Prudential BlackRock Aquila (50:50) Global Equity Index .

Prudential BlackRock Aquila UK Equity Index fund (series 4)Prudential risk ratingHigherWhat type of funds are in this risk category?These are specialist equity funds that focus on set geographical regions ora particular type of share e.g. shares of smaller companies or those thatconform to certain criteria.What is the risk rating?Risk ratings have been developed by Prudential to help provide anindication of the potential level of risk and reward that is attributable to afund based on the type of assets which may be held within the fund. Othercompanies may use different descriptions and as such these risk ratingsshould not be considered as generic across the fund management industry.Prudential will keep the risk ratings under regular review and as suchthey may be subject to change in the future. We therefore recommendthat before making any fund choice in the future you understand theappropriate risk rating before making a decision. You will find thisinformation at www.pru.co.uk/factsheets.You should also consider discussing your decision and theappropriateness of this risk rating with an adviserImportant informationWho is this factsheet for and what does it do?What is the dealing cycle?This factsheet is intended for the trustees, sponsors, advisers andmembers of occupational pension schemes using Prudential’s FundDelivery Service.Funds managed by BlackRock have a dealing cycle of T 2. This meansthat money received on day T buys units at the valuation date priceapplicable at close of business 2 days later.Its purpose is to shed some light on how investment markets and fundshave performed over the period and is provided for information only.Other important informationIf you are not familiar with any of the investment terminology includedon this factsheet, then please contact an adviser.Exchange Rate fluctuations may cause the Sterling values of overseasinvestments to rise or fall.Can I get advice?This factsheet should not be considered as a financial promotion and anychanges to investment arrangements should be discussed with anadviser. It is not our intention to give an indication of how any particularfunds will perform in the future. The commentary in this factsheetreflects the general views of the individual fund manager and should notbe taken as a recommendation or advice as to how a specific market orfund is likely to perform.Who manages the funds?This fund is managed by BlackRockHow are the performance figures calculated?The performance shown overleaf is measured on the fluctuation of thedaily published price. This published price is adjusted to accommodatethe fund’s dealing cycle where appropriate.To obtain current unit price and performance information for all funds inthe Prudential Fund range, simply log on tohttp://www.pru.co.uk/funds/series/ and choose ‘Pension Funds’ andthen select Prudential Corporate Pensions (Series 4).How are the fund prices calculated?Issued by Prudential. "Prudential" is a trading name of The Prudential Assurance Company Limited (which is also used by other companies within the Prudential group of companies).The Prudential Assurance Company Limited is registered in England and Wales. Registered Office at Laurence Pountney Hill, London, EC4R 0HH. Registered number 15454.Authorised and regulated by the Financial Services Authority. M&G Investments is a trading name of Prudential Pensions Limited and M&G Investment Management Limited whosebusiness addresses are at Laurence Pountney Hill, London EC4R 0HH and Prudential Property Investment Managers Limited whose business address is Princeton House, 271-273 HighHolborn,Page 2 of 2Quarter ending 31 December 2010BTBQ00016B Dec 10This fund has a single price, based on the valuation of the underlyingassets and cash flows into and out of the fund. This valuation price willbe the published price.

