AsianInvestor: Do you invest in alternative assets? Jeffrey Tan: Yes. For example, property as an asset class has really come into play – we have been focused on it more since the end of 2008, when we realised quite a few asset classes are not stable because their volatility is so huge. For example, in 2010 we bought a commercial building in Thailand from Lehman Brothers, which had nine properties for sale in the country. This was seen as an expansion, as it was right next door to our life company offices. We leased 75% of the floor area that we acquired. Returns from the acquisition have been very good in terms of rental yield. It’s also proved a good move from an ALM perspective – the rental income has been an almost perfect match for our liabilities. A good added bonus is the unrealised capital gains from this acquisition. Market indicators suggest that demand, rentals and occupancy are likely to continue on the uptrend given the supply-side constraints for good-quality office space. We are also open to Reits [real estate investment trusts] and equivalent assets, some of which are offshore investments. How about other types of real assets, such as infrastructure? In certain markets we’re getting into infrastructure debt and project financing. We’re doing more of this as banks pull back from this space, and we can afford to hold these assets for the long term, typically 10 years or more. In terms of the ALM fit, infrastructure provides long-term, stable and steady cash flow and decent yield.

sianInvestor: Do you invest in alternative assets? Jeffrey Tan: Yes. For example, property as an asset class has really come into play – we have been focused on it more since the end of 2008, when we realised quite a few asset classes are not stable because their volatility is so huge. For example, in 2010 we bought a commercial building in Thailand from Lehman Brothers, which had nine properties for sale in the country. This was seen as an expansion, as it was right next door to our life company offices. We leased 75% of the floor area that we acquired. Returns from the acquisition have been very good in terms of rental yield. It’s also proved a good move from an ALM perspective – the rental income has been an almost perfect match for our liabilities. A good added bonus is the unrealised capital gains from this acquisition. Market indicators suggest that demand, rentals and occupancy are likely to continue on the uptrend given the supply-side constraints for good-quality office space. We are also open to Reits [real estate investment trusts] and equivalent assets, some of which are offshore investments. How about other types of real assets, such as infrastructure? In certain markets we’re getting into infrastructure debt and project financing. We’re doing more of this as banks pull back from this space, and we can afford to hold these assets for the long term, typically 10 years or more. In terms of the ALM fit, infrastructure provides long-term, stable and steady cash flow and decent yield. / AsianInvestor. sianInvestor: Do you invest in alternative assets? Jeffrey Tan: Yes. For example, property as an asset class has really come into play – we have been focused on it more since the end of 2008, when we realised quite a few asset classes are not stable because their volatility is so huge. For example, in 2010 we bought a commercial building in Thailand from Lehman Brothers, which had nine properties for sale in the country. This was seen as an expansion, as it was right next door to our life company offices. We leased 75% of the floor area that we acquired. Returns from the acquisition have been very good in terms of rental yield. It’s also proved a good move from an ALM perspective – the rental income has been an almost perfect match for our liabilities. A good added bonus is the unrealised capital gains from this acquisition. Market indicators suggest that demand, rentals and occupancy are likely to continue on the uptrend given the supply-side constraints for good-quality office space. We are also open to Reits [real estate investment trusts] and equivalent assets, some of which are offshore investments. How about other types of real assets, such as infrastructure? In certain markets we’re getting into infrastructure debt and project financing. We’re doing more of this as banks pull back from this space, and we can afford to hold these assets for the long term, typically 10 years or more. In terms of the ALM fit, infrastructure provides long-term, stable and steady cash flow and decent yield. / AsianInvestor. sianInvestor: Do you invest in alternative assets? Jeffrey Tan: Yes. For example, property as an asset class has really come into play – we have been focused on it more since the end of 2008, when we realised quite a few asset classes are not stable because their volatility is so huge. For example, in 2010 we bought a commercial building in Thailand from Lehman Brothers, which had nine properties for sale in the country. This was seen as an expansion, as it was right next door to our life company offices. We leased 75% of the floor area that we acquired. Returns from the acquisition have been very good in terms of rental yield. It’s also proved a good move from an ALM perspective – the rental income has been an almost perfect match for our liabilities. A good added bonus is the unrealised capital gains from this acquisition. Market indicators suggest that demand, rentals and occupancy are likely to continue on the uptrend given the supply-side constraints for good-quality office space. We are also open to Reits [real estate investment trusts] and equivalent assets, some of which are offshore investments. How about other types of real assets, such as infrastructure? In certain markets we’re getting into infrastructure debt and project financing. We’re doing more of this as banks pull back from this space, and we can afford to hold these assets for the long term, typically 10 years or more. In terms of the ALM fit, infrastructure provides long-term, stable and steady cash flow and decent yield. / AsianInvestor