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GreatLink Choice (Sep 2010) & (Oct 2010) Funds
Report as at 28 February 2009
GreatLink Choice (Sep 2010) Fund GreatLink Choice (Oct 2010) Fund
Investment Objective Investment Objective
The Fund objective is to seek to provide policyholders with: The Fund objective is to seek to provide policyholders with:
1. Annual payouts of 3.50% of the Initial Unit Price per 1. Annual payouts of 3.50% of the Initial Unit Price per
Unit held by each policyholder as at each policy Unit held by each policyholder as at each policy
anniversary; and anniversary; and
2. 100% capital protection on maturity. 2. 100% capital protection on maturity.
Others
“Policy Anniversary” falls on 30 Sep 2006, 30 Sep 2007, “Policy Anniversary” falls on 31 Oct 2006, 31 Oct 2007,
30 Sep 2008, 30 Sep 2009 and the Maturity Date (or if such 31 Oct 2008, 31 Oct 2009 and the Maturity Date (or if such
date does not fall on a Business Day, the next Business date does not fall on a Business Day, the next Business
Day). Day).
“Maturity” falls on 30 Sep 2010 (or if such date does not “Maturity” falls on 31 Oct 2010 (or if such date does not
fall on a Business Day, the next Business Day). fall on a Business Day, the next Business Day).
Fund Facts Fund Facts
Inception Date 30 Sep 2005 Inception Date 31 Oct 2005
Investment Period 5 Years Investment Period 5 Years
Fund Manager Lion Global Investors Fund Manager Lion Global Investors
Limited Limited
Total Management Fee 8.46% of Single Premium Total Management Fee 8.28% of Single Premium
deducted upfront deducted upfront
Currency of Fund Singapore Dollar Currency of Fund Singapore Dollar
Valuation frequency Last Business Day of each Valuation frequency Last Business Day of each
month month
Dealing Deadline 2 p.m, 5 Business Days prior Dealing Deadline 2 p.m, 5 Business Days prior
to the Next Valuation Date to the Next Valuation Date
Minimum holding amount $1,000 Minimum holding amount $1,000
Minimum realization amount $1,000 Minimum realization amount $1,000
Fund Size $45.79 mil Fund Size $41.29 mil
Benchmark Index 12-Month Singapore Dollar Benchmark Index 12-Month Singapore Dollar
Fixed Deposit Rate Fixed Deposit Rate
Fund Price $0.411 Fund Price $0.410
3rd Annual Payout 30 Sep 08 - $0.035 per unit 3rd Annual Payout 31 Oct 08 - $0.035 per unit
Fund Information
Capital raised less of charges deducted is invested in Deustche Bank AG arranged notes ("RASA notes") issued by RASA
(Repackaged Assets & Securities in Asia) Limited ("RASA Limited") which are rated at a minimum of AA- by Standard and
Poor’s on the Inception Date. The tranche in the reference portfolio which RASA Limited has exposure has an initial loss
protection level of 13.50% of the initial reference portfolio amount on the Inception Date.
Bond Collaterals
Others
Rating (S&P/Moody's) of Issuers of Bond Collaterals Inception As at 28 February 2009
WESTPAC BANKING CORPORATION AA- / Aa3 AA / Aa1
ANZ BANKING GROUP AA- / Aa3 AA / Aa1
DEXIA CREDIT LOCAL AA / Aa2 A / A1
HBOS TREASURY SERVICES PLC AA / Aa2 Aa3
GreatLink Choice (Sep 2010) & (Oct 2010) Funds
Report as at 28 February 2009
Updates to GreatLink Choice (Sep 2010) & (Oct 2010) Funds as at 28 February 2009
No. of Credit Events (cumulative) 3
No. of Substitutions (cumulative) 23
Cumulative (Loss)/Gain -0.44%^
Loss Protection (or Subordination) Level 13.06%^
Initial AA-
Tranche Rating
Current A/ *-
Fund Price $0.411 (Sep 2010)
$0.410 (Oct 2010)
Others
^These figures are before taking into account the impact of losses resulting from the defaults of Tribune Co. and Lyondell
Chemical Co. (which are pending final settlement).
Note: Cumulative (Loss)/Gain and Loss Protection (or Subordination) Level are expressed as a percentage of initial reference
portfolio amount.