Prudential BlackRock Aquila World ex-UK Indexfund (series 4)Key factsFund descriptionThe investment strategy of the fund is to purchase units in the BlackRockAquila World ex-UK Equity Index Fund. This fund invests in the shares ofoverseas companies based primarily in the markets of Europe, Japan, FarEast, US and Canada. The proportion of the fund invested in each marketreflects the market capitalisation weightings of those markets in the FTSEAll World Developed ex-UK Index. Within each of those markets the fundaims to generate returns consistent with those of each country’s primarystock market.Fund BreakdownUnderlying fund size 3,192mNumber of holdings6Underlying fund launch date 30/09/1999Portfolio ManagerTeam ApproachBenchmarkFTSE All-World Developed ex-UK IndexInvestment StylePassiveSedol codeB08NYM0Performance ObjectiveTo match the performance of the FTSE AllWorld Developed ex-UK Index.BlackRock Aquila Life IsraelEquity Index Fund 0.5%BlackRock Aquila LifeCanadian Equity IndexFund 4.7%BlackRock Aquila LifeJapanese Equity IndexFund 10.3%CommentaryBlackRock Aquila Life USEquity Index Fund 51.8%BlackRock Aquila Life Pac ific Rim Equity Index Fund10.7%BlackRock Aquila LifeEuropean Equity IndexFund 22.0%Top Holdings%1Aquila Life US Equity Index Fund51.92Aquila Life European Equity Index Fund22.43Aquila Life Pacific Rim Equity Index Fund10.74Aquila Life Japanese Equity Index Fund10.35Aquila Life Canadian Equity Index Fund4.7The fourth quarter was a strong one for risk assets. The economic datacoming out of the US was stronger than expected, dampening down earlierfears of a double-dip recession in that market. Sentiment was more volatile inEurope over the sovereign debt of a number of peripheral Europeaneconomies, notably Ireland, Greece, Portugal and Spain. There is no clearlong-term “solution” to these problems in the eurozone anywhere nearimplementation. There have however been some stop-gap bailouts whichhave alleviated the issue in the short run. The importance of the issue can beseen in the huge divergence of stock market performance between thosecountries deemed at risk such as Spain, and those in relatively good shapesuch as Germany. It was a poor quarter for bonds. There are two conflictinginterpretations of this. The first is more benign: that bonds have sold offbecause the market recognises that recovery is coming to some key markets.The second is much less favourable: that the bond market is baulking at thelevel of debt accumulated by sovereigns. In truth, an element of both isprobably going on.Source: BlackRockAll figures are as at 31 December 2010, unless otherwise stated.PerformancePast performance of the fund over each of the last 5 years to theend of December31/12/09 31/12/1031/12/08 31/12/0931/12/07 31/12/0831/12/06 31/12/07Past performance of the fund to 31 December 201031/12/05 31/12/06Quarter1 Year*3 Years*5 Years*BlackRock Aquila Worldex-UK Index fund16.116.0-16.08.35.6BlackRock Aquila Worldex-UK Index mark9.815.83.84.9Source: Prudential and Financial Express. *annualisedBased on percentage change in unit price. It is important to remember that past performance is not a reliable indicator of future performance. The value ofyour investment may go down as well as up and the fund value at retirement may be less than the payments you have made.Page 1 of 2Quarter ending 31 December 2010

Prudential BlackRock Aquila World ex-UK Index fund (series 4)Prudential risk ratingMedium to HigherWhat type of funds are in this risk category?These funds offer a diverse geographical spread of equity investment. Thefunds within this category will have greater overseas exposure andunderlying volatility than the “medium” sectorWhat is the risk rating?Risk ratings have been developed by Prudential to help provide anindication of the potential level of risk and reward that is attributable to afund based on the type of assets which may be held within the fund. Othercompanies may use different descriptions and as such these risk ratingsshould not be considered as generic across the fund management industry.Prudential will keep the risk ratings under regular review and as suchthey may be subject to change in the future. We therefore recommendthat before making any fund choice in the future you understand theappropriate risk rating before making a decision. You will find thisinformation at www.pru.co.uk/factsheets.You should also consider discussing your decision and theappropriateness of this risk rating with an adviserImportant informationWho is this factsheet for and what does it do?What is the dealing cycle?This factsheet is intended for the trustees, sponsors, advisers andmembers of occupational pension schemes using Prudential’s FundDelivery Service.Funds managed by BlackRock have a dealing cycle of T 2. This meansthat money received on day T buys units at the valuation date priceapplicable at close of business 2 days later.Its purpose is to shed some light on how investment markets and fundshave performed over the period and is provided for information only.Other important informationIf you are not familiar with any of the investment terminology includedon this factsheet, then please contact an adviser.Exchange Rate fluctuations may cause the Sterling values of overseasinvestments to rise or fall.Can I get advice?This factsheet should not be considered as a financial promotion and anychanges to investment arrangements should be discussed with anadviser. It is not our intention to give an indication of how any particularfunds will perform in the future. The commentary in this factsheetreflects the general views of the individual fund manager and should notbe taken as a recommendation or advice as to how a specific market orfund is likely to perform.Who manages the funds?This fund is managed by BlackRockHow are the performance figures calculated?The performance shown overleaf is measured on the fluctuation of thedaily published price. This published price is adjusted to accommodatethe fund’s dealing cycle where appropriate.To obtain current unit price and performance information for all funds inthe Prudential Fund range, simply log on tohttp://www.pru.co.uk/funds/series/ and choose ‘Pension Funds’ andthen select Prudential Corporate Pensions (Series 4).How are the fund prices calculated?Issued by Prudential. "Prudential" is a trading name of The Prudential Assurance Company Limited (which is also used by other companies within the Prudential group of companies).The Prudential Assurance Company Limited is registered in England and Wales. Registered Office at Laurence Pountney Hill, London, EC4R 0HH. Registered number 15454.Authorised and regulated by the Financial Services Authority. M&G Investments is a trading name of Prudential Pensions Limited and M&G Investment Management Limited whosebusiness addresses are at Laurence Pountney Hill, London EC4R 0HH and Prudential Property Investment Managers Limited whose business address is Princeton House, 271-273 HighHolborn,Page 2 of 2Quarter ending 31 December 2010BTBQ00017B Dec 10This fund has a single price, based on the valuation of the underlyingassets and cash flows into and out of the fund. This valuation price willbe the published price.

