#1Prudential PRUDENTIAL FINANCIAL, INC. 2018 TOKYO INVESTOR DAY#2Prudential PRUDENTIAL FINANCIAL, INC. 2018 TOKYO INVESTOR DAY DARIN ARITA SENIOR VICE PRESIDENT INVESTOR RELATIONS#3FORWARD-LOOKING STATEMENTS AND NON-GAAP MEASURE Certain of the statements included in this presentation, including those related to our strategy, prospects, and returns constitute forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Words such as "expects," "believes," "anticipates," "includes," "plans," "assumes," "estimates," "projects," "intends," "should," "will," "shall," or variations of such words are generally part of forward-looking statements. Forward- looking statements are made based on management's current expectations and beliefs concerning future developments and their potential effects upon Prudential Financial, Inc. and its subsidiaries. Prudential Financial, Inc.'s actual results may differ, possibly materially, from expectations or estimates reflected in such forward-looking statements. Certain important factors that could cause actual results to differ, possibly materially, from expectations or estimates reflected in such forward-looking statements can be found in the "Risk Factors" and "Forward-Looking Statements" sections included in Prudential Financial, Inc.'s Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q. Prudential Financial, Inc. does not undertake to update any particular forward-looking statement included in this presentation. Financial projections in this presentation consist of estimates. These estimates are forward-looking statements and may change, possibly materially, due to, among other things, changes in the composition of our business, customer behavior that differs from our expectations, market conditions, and actions Prudential Financial, Inc. may take. This presentation may also include references to adjusted operating income, adjusted book value and adjusted operating return on equity, which is based on adjusted operating income and adjusted book value. Consolidated adjusted operating income and adjusted book value are not calculated based on accounting principles generally accepted in the United States of America (GAAP). For additional information about adjusted operating income, adjusted book value and adjusted operating return on equity and the comparable GAAP measures, including reconciliations between the comparable measures, please refer to our quarterly results news releases, which are available on our Web site at www.investor.prudential.com. Reconciliations of adjusted operating income to the comparable GAAP measure are also included as part of this presentation. Prudential Financial, Inc. of the United States is not affiliated with Prudential plc which is headquartered in the United Kingdom. Prudential Tokyo Investor Day 9.27.2018 1#4RECONCILIATIONS BETWEEN ADJUSTED OPERATING INCOME AND THE COMPARABLE GAAP MEASURE ($ in millions) 2012 2013 Year Ended 2014 2015 2016 2017 $ 479 $ (713) $ 1,533 $ 5,642 $ 4,368 $ 7,863 Six Months Ended 2017 2018 Net income (loss) attributable to Prudential Financial, Inc. Income attributable to noncontrolling interests Net income (loss) Less: Income from discontinued operations, net of taxes Income (loss) from continuing operations (after-tax) Less: Earnings attributable to noncontrolling interests $ 1,860 $ 1,560 50 107 57 529 (606) 1,590 70 5,712 51 4,419 111 8 7,974 1,868 17 7 11 512 (613) 1,579 50 107 57 5,712 70 4,419 7,974 1,868 51 111 8 Income (loss) attributable to Prudential Financial, Inc. 462 (720) 1,522 5,642 4,368 7,863 1,860 Less: Equity in earnings of operating joint ventures, net of taxes and earnings attributable to noncontrolling interests Income (loss) (after-tax) before equity in earnings of operating joint ventures 10 (48) (41) (55) (2) (62) 30 452 (672) 1,563 5,697 4,370 7,925 1,830 Less: Reconciling Items: Realized investment gains, net, and related charges and adjustments Investment gains (losses) on assets supporting experience rated contractholders liabilities, net Change in experience-rated contractholder liabilities due to asset value changes (2,809) 610 (8,149) (4,130) 1,579 523 (58) (641) (250) 339 (524) (17) 336 (540) 227 (294) 433 21 (151) (157) Divested businesses: Closed