Fund Changes

The unit trust holders of the following funds have voted to agree the merger of the following PUTL Unit Trusts into the equivalent M&G Funds:

• PUTL Global Growth Trust into M&G International Specialist Equity Fund
• PUTL Growth Trust into M&G Managed Growth Fund
• PUTL Small Companies Trust into M&G Smaller Companies Fund
• PUTL UK Index Tracker Trust into M&G Index Tracker Fund

The formal date of the merger will be 17 February 2012. We will issue a news article at this stage to confirm a merger has taken place.

Life and Pension funds impacted

We have written to life and pension planholders who hold units in the following Prudential life or pension funds that invest entirely in either of the PUTL Small Companies Trust or UK Index Tracker Trust as they will be impacted by this change. We have also written to planholders' advisers.

• Prudential PHL Small Companies Life Fund
• Prudential PAC Exempt Small Companies Pension Fund
• Prudential PAC Exempt FTSE 100 Tracker Pension Fund
• Prudential Net FTSE 100 Tracker Life Fund
• Prudential Net Bonus Bond Life Fund
• Prudential Net Capital Guarantee Life Fund

There is no life and pension fund that invests in the PUTL Global Growth Trust and Growth Trust.

In November 2010, we wrote to Unitholders advising of our proposals to integrate the Prudential unit trust fund range with that of M&G. This integration is part of our commitment to regularly review our fund and product ranges with the aim of providing investors with superior long term investment performance and the service our customers expect from a Prudential Group Company. To date we have successfully merged ten Prudential funds into the M&G fund range.

• Prudential Global Growth Trust into M&G International Specialist Equity Fund
• Prudential Growth Trust into M&G Managed Growth Fund
• Prudential Small Companies Trust into M&G Smaller Companies Fund
• Prudential UK Index Tracker Trust into M&G Index Tracker Fund

These funds will merge into equivalent M&G OEICs subject to shareholder approval. The Extraordinary General Meetings (EGM) for each merger will take place on 26 January 2012.

What happens next?

We will be writing to Unitholders who currently invest in the above funds to notify them of the proposals. Included with these mailings will be a voting form to allow investors to vote at the EGM in January.

We will issue another article following the EGM to advise which mergers have been approved.
Enclosed literature:

• Q&A leaflet
• Global Growth Trust Circular
• Growth Trust Circular
• Small Companies Trust Circular
• UK Index Tracker Trust Circular

Further to our previous news article, we can confirm that the following Unit Trusts have merged with their M&G equivalent funds:

• PUTL UK Growth Trust into M&G UK Growth Fund
• PUTL International Growth Trust into M&G Global Growth Fund
• PUTL Distribution Trust into M&G Income Multi-Asset Fund
• PUTL Equity Income Trust into M&G Dividend Fund
• PUTL Japanese Trust into M&G Japan Fund

Further to our previous news article, we can confirm that the following Unit Trusts have merged with their M&G equivalent funds:

• PUTL UK Growth Trust into M&G UK Growth Fund
• PUTL International Growth Trust into M&G Global Growth Fund
• PUTL Distribution Trust into M&G Income Multi-Asset Fund
• PUTL Equity Income Trust into M&G Dividend Fund
• PUTL Japanese Trust into M&G Japan Fund

The unit trust holders of the following funds have voted to agree the merger of the following PUTL Unit Trusts into the equivalent M&G Funds:

• PUTL UK Growth Trust into M&G UK Growth Fund
• PUTL International Growth Trust into M&G Global Growth Fund
• PUTL Distribution Trust into M&G Income Multi-Asset Fund
• PUTL Equity Income Trust into M&G Dividend Fund
• PUTL Japanese Trust into M&G Japan Fund

The formal date of the merger is 14 October 2011. We will issue a news article thereafter to confirm the merger has taken place.

We have written to life and pension planholders who are impacted by this initiative.

In November 2010, we wrote to Unit holders advising of our proposals to integrate the Prudential unit trust fund range with that of M&G. This integration is part of our commitment to regularly review our fund and product ranges with the aim of providing investors with superior long term investment performance and the service our customers expect from a Prudential Group Company. To date we have successfully merged five Prudential funds into the M&G fund range.

As part of this continued integration strategy we are proposing the merger of the following five funds:

• UK Growth Trust
• International Growth Trust
• Distribution Trust
• Equity Income Trust
• Japanese Trust

These funds will merge into equivalent M&G OEICs subject to shareholder approval. The Extraordinary General Meetings (EGM) for each merger will take place on 23 September 2011.

What happens next?

We will be writing to shareholders who currently invest in the above funds to notify them of the proposals. Included with these mailings will be a proxy form to allow investors to vote at the EGM in September.

We will issue another article following the EGM to advise which mergers have been approved.

Enclosed literature:
Q&A doc
UK Growth Trust circular
International Growth Trust circular
Distribution trust circular
Equity income circular
Japanese trust circular

Our news article on 20 May highlighted that the unit trust holders of the following funds have agreed to the merger of the unit trusts into the equivalent M&G OEIC:

• PUTL Corporate Bond Trust into the M&G Corporate Bond Fund
• PUTL Managed Trust into the M&G Managed Fund
• PUTL Global Balanced Trust into the M&G Managed Fund
• PUTL European Trust into the M&G Pan European Fund
• PUTL North American Trust into the M&G American Fund

We can confirm that the merger has now taken place.

Further to our news article on 14 April, the unit trust holders of the following funds have agreed to the merger of the unit trusts into the equivalent M&G OEIC:

• Corporate Bond Trust
• Managed Trust
• Global Balanced Trust
• European Trust
• North American Trust

The formal date of the transfer is 17 June 2011. We will issue another article on this date to confirm the transfer has taken place.

What happens next?

We will be writing to life and pension planholders who currently hold units in a Prudential life or pension fund that invests entirely in either of the Corporate Bond Trust or Global Balanced Trust as they will be impacted by this change. We aim to contact them by 17 June 2011.