dependent country in the five markets surveyed). Nonetheless, the survey indicated that investors are starting to look into other global opportunities. GEOGRAPHY Unit Trust Fund Allocation and Intention to Change in the Next Six Months (NM) % allocation (market level) NM allocation (market level) TOTAL HK SG MY TW KR Home country China Global Emerging markets APAC North America India Europe Japan Others Source: The Eastspring Investments Unit Trust Fund Investor Behaviour Study July 2013 Base: Unit Trust Fund holders/unit Trust Fund holders intending to continuing investing in the NM: TOTAL (/); HK (144/); SG (14/10); MY (224/2); TW (2/1); KR (203/1) INVESTOR CONFIDENCE IN DIFFERENT ASSET CLASS Malaysian investors have very high confidence in real estate and cash much higher than other places. Confidence in bonds is also expected to gain in the next six months. Confidence in Asset Classes Today vs. Next Six Months (NM) % TOTAL HK SG MY TW KR Cash Stocks Bonds Alternatives Foreign currency Real estate NM NM NM NM NM NM Source: The Eastspring Investments Unit Trust Fund Investor Behaviour Study July 2013 Base: All respondents: TOTAL (101); HK (301); SG (300); MY (300); TW (300); KR (300)

9 INVESTOR EDUCATION Understanding of Income Fund Risks % 4 [3] [] [23] [3] [1] HK SG MY TW KR HK SG MY TW KR HK SG MY TW KR HK SG MY TW KR HK SG MY TW KR I fully understand the risks I have some understanding I am not quite sure about I have no idea on the risks The risks involved are involved in the risks involved the risks involved involved irrelevant to me Source: The Eastspring Investments Unit Trust Fund Investor Behaviour Study July 2013 Base: Income mutual fund holders: TOTAL (0); HK (2); SG (1); MY (1); TW (11); KR (144) More than 0% of Malaysian unit trust fund investors said that they do not have sufficient knowledge or time to investigate investment products and less than 1/3 of the income investors claim that they fully understand the risks involved in the income funds which they invest in. Amongst those who claim a full understanding of their income funds investment, % incorrectly believe that all bond funds are low risk, which is similar to other markets in the region. Agreement with the Statement: All Bond Funds are Similar and Low Risk % All income fund holders of whom claim to FULLY understand income fund risk 3 20 Claimed knowledge in income funds does not correlate to demonstrate knowledge knowledge levels are relatively the same when compared to investors do not claim having a comprehensive understanding of income funds. of whom claim to have SOME understanding of income fund risk Completely agree and Slightly agree Neither agree nor disagree Completely disagree and Slightly disagree Source: The Eastspring Investments Unit Trust Fund Investor Behaviour Study July 2013 Base: Malaysia income fund holders (1)

10 APPENDIX METHODOLOGY The Eastspring Investments Unit Trust Fund Investor Behaviour Study is an annual survey designed to track current asset allocation and investment attitudes of unit trust fund investors, understand the key drivers of decision making, measure market confidence, understand the perception on risk profile of income-generating funds and evaluate investment intentions for the next six months. Eastspring Investments, the Asia asset management arm of UK-based Prudential plc, today announced the results of its inaugural Unit Trust Fund Investor Behaviour Study. The survey is the first research study conducted in Asia to not only reflect current asset allocation and investment attitudes, but also evaluate future investment intentions. EASTSPRING GROWTH & INCOME INDEX The Growth & Income Index is a one number score that describes the net direction of preferences of unit trust fund investors (including those intending to invest in unit trust funds) as either shifting toward income funds or shifting toward growth funds in the next six months. The Index score of an individual investor is aggregated up to give a market level Index score: A score between 0 and 4 indicates that the overall investment direction of the market is moving towards INCOME FUNDS. A score between 1 and 0 indicates that the overall investment direction of the market is moving towards GROWTH FUNDS.

11 ABOUT EASTSPRING INVESTMENTS Eastspring Investments, part of Prudential Corporation Asia, is Prudential's 1 asset management business in Asia. It is one of Asia's largest asset managers, with operations in 14 markets (including offices in the US, Luxembourg and now, in the UK) and just under 2,000 employees in Asia and about US$4 billion ( 2 billion) in assets under management (at June 30, 2013). More than one-third of Eastspring Investments' total assets are sourced from third party clients including a wide range of retail and institutional investors. Eastspring Investments also manages the assets of life and pension products sold by Prudential Group in the UK, the US and across Asia. Eastspring Investments operates in Japan, Malaysia, Singapore, South Korea, Taiwan, Hong Kong, the United Arab Emirates, Vietnam and Indonesia, and has joint venture operations in India, China and Hong Kong. The business opened a US sales operation in 20 and established a management company in Luxembourg in Together with Eastspring Investments, Prudential Corporation Asia (PCA) comprises the life insurance businesses of Prudential plc in Asia spanning 13 markets: Cambodia, China, Hong Kong, India, Indonesia, Japan, Korea, Malaysia, the Philippines, Singapore, Taiwan, Thailand, and Vietnam. Prudential plc is an international financial services group with operations spanning Asia, the US and the UK. Disclaimer This document is prepared for information purposes only and may not be published, circulated, reproduced or distributed in whole or part, whether directly or indirectly, to any other person without the prior written consent of Eastspring Investments Berhad. It should not be construed as an offer or solicitation for the subscription, purchase or sale of any securities mentioned herein. Whilst we have taken all reasonable care to ensure that the information contained in this document is not untrue or misleading at the time of publication, we cannot guarantee its accuracy or completeness. Any opinion or estimate contained in this document is subject to change without notice. Investors may wish to seek advice from a financial adviser before making a commitment to invest in units of any of our funds. Eastspring Investments Berhad and its related and affiliated corporations together with their respective directors and officers may have or may take positions in the securities mentioned in this document and may also perform or seek to perform broking and other investment services for the corporations whose securities are mentioned in this document as well as other parties. The graphs or charts are included for illustrative purposes only. Past performance is not necessarily a guide to future performance. The predictions, projections, or forecast on the economy, securities markets or the economic trends of the markets are not necessarily indicative of the future or likely performance of Eastspring Investments Berhad or any funds managed by Eastspring Investments Berhad. The value and any income accruing to the investments, if any, may fall as well as rise. An investment is subject to investment risks, including the possible loss of the principal amount invested. Eastspring Investments companies (excluding JV companies) are ultimately wholly-owned/indirect subsidiaries of Prudential plc of the United Kingdom. Eastspring Investments companies (including JV s) and Prudential plc are not affiliated in any manner with Prudential Financial, Inc., a company whose principal place of business is in the United States of America. 1 Prudential plc, incorporated and with its principal place of business in England, and its affiliated companies constitute one of the world's leading financial services groups and has been in existence for over 10 years. It provides insurance and financial services directly and through its subsidiaries and affiliates throughout the world. Prudential plc is not affiliated in any manner with Prudential Financial, Inc, a company whose principal place of business is in the United States of America.

12 GROWTH & INCOME INDEX 2013 UNIT TRUST FUND INVESTOR BEHAVIOUR STUDY MALAYSIA Media Enquiries: Judy Yap Director, Brand and Communications Tel: Fax:

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