# PRODUCT SUMMARY: PRUVantage Wealth III

This Product Summary is a simplified description of the key product features. The exact terms can be found in the policy document.

## Details of Product Provider:

Prudential Assurance Company Singapore (Pte) Limited ("Prudential Singapore"), 30 Cecil Street, #30-01 Prudential Tower, Singapore 049712 Tel: 1800-3330 333

Prudential Singapore is responsible for the product features and contractual provisions and these will be explained to you by a representative of either Prudential Singapore or a distributor duly appointed by Prudential Singapore.

**Please note that the product you are purchasing is a Specified Investment Product.**

This policy and its Supplementary benefit(s) (if any) is/are protected under the Policy Owners' Protection Scheme which is administered by the Singapore Deposit Insurance Corporation (SDIC). Coverage for your policy and its Supplementary benefit(s) (if any) is/are automatic and no further action is required from you. For more information on the types of benefits that are covered under the scheme as well as the limits of coverage, where applicable, please contact your insurer or visit the General Insurance Association (GIA)/Life Insurance Association (LIA) or SDIC web-sites (www.gia.org.sg or www.lia.org.sg or www.sdic.org.sg).

The Proposer acknowledges receipt of all pages of the Product Summary for the Main plan and Supplementary benefits (where applicable), the Fund Information Booklet(s) and the Product Highlights Sheet(s) (where applicable). The contents have been explained to your satisfaction.

## Aggregation rule:

The aggregate premiums payable for selected plans* per life assured issued in the past 24 months cannot exceed S$15 million (or equivalent). The calculation is based on the total committed premiums of the product, excluding premiums for supplementary benefits (if any) (e.g. 10 x annual premium for a 10-year premium term product, or full single premium for a single premium product). US dollar denominated policies will be aggregated after applying an exchange rate of US$1 to S$1.40 on the premiums payable. We reserve the right to review/vary this rate.

*Please find the full list of selected plans at www.prudential.com.sg

## Nature and Objective of Plan:

PRUVantage Wealth III is a regular premium whole of life investment-linked policy that is wealth accumulation focused and provides financial protection against death for as long as the life assured lives. This policy also allows customers to invest in our wide selection of PRULink Funds.

Please note that every investment-linked product/fund or combination of funds has its own characteristics including investment horizon, liquidity, and level of risk and you may consider some to be more appropriate to satisfy your individual needs and preferences.

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## Accounts:

- **Growth Account** is where your regular premiums are invested according to your chosen allocation.

If the premium in this account is invested in a PRULink fund that aims to distribute dividends on a regular basis, the dividends will be reinvested automatically into the same fund. The option to receive the dividend payments is only allowed after 10 years from the cover start date and we have received 10 years of paid premiums.

If your policy has a 3-year or 5-year premium term, this account does not apply.

- **Flex Account** is where your regular premiums are invested according to your chosen allocation.

- **Additional Investment Account** is where your top-up premiums that you make through the Investment Booster (Lump Sum) are invested.

Before the start of your policy, you would have chosen how much of your regular premium you want to invest in the Growth Account and how much in the Flex Account. The percentage split is in multiples of 5% and the total percentage in the account(s) must be equal to 100%. Once the allocation is chosen, you are not allowed to change the allocation between the two accounts. This allocation will be fixed for the whole premium term.

If your policy has a 3-year or 5-year premium term, 100% of the regular premiums will be invested in the Flex Account.

## Death Benefit:

### What do we pay for Death Benefit?

If the life assured dies, we pay the higher of:
- 101% of (total regular premiums paid, excluding premiums paid for supplementary benefits, if any, less any withdrawals and dividend payments from the Growth Account and/or Flex Account, where applicable) as at the date of death; or 
- the account value* from the Growth Account and/or Flex Account, where applicable, plus the account value* from the Additional Investment Account, less any amounts you owe us.

If the life assured dies because of an accident, we pay the higher of:
- 105% of (total regular premiums paid, excluding premiums paid for supplementary benefits, if any, less any withdrawals and dividend payments from the Growth Account and/or Flex Account, where applicable) as at the date of death; or 
- the account value* from the Growth Account and Flex Account, where applicable, plus the account value* from the Additional Investment Account, less any amounts you owe us.

*To work out the value of your units, we use the bid price on the next business day after we receive the notification of death of the life assured, with proof of death.

If we deducted administration charges from your accounts at any time before the date you claim for the death benefit, we will not refund these charges to you.

### What happens after we pay for Death Benefit?

The whole policy automatically ends once we pay a death benefit claim.

### What is not covered for Death Benefit?

If the life assured dies from suicide within 12 months from the cover start date or date of reinstatement (if any) of your policy, we will void your policy. In this case, we cancel it and refund the total premiums received from you. We will first deduct any withdrawals, dividend payments, all other amounts you owe us in connection with your policy and expenses (including administrative, sales-related and medical expenses) we have had to pay for your policy.

If the life assured dies due to a pre-existing condition within 12 months from the cover start date or date of reinstatement (if any) of the policy, we pay the higher of:
- The value of all the units in your accounts, less the Welcome Bonus* paid to your policy; or
- The total regular premiums received from you (excluding premiums paid for supplementary benefits) plus top-ups made through the Investment Booster (Lump Sum), if any, less any withdrawals, dividend payments, all amounts you owe us in connection with the policy and expenses (including administrative, sales-related and medical expenses) that we have had to pay for your policy.

*We will deduct the Welcome Bonus paid only if the pre-existing condition is within 12 months from the cover start date but not when it is 12 months from the date of reinstatement.

## Premium Size:

| Premium Term | Minimum Annual Premium |
|---|---|
| 3 years | S$60,000 |
| 5 years | S$36,000 |
| 10 years | S$24,000 |
| 15 years | S$18,000 |
| 20 years | S$15,000 |

## Minimum Contribution Period:

If you fail to pay your premiums within the first 24 months from the cover start date of your policy (the **Minimum Contribution Period**) we will levy the surrender charge which will result in no more units in your Growth Account and/or Flex Account (where applicable) and your policy will end. We will not pay any death benefit claims from this point. If there are units in the Additional Investment Account, we will refund the value of these units to you.

## Choice of PRULink Fund(s):

When you apply for your policy, you choose whether you want all your regular premiums to be invested:
- in the Growth Account only or in the Flex Account only or divided into both the Growth Account and the Flex Account, and
- in one of the PRULink funds; or in two or more PRULink funds.

If your policy has a 3-year or 5-year premium term, 100% of your regular premiums will be invested in the Flex Account only.

You must invest a minimum of 5% of your premium (whichever applies) in any PRULink fund you choose and after that invest in multiples of 5%.

If we receive your premium:
a) by 3pm, we use the bid price on the next business day to work out the number of units; or
b) after 3pm, we use the bid price on the second business day from the day we receive your premium, to work out the number of units.