Details of Events
Credit Event
Date Reference Entity Exposure Loss
26 Sep 08 Washington Mutual Inc. 0.87% 0.37%
8 Dec 08 Tribune Co. 0.87% To be determined^
6 Jan 09 Lyondell Chemical Co. 0.87% To be determined^
As at 28 Feb 09 0.37%
(cumulative) (Before default losses for
Tribune Co. and Lyondell
Chemical Co.)
^The default losses for Tribune Co. and Lyondell Chemical Co. depend on the actual recovery rates, which are pending final
settlement.
Substitution
Date Entity Removed / Entity Added / Upsized Loss Protection (or
Downsized Subordination)
Gain/(Loss)
As at 31 Dec 08 -0.07%
(cumulative)
Jan - Feb 09 - - -
As at 28 Feb 09 -0.07%
(cumulative)
Reference Entities as at 28 February 2009
No. Reference Entity Seniority S&P Industry Country
1 ABITIBI-CONSOLIDATED INC Senior Forest Products Canada
Others
2 AGILE PROPERTY HOLDINGS LTD Senior Building & Development Hong Kong
3 AK STEEL CORPORATION Senior Steel United States
Ecological Services &
4 ALLIED WASTE NORTH AMERICA Senior United States
Equipments
5 ALTRIA GROUP, INC. Senior Beverage & Tobacco United States
6 AMBAC ASSURANCE CORPORATION Senior Insurance United States
AMERICAN AXLE &
7 Senior Automotive United States
MANUFACTURING INC
8 AMKOR TECHNOLOGY, INC. - SENIOR Senior Electronics/Electrical United States
9 AMR CORPORATION Senior Air Transport United States
GreatLink Choice (Sep 2010) & (Oct 2010) Funds
Report as at 28 February 2009
No. Reference Entity Seniority S&P Industry Country
10 APRIA HEALTHCARE GROUP INC Senior Health Care United States
11 AROMATICS (THAILAND) PCL Senior Chemical & Plastics Thailand
12 ARVINMERITOR, INC. Senior Automotive United States
13 AUTOZONE, INC. Senior Retailers (Except Food & Drug) United States
14 BANK OF AMERICA CORP Senior Financial Intermediaries United States
15 BANK TURANALEM Senior Financial Intermediaries Kazakhstan
16 BEAZER HOMES USA, INC Senior Building & Development United States
Others
17 BERKSHIRE HATHAWAY INC Senior Conglomerates United States
18 BOMBARDIER INC. Senior Aerospace & Defence Canada
19 BOOTS GROUP PLC Senior Food/Drug Retailers United Kingdom
20 BOWATER INCORPORATED Senior Forest Products United States
21 C&M FINANCE LTD Senior Cable And Satellite Television South Korea
22 CASE NEW HOLLAND INC Senior Farming/Agriculture United States
23 CASINO GUICHARD-PERRACHON Senior Food/Drug Retailers France
24 CELESTICA INC - SUBORDINATED Subordinated Electronics/Electrical Canada
25 CENTURYTEL, INC. Senior Telecommunications United States
CHARTERED SEMICONDUCTOR
26 Senior Electronics/Electrical Singapore
MANUFACTURING LTD.
27 CIT GROUP INC Senior Financial Intermediaries United States
28 CITIGROUP INC Senior Financial Intermediaries United States
CITIZENS COMMUNICATIONS
29 Senior Telecommunications United States
COMPANY
CLEAR CHANNEL
30 Senior Radio & Television United States
COMMUNICATIONS, INC.