Prudential Index-Linked Passive fund (series 4)Key factsFund descriptionThe investment strategy of the fund is to purchase units in the M&G PPIndex-Linked Passive Fund. This fund invests in British Government indexlinked gilts with over five years to go until maturity. The Fund is passivelymanaged tracking movements in its benchmark, the FTSE BritishGovernment Over 5 Years Index-Linked All Stocks Index. Tracking thisindex is achieved by fully replicating the small number of stocks in theIndex.Fund breakdownUnderlying fund size 341mNumber of holdings15Underlying fund launch date 04/02/1998Portfolio ManagerDavid LloydBenchmarkFTSE A British Government Over 5 YearsIndex-Linked IndexInvestment StylePassiveSedol codeB08NWH1Performance ObjectiveTo match the performance of thebenchmark as closely as possible.UK (Govt of) 2.5% indexlinked 26/07/16 11.2%Other Treasury 28.5%UK (Govt of) 2.5% indexlinked 16/04/20 9.4%UK (Govt of) 2.5% indexlinked 17/07/24 8.8%UK (Govt of) 1.25% indexlinked 22/11/32 6.3%UK (Govt of) 1.25% indexlinked 22/11/27 8.2%UK (Govt of) 4.125% indexlinked 22/07/30 6.4%UK (Govt of) 2.0% indexlinked 26/01/35 7.4%UK (Govt of) 1.25% indexlinked 22/11/17 6.8%UK (Govt of) 1.875% indexlinked 22/11/22 5.0CommentaryIndex-linked gilts outperformed their conventional counterparts during thefinal quarter of 2010. Inflation in the UK is an issue as the CPI figure remainsstubbornly above the central bank’s 2.0% target due to high commodityprices and the depreciation of sterling. Investors also grew concerned aboutthe potential negative impact on inflation of the rise in VAT to 20% in January2011. However, the policymaker has continued to argue that weak wagepressure, a stagnating housing market and the government’s austeritymeasures, will keep inflationary pressures muted.The fund manager believes that UK interest rates will be raised in themedium term as the current low rates become unnecessary with theeconomy gradually recovering. Some interest rate rises have already beenpriced into UK government bonds.17.5YearsSource: M&GAll figures are as at 31 December 2010, unless otherwise stated.PerformancePast performance of the fund over each of the last 5 years to theend of December31/12/09 31/12/1031/12/08 31/12/0931/12/07 31/12/0831/12/06 31/12/07Past performance of the fund to 31 December 201031/12/05 31/12/06Quarter1 Year*3 Years*5 Years*Index-Linked Passivefund9.25.24.08.72.7Index-Linked Passive .19.05.95.8Source: Prudential and Financial Express. *annualisedBased on percentage change in unit price. It is important to remember that past performance is not a reliable indicator of future performance. The value ofyour investment may go down as well as up and the fund value at retirement may be less than the payments you have made.Page 1 of 2Quarter ending 31 December 2010