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## PRULink Fund(s) available in the Accounts:

| | Growth Account | Flex Account | Additional Investment Account |
|---|---|---|---|
| **At the Start of the Policy** | All funds | All funds for 3-year & 5-year premium terms; Funds that distribute dividends only for 10-year, 15-year & 20-year premium terms | All funds |
| **Top-Up via the Investment Booster (Lump Sum)** | Not applicable | Not applicable | All funds |
| **Change of Regular Premium Distribution** | All funds | All funds for 3-year & 5-year premium terms; Funds that distribute dividends only for 10-year, 15-year & 20-year premium terms | Not applicable |
| **Switch from one PRULink fund to another** | All funds | All funds | All funds |

Please refer to Appendix A for the list of available Investment-Linked Funds and the respective Fund Information Booklet for details on the investment funds you can invest in the accounts under this policy. These investment funds shall be collectively known as "PRULink funds" hereafter. Any single fund in the PRULink funds shall be known as a "PRULink fund" hereafter.

If you choose a PRULink fund that aims to distribute dividends on a regular basis, please note that the distribution of dividends is at the discretion of the underlying fund's Board of Directors, Manager and/or Prudential Singapore, and is not guaranteed. The distribution of dividends may be effectively paid out of capital, which will reduce the net asset value of the fund which is used to calculate the fund's unit price and the surrender value of the policy.

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## Bonuses:

### 1. Welcome Bonus

We give a Welcome Bonus for premiums received for the applicable Welcome Bonus period based on your chosen premium term. This bonus is in the form of extra units that we give, based on your premium term, annualised premium and the account allocation as set out in the table below.

We will convert the bonus into additional units and place them in the Growth Account and/or Flex Account (where applicable), when we receive each premium for the applicable Welcome Bonus period based on your chosen premium term.

We will buy units based on the same proportions of how your regular premiums are being invested, in each of the PRULink funds in the respective accounts, at the time of the Welcome Bonus payment.

### Welcome Bonus Tables

#### Flex Account:

| Premium Term | Annualised Premium (S$) | Welcome Bonus (% of premium allocated in the Flex Account) |||||
|---|---|---|---|---|---|---|
| | | 1st Year | 2nd Year | 3rd Year | Total |
| 3 years | 60,000 – 99,999 | 1% | - | - | 1% |
| | 100,000 & above | 3% | - | - | 3% |
| 5 years | 36,000 & above | 5% | - | - | 5% |
| 10 years | 24,000 & above | 8% | 3% | 2% | 13% |
| 15 years | 18,000 & above | 12% | 6% | 5% | 23% |
| 20 years | 15,000 & above | 15% | 9% | 8% | 32% |

#### Growth Account:

| Premium Term | Annualised Premium (S$) | Welcome Bonus (% of premium allocated in the Growth Account) |||||
|---|---|---|---|---|---|---|
| | | 1st Year | 2nd Year | 3rd Year | Total |
| 3 years | Not Applicable | Not Applicable |
| 5 years |
| 10 years | 24,000 & above | 18% | 16% | 16% | 50% |
| 15 years | 18,000 & above | 23% | 21% | 21% | 65% |
| 20 years | 15,000 & above | 25% | 25% | 25% | 75% |

Any top-ups made through the Investment Booster (Lump Sum) will not enjoy the Welcome Bonus.

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### 2. Loyalty Bonus

We give a Loyalty Bonus of 0.5% of the latest Growth Account Value and/or Flex Account Value (where applicable), payable yearly from the applicable policy anniversary, as set out in the table below.

The Loyalty Bonus will be converted into additional units and placed in the respective fund or funds you have chosen to invest in, in the same proportion and according to the chosen allocation in the Growth Account and/or Flex Account (where applicable).

We pay the Loyalty Bonus one month after each policy anniversary, as set out in the table below, as long as you stay invested during the policy term. The policy must not have ended when the Loyalty Bonus is paid out.

| Premium Term | The Loyalty Bonus will be paid every year from the |
|---|---|
| 3 years | 6th policy anniversary |
| 5 years | 6th policy anniversary |
| 10 years | 11th policy anniversary |
| 15 years | 16th policy anniversary |
| 20 years | 21st policy anniversary |

Any top-ups made through the Investment Booster (Lump Sum) will not enjoy the Loyalty Bonus.

## Charges:

### 1. Administration Charge

From the first premium due date of the policy and on the same day every month after that, we bill your account for an administration charge.

The monthly administration charge is a percentage of the latest account value of the Growth Account and/or Flex Account (where applicable) (refer to the table below). The duration of the administration charge will depend on your premium term. There are no administration charges on your Additional Investment Account.

#### Administration Charge Table

| Premium Term | Administration Charge as a % of the Growth Account Value and Flex Account Value | Duration of Administration Charge |
|---|---|---|
| 3 years | 2.9% per year | 8 years |
| 5 years | 2.9% per year | 8 years |
| 10 years | 2.7% per year | 10 years |
| 15 years | 2.7% per year | 10 years |
| 20 years | 2.5% per year | 12 years |

Unless we say otherwise, we fund the charges through the cancellation of units in your Growth Account and/or Flex Account (where applicable) at the bid price.

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Each month we will use the bid price on the next business day to sell proportionate units from all the PRULink funds you have invested to pay for the administration charges. We will work out the proportionate units to sell based on the number of units still invested by you in each of the PRULink funds as at the time of the sale. How we work out and decide on the final results, is final and binding.

We can change the administration charge. However, we will give you 30 days' written notice before we do so.

### 2. Continuing Investment Charge

The continuing investment charge is deducted on a pro-rated basis at each unit pricing day throughout the year. It is included in the respective PRULink fund's price and is not an additional charge to the policy.

Please refer to the section on Fees under the respective schedules in the Fund Information Booklet for each of the PRULink funds for details.

### 3. Premium Charge

There is no premium charge on the regular premium that you pay.

There is a premium charge of 3% of your Investment Booster (Lump Sum) premium. This premium charge is an upfront charge that we deduct from the Investment Booster (Lump Sum) premium paid.

We can change the premium charge. However, we will give you 30 days' written notice before we do so.

## Options:

### 1. Include a Joint Owner

PRUVantage Wealth III can be purchased on a joint ownership basis (Husband and Wife). Joint ownership will be on a joint tenancy basis. In a joint ownership policy, when one policyowner dies, the policy will continue with the surviving owner. If both policyowners die at the same time, ownership of the policy will vest in the estate of the younger of the two policyowners.

### 2. Appoint a Secondary Life Assured

You can appoint or change or remove the secondary life assured at any time during the term of the policy, and while the original policyowners are still alive.