Block division Other divested businesses Equity in earnings of operating joint ventures and earnings attributable to noncontrolling interests Total reconciling items, before income taxes Less: Income taxes, not applicable to adjusted operating income Total reconciling items, after income taxes After-tax adjusted operating income Income taxes, applicable to adjusted operating income Adjusted operating income before income taxes 58 (132) 45 (615) 29 167 (66) (84) 38 (29) 28 44 58 (5) 33 (3,383) (8,115) (3,874) 1,538 306 243 (538) $ 4,027 $ 6,369 $ 5,892 (816) (2,857) (1,082) (2,567) (5,258) (2,792) 1,048 3,019 4,586 4,355 4,649 1,008 1,783 1,537 1,582 $ 6,231 490 43 (3,030) (212) 263 3,273 (326) 4,107 4,652 2,156 2,638 1,292 1,592 $ 5,399 $ 6,244 $ 2,888 732 744 $ 3,382 (42) རིན་ཙུཊྛི 1977 884 8.W.N.N. Prudential Tokyo Investor Day 9.27.2018 2#5PGIM JAPAN DISCLOSURES © 2018 Prudential Financial, Inc. (PFI) and its related entities. QMA, Quantitative Management Associates, Jennison Associates, Jennison, PGIM Real Estate, the Prudential logo, and the Rock symbol are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide. PGIM, Inc. is the principal asset management business of PFI and is an investment advisor registered with the US Securities and Exchange Commission (SEC) in December 1984. PGIM, Inc. is a wholly-owned subsidiary of Prudential Financial, Inc. PGIM is a trading name of PGIM, Inc. and its global subsidiaries and affiliates. Prudential Financial, Inc. of the United States is not affiliated with Prudential plc, which is headquartered in the United Kingdom. In Japan, investment management services are made available by PGIM Japan, Co. Ltd., ("PGIM Japan"), a registered Financial Instruments Business Operator with the Financial Services Agency of Japan. The PGIM logo and the Rock design are service marks of PFI and its related entities, registered in many jurisdictions worldwide. These materials represent the views, opinions and recommendations of the author(s) regarding the economic conditions, asset classes, securities, issuers, or financial instruments referenced herein. Distribution of this information to any person other than the person to whom it was originally delivered and to such person's advisers is unauthorized, and any reproduction of these materials, in whole or in part, or the divulgence of any of the contents hereof, without prior consent of PGIM, is prohibited. Certain information contained herein has been obtained from sources that PGIM believes to be reliable as of the date presented; however, PGIM cannot guarantee the accuracy of such information, assure its completeness, or warrant such information will not be changed. The information contained herein is current as of the date of issuance (or such earlier date as referenced herein) and is subject to change without notice. PGIM has no obligation to update any or all of such information; nor do we make any express or implied warranties or representations as to the completeness or accuracy or accept responsibility for errors. These materials are not intended as an offer or solicitation with respect to the purchase or sale of any security or other financial instrument or any investment management services and should not be used as the basis for any investment decision. Past performance is not a guarantee or a reliable indicator of future results. No liability whatsoever is accepted for any loss (whether direct, indirect, or consequential) that may arise from any use of the information contained in or derived from this report. These materials do not take into account individual client circumstances, objectives, or needs, and are not intended as recommendations of particular securities, financial instruments, or strategies to particular clients or prospects. No determination has been made regarding the suitability of any securities, financial instruments, or strategies for particular clients or prospects. For any securities or financial instruments mentioned herein, the recipient(s) of this report must make its own independent decisions. Distribution of this information to any person other than the person to whom it was originally delivered is unauthorized and any reproduction of these materials, in whole