GreatLink Singapore Equities Fund

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					  GreatLink Singapore Equities Fund
  Report as at 28 February 2010

Fund Objective and Investment Strategy                                                        Fund Facts
The Fund objective is to maximize capital growth through
investing primarily in Singapore equities.                            Inception Date           25 March 2002
Portfolio Weightings                                                  Offer Price              S$ 1.843
                                     Cash & Equivalents
                                                                      Bid Price                S$ 1.751
                Telecomm Svs                1%                        Fund Size                S$ 154.55 mil
                     9%                                               Fund Manager             Lion Global Investors Ltd
           Materials                         Discretionary            Bid-Offer Spread         5%
             2%                                   3%                  Fund Management Fee      1.50% p.a.
                                                Consumer Staples      Valuation Frequency      Daily
 Information Tech
                                                      5%              Currency of Fund         Singapore Dollar
                                                                      CPFIS Included           CPFIS - OA
                                                                      Risk Category            Higher Risk / Narrowly Focused
  Industrials                                                                                  Country – Singapore
     24%                                                              Benchmark                MSCI Singapore Free Index, Net
                                                  Financials          Morningstar Rating             (as at 28 Feb 2010)
         Health Care
             2%                                                         (Overall)
  Source: BONY/Lion Global Investors Ltd
Performance Since Inception

 Performance on Bid-Bid basis (%)

                                                                                                                                        Asian Equity

  Source: Morningstar. Performance figures are calculated on a bid-bid basis, with all dividends and distributions reinvested, taking
  into account all charges which would have been payable upon such reinvestment.
                                                             Top 10 Holdings
          Company                                         Country                          Industry                     %
          UNITED OVERSEAS BANK LTD                        Singapore            Financial Intermediaries (Bank)       12.95%
          DBS BANK LTD/SINGAPORE                          Singapore            Financial Intermediaries (Bank)       11.52%
          SINGTEL                                         Singapore                 Telecommunications                9.37%
          SINGAPORE AIRLINES LTD                          Singapore                      Air Transport                8.11%
          CAPITALAND LTD                                  Singapore               Building & Development              5.26%
          KEPPEL CORP LTD                                 Singapore                     Conglomerates                 4.46%
          CITY DEVELOPMENTS LTD                           Singapore               Building & Development              3.85%
          SINGAPORE EXCHANGE                              Singapore           Financial Intermediaries (Finance)      2.99%
          NEPTUNE ORIENT LINES LTD                        Singapore                   Surface Transport               2.94%
          WILMAR INTERNATIONAL LTD                        Singapore                 Farming / Agriculture             2.62%
GreatLink Singapore Equities Fund
Report as at 28 February 2010

Market Review
Singapore's 4Q09 real GDP rose 4% YoY (year-on-year) but fell 2.8% over the last quarter. January CPI inflation rose 0.4%
over previous month. For the full year of 2009, Singapore’s GDP registered a 2.0% contraction. Given the stabilization of
financial markets, and expectations of stronger 2010 Asia growth, the government has raised its 2010 GDP forecast to 4.5-6.5%
(from the previous 3.0-5.0%). Meanwhile, Singapore’s industrial production rose 11.8% over previous month in January.

On the equity market front, Genting Singapore continued its underperformance on the back of selling related to CB (convertible
bond) conversion and a casino opening that failed to meet the market’s high expectations. Property stocks declined on the
announcement of additional measures to stabilize the property market just ahead of the 2010 Budget. The measures consist of a
seller’s stamp duty for residential properties sold within one year of purchase and a maximum loan-to-value limit of 80% for all
housing loans provided by financial institutions.

The 2010 budget maps out the government’s strategy to reposition the Singapore economy for the future, based on “skills,
innovation and productivity”. A key objective of the strategy was to raise Singapore’s productivity levels by 2% to 3% over the
next decade through skills upgrading and continuing education and retraining. In a nutshell, the property sector saw a muted
impact from the budget with the introduction of a new progressive property tax structure and an extension of all current S-REIT
tax exemptions to March 2015. Modest tax incentives were granted for industries ranging from marine, MRO and selected
financial services, but foreign worker levies were raised to boost productivity.

Market Outlook
We expect equities to generate positive returns amid a recovery year in 2010. The prevailing low interest rates, weak US$ will
likely continue to fuel liquidity in the form of financial and real estate investments into this region. At the same time,
Singapore’s economic recovery is firmly on track and corporate earnings are rebounding to pre-crisis levels. However, after the
strong market performance in 2009, we believe the market could see weaker growth going forward, as market valuations appear
to be trading at the historical mean.

4Q09 earnings for Singapore companies yielded little surprises with earnings coming in slightly ahead of estimates. Better
results were largely seen in transportation and capital goods sector. 2010 earnings growth projection appears to be tapering off.
Going forward, growth will have to be driven by stronger top-line and margins outlook. Industrials (transport, in particular),
should continue to see meaningful upgrades.

The 2010 budget signals that the rate of inward immigration will slow but it remains a relevant strategy to achieve Singapore’s
aspiration of becoming a world-class city. In our view, a five million population with a rising income/capita provides strong
base for domestic consumption. The government’s aim to increase productivity by 2-3% supported by 3-4% GDP growth next
10 years (leading to higher wages) should bode well for rising domestic consumption trend.

In the near to medium term, we believe the low interest rate environment will continue to support asset markets and equities,
but we are cautious of the government’s incremental intervention to address the rapidly rising property market.

Longer term, we expect the two integrated resorts to drive tourism, generate more consumption demand and create a more
vibrant services sector. We expect job creation and investment spending to continue, driven by government’s expenditure and
direct foreign investments. Domestic services like financials (banks & real estate), telecoms, healthcare, consumer and land
transport sectors will benefit from the ongoing economic recovery.

In view of improving economic fundamentals, we would be positioned in banks for a 2010 recovery as interest rates are
expected to trend up in the medium term amid lower credit costs. Loan growth momentum appears to be improving, mainly
                                                                                                                                        Asian Equity

from retail mortgages, although corporate and SME loans are showing early signs of pickup as well.

We believe there is some upside in the REIT sector over next 3-6 months. In the last six months, S-REITs have acquired new
properties totaling about S$2.5bn with the majority funded through equity raisings. Those with a large asset pipeline from
sponsors are likely candidates for asset injections. The REIT sector also faces fewer policy headwinds compared to developers.
We like REITS exposed to tourism, office and suburban retail mall segments.

We see market valuations fair at current levels although domestic catalysts and strong liquidity should lift markets higher in

Source: Bloomberg, Lion Global Investors Ltd
DISCLAIMER: This factsheet is compiled by Great Eastern Life. The information presented is for informational use only. A
product summary in relation to the Fund may be obtained through Great Eastern Life Assurance Co Ltd, its Life Planners or any
of its appointed distributors. Potential investors should read the product summary before deciding whether to invest in the Fund.
Returns on the units of the Fund are not guaranteed. The value of the units in the Fund and the income accruing to the units, if any,
may fall or rise. The fees and charges payable through deduction of premium or cancellation of units are excluded in the
calculation of fund returns. Past returns, and any other economic or market predictions, projections or forecasts, are not
necessarily indicative of future or likely performance.

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