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Group News ReleasesPrudential launches Asian property fund management business15 May 2006 LONDON / HONG KONG, May 15, 2006 : Prudential today announced the launch of Prudential Property Investment Management Singapore (PruPIM Singapore) a 50:50 joint venture between Prudential Property Investment Managers (PruPIM), one of the UK’s leading real estate investment management companies and Prudential Corporation Asia. Headquartered in Singapore with an Asia - Pacific scope, the operation brings PruPIM’s deep experience and expertise in real estate investment management together with Prudential’s extensive Asian fund management business and exceptional geographic presence across the region. The new entity will offer investors around the world the opportunity to invest in real estate in Asia, principally through the creation of collective funds. PruPIM Singapore’s initial focus will be to develop a diversified core Asia Pacific fund. Both partners plan to transfer existing real estate assets into the new entity. Ajay Srinivasan, Chief Executive, Fund Management at Prudential Corporation Asia, described the establishment of PruPIM Singapore as a logical application of Prudential’s strengths: “This new venture will draw on our long history of property funds management expertise, our trusted brand name and our deep knowledge of the Asian markets. These strengths will combine to create a very strong business. Our funds management business in Asia has been growing rapidly, and we are excited to be expanding into the property arena.” Martin Moore, Managing Director of PruPIM in London, stressed that the time was right to expand Prudential’s property investment management business to Asia. “We are delighted with this new venture which demonstrates the strength of the different parts of Prudential working together. PruPIM’s size and expertise in international real estate investment management and the backing of our powerful global property research team will help create a significant new force in the region. We also see a long-term shift, globally, towards the Asia-Pacific property markets and believe this is an excellent time to take this step,” said Moore. The venture will be headed by newly-appointed Chief Executive Officer, Jonathan Allen. Previously, Allen led Prudential’s fund management product group in Asia. About Prudential Prudential has been writing life insurance in the United Kingdom for over 150 years and has had the largest long-term fund in the United Kingdom for over a century. Today, Prudential has over 21 million customers worldwide and over £234 billion (US$400 billion as of 31 December 2005) of funds under management. In the United Kingdom Prudential is a leading life and pensions provider offering a range of retail financial products. M&G is Prudential's UK & European Fund Manager, with around £149 billion of funds under management (US$254 billion as of 31 December 05). Jackson National Life, acquired by Prudential in 1986, is a leading provider of long-term savings and retirement products to retail and institutional customers throughout the United States. Egg provides banking, insurance and investment products through its internet site www.egg.com. Prudential is the leading European-based life insurer in Asia with operations in 12 markets as well as funds management businesses in 9 of those 12 markets. *Prudential plc, a company incorporated and with its principal place of business in the United Kingdom, and its affiliated companies constitute one of the world's leading financial services groups. It provides insurance and financial services directly and through its subsidiaries and affiliates throughout the world. It has been in existence for over 150 years and has £234 billion in assets under management, (as at 31 December 2005). Prudential plc is not affiliated in any manner with Prudential Financial, Inc, a company whose principal place of business is in the United States of America. About PruPIM Enquiries – UK Forward-Looking Statements
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