31 COGNIS GMBH Senior Chemical & Plastics Germany
COMPAGNIE INDUSTRIALI RIUNITE
32 Senior Conglomerates Italy
SPA
33 CONTINENTAL AIRLINES, INC. Senior Air Transport United States
34 CORUS GROUP PLC Senior Steel United Kingdom
35 COUNTRYWIDE HOME LOANS, INC. Senior Financial Intermediaries United States
36 DILLARDS Senior Retailers (Except Food & Drug) United States
37 DOMTAR INC. Senior Forest Products Canada
FAIRFAX FINANCIAL HOLDINGS
38 Senior Insurance Canada
LIMITED
39 FEDERATIVE REPUBLIC OF BRAZIL Senior Sovereign Brazil
40 FIAT SPA Senior Automotive Italy
41 FLEXTRONICS INTERNATIONAL Senior Electronics/Electrical Singapore
42 FORD MOTOR COMPANY Senior Automotive United States
Others
GENERAL MOTORS ACCEPTANCE
43 Senior Automotive United States
CORPORATION
44 GLENCORE INTERNATIONAL AG Senior Nonferrous Metals/Metals Switzerland
GOODYEAR TIRE & RUBBER
45 Senior Automotive United States
COMPANY (THE)
46 GROHE HOLDING GMBH Senior Home Furnishings Germany
47 HANAROTELECOM INC Senior Telecommunications South Korea
HANNOVER RUECKVERSICHERUNGS
48 Subordinated Insurance Germany
AG – SUBORDINATED
HUNTSMAN INTERNATIONAL LLC –
49 Subordinated Chemical & Plastics United States
SUBORDINATED
GreatLink Choice (Sep 2010) & (Oct 2010) Funds
Report as at 28 February 2009
No. Reference Entity Seniority S&P Industry Country
50 IKON OFFICE SOLUTIONS, INC Senior Business Equipment & Services United States
51 INTELSAT, LTD. Senior Telecommunications Bermuda
52 INVENSYS PLC Senior Industrial Equipment United Kingdom
53 JETBLUE AIRWAYS CORPORATION Senior Air Transport United States
54 JONES APPAREL GROUP, INC Senior Clothing/Textiles United States
JSG FUNDING PUBLIC LIMITED
55 Senior Forest Products Ireland
COMPANY
KABEL DEUTSCHLAND GMBH –
56 Subordinated Cable & Satellite Television Germany
Others
SUBORDINATED
57 KB HOME - SUBORDINATED Subordinated Building & Development United States
L-3 COMMUNICATIONS
58 Subordinated Aerospace & Defence United States
CORPORATION – SUBORDINATED
59 LEAR CORPORATION Senior Automotive United States
60 LIBERTY MEDIA CORPORATION Senior Cable & Satellite Television United States
61 LIMITED BRANDS Senior Retailers (Except Food & Drug) United States
62 LOUISIANA-PACIFIC CORPORATION Senior Forest Products United States
63 LYONDELL CHEMICAL COMPANY Senior Chemical & Plastics United States
64 MBIA, INC Senior Insurance United States
65 MEDIACOM LLC Senior Cable & Satellite Television United States
66 MEXICO (UNITED MEXICAN STATES) Senior Sovereign Mexico
67 MGIC Senior Insurance United States
Brokers, Dealers & Investment
68 MORGAN STANLEY Senior United States
house
69 M-REAL OYJ Senior Forest Products Finland
MUENCHENER
RUCKVERSICHERUNGS-
70 Subordinated Insurance Germany
GESELLSCHAFT AG IN MUENCHEN –
SUBORDINATED
71 NEIMAN MARCUS GROUP, INC (THE) Senior Retailers (Except Food & Drug) United States
72 NOBLE GROUP LTD Senior Conglomerates Hong Kong
73 NORBORD INC Senior Forest Products Canada
74 NOVA CHEMICALS LTD. Senior Chemical & Plastics Canada
75 NTL CABLE PLC Senior Cable & Satellite Television United Kingdom
76 OWENS-ILLINOIS, INC. Senior Containers & Glass Products United States
77 PANVA GAS HOLDINGS LIMITED Senior Utilities China
78 PETROLEOS MEXICANOS Senior Oil & Gas Mexico
79 PHILIPPINES (REPUBLIC OF THE) Senior Sovereign Philippines
80 POLYONE CORPORATION Senior Chemical & Plastics United States
R.J. REYNOLDS TOBACCO HOLDINGS,
81 Senior Beverage & Tobacco United States
INC.