and in part, without prior consent of PGIM is prohibited. These materials are for informational or educational purposes only. The information is not intended as investment, legal, accounting, and/or tax advice and is not a recommendation about managing or investing assets. In providing these materials, PGIM is not acting as your fiduciary. Prudential Tokyo Investor Day 9.27.2018 3#6NOTES TO DISCLOSURE IN JAPAN Registered Corporate Name: Location: Chief Executive Officer: Date of Establishment: Major Shareholders: Paid in Capital: Primary Businesses: Registration #: Association Membership PGIM Japan Co., Ltd. The Prudential Tower, 2-13-10, Nagatacho, Chiyoda-ku, Tokyo Yasuhisa Nitta April 19, 2006 Prudential International Investments Corporation (100%) JPY 219 million ① Investment management business ② Investment advisory business ③ Type II Financial Instruments business Financial Instruments Business Operator registered with Kanto Local Bureau (Registration Number; 392) The Investment Trust Association, Japan Japan Investment Advisers Association Prudential 4 Tokyo Investor Day 9.27.2018#7Prudential INTERNATIONAL INSURANCE OVERVIEW CHARLES F. LOWREY EXECUTIVE VICE PRESIDENT AND CHIEF OPERATING OFFICER INTERNATIONAL BUSINESSES#8KEY MESSAGES Differentiated business model with superior execution Sustained growth with strong returns and steady capital generation Investing strategically to enhance long-term prospects 2 Tokyo Investor Day 9.27.2018 Prudential#9CONSISTENT INTERNATIONAL STRATEGY A KEY TO SUCCESS Prudential Distribution Expansion in Proprietary and Third-Party Channels Building Product Development to Meet Customer Needs Superior Execution Digital, Mobile, and Data Analytics Capabilities Complementing Organic Growth with M&A Tokyo Investor Day 9.27.2018 3#10SUSTAINED GROWTH WITH STRONG RETURNS AND STEADY CAPITAL GENERATION 4% Constant Currency AOI and In Force Annual Growth Since 2013 (1,2) Mid- teens Adjusted Operating ROE $1.3 billion Average Annual Net Capital Redeployed Since 2013 (3) Represents compound annual growth rate for Face Amount In Force and Constant Currency Adjusted Operating Income from 2013-2017. Translated to U.S. dollars, including Japanese yen 112 per U.S. dollar and Korean won 1130 per U.S. dollar. 3) 323 1) 2) Prudential Reflects net capital redeployed including dividends, debt repayment, affiliated lending, affiliated derivatives and reinsurance. Excludes acquisitions/dispositions and other extraordinary items. Tokyo Investor Day 9.27.2018 4#11INVESTING STRATEGICALLY TO ENHANCE LONG-TERM PROSPECTS Differentiated business model supports sustainable growth Near-Term Select developed markets ✓ Significant wealth Large mature market Japan Korea Taiwan . Medium-Term • Emerging markets ✓ Rising middle class ✓ Low insurance penetration Brazil Chile Argentina Indonesia India Long-Term Seed investments ✓ Attractive demographics ✓ Markets developing fast Africa Mexico China Prudential Tokyo Investor Day 9.27.2018 5#12JAPAN REMAINS A HIGHLY ATTRACTIVE MARKET 1) 2) Substantial In Force generates strong and stable earnings • Focus on protection products • Significant opportunities in Japanese market • World's second largest life insurance market • Growing U.S. dollar (USD) business 2017 Sales (1) by: Household sector wealth $17 trillion(2) • Continued need for death protection solutions Product Currency • Increasing need for retirement solutions Other 7% • Customer interest in non-yen products Savings & Annuity 17% 00 Retirement 20% Death Protection 63% 33% JPY 60% USD Translated to U.S. dollars at uniform currency exchange rate (Japanese yen 111 per U.S. dollar). Source: Bank of Japan (data as of December 2017). Translated to U.S. dollars at uniform currency exchange rate (Japanese yen 111 per U.S. dollar). Tokyo Investor Day 9.27.2018 Prudential CO 6#13SELECT EMERGING GROWTH MARKETS Brazil In Force Face Amount (1) ($ in billions) 30% CAGR $29 Habitat Provida $24 Cuprum $18 Capital $14 Modelo $10 PlanVital 2013 2014 2015 2016 2017 Chile Market Share By AUM (As of May 2018) 5.2% 3.4% Source: SPS local regulatory authority 27.7% 25.1% 19.4% 19.2% Life Planner business modeled on successful Japanese operation Expanding third-party distribution Habitat: #1 