PRUlink global property securities fund November 2010

All data as at 29 October 2010 unless otherwise stated

Investment Objective

The PRUlink global property securities fund feeds into the LaSalle Property Securities SICAV – FIS Global Property Securities
Sub-fund I, which is domiciled in Luxembourg. The investment objective of the Fund is to achieve long-term growth through
capital appreciation of the underlying equity portfolio. It will achieve this objective by principally investing worldwide across
regions, countries and sectors in shares of companies active in the real estate business (property companies).
Fund Details

Launch date 26 March 2007 UBS Warburg Global Real

Initial Investment Charge
Initial Investment for
Single Premium
Subsequent Investment
for Single Premium
Continuing Investment
Charge
Fund Manager
Underlying Fund
Portfolio Manager
Performance
Benchmark
5% ^
Min S$5,000 Underlying Fund Size
Subscription Method
Min S$2,000
Funds Under Management
1.5% p.a. Withdrawal
Prudential Asset Management CPFIS Risk Classification
(Singapore) Ltd of Investment-linked
LaSalle Investment Insurance Products (ILP)
Management Securities BV Financial Year End
Regular Savings Plan
Estate Investors Index
LaSalle Property Securities
SICAV – FIS Global Property
Securities Sub-fund I-
EUR 50.5M
Cash, CPFIS-OA & SRS
$86.8 million
Min S$1,000
Narrowly Focused; Higher
Risk
31st December
Min S$100/month

Period 1 months 3 months 6 months 1 year 3 years* Since Inception*

Offer-Bid -2.9% 0.5% -3.7% 11.1% -17.7% -18.5%
Bid-Bid 2.2% 5.8% 1.4% 16.9% -16.2% -17.3%
Benchmark 2.9% 6.3% 4.1% 20.1% -11.7% -13.0%
*Annualised
Source: S&P Micropal; S$; Dividends and distributions reinvested; Offer-bid includes 5% Initial Sales Charge.

Performance Chart Top 10 Equity Holdings

PRUlink global property securities fund Simon Property 6.6%

UBS Warburg Global Real Estate Westfield Group 5.1%
Investors Index AvalonBay Communities 4.0%
100 Public Storage 3.9%
Vornado Realty Trust 3.8%
Price Indexed

80
Unibail-Rodamco 3.5%
60
Boston Properties 3.0%
40 Ventas Inc 3.0%

20
Equity Residential 2.7%
May-07 Dec-07 Aug-08 Apr-09 Dec-09 Aug-10 Hongkong Land Holdings 2.3%

Inception date: 7 May 2007

Source: S&P Micropal; S$; Dividends and distributions
reinvested; Bid-to-bid

^ Please refer to the relevant product summary for details of charges incurred on your plan as charges may vary from product to
product and may be lower than 5%.
Sector Allocation Country Allocation

Diversified, 22% North America, 55%

Hotel, 4% Europe, 21%
Industrial, 6% Japan, 6%
Office, 24% Australasia, 11%
Residential, 12%
Asia ex Japan, 7%
Retail, 32%
Others, 0% Others, 0%

Figures rounded to nearest full percentage point

Market Overview

October was another month of good performance for both Global REITs and their broad market indexes. The UBS Global
Investors Index of real estate stocks was up 3.8% while the MSCI World Equity Index of broad-market stocks gained 2.9% (all
returns stated in local currencies). Every public real estate market except Australia and Singapore gained in value, with Hong
Kong and the UK up 6% or more. Year-to-date, real estate stocks are up 18.4%, well ahead of the global broad-market index,
which is up 4.9%.
REITs are benefitting from two important trends today. They are seeing increased investor interest in current yields that are not
available from traditional fixed-income sources. In addition, favorable capital market conditions are helping REITs and other real
estate investors build healthier balance sheets that will let them take advantage of the investment opportunities that are now
arising.
The primary driver of underperformance was stock selection in the United States. The top contributors to performance on a
security level basis were underweight positions in HCP Inc (HCP US), Stockland (SGP AU) and Capitamall Trust (CT SP). The
top detractors from value were overweight positions Dexus Property Group (DXS AU), Corporate Office Properties (OFC US)
and Capitaland LTD (CAPL SP).
Investors appear to becoming more confident that a real estate recovery is beginning to build and is not likely to be derailed by
a double-dip global recession. The most recent global GDP estimates have improved slightly. There are regional differences, of
course, but the momentum for recovery seems to be there.
Capital continues to be readily available in markets throughout the world. The largest equity raise this month by far was the
Global Logistics Property IPO in Singapore. Another large offering was by U.S. industrial REIT ProLogis, which raised USD
1.33 billion. There were additional equity issues in most countries and regions with another nine public real estate companies
raising almost another USD 2.8 billion. In total, more than USD 6.6 billion of new equity was raised in October.
Both public and private real estate investors are looking to expand their portfolios again, with a significant increase in
transactions completed or underway. The spread between property capitalization rates and long-term government bond rates
remains close to 400 bps. Public real estate dividend yields are about 130 bps higher than long term government bond yields.
We believe both of these relationships are attractive to investors in both properties and real estate equity securities.
Third quarter operating results are beginning to come in. While it is too early to be definitive, most results appear to be close to
target, with a few negative and some positive surprises. We expect the companies in our investment universe will produce
strong earnings growth in 2011, and anticipate continued steady increases in subsequent years.
As REIT earnings begin to grow, their dividend payouts will increase. This will increase what is already a high current return
compared with other current-income alternatives. Since the companies are well capitalized, they are expected to look for
external growth opportunities through accretive acquisitions, adding to shareholder value.

Important Information

The PRUlink Fund is an investment-linked policy fund issued by Prudential Assurance Company Singapore (Pte) Limited (Co.
Reg. No. [199002477Z]). The manager of the PRUlink Fund is Prudential Asset Management (Singapore) Limited (Co. Reg.
No. [199407631H]). Prudential Assurance Company Singapore (Pte) Limited, 30 Cecil Street, #30-01 Prudential Tower,
Singapore 049712 is the product provider. Investments are subject to investment risks including the possible loss of the
principal amount invested. The prediction, projection or forecast on the economy, securities markets or the economic trends of
the markets targeted by the fund are not necessarily indicative of the future or likely performance of the fund. The fund returns
are calculated on the assumption that all dividends and distributions are reinvested, taking into account all charges which
would have been payable upon such reinvestment. The past performance of the PRUlink Fund is not necessarily indicative of
its future performance. The value of units in the PRUlink Fund and the income accruing to the units, if any, may fall or rise. A
product summary relating to the PRUlink Fund is available and may be obtained from your Prudential Adviser. A potential
investor should read the product summary before deciding whether to subscribe for units in the PRUlink Fund.

Prudential Assurance Company Singapore (Pte) Limited, Company Registration No. 199002477Z
30 Cecil Street, #30-01 Prudential Tower, Singapore 049712 Tel 1800-333 0333 Fax (65) 6734-6953 www.prudential.com.sg
Part of Prudential plc (United Kingdom)