82 RADIAN GROUP INC. Senior Insurance United States
Others
83 RADIOSHACK CORPORATION Senior Retailers (Except Food & Drug) United States
RAY ACQUISITION SCA -
84 Subordinated Industrial Equipment France
SUBORDINATED
RESIDENTIAL CAPITAL
85 Senior Financial Intermediaries United States
CORPORATION
86 RITE AID CORPORATION Senior Food/Drug Retailers United States
87 ROAD KING INFRASTRUCTURE LTD Senior Surface Transport China
ROYAL & SUN ALLIANCE
88 Subordinated Insurance United Kingdom
INSURANCE PLC – SUBORDINATED
89 ROYAL CARIBBEAN CRUISES LTD Senior Leisure Goods/Activities/Movies United States
GreatLink Choice (Sep 2010) & (Oct 2010) Funds
Report as at 28 February 2009
No. Reference Entity Seniority S&P Industry Country
90 SABRE HOLDINGS CORPORATION Senior Business Equipment & Services United States
91 SAFEWAY PLC Senior Food/Drug Retailers United Kingdom
SANMINA-SCI CORPORATION –
92 Subordinated Electronics/Electrical United States
SUBORDINATED
SEAT PAGINE GIALLE S.P.A -
93 Subordinated Publishing Italy
SUBORDINATED
94 SERVICEMASTER COMPANY Senior Retailers (Except Food & Drug) United States
SINCLAIR BROADCAST GROUP, INC. –
95 Subordinated Radio & Television United States
SUBORDINATED
Others
96 SINO-FOREST CORPORATION Senior Forest Products China
97 SLM CORPORATION Senior Financial Intermediaries United States
98 SMITHFIELD FOODS Senior Food Products United States
99 SOFTBANK CORP Senior Business Equipment & Services Japan
100 SUNGARD DATA SYSTEMS INC. Senior Business Equipment & Services United States
101 TITAN PETROCHEMICALS GROUP L Senior Oil & Gas Hong Kong
TOLL BROTHERS INC -
102 Subordinated Building & Development United States
SUBORDINATED
103 TOYS "R" US, INC Senior Retailers (Except Food & Drug) United States
104 TRIBUNE COMPANY Senior Publishing United States
105 TRW AUTOMOTIVE INC. Senior Automotive United States
106 TXU CORP. Senior Utilities United States
107 UNISYS CORPORATION Senior Business Equipment & Services United States
UNITED RENTALS (NORTH
108 Subordinated Equipment Leasing United States
AMERICA), INC. – SUBORDINATED
109 UNIVERSAL CORPORATION Senior Beverage & Tobacco United States
110 UST INC. Senior Beverage & Tobacco United States
111 VEDANTA RESOURCES PLC Senior Non-Ferrous Metals / Minerals India
112 WACHOVIA CORP Senior Financial Intermediaries United States
113 WASHINGTON MUTUAL, INC Senior Financial Intermediaries United States
114 WHIRLPOOL CORPORATION Senior Home Furnishings United States
Defaulted Reference Entit(ies )
Footnotes:
1. Policyholders will have to hold their investments in the GreatLink Choice for the entire policy term of 5 years before
they may benefit from the 100% capital protection. If policyholders realise their units before the fund matures, the
realisation of units will be based on the prevailing Unit Price which can vary according to market fluctuations and
may be less than the capital protected amount.
The 100% capital protection and the payouts are provided for by debt securities and derivative transactions
employed as part of the investment approach of the funds and not backed by a guarantee and is subject to issuer risk.
Others
Policyholders may lose part or all of their investment in the funds in the event there is a downgrade of the debt
securities, default by the issuers of the debt securities, a default of the swap counterparty to the derivative
transactions, an early redemption of the Note, or credit events/trading actions resulting in cumulative losses that
exceed the initial loss protection level (as defined in the portfolio credit default swap agreement). As such, no
guarantee is given that policyholders will receive the capital protected value at maturity or the payouts at each policy
anniversary.
2. The fees and charges payable by GreatLink Choice will be deducted upfront. No refund will be made to
policyholders who realise their units before the funds mature. The management fee will not affect the fund’s capital
protection at maturity or coupon payment.
GreatLink Choice (Sep 2010) & (Oct 2010) Funds
Report as at 28 February 2009
3. During the policy term of the Fund, the Fund Manager may, where the Fund Manager considers it to be in the
interest of policyholders, substitute existing Reference Entities with new Reference Entities (each such substitution,
a “Replacement”). Replacements may give rise to trading losses or trading gains, which shall be adjusted against the
loss protection level.
Others
Others
NOTE: This factsheet is compiled by Great Eastern Life. The information presented is for informational use only and without
consideration given to the specific investment objective, financial situation and particular needs of any specific person. The
performance of the Fund is not guaranteed and the value may increase or decrease in accordance with the future experience
of the Fund. Past returns are not necessarily indicative of the future or likely performance of the Fund.
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