ranked mandatory pension provider and #1 in fund returns for 2017 · • Strong sales productivity and persistency • 11% annual AUM growth since investment in 2016 Lowest fee rate among top players Strong growth of in force despite economic headwinds Leading provider of voluntary pension products 1) Translated to U.S. dollars at uniform currency exchange rate (Brazilian Real 3.6 per U.S. dollar). Prudential Tokyo Investor Day 9.27.2018#14STRATEGIC INVESTMENTS IN OTHER GROWTH MARKETS • Prudent evaluation of strategic investment growth potential and prospective returns with selective ownership approach Medium-Term India Increased ownership of our joint venture to 49% in October 2016 Eighth largest life insurer, based on In Force Indonesia Formed life insurance joint venture with CT Corp in July 2017 CT Corp is a leading conglomerate with a broad customer base Long-Term China . 50/50 joint venture with Fosun Group in September 2012 Provides insurance products through captive agents, banks and online Africa • Acquired significant minority interest in Enterprise Group Limited in August 2017 #1 life insurer in Ghana Prudential Tokyo Investor Day 9.27.2018 8#15KEY MESSAGES Differentiated business model with superior execution Sustained growth with strong returns and steady capital generation Investing strategically to enhance long-term prospects Tokyo Investor Day 9.27.2018 Prudential 0#16Prudential JAPANESE BUSINESSES OVERVIEW MITSUO KURASHIGE CHAIRMAN AND CHIEF EXECUTIVE OFFICER PRUDENTIAL HOLDINGS OF JAPAN, INC.#17KEY MESSAGES Customer-focused, differentiated distribution models result in attractive returns Needs-based selling and quality people drive leading market position Adapting to market changes through multiple growth opportunities 2 Tokyo Investor Day 9.27.2018 Prudential#18JAPANESE INSURANCE MARKET REMAINS HIGHLY ATTRACTIVE Global Life Insurance Market(1) JAPAN RANK 2nd Household Wealth • MARKET SHARE 13.5% LIFE PREMIUMS ¥38.4 trillion $354 billion Investable Asset Pool Retirement Market Product Trend • Market Opportunities Household sector wealth ¥1,880 trillion ($17 trillion) (2) ¥961 trillion ($9 trillion) household pool of currency and deposits is among the world's largest (2) Expansion driven by aging population, increased emphasis on individual responsibility for financial security Customers prefer insurance products to equities for savings and investments, and have interest in non-yen products Distribution Trend • Captive agents remain most significant distribution channel • Banks and independent distributors have growing distribution opportunities 1) Source: Swiss Re - World Insurance in 2017, based on 2016 life insurance premiums. The market share is calculated in U.S. dollars. 2) Source: Bank of Japan (data as of December 2017). Translated to U.S. dollars at uniform currency exchange rate (Japanese yen 111 per U.S. dollar). Prudential Tokyo Investor Day 9.27.2018 3#19- OUR CUSTOMER Focus DIFFERENTIATES US IN JAPAN QUALITY PEOPLE, QUALITY PRODUCTS, QUALITY SERVICE Prudential Mission Our mission is to provide the highest quality service and to deliver to each and every customer financial security and peace of mind Vision We strive to revolutionize the way life insurance business is conducted in Japan and to become the most admired life insurance partner to our customers Core Values • . . Worthy of Trust Customer Focused • Respect for Each Other • Winning with Integrity Tokyo Investor Day 9.27.2018 4#20TARGETED DISTRIBUTION SERVING DIVERSE CUSTOMER SEGMENTS IN THE JAPANESE MARKET POJ Prudential GIB Gibraltar Life Planners ジブラルタ生命 Independent Life Consultants (1) Agency Channel Affluent and mass affluent customers Business and professional market Broad middle income customers Affinity group relationships 1) Formal name is "Life Plan Consultant". Prudential • PGFL PGF生命 Prudential プルデンシャルジブラルタ ファイナンシャル生命 Bank Channel Mass affluent customers Business and professional market Customers with investable wealth Inheritance market Tokyo Investor Day 9.27.2018 5#21NEEDS-BASED SELLING OPPORTUNITIES OVER CUSTOMER'S LIFE CYCLE • Client Life Cycle Young household, early professional career Age 30's 40's 50's 60's Retirement 70's • Mid-career, pre-retirement Financial Risk Protection Needs • Premature death income replacement • Income loss and expenses due to accident or sickness • Accumulation of funds for retirement ⚫ Lifetime retirement income . Prudential Solutions • Term insurance • Accident and health policies and riders ⚫Whole life insurance • Life insurance based retirement income products Prudential Note: Specific needs and solutions will vary by customer. Tokyo Investor Day 9.27.2018 6#22JAPAN DEMOGRAPHIC CHANGE DRIVES GROWTH OPPORTUNITY We have an experienced agent force poised to help customers meet their evolving needs. Japan Demographics (1) ■65 & Over 30-64 ■0-29 Population (in millions) 27% 29% 31% 35% 38% • 46% 45% 44% 41% 39% 27% 26% 25% 24% 23% 2015 2020 2030 2040 2050 127 125 119 111 102 Retirement income needs Intergenerational wealth transfer needs • Funding of health care expenses 1) Source: National Institute of Population and Social Security Research, "Population Projections for Japan: 2016 to 2065," Medium-fertility (medium-mortality) projection. Tokyo Investor Day 9.27.2018 Prudential 7#23QUALITY PEOPLE LEADS TO STRONG PRODUCTIVITY • Industry leading Million Dollar Round Table ("MDRT") memberships • • Prudential of Japan has had the highest number of MDRT members in Japan for 21 consecutive years (1) Strong productivity sustains growth MDRT Japan Membership POJ 1,387 Sony 803 Gibraltar 727 MetLife 484 Tokio Marine 224 & Nichido Аха 203 MDRT The Premier Association of Financial Professionals® Dai-ichi 190 Daido 180 Nippon 170 1) Source: Million Dollar Round Table Association, Japan - membership data as of May 1, 2018. Total membership 5,940. 2) Number of policies sold per POJ Life Planner and GIB Life Consultant, per month; includes accident and health policies. Prudential Tokyo Investor Day 9.27.2018 Productivity by Channel (2) ~6+ LIFE PLANNER POJ ~4 LIFE CONSULTANT Gibraltar 00 8#24LEADING POSITION IN ATTRACTIVE JAPAN LIFE INSURANCE MARKET Rank(1) Category Market Share(2) #1 New business face amount 13.1% #4 In Force face amount 8.2% #5 Annualized new business premiums 5.9% #6 Premium income 6.2% #6 • Total assets 4.2% 1) Source: Life Insurance Association of Japan (LIAJ). Twelve months ended March 31, 2018. 2) Source: Life Insurance Association of Japan (LIAJ). Market share data is based on Prudential estimates developed from publicly available data of Japanese insurance companies, including Japan Post. Prudential Tokyo Investor Day 9.27.2018 9#25FOCUS ON DEATH PROTECTION PRODUCTS CONTRIBUTES TO EARNINGS STABILITY Annualized New Business Premiums (1)(2) Savings 12% Retirement 21% Death Protection 62% A&H 5% Strong mortality margin Excellent persistency Annualized Premiums In Force(1)(3) Savings 17% Retirement 20% Death Protection 54% A&H 9% Limited customer behavior risk 1) Japan only. Foreign denominated activity translated to U.S. dollars at uniform exchange rate (Japanese yen 111 per U.S. dollar). U.S. dollar-denominated activity is included based on the amounts as transacted in U.S. dollars. 2) For the year ended December 31, 2017. 3) As of December 31, 2017, including paid-up policies and 10% of single premium. Prudential Tokyo Investor Day 9.27.2018 10#26HISTORY OF SUSTAINABLE GROWTH IN JAPAN Face Amount of Individual Policies In Force(1) ($ in billions) $679 $650 $623 $592 $606 3% Annual Growth 2013 2014 2015 2016 2017 1) As of December 31st for each period presented. Foreign denominated activity translated to U.S. dollars at uniform exchange rates for all periods presented (Japanese yen 111 per U.S. dollar). Prudential Tokyo Investor Day 9.27.2018 11#27ADAPTING TO CHANGING MARKET IN JAPAN . Market Dynamic . Prudential Response Introduction of new products and repricing Lower interest rates ⚫ Lower statutory mortality rates • Increasing compliance standards . . Growing competition in third-party channels ⚫ Demographic changes . • Shift to U.S. dollar products . Grow retirement solutions . Focus on estate planning . Expand and diversify captive distribution Selective growth in third-party channels • Focus on digital, data, and mobile solutions Prudential Tokyo Investor Day 9.27.2018 12#28GROWTH IN U.S. DOLLAR RECURRING SALES DRIVEN BY CUSTOMER NEEDS Annualized New Business Premiums (1)(2) $2.3 $0.6 $1.1 ($ in billions) $2.5 $0.3 $0.9 $0.6 21% Annual Growth in USD Recurring Premium Sales $1.3 2013 2017 (3) ■ USD Recurring Premium ■ JPY Recurring Premium ■ Other 1) Foreign denominated activity translated to U.S. dollars at uniform exchange rates for all periods presented (Japanese yen 111 per U.S. dollar). 2) For the year ended December 31, 2013 and December 31, 2017 respectively. 3) Other represents single premium and premium denominated in other than U.S. dollar or Japanese yen. Prudential Tokyo Investor Day 9.27.2018 13#29BUILDING DIGITAL AND MOBILE CAPABILITIES Initiatives to enhance customer experience and support growth include: • Deploy digital solutions to achieve customer experience excellence Digital empowerment that helps maximize sales activities and post-issue services • Digitize back-end processes and platforms Prudential Tokyo Investor Day 9.27.2018 14#30KEY MESSAGES Customer-focused, differentiated distribution models results in attractive returns Needs-based selling and quality people drive leading market position Adapting to market changes through multiple growth opportunities 15 Prudential Tokyo Investor Day 9.27.2018#31Prudential JAPANESE LIfe Planner BUSINESS MOTOFUSA HAMADA PRESIDENT AND CHIEF EXECUTIVE OFFICER PRUDENTIAL OF JAPAN#32KEY MESSAGES Growing Life Planner model, driven primarily by high quality field management, reinforces sustainable competitive advantage Lifetime client relationships driven by recognized quality service Adapting products to market changes and customer needs supports growth Tokyo Investor Day 9.27.2018 Prudential 2#33LIFE PLANNER - A SELECTIVE, HIGH QUALITY SALES FORCE Selection Process College education Successful track record, but no prior life insurance sales experience Values and beliefs of a trusted advisor ~2 out of 100 candidates hired Training Program Structured training program First month - Dedicated to intensive training Next 55 weeks - Basic training program complemented by on-the-job activity Formal training completed - Continuing on- the-job training Growth Opportunities • Hire more women . • Focus on regional urban areas Prudential Tokyo Investor Day 9.27.2018 • Increase management pipeline 3#34SUSTAINABLE ADVANTAGE DRIVEN BY DISTRIBUTION Life Planners ("LP") providing financial security over customers' lifetime drives our beneficial cycle Productivity ~$16,000 AP per LP per month(1)(3) ~6+ policies per LP per month(2)(3) Quality People Quality Products Quality Service Quality Referrals Superior Returns & Steady Growth Income for LP Policy Persistency(3) 96% Customer Satisfaction Retention (3) 83% 1) Annualized new business premiums (AP) per month for each Prudential of Japan (POJ) Life Planner; foreign denominated activity translated to U.S. dollars at uniform exchange rates (Japanese yen 111 per U.S. dollar). 2) Number of policies sold per POJ Life Planner, per month; includes accident and health policies. 3) Rolling average of 12 months experience as of June 30, 2018. Prudential Tokyo Investor Day 9.27.2018 4#35SUPERIOR DISTRIBUTION MODEL WITH STEADY GROWTH LP Count (1) 5% Annual Growth 3,824 3,941 3,528 3,258 250 3,328 353 375 300 266 Experienced Agent Profile (3) Number of Life Planners with 15+ years experience Average Number of Clients Average Relationship Length 3,471 3,566 3,008 3,062 3,228 985 444 10.5 years Field Management(1) 2013 2014 2015 2016 2017 Number of Agency Managers Number of Sales Managers ■Male LPs Female LPs 2013 2017 2013 2017 Strong Policy Count Productivity(2): 6+ 95 127 376 536 1) As of December 31st for each period presented. 2) Number of policies sold per POJ Life Planner, per month; includes accident and health policies. 3) As of July 31, 2018. Prudential Tokyo Investor Day 9.27.2018 5#36RECOGNIZED LEADER IN QUALITY SERVICE DRIVES HIGH PERSISTENCY 2014 2015 2016 2017 2018 Contract(1) #1 #3 #2 #2 #1 Customer Satisfaction Claim (2) #2 #1 #1 #1 #1 1st Company in history to capture the Conservation (3) #1 #1 #1 triple crown POJ Policy Persistency(4) 95% 95% 96% 95% 96% 1) Life Support Insurance segment 2014 and All segment 2015 - 2018 of J.D. Power Asia Pacific Japan Life Insurance Contract Customer Satisfaction Studies SM. Contract Customer Satisfaction Study based on life insurance policyholders who purchased or renewed coverage during the past year. http://japan.jdpower.com 2) Medical benefit segment 2014 and All segment 2015 - 2018 of J.D. Power Asia Pacific Japan Life Insurance Contract Customer Satisfaction Studies SM 3) All segment of J.D. Power Asia Pacific Japan Life Insurance Contract Customer Satisfaction Studies SM beginning in 2016. http://japan.jdpower.com 4) 13 month policy persistency measured based on face amount. Rolling average of 12 months experience ending December 31, 2014 – 2017 and June 30, 2018. Prudential Tokyo Investor Day 9.27.2018 CO 6#37QUALITY PRODUCTS MEETING FINANCIAL SECURITY NEEDS OVER A LIFETIME For Illustrative Purposes Only Prudential Age Death Protection Retirement A&H / Savings 30's - 70's+ Subsequent Sale Opportunities Tokyo Investor Day 9.27.2018 Medical Sophisticated Estate Planning Business Succession Family Distribution of Inheritances M#38ADAPTING PRODUCTS TO MARKET CHANGES AND CUSTOMER NEEDS SUPPORTS GROWTH Strong Growth in U.S. Dollar Recurring Premium Sales Japan Life Planner Annualized New Business Premiums (1) ($ in millions) $919 $829 $691 $712 $679 20% Annual Growth in USD Recurring Premium Sales 2013 2014 2015 2016 2017 ■ USD Recurring Premium JPY Recurring Premium ■ Other (2) 1) Foreign denominated activity translated to U.S. dollars at uniform exchange rates for all periods presented (Japanese yen 111 per U.S. dollar). 2) Other represents single premium and premium denominated in other than U.S. dollar or Japanese yen. Prudential Tokyo Investor Day 9.27.2018 8#39IN FORCE CAN GROW WITHOUT INCREASE IN SALES ($ billions) 500 400 300 200 100 Prudential of Japan In Force Face Amount In force maintained even if 2017 sales level decreases by 40% 3% Decrease 20% Increase 30% Increase Assumed Annual Sales Level 50% below 2017 level 12/31/17 Pro Forma 12/31/2022(1) 40% below 2017 level At 2017 level 20% above 2017 level 1) Assuming same sales mix, currency exchange rates for non-yen business, persistency and other assumptions for year ended December 31, 2017. Surrender, lapse, and mortality assumptions are based on December 31, 2017. Represents impact of sales levels for years subsequent to 2017, held constant through 2022. All indicated levels are in relation to actual 2017 sales, upon resulting year end 2022 in force amount. Translated to U.S. dollars at uniform currency exchange rates (Japanese yen 111 per U.S. dollar). The information is for illustrative purposes only. Actual changes in sales in excess of those illustrated may occur in future periods. Prudential Tokyo Investor Day 9.27.2018 9#40KEY MESSAGES Growing Life Planner model, driven primarily by high quality field management, reinforces sustainable competitive advantage Lifetime client relationships driven by recognized quality service Adapting products to market changes and customer needs supports growth Prudential Tokyo Investor Day 9.27.2018 10#41Prudential LIFE CONSULTANT AND INDEPENDENT AGENCY CHANNEL KAZUHIRO YAMAUCHI PRESIDENT AND CHIEF EXECUTIVE OFFICER GIBRALTAR LIFE#42KEY MESSAGES Broad distribution through productive Life Consultants and growing Independent Agencies Distinctive affinity relationship with Japanese Teachers Association Adapting products to market changes and customer needs supports growth Tokyo Investor Day 9.27.2018 Prudential 2#43GIBRALTAR LIFE & OTHER OVERVIEW Operating Segment GIBRALTAR LIFE & OTHER 2017 Annualized New Business Premiums $1.6 billion (2) Entity Independent Agency Gibraltar Life PGFL(1) 15% Bank Channel 39% Life Consultant Distribution Channel Independent Agency Bank Channel Life Consultant 46% 1) Prudential Gibraltar Financial Life 2) Annualized new business premiums (AP); foreign denominated activity translated to U.S. dollars at uniform exchange rates (Japanese yen 111 per U.S. dollar). Prudential Tokyo Investor Day 9.27.2018 3#44DIVERSIFIED DISTRIBUTION CHANNELS Needs-based selling focusing on death protection with growing interest in retirement and business planning Customer Segment Broad middle Sales (1) $984 million Life income market Consultant 24% • Affinity groups Independent Agency • Mass affluent market • Business and professional- market 76% Life Consultants Policies In Force (2) 6.5 million 7% 93% Independent Agencies 1) Annualized new business premiums, January to December 2017, excluding Bank Channel. Foreign denominated activity translated to U.S. dollars at uniform exchange rates (Japanese yen 111 per U.S. dollar). 