Prudential Index-Linked Passive fund (series 4)Prudential risk ratingLowerWhat type of funds are in this risk category?These funds may invest in fixed interest securities including gilts, indexlinked gilts and an element of corporate bonds. These types of investmentare generally recognised as low risk.What is the risk rating?Risk ratings have been developed by Prudential to help provide anindication of the potential level of risk and reward that is attributable to afund based on the type of assets which may be held within the fund. Othercompanies may use different descriptions and as such these risk ratingsshould not be considered as generic across the fund management industry.Prudential will keep the risk ratings under regular review and as suchthey may be subject to change in the future. We therefore recommendthat before making any fund choice in the future you understand theappropriate risk rating before making a decision. You will find thisinformation at www.pru.co.uk/factsheets.You should also consider discussing your decision and theappropriateness of this risk rating with an adviserImportant informationWho is this factsheet for and what does it do?What is the dealing cycle?This factsheet is intended for the trustees, sponsors, advisers andmembers of occupational pension schemes using Prudential’s FundDelivery Service.The Pensions Series 4 fund range is forward priced which means that themember gets the next available price after they invest.Its purpose is to shed some light on how investment markets and fundshave performed over the period and is provided for information only.This fund has a dealing cycle of T 0. This means that money received onday T buys units at the valuation date price applicable at close ofbusiness on the same day.If you are not familiar with any of the investment terminology includedon this factsheet, then please contact an adviser.Other important informationCan I get advice?This factsheet should not be considered as a financial promotion and anychanges to investment arrangements should be discussed with anadviser. It is not our intention to give an indication of how any particularfunds will perform in the future. The commentary in this factsheetreflects the general views of the individual fund manager and should notbe taken as a recommendation or advice as to how a specific market orfund is likely to perform.Exchange Rate fluctuations may cause the Sterling values of overseasinvestments to rise or fall.Who manages the funds?This fund is managed by M&G Investments.How are the performance figures calculated?The performance shown overleaf is measured on the fluctuation of thedaily published price. This published price is adjusted to accommodatethe fund’s dealing cycle where appropriate.To obtain current unit price and performance information for all funds inthe Prudential Fund range, simply log on tohttp://www.pru.co.uk/funds/series/ and choose ‘Pension Funds’ andthen select Prudential Corporate Pensions (Series 4).How are the fund prices calculated?Issued by Prudential. "Prudential" is a trading name of The Prudential Assurance Company Limited (which is also used by other companies within the Prudential group of companies).The Prudential Assurance Company Limited is registered in England and Wales. Registered Office at Laurence Pountney Hill, London, EC4R 0HH. Registered number 15454.Authorised and regulated by the Financial Services Authority. M&G Investments is a trading name of Prudential Pensions Limited and M&G Investment Management Limited whosebusiness addresses are at Laurence Pountney Hill, London EC4R 0HH and Prudential Property Investment Managers Limited whose business address is Princeton House, 271-273 HighHolborn,Page 2 of 2Quarter ending 31 December 2010BTBQ00044B Dec 10This fund has a single price, based on the valuation of the underlyingassets and cash flows into and out of the fund. This valuation price willbe the published price.

Prudential Retirement Protection fund (series 4)Key factsFund descriptionThe investment strategy of the fund is to invest in British government giltswith over 15 years to maturity. The fund is passively managed, trackingmovements in its benchmark, the FTSE A British Government Over 15Years Gilt Index. Tracking this index is achieved by fully replicating thesmall number of stocks in the Index.Fund breakdownUnderlying fund size 427mNumber of holdings14Underlying fund launch date 05/04/1994Portfolio ManagerDavid LloydBenchmarkFTSE A British Government Over 15 YearsGilt IndexInvestment StylePassiveSedol codeB08NXB2Performance ObjectiveTo match the performance of thebenchmark as closely as possible.UK (Govt of) 4.25%07/06/32 9.1%Other Treasury 27.4%UK (Govt of) 4.75%07/12/38 9.1%UK (Govt of) 4.25%07/12/27 9.0%UK (Govt of) 4.5% 07/12/427.1%CommentaryUK (Govt of) 4.75%07/12/30 8.8%UK (Govt of) 4.25%07/12/46 7.2%UK (Govt of) 6.0% 07/12/287.8%UK (Govt of) 4.25%07/03/36 7.2%UK (Govt of) 4.25%07/12/55 ith the re-launch of quantitative easing in the US, Ireland’s request forfinancial assistance from the European Union and improved US economicdata, the final quarter of 2010 proved to be a volatile period for UKgovernment bonds. On the one hand, gilts benefited early in the reviewperiod from safe haven buying on the back of concerns about Ireland andnews that the Federal Reserve was extending its asset purchase programme.This prompted expectations of further monetary stimulus by the Bank ofEngland. However, gilts lost their appeal and yields rose as investors realisedthat the UK economy was faring better than thought following the release ofsurprisingly strong third-quarter GDP data. A marked dip in performance inOctober meant that returns from longer dated gilts trailed their shorter datedcounterparts for the quarter as a whole. Performance at the longer dated endof the gilt market did, however, pick up slightly in December.15.0YearsSource: M&GAll figures are as at 31 December 2010, unless otherwise stated.PerformancePast performance of the fund over each of the last 5 years to theend of December31

Prudential BlackRock Aquila (50:50) Global Equity Index fund (series 4) The investment strategy of the fund is to purchase units in the BlackRock Aquila (50:50) Global Equity Index Fund. This fund invests primarily in equities, both in the UK and overseas markets. The fund has approximately 50% invested in the shares of UK companies. The .