When the primary life assured dies, the secondary life assured becomes the new primary life assured of the policy. When this happens, the policy continues:
- based on the life of the new primary life assured; 
- but any supplementary benefit (see note below) attached will end. You may add supplementary benefits to the policy after we accept the secondary life assured as the new primary life assured;
- and you must continue to pay the premiums.

The primary life assured is the life assured as shown in the certificate of life assurance at the cover start date of the policy.

You can appoint another secondary life assured as long as there is insurable interest between the new secondary life assured and the original policyowners.

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**Note:** This includes any supplementary benefit that waives premiums and which you have attached to your policy. If the premium waiver benefit becomes effective, on the death of the primary life assured, this benefit ends and the premium waiver stops. You must continue paying premiums immediately if the policy is to continue cover for the secondary life assured as the new primary life assured.

#### Who can be a secondary life assured?

- You are the policyowner. You can also be the primary life assured. In this case, you can appoint a secondary life assured who can be your spouse or your child. On your death, the secondary life assured can carry on with the policy by becoming the new primary life assured. 
- You are the policyowner. The primary life assured can be your spouse or your child who is a minor. You can appoint a secondary life assured who can be your spouse (if not already the primary life assured) or your child who is a minor (if not already the primary life assured). On the death of the primary life assured, the secondary life assured will carry on with the policy by becoming the new primary life assured.

You cannot appoint a secondary life assured if your policy already has a nomination of beneficiary or a trust has been created under your policy.

To apply to appoint a secondary life assured, you must use our appropriate application form and meet the conditions on it. We will let you know if we accept your application.

Any application to change the secondary life assured will replace any existing appointment of secondary life assured that was submitted to us previously.

### 3. Appoint a Secondary Policyowner

You can appoint or change or remove the secondary policyowner at any time throughout the policy term, but only after two years from the cover start date of the policy.

When the primary policyowner dies, the secondary policyowner becomes the new primary policyowner of the policy. When this happens:
- the policy continues with the new primary policyowner; and
- there is no change to the existing primary life assured and appointed secondary life assured (if any).

You can appoint any individual as the secondary policyowner without the need to prove insurable interest between the secondary policyowner and the primary life assured. However, if the policy ownership has changed (including situations where the policy has been assigned or the secondary policyowner has become the new primary policyowner on the death of the original policyowner), any appointment of a secondary policyowner, after that, is allowed only if there is insurable interest between the new secondary policyowner and the primary life assured.

The appointment of a secondary policyowner is allowed, provided:
- the policy is not owned by a business organisation;
- the policy is not purchased on a joint ownership basis;
- you have been paying your premiums regularly and there are no unpaid premiums due;
- there is no nomination of beneficiary or trust created under the policy;
- there is no pending claim under the policy; and 
- the secondary policyowner meets our proposal requirements.

If you are the policyowner and the primary life assured, you may appoint a secondary policyowner only if a secondary life assured is appointed.

The appointment of a secondary policyowner approved by us will be automatically revoked if:
- the policy is assigned, or a trust is created by the primary policyowner;
- the Wealth Share option is exercised by the primary policyowner;

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- you are both the primary policyowner and primary life assured, and the appointment of the secondary life assured is removed or the secondary life assured dies before you. In this case, the policy will end on the death of the primary life assured and with the payment of the Death Benefit;
- the secondary policyowner dies before the primary policyowner, becomes bankrupt, is restricted by laws or regulations, is diagnosed with mental incapacity;
- there is a will or legal document, that is meant to control or manage your money, property, or belongings after you pass away, whether it was signed before or after this appointment, and which has changed the secondary policyowner, or created a beneficiary for the policy;
- there is a legal document, or power of attorney, that allows someone to control or manage your money, property, or belongings because the primary policyowner is mentally unable to do so, and that person changes the secondary policyowner; or
- any other situation we decide at our sole discretion, which may include a change of laws or regulations or be subject to a legal document.

To apply to appoint a secondary policyowner, you must use our appropriate application form and meet the conditions on it. We will let you know if we accept your application.

Any application to change the secondary policyowner will replace any existing appointment of secondary policyowner that was submitted to us previously.

For the change of policyowner to be effective when the primary policyowner dies, the secondary policyowner must write to us and provide proof of death and any other information we ask for within the required timeframe (if any). If the secondary policyowner cannot meet these requirements or we do not approve the change in time, the secondary policyowner's appointment will be cancelled and the policy will go to the primary policyowner's estate.

### 4. Change of Life Assured

You can choose to change the life assured to another life assured at any time throughout the policy term, but only after two years from the cover start date of the policy.

This change is allowed only if:
- you show satisfactory proof that you or the business organisation (where it applies) has insurable interest on the new life assured in line with the laws and regulations that apply; and
- the new life assured meets our underwriting requirements.

When the change in life assured becomes effective, 
- you will receive a revised certificate of life assurance with the new life assured's particulars.
- the cover for the original life assured ends and the cover for the new life assured starts on the new cover start date as shown in the revised certificate of life assurance. All rights under the original life assured ends with immediate effect.
- the supplementary benefits (if any) automatically end.

You cannot change the life assured if your policy already has a nomination of beneficiary or a trust has been created under your policy.

To apply, you must use our appropriate application form and meet the conditions on it. We will let you know if we accept your application.

### 5. Wealth Share (Option to divide the policy)

Wealth Share is an option to divide the policy into sub-policies+ within 130 years from the first premium due date of the original policy. You can further divide the sub-policies into more sub-policies as long as it is within 130 years from the first premium due date of the original policy.

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The percentage allocation of each sub-policy from the division from the base policy* must be in multiples of 5%. All policy values including total regular premiums paid, units in the policy, withdrawal amount and dividend payments will be adjusted according to this percentage allocation. How we work out and decide on the final results, is final and binding. 

+ sub-policies are the resulting policies from the base policy
* base policy is the policy that the sub-policies originate from

You can choose to exercise the Wealth Share option provided:
- it is after the premium term and the administration charge period of the original policy,
- you have been paying your premiums regularly and there are no unpaid premiums due, and 
- the sub-policies must each meet a minimum total account value for the Growth Account, Flex Account and Additional Investment Account (where applicable), after the division. Currently, the minimum value is set as S$100,000. We can change this minimum value and will let you know at the time you apply for Wealth Share.

Once we receive your Wealth Share request, we use the bid price on three business days to value the units:
1. One business day before we receive the request; or
2. The business day that we receive the request; or
3. The next business day after we receive the request.

If the account value on one of these three business days meets the minimum value set by us, we will process the Wealth Share request. We will transfer the units from the base policy to the sub-policies and the base policy will end. 

The cover start date of the sub-policies will be on the same day of the month as the premium due date before Wealth Share was activated. 