2) As of December 31, 2017. Prudential Tokyo Investor Day 9.27.2018 4#45LIFE CONSULTANT DISTRIBUTION - BROAD MARKET COVERAGE WITH ACCESS TO NEARLY ALL OF JAPANESE POPULATION Branch offices established in substantially all prefectures Prudential training supports emphasis on death protection products and needs-based selling Serving expanding need for retirement income security products Teachers Association and other affinity group relationships provide recurring sources of new business Osaka area 1) As of June 30, 2018. Prudential Tokyo Investor Day 9.27.2018 82 branch offices supporting Life Consultants (1) Tokyo area 5#46LIFE CONSULTANTS – STABLE PRODUCTIVITY TRENDING HIGHER • Continued focus on maintaining high quality - Productivity has consistently exceeded industry average and has trended higher with proven training programs and adherence to high recruiting and retention standards. Policy Count Productivity (1) 3.6 3.7 2013 2014 9,327 3.8 2015 3.8 3.9 2016 2017 Number of Life Consultants 8,707 8,805 8,884 8,326 1) Number of policies sold per life consultant, per month; includes accident and health policies as of December 31st. Prudential Tokyo Investor Day 9.27.2018 6#47TEACHERS MARKET - LARGEST AFFINITY GROUP Japanese Educational Mutual Aid Association of Welfare Foundation 公益財団法人 日本教育公務員弘済会 Relationship since 1952 Membership eligibility: Public school teachers and support employees Serving Approximately 5,200 Life Consultants (1) Approximately 35,000 Public schools nationwide (2) Approximately 950,000 Public school teachers nationwide (2) 1) As of December 31, 2017. 2) Source: Japan Ministry of Education, Culture, Sports, Science and Technology, and Japanese Educational Mutual Aid Association of Welfare Foundation as of May 1, 2018. Includes support employees of public schools. Prudential Tokyo Investor Day 9.27.2018#48TEACHERS ASSOCIATION: PERENNIAL SALES OPPORTUNITIES Active Market Protection products sold to new and active teachers 20,000 - 30,000 new teachers are hired each year Retiree Market Retirement products for lump sum recipients 1) Approximate numbers as of June 30, 2018. Prudential 20,000 30,000 teachers retire each year 950,000 Active Teachers (1) 120,000 Retired Teachers Association Members(1) Tokyo Investor Day 9.27.2018 8#49TEACHERS ASSOCIATION REMAINS SIGNIFICANT SOURCE OF BUSINESS Life Consultant Annualized New Business Premiums(1) ($ in millions) $736 $743 $683 $650 $657 25% 25% 25% 27% 30% 2013 2014 2015 2016 2017 ■ Teachers Association ■ Other Life Consultant Sales More than one-quarter of Life Consultant channel new business is derived from Teachers Association 1) Foreign denominated activity translated to U.S. dollars at uniform exchange rates (Japanese yen 111 per U.S. dollar). Prudential Tokyo Investor Day 9.27.2018#50. • INDEPENDENT AGENCY ("IA") CHANNEL MARKET OVERVIEW Market(1) Increasing independent agency customer base Most customers in their 30s and 40s More selective customers Gibraltar IA Sales Branch Offices Gibraltar Independent Agency Channel - - Expanding sales base mainly in urban area 52 sales offices serving approximately 2,600 independent agencies USD recurring premium products for mass affluent customers and business planning products for corporate market 1) Source: Japan Institute of Life Insurance, 2016 Survey on Life Protection. Prudential Tokyo Investor Day 9.27.2018 Sales Office Osaka area Tokyo area 10#51GROWING INDEPENDENT AGENCY CHANNEL - A DIFFERENTIATED STRATEGY . Key strategies - Focus on "Quality", not just top-line growth; price competition not key to winning sales Build on strong partnerships with high performing agencies and producers 2,225 1,946 1,626 1,566 1,128 267 271 239 . Key success factors 208 - Develop highly-motivated agencies and producers who subscribe to our business approach 162 2013 2014 Develop and train qualified marketing Number of Active Producers (monthly average) 2015 2016 2017 Number of MR/SR (¹) representatives to work with agencies. Strength in selling USD denominