Prudential Balanced Fund (PRUBF1)November 2011

Fixed information

Licensed Date : 5 October 2006

Listing date : 4 December 2006

Base Currency : VND

Tenure : 7 yrs from Licensed Date

Initial Fund Size : 500 billion VND

Total NAV : 410 billion VND

Total market value : 220 billion VND

NAV/ unit : 8,198 VND

Price per unit : 4,400 VND

Return 2011 YTD : -3.91%

Asset allocation

Investment objective is to generate regular income stream with potential growth of capital for investors.

The strategy is to invest in a balanced portfolio, comprising of fixed income instruments (medium to long term bonds) and public equities of companies operating in Vietnam in high potential industry sectors.

Investment objective

Equity MarketThe VN-Index decreased 1.6% in Oct 2011, after

increasing slightly 0.68% in Sep 2011, closing the month at 420.8. Market liquidity turned to be tight in Oct 2011.

Average daily trading value on the HOSE during the month decreased 38% MoM from US$36m in Sep11 to

US$22.5m. Foreign investors turned back to net buy position of US$4m value of equity during last month.

Equity market is expected to continue being volatile in the next few months due to unresolved macroeconomics

issues, problems in the financial systems, and weakness in company earnings.

Fixed Income MarketLower inflation and interest rate expectation increased

bank's demand for bonds. However, macro risks remained supporting for bond yields. As a result, bond yields have

been flat during Oct 2011 across maturity. Trading volume in the secondary market improved induced by lower rate

expectations.

Investment strategyOur equity investment strategy is to concentrate on big

cap stocks that have solid business model and effective management. On fixed income side, we reduced the

active bet on duration to marginally reduce the impact of interate rates volatility. Moreover, we closely monitor key macroeconomic factors changes to have appropriate and

timely actions on our Fixed Income Portfolios. Furthermore, due to higher risk of uncertain

macroeconomic, we maintained a high cash position to protect client's wealth and to readily invest in arising

investment opportunity.

Commentary

Equity asset allocation

Fixed income & Cash allocation

Top 5 holding

1 VNM 18.7%

2 FPT 8.2%

3 DPM 8.1%

4 MSN 5.5%

5 CTG 5.4%

Prudential Balanced Fund (PRUBF1)November 2011

Disclaimer

This fact sheet has been prepared in order to provide historical information on fund holdings, objective and performance of the Prudential Balanced Fund (“PRUBF1”) and is disseminated on a private and confidential basis solely to investors of the Fund. This information is not an offer or solicitation of an offer for the purchase of shares in the Fund and is intended only for existing shareholders of the Fund. It may not be published, circulated, reproduced or distributed in whole or part without the written consent of Prudential Vietnam Securities Investment Fund Management Company (“PVFMC”). Whilst we have taken reasonable care to ensure that the information contained in this fact sheet is true and not misleading, we cannot guarantee its accuracy or completeness. You should not act on it without independently verifying its contents. Any opinion or estimate contained in this fact sheet is subject to change without notice. We have not given any consideration to and we have not made any investigation of the investment objective, financial situation or particular needs of the recipient or any class of persons, and accordingly, no warranty is given and no liability is accepted for any loss arising whether directly or indirectly as a result of the recipient or any class of persons acting on such information or opinion estimate. Past performance of the Investment Manager and any forecasts are not indicative of the future or likely performance of the Investment Manager. The value and income from investments may fall or rise. The projections, or forecasts on the economy, securities markets or the economic trends of the markets targeted by the Fund are not indicative of the future or likely performance of the Fund. Prudential Vietnam Securities Investment Fund Management Company Limited (“PVFMC”) are indirect subsidiaries of Prudential plc. of the United Kingdom. Prudential plc, and PVFMC are not affiliated with Prudential Financial, Inc., a company whose principal place of business is in the United States of America.

Fund performance Fund performanceThe Fund end of Nov with a NAV per unit of VND8,198. It’s NAV decreased 2.9% during the month mainly driven by Equity portfolios and administration fee. Overall the fund YTD return was -3.91% (before fees). Of which, Equity and Fixed Income portfolio YTD returned -17.05% and 10.91% respectively.

On MoM relative basis, Fixed Income portfolio outperformed 3 year G-bond benchmark significantly due to shorten duration while Equity portfolio consecutively outperformed VN-Index another 184bps in Nov, mainly driven by stock selection.

As at 30 Nov 2011, the Fund allocated 47.9% Equity, 40.7% Bond portfolio and 11.3% cash.

PerformanceLast

monthLast 3

monthsYear to

Date

Fixed Income 2.56% 5.39% 10.91%

5 year bond benchmark 0.90% 2.44% 5.69%

Relative Performance 1.66% 2.95% 5.22%

Equity -7.55% -6.58% -17.05%

VN Index benchmark + 1% -9.40% -9.71% -18.59%

Relative Performance 1.84% 3.13% 1.53%

OVERALL FUND RETURN -2.71% -1.07% -3.91%

Relative Performance 1.54% 2.56% 2.53%