Once Wealth Share is activated:
- The appointed secondary life assured (if any) and secondary policyowner (if any) will be removed.
- The supplementary benefits (if any) automatically end.
- The base policy ends and the sub-policies starts on the new cover start date as shown in the revised certificate of life assurance. All rights under the base policy ends with immediate effect. Any claim from the base policy that is submitted after the date we received the Wealth Share request will not be accepted. 
- You will receive a set of policy documents for each of the sub-policies. This would be the new policy document for the sub-policy and revised certificate of life assurance with the updated plan's particulars.
- The policy value of the sub-policies will be adjusted according to the percentage allocation for each sub-policy.

You cannot request for Wealth Share if there is pending claim under your base policy, your base policy already has a nomination of beneficiary, or a trust has been created under your base policy.

To apply, you must use our appropriate application form and meet the conditions on it. We will let you know if we accept your application.

### 6. Switch from one PRULink Fund to another

Once you have enough units in your Growth Account, Flex Account and Additional Investment Account (where applicable), you can ask us to switch them into other PRULink funds that are available. You must state which account (the Growth Account or Flex Account or Additional Investment Account) you wish to switch out from. Funds from different accounts cannot be combined (that means, funds from the Growth Account or Flex Account or Additional Investment Account cannot be transferred into any of the other accounts). They will remain separate even though you may choose the same PRULink fund to switch into.

[p.10]

There is a minimum amount you can switch out of a PRULink fund and we will let you know this minimum amount at the time you apply to do the switch.

The value of the remaining units in the PRULink fund that you are switching out from cannot be lower than a minimum amount we indicate. To work out the value of the remaining units, we use the bid price at the time the switch is carried out. If the value of the remaining units is lower than the minimum amount, you must switch all the units out of the fund. We can change at any time, the minimum amount you can switch out of a fund when there is any new application to switch funds. We will let you know this minimum amount at the time of your application to do the switch.

To make the switch, we sell your units in the old PRULink fund at the bid price of that fund and buy units in the new PRULink fund at its bid price.

We currently do not charge for fund switches. However, we can levy an administration charge but we will give you 30 days' written notice before we do so.

If we receive your application:
a) by 3pm, we use the bid price on the next business day to work out the number of units; or
b) after 3pm, we use the bid price on the second business day from the day we receive your application, to work out the number of units.

To apply, you must use our appropriate application form and meet the conditions on it. We will let you know if we accept your application.

### 7. Change your Regular Premium Distribution

At any time, you can ask us to change the proportions of how your regular premiums are being invested. You must state which account you wish to make the change. Funds from the different accounts (Growth Account or Flex Account, where applicable) cannot be combined. They will remain separate even though you may choose to change the proportions into the same fund.

You can only change in multiples of 5% and into any of the PRULink funds that are currently available. We make the change the next time you pay your regular premium.

To make a change, you must use our appropriate application form and meet the conditions on it. We will let you know if we accept your application.

### 8. Top-up via Investment Booster (Lump Sum)

You can pay an additional one-off premium called the Investment Booster (Lump Sum), at any time, to increase your investment. The minimum Investment Booster (Lump Sum) premium is S$10,000.

When you apply for your Investment Booster (Lump Sum), you choose whether you want:
- to invest all your Investment Booster (Lump Sum) premium in one of the PRULink funds; or
- to invest part of your Investment Booster (Lump Sum) premium in two or more of the PRULink funds.

You must invest a minimum of 5% of your Investment Booster (Lump Sum) premium in any PRULink fund you choose and after that invest in multiples of 5%.

[p.11]

There is a premium charge of 3% of your Investment Booster (Lump Sum) premium. This premium charge is an upfront charge that we deduct from the Investment Booster (Lump Sum) premium paid.

We use the remaining 97% of the Investment Booster (Lump Sum) premium to buy units at the bid price in the PRULink fund or funds you have chosen. We credit the units to your Additional Investment Account.

If we receive your Investment Booster (Lump Sum) premium:
a) by 3pm, we use the bid price on the next business day to work out the number of units; or
b) after 3pm, we use the bid price on the second business day from the day we receive your premium, to work out the number of units.

We can change the premium charge or levy an administration charge for the Investment Booster (Lump Sum) feature at any time, but we will give you 30 days' written notice before we do so.

To apply, you must use our appropriate application form and meet the conditions on it. We will let you know if we accept your application.

### 9. Go on Premium Holiday

After the Minimum Contribution Period, if you fail to pay a premium on time or you stop paying your premiums and there are units in your accounts, your policy automatically continues at the same sum assured for the same basic benefits. We continue to bill you for the administration charge by using the units in your accounts. This is the **Premium Holiday** period.

We levy a premium holiday charge from the first premium due date of the policy during the premium holiday period and on the same day every month after that. We will deduct the premium holiday charge through the cancellation of units in the Growth Account and/or Flex Account (where applicable). When there are no more units in the Growth Account and/or Flex Account (where applicable), we will deduct from the Additional Investment Account. When there are no more units in all accounts, your policy will end.

Each month we will use the bid price on the next business day to sell proportionate units from all the PRULink funds you have invested to pay for the premium holiday charge. We will work out the proportionate units to sell based on the number of units still invested by you in each of the PRULink funds as at the time of the sale. How we work out and decide on the final results, is final and binding.

We stop the premium holiday charge at the end of the premium term or when you resume paying premiums from the current premium due onwards.

**Formula of Premium Holiday Charge:** (Premium Holiday Charge Rate * P) / 12, where Premium Holiday Charge Rate is derived from the Premium Holiday Charge Table and P is the annualised premium.

#### Premium Holiday Charge Table

| Policy Year | Premium Holiday Charge as a % of the Annualised Premium |||||
|---|---|---|---|---|---|
| | 3-Year Premium Term | 5-Year Premium Term | 10-Year Premium Term | 15-Year Premium Term | 20-Year Premium Term |
| 1 | - | - | - | - | - |
| 2 | - | - | - | - | - |
| 3 | 50% | 50% | 50% | 50% | 50% |
| 4 | | 50% | 50% | 50% | 50% |
| 5 | | | 50% | 50% | 50% |

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| Policy Year | Premium Holiday Charge as a % of the Annualised Premium |||||
|---|---|---|---|---|---|
| | 3-Year Premium Term | 5-Year Premium Term | 10-Year Premium Term | 15-Year Premium Term | 20-Year Premium Term |
| 6 | | | 20% | 20% | 20% |
| 7 | | | 20% | 20% | 20% |
| 8 | | | 20% | 20% | 20% |
| 9 | | | 20% | 20% | 20% |
| 10 | | | 20% | 20% | 20% |
| 11 | | | | 10% | 10% |
| 12 | | | | 10% | 10% |
| 13 | | | | 10% | 10% |
| 14 | | | | 10% | 10% |
| 15 | | | | 10% | 10% |
| 16 | | | | | 5% |
| 17 | | | | | 5% |
| 18 | | | | | 5% |
| 19 | | | | | 5% |
| 20 | | | | | 5% |
| 21 & above | | | | | |

**Premium Holiday Charge Refund:** If you pay all unpaid premiums due, we will refund 70% of the premium holiday charges levied by buying units and placing them in the Growth Account and/or Flex Account (where applicable). We will buy units based on the same proportions of how your regular premiums are being invested, in each of the PRULink funds in the accounts, at the time of the premium holiday refund. How we work out and decide on the final results, is final and binding.

If you chose to reinstate the policy by only paying current premium, then in the future, you cannot choose to pay any of the previously unpaid premiums due during the premium holiday period to receive the premium holiday charge refund.

### 10. Premium Pass Option

If you have made no withdrawals from the Growth Account and/or Flex Account (where applicable) and have fully paid the regular premiums for a minimum number of years (see table below), you are entitled to a one-year Premium Pass.

| Premium Term | Minimum number of years premiums were paid |
|---|---|
| 3 years | Not applicable |
| 5 years | 3 years |
| 10 years | 5 years |
| 15 years | 10 years |
| 20 years | 10 years |

You can choose to activate the Premium Pass option during the premium term. Your remaining premium term must be at least one year. If we accept your application, the Premium Pass option will start from the next premium due date.

Once the Premium Pass is activated, 
- you will receive a revised certificate of life assurance with the updated last premium due date and the plan's particulars; 
- premium holiday and administration charges (if applicable) under the policy will stop for one year; 
- the supplementary benefits (if any) automatically end.

[p.13]

The following will be extended for one year:
- the premium term, 
- administration charge period, 
- premium holiday charge period, 
- surrender charge period, and 
- partial withdrawal charge period. 

The extension of the premium term and administration charge period will affect:
- when you will receive the Loyalty Bonus, and
- when you can apply for Wealth Share.

You are not allowed to opt-out from Premium Pass once it has been activated.

If you had unpaid premiums before you chose to activate the Premium Pass, then in the future, you cannot choose to pay any unpaid premiums that existed before the activation of Premium Pass and the unpaid premiums during the Premium Pass period, in order to receive the premium holiday charge refund.

You must continue paying premiums immediately after the Premium Pass period has ended.

To apply, you must use our appropriate application form and meet the conditions on it. We will let you know if we accept your application.

### 11. Withdraw units from your accounts

You can make a partial withdrawal by asking us to sell some of the units in your Growth Account, Flex Account or Additional Investment Account, where applicable. If you make a withdrawal from your Growth Account and/or Flex Account (where applicable), there is a withdrawal charge. It is a percentage of the withdrawn amount. You have to let us know which Account, the Growth Account, Flex Account or the Additional Investment Account, that you want to withdraw from.

#### Partial Withdrawal Charge Table

| Policy Year | Partial Withdrawal Charge as a % of the Withdrawn Amount |||||
|---|---|---|---|---|---|
| | 3-Year Premium Term | 5-Year Premium Term | 10-Year Premium Term | 15-Year Premium Term | 20-Year Premium Term |
| 1 | 100% | 100% | 100% | 100% | 100% |
| 2 | 100% | 100% | 100% | 100% | 100% |
| 3 | 60% | 60% | 80% | 80% | 80% |
| 4 | 50% | 50% | 70% | 70% | 70% |
| 5 | 40% | 40% | 60% | 60% | 60% |
| 6 | 30% | 30% | 50% | 50% | 50% |
| 7 | 20% | 20% | 40% | 45% | 45% |
| 8 | 10% | 10% | 30% | 40% | 45% |
| 9 | | | 20% | 35% | 40% |
| 10 | | | 10% | 30% | 40% |
| 11 | | | | 25% | 35% |
| 12 | | | | 20% | 30% |
| 13 | | | | 15% | 25% |
| 14 | | | | 10% | 20% |
| 15 | | | | 5% | 12% |
| 16 | | | | | 10% |

[p.14]

| Policy Year | Partial Withdrawal Charge as a % of the Withdrawn Amount |||||
|---|---|---|---|---|---|
| | 3-Year Premium Term | 5-Year Premium Term | 10-Year Premium Term | 15-Year Premium Term | 20-Year Premium Term |
| 17 | | | | | 8% |
| 18 | | | | | 8% |
| 19 | | | | | 5% |
| 20 | | | | | 5% |
| 21 & above | | | | | |

The partial withdrawal charge does not apply to withdrawals from the Additional Investment Account.

We sell the units as soon as possible after accepting your application. If we receive your application:
a) by 3pm, we use the bid price on the next business day to work out the number of units; or
b) after 3pm, we use the bid price on the second business day from the day we receive your application, to work out the number of units.

You can only make a partial withdrawal if you have a minimum amount in your account. The minimum amount you can withdraw is currently S$1,000. The remaining units in the account(s) in the policy must be worth at least S$1,000 based on the bid price at the time of you make the withdrawal. If not, you will not be able to make a partial withdrawal.

When you make a withdrawal from the Growth Account, Flex Account and/or the Additional Investment Account, where applicable, it will reduce the account value of the respective accounts by the withdrawn amount.

#### Free Partial Withdrawal after 10 years:

After 10 years from the cover start date and if you have fully paid the regular premiums for 10 years, provided no withdrawal was made from the Growth Account and/or Flex Account (where applicable), there will be no partial withdrawal charge for the first partial withdrawal that you make.

This free partial withdrawal is subject to a maximum of 10% of the total Growth Account Value and/or Flex Account Value (where applicable). Any excess amount will be subject to the usual partial withdrawal charge.

If your premium term is 3 years, 5 years or 10 years, this free partial withdrawal after 10 years does not apply. Also, if you have previously made a free partial withdrawal under the diagnosis of the 3 illnesses and/or your retrenchment, you will not be eligible for this free partial withdrawal after 10 years.

#### Free Partial Withdrawal on Diagnosis of the 3 Illnesses:

After the minimum contribution period, if the life assured is diagnosed with any one of the 3 illnesses: cancer, heart attack or stroke, you are entitled to a one-time free partial withdrawal, subject to a maximum of 50% of the total Growth Account Value and/or Flex Account Value (where applicable). Any excess amount will be subject to the usual partial withdrawal charge.

The illnesses must be diagnosed by a registered medical practitioner in Singapore.

We will not cover any of the illnesses if they existed during the minimum contribution period of the policy or before the cover start date or date of reinstatement (if any) of the policy.

#### Free Partial Withdrawal Because of Your Retrenchment:

After the minimum contribution period, if you* are retrenched before the policy anniversary immediately before you turn 65 years old and remain unemployed for at least 30 continuous days, you are entitled to a one-time free partial withdrawal. The free withdrawal amount is subject to a maximum of 50% of the total Growth Account Value and/or Flex Account Value (where applicable). Any excess amount will be subject to the usual partial withdrawal charge.

This free partial withdrawal is only allowed, provided:
- it is after the minimum contribution period, or after 90 days from the date of reinstatement, whichever is later; 
- the policy has not been assigned; and

[p.15]

- you remain unemployed for a minimum period of 30 continuous days from the date of retrenchment, as stated in the retrenchment letter issued by your employer.

*you refers to the original policyowner who pays the premium of the policy.

We will only accept your application if:
i) you are working in Singapore and the company you were working for is registered in Singapore;
ii) you are a Singapore citizen, Singapore permanent resident or a foreigner holding a valid employment pass issued by Ministry of Manpower of Singapore; and
iii) this free partial withdrawal application is received by us within 12 months from the date of retrenchment.

This free partial withdrawal does not apply to policies bought and owned by corporations. If the policy has joint owners, this will apply to both owners but can only be claimed once.

We do not allow this free partial withdrawal in any of the following circumstances:
- you are aware of the retrenchment before the cover start date of the policy;
- you are a part-timer, freelancer, or an independent contractor, self-employed or sole proprietor at the date of retrenchment;
- you are retrenched from full-time employment which you have not worked for at least six continuous months immediately before the retrenchment;
- your unemployment is a result of:
  - your retirement;
  - your resignation;
  - your termination or suspension due to willful or deliberate misconduct or unlawful behaviour;
  - the end of your employment contract;
  - your leave of absence whether paid or unpaid;
  - your military discharge; 
  - your voluntary forfeiture of income; or
  - your poor performance.

**Retrenchment** means the termination of full-time employment, not by choice, and is certified as unemployed by the current employer. The retrenchment may be due to employer restructuring, reorganising, relocating, outsourcing or liquidating of the business.

To apply, you must use our appropriate application form and meet the conditions on it. We will let you know if we accept your application.

Please note that there is a likelihood that your policy coverage may stop when the premiums paid plus the value of units of your policy are not enough to pay for the charges. The likelihood is higher when you make frequent and/or large partial withdrawal(s).

### 12. Surrender the policy

You can apply at any time to surrender your policy. However, there is a charge when you surrender your policy within the specified years of your policy as shown below. It is a percentage of the Growth Account Value and/or Flex Account Value (where applicable).

#### Surrender Charge Table

| Policy Year | Surrender Charge as a % of the Growth Account Value and Flex Account Value |||||
|---|---|---|---|---|---|
| | 3-Year Premium Term | 5-Year Premium Term | 10-Year Premium Term | 15-Year Premium Term | 20-Year Premium Term |
| 1 | 100% | 100% | 100% | 100% | 100% |
| 2 | 100% | 100% | 100% | 100% | 100% |

[p.16]

| Policy Year | Surrender Charge as a % of the Growth Account Value and Flex Account Value |||||
|---|---|---|---|---|---|
| | 3-Year Premium Term | 5-Year Premium Term | 10-Year Premium Term | 15-Year Premium Term | 20-Year Premium Term |
| 3 | 60% | 60% | 80% | 80% | 80% |
| 4 | 50% | 50% | 70% | 70% | 70% |
| 5 | 40% | 40% | 60% | 60% | 60% |
| 6 | 30% | 30% | 50% | 50% | 50% |
| 7 | 20% | 20% | 40% | 45% | 45% |
| 8 | 10% | 10% | 30% | 40% | 45% |
| 9 | | | 20% | 35% | 40% |
| 10 | | | 10% | 30% | 40% |
| 11 | | | | 25% | 35% |
| 12 | | | | 20% | 30% |
| 13 | | | | 15% | 25% |
| 14 | | | | 10% | 20% |
| 15 | | | | 5% | 12% |
| 16 | | | | | 10% |
| 17 | | | | | 8% |
| 18 | | | | | 8% |
| 19 | | | | | 5% |
| 20 | | | | | 5% |
| 21 & above | | | | | |

We pay you the surrender value which is made up of:
a) the value of the units in your account(s), less the surrender charge (if any); and
b) any premium you have paid and which we have not invested yet.

We will first deduct any amounts you owe us. If the surrender amount is less than the surrender charge amount, then nothing will be paid out as the surrender value.

If we receive your application:
a) by 3pm, we use the bid price of the next business day to work out the surrender value; or
b) after 3pm, we use the bid price on the second business day from the day we receive the application, to work out the surrender value.

We will not refund any charges deducted from your accounts when you surrender your policy.

There is no surrender charge on the Additional Investment Account Value.

To apply, you must use our appropriate application form and meet the conditions on it. We will let you know if we accept your application.

### 13. Add Supplementary Benefits

These are the supplementary benefits you can add to your policy:
- Payer Security Plus
- Crisis Waiver III
- Accident Assist

You may add a supplementary benefit to your policy at any time if:
- the supplementary benefit is available;

[p.17]

- you are paying your regular premiums;
- we decide that the life assured is in good health (if applicable);
- the life assured is within the age limits;
- you pay the extra premium; and
- your policy has not ended.

We may introduce new benefits or withdraw the benefits offered as we consider appropriate.

All supplementary benefits are subject to product terms and conditions. Please consult a representative of either Prudential Singapore or a distributor duly appointed by Prudential Singapore for more information.

### 14. Vary Regular Premium

Changes to the regular premium (including any increase or reduction) are not allowed for PRUVantage Wealth III.

## Exclusions:

There are certain conditions such as death from suicide or Pre-existing Condition within 12 months from cover start date under which no benefits will be payable. You are advised to read your policy document for the full details of these exclusions.

## Termination:

Your PRUVantage Wealth III policy will end when:
- we pay the death or accidental death benefit;
- you surrender (end) the policy and receive the benefits;
- you do not pay premiums during the minimum contribution period; 
- there are not enough units in the account(s) to pay the charges; or
- Wealth Share is activated,

whichever event happens first.

## Reports:

You will receive a statement on the performance and value of your investment-linked life policies. The statement will be issued by us annually.

The financial year-end of the PRULink fund(s) is 31 December of each year. You will receive the Semi-Annual Report and Annual Audited Report within 2 months and 3 months respectively from the last date of the period to which the report dates. The Semi-Annual Report and Annual Audited Report may also be obtained from www.prudential.com.sg.

[p.19]

## What happens if the parties involved in the PRULink funds becomes insolvent?

### Eastspring Investments (Singapore) Limited

The assets of the Funds and/or the Underlying Funds and/or Underlying Entities are held by a Custodian and/or a Depository. The Custodian and/or Depository shall keep these assets segregated on its books and records from its own assets and the assets of its other clients.

### Schroders Investment Management (Singapore) Limited

Securities held by the Custodian or the Trustee will be segregated from the other assets of the Fund Manager or the Investment Managers (as the case may be) and ring-fenced against the insolvency of the Fund Manager and/or the Investment Managers.

### abrdn Asia Limited

The Trustee of the Fund, the abrdn Select Portfolio, is responsible for the safe-keeping of the assets of the Underlying Fund in accordance with the trust deed of the abrdn Select Portfolio.

Under the trust deed of the abrdn Select Portfolio, if the Investment Manager, i.e. abrdn Asia Limited, goes into liquidation (except a voluntary liquidation for the purpose of reconstruction or amalgamation upon terms previously approved in writing by the Trustee) or if a receiver is appointed over any of its assets or a judicial manager is appointed in respect of the Investment Manager or if it ceases business, the Trustee may remove the Investment Manager. The Underlying Fund may also be terminated by the Trustee if the Investment Manager goes into liquidation (except a voluntary liquidation for the purpose of reconstruction or amalgamation upon terms previously approved in writing by the Trustee) or if a receiver is appointed over any of its assets or if a judicial manager is appointed in respect of the Investment Manager or if any encumbrancer takes possession of any of its assets or if it ceases business.

### JPMorgan Asset Management Limited

The Managers and/or Investment Managers use a Custodian or a Trustee to safeguard the assets of the Funds and/or the Underlying Funds.

The assets of the PRULink funds will appear in the Manager's and/or Investment Manager's books (as the case may be) as belonging to the Product Provider. The assets of the Funds and/or the Underlying Funds held by the Custodian or the Trustee will be segregated from all other assets which mitigates but does not exclude the risk of non-restitution of the assets in the case of the insolvency of the Manager and/or the Investment Manager.

### FIL Fund Management Limited

Fidelity Funds (the "SICAV") including the underlying fund has appointed Brown Brothers Harriman (Luxembourg) S.C.A. as the depositary to safekeep the assets of the SICAV (custody of assets that can be held in custody and ownership verification and record keeping of other assets). Accordingly, the assets of the underlying fund in which PRULink or PRUPrime fund invests are segregated from the assets and liabilities of the management company, investment manager (FIL Fund Management Limited) and any other service providers of the SICAV.

### Fullerton Fund Management Company Ltd. (the "Manager")

If the Manager go into liquidation (except a voluntary liquidation for reconstruction or amalgamation upon previously approved terms) or if a receiver is appointed over any of the Manager's assets or a judicial manager is appointed in respect of the Manager, the Trustee may by notice in writing remove the Manager as Managers and appoint some other corporation as manager of the Fund and/or terminate the Fund in accordance with the Deed. If the Trustee goes into liquidation (except a voluntary liquidation for reconstruction or amalgamation) or if a receiver is appointed over any of its assets or a judicial manager is appointed in respect of the Trustee, the Manager may by notice in writing remove the Trustee and appoint another person as the new trustee of the Fund in accordance with the Deed. In the event the Custodian becomes insolvent, the Trustee may by notice in writing, terminate the custodian agreement entered into with the Custodian and, in accordance with the Deed, appoint such person as the new custodian to provide custodial services to the Fund globally.

### Prudential Assurance Company Singapore (Pte) Limited ("Prudential Singapore")

Where Prudential Singapore is the named Manager, it uses a Custodian to safeguard units held within the Funds. Units held by the Custodian will be segregated from the Custodian's own assets and the assets of its other clients. The securities of the underlying funds would be safeguarded by the respective Fund or Investment Manager's appointed Custodian or Trustee.

[p.20]

### PIMCO Asia Limited

PIMCO Funds: Global Investors Series plc (the "Company") is an umbrella type open-ended investment company with variable capital and with segregated liability between Funds incorporated with limited liability under the laws of Ireland and is subject to the rules and regulations of the Central Bank of Ireland.

The Company is an Irish UCITS which appointed a third party Depositary, State Street Custodial Services (Ireland) Limited to act as depositary (the "Depositary") to safeguard the assets of each Fund. The duty of the Depositary is to provide safekeeping, oversight and asset verification in respect of the assets of the Company and each Fund in accordance with the provisions of Irish law the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011 (S.I. No. 352 of 2011) and any further amendments thereto) and any regulations or notices issued by the Central Bank of Ireland pursuant thereto for the time being in force. 

As a matter of Irish law, any liability incurred on behalf of or attributable to any Fund of the Company shall be discharged solely out of the assets of that Fund, and neither the Company nor any director, receiver, examiner, liquidator, provisional liquidator or other person shall apply, nor be obliged to apply, the assets of any such Fund in satisfaction of any liability incurred on behalf of or attributable to any other Fund of the Company, irrespective of when such liability was incurred. Shareholders are not liable for any amounts in excess of the value of their Shares in a Fund, nor are they liable for the debts of any other Fund of the Company.

### GMO Investment Management Company (Ireland) Limited

A Depositary is responsible for the safe-keeping of the Underlying Fund's assets. The Depositary's functions include holding in custody all financial instruments that are registered directly or indirectly in the name of the Depositary in a financial instruments account and verifying the ownership of other assets and maintaining a record of the other assets for which it is satisfied that the Underlying Fund holds the ownership.

### Wellington Management Company LLP

Assets of the funds are held in custody by the appointed depositary in accordance with UCITS regulation. This custody arrangement should not be impacted by the insolvency of the investment manager.

### Allianz Global Investors Singapore Limited

In the event of insolvency of the Management Company, the Investment Managers, the Sub-Investment Managers, the Investment Advisor or the Depositary, the appointment of such party will be terminated and a replacement or a successor entity will be appointed in its place, as contractually agreed by such parties and in accordance with applicable laws and regulations.

### HSBC Global Asset Management (Singapore) Limited

The assets of the UCITS are segregated from the assets of both the depositary and the manager. Therefore, the UCITS assets are protected in case of a default by the manager or the depositary.

### UOB Asset Management Limited

The Trustee shall be responsible for the safe keeping of the Deposited Property of each Sub-Fund in accordance with the provisions of the Deed and shall stand possessed of the assets of each Sub-Fund as a single common fund, separate from each of the other Sub-Funds established hereunder, upon trust for the Holders of Units relating to such Sub-Fund and any moneys forming part of the Deposited Property of such Sub-Fund shall from time to time be invested at the direction of the Managers in accordance with the provisions of the Deed provided however that nothing in this Clause shall prevent the Trustee, at the direction of the Managers, form holding an asset on behalf of one or more Sub-Funds pro-rata to the contribution made by each Sub-Fund for the acquisition of such asset.

### Amundi Singapore Limited

The Fund's depositary holds all of the Fund's assets, including its cash and securities, either directly or through other financial institutions such as correspondent banks, subsidiaries or affiliates of the depositary. All assets that can be held in custody are registered in the depositary's books in segregated accounts, opened in the name of the Fund, in respect of each Sub-Fund.

[p.21]

### M&G Luxembourg S.A.

The assets of the Fund are held in safekeeping by the Depositary detailed in the prospectus. In the event of the insolvency of the Manager, the Fund's assets in the safekeeping of the Depositary will not be affected. However, in the event of the Depositary's insolvency, or someone acting on its behalf, the Fund may suffer a financial loss. However, this risk is mitigated to a certain extent by the fact the Depositary is required by law to segregate its own assets from the assets of the Fund. The Depositary will also be liable to the Fund and the investors for any loss arising from, among other things, its negligence, fraud or intentional failure properly to fulfil its obligations (subject to certain limitations).

### BlackRock Asset Management North Asia Limited (the "Manager")

The Trustee shall be responsible for the safe keeping of the Trust Fund and shall take into custody or under its control all the property forming part of the Trust Fund and hold them in trust for the unitholders of the relevant Sub-Fund in accordance with the provisions of the Trust Deed. The Trustee and/or Custodian shall segregate the assets of the Fund from the assets of (A) the Manager, the Investment Delegate (if applicable) of that Fund and their respective Connected Persons; (B) the Trustee and any Correspondent throughout the custody chain; and (C) other clients of the Trustee and Correspondents throughout the custody chain, unless held in an omnibus account with adequate safeguards in line with international standards and best practices to ensure that the assets of the Fund is properly recorded with frequent and appropriate reconciliations being performed. Therefore, the assets of the Fund shall be protected in the event of insolvency of the Manager/Investment Delegate (if applicable)/Trustee/Custodian.

### Franklin Templeton

Templeton Asset Management Ltd is an indirectly wholly owned subsidiary of Franklin Resources, Inc., which operates as Franklin Templeton ("FT").

Franklin Templeton is made up of renowned names in the investment management industry such as Franklin, Templeton and Mutual Series and other specialized investment teams, each with its own unique investment style and specialization. FT is able to capitalize on the investment and research expertise of investment professionals worldwide to seek consistently superior performance in the long-term.

Franklin Resources, Inc., listed on the New York Stock Exchange, is currently one of the largest publicly traded U.S. asset managers in terms of both assets under management and market capitalization.

Franklin Templeton marked its presence in Singapore with the set up of a research office in 1990. Templeton Asset Management Ltd was officially incorporated in September 1992 and was registered as an Investment Advisor with the Authority under the now repealed Securities Industry Act. Templeton Asset Management Ltd currently holds a Capital Markets Services Licence for fund management issued by the Authority pursuant to the Securities and Futures Act.

Templeton Asset Management Ltd has been credited for providing innovative and creative investment products to the Singapore investing public since it pioneered Singapore's first umbrella and feeder fund, Franklin Templeton Funds, in 1996. Subsequently, it went on to launch the first emerging markets fund, the first life sciences fund and the first U.S. government securities fund in Singapore within a span of 5 years.

Templeton Asset Management Ltd has been managing collective investment schemes since 1992.

Franklin Templeton International Services S.à r.l. or, where relevant, the members of the Management Company's board of managers may terminate any Investment Manager with immediate effect, in the event of the insolvency of such Investment Manager.

### Lion Global Investors Limited

In accordance with the provisions of the Deed, in the event we (the "Managers") become insolvent, the Trustee may by notice in writing (i) remove us as managers of the Fund and / or (ii) terminate the Fund.

In accordance with the provisions of the Deed, in the event the Trustee becomes insolvent, the Trustee may be removed and replaced by a new trustee whom shall be appointed by the Managers.

In the event the Custodian becomes insolvent, the Trustee may by notice in writing, terminate the custodian agreement entered into with the Custodian and, in accordance with the Deed, appoint such person as the new custodian to provide custodial services to the Fund globally.

The Sub-Fund would, in the event of the insolvency of the Custodian, rank as an unsecured creditor. Holdings of Gold in an Unallocated Account confer only a contractual claim against the Custodian, rather than a proprietary interest in Gold. In the event of the Custodian's insolvency, such a claim would likely be treated as unsecured, exposing the Sub-Fund to potential loss. If the Custodian becomes insolvent, its assets may not be adequate to satisfy a claim by the Sub-Fund. The credit risk exposure to the Custodian and/or its sub-custodians is mitigated by ensuring that the amount of Unallocated Gold will always be 5% or less of the Net Asset Value of the Sub Fund. If the Managers do not instruct the allocation of the Sub-Fund's Gold in a timely manner or in the proper amounts, Unallocated Gold will not be segregated from the Custodian's assets, and the Sub-Fund will be an unsecured creditor of the Custodian with respect to the amount so held in the event of the insolvency of the Custodian.

Gold held in the Sub-Fund's Unallocated Account will not be segregated from the Custodian's or sub-custodian's assets, and would be subject to the credit risk of the Custodian. If the Custodian or sub-custodian becomes insolvent, its assets may not be adequate to satisfy a claim by the Sub-Fund.

If the Custodian or sub-custodian becomes insolvent, its assets may not be adequate to satisfy a claim by the Sub-Fund. In the event of the Custodian's or sub-custodian's insolvency, there may be delays and costs incurred in identifying the Gold held in the Sub-Fund's Allocated Account. Gold does not generate income. As such, in order to meet the Sub-Fund's operational expenses and other cash flow requirements (including those arising from redemption transactions), Gold may need to be sold at the prevailing market price, regardless of whether the price of Gold is rising or falling, which may adversely affect the value of the Units. Please refer to the Prospectus for further details on the risks regarding the Sub-Fund's holdings in Gold.

### T. Rowe Price Funds SICAV ("TRP SICAV")

An independent depositary is appointed to safeguard the assets of the TRP SICAV in accordance with Luxembourg law and UCITS regulations. The assets of TRP SICAV are segregated from the assets of both the depositary and the investment manager, and are protected in case of a default by the depositary or the investment manager.

### Goldman Sachs Asset Management B.V

In respect of those assets of the Fund which are required to be held in custody by the Depositary and identified as belonging to the Fund in the Depositary's books, the assets of each Portfolio are segregated from other assets of the Depositary. This mitigates but does not prevent the risk of non-return of the assets of the Fund in the event of insolvency or bankruptcy of the Depositary. On the other hand, cash deposits placed with the Depositary are not segregated and are therefore exposed to increased risk in the event of insolvency or bankruptcy of the Depositary with the Fund being a general unsecured creditor of the Depositary.

The Depositary may appoint sub-custodians to hold the assets in countries where the Fund invests and, notwithstanding compliance by the Depositary with its legal obligations, these assets are therefore exposed to the risk of insolvency or bankruptcy of those sub-custodians. In jurisdictions where legal and regulatory protections covering the holding of assets in such jurisdictions may be weaker, the Fund may be exposed to a higher risk of loss of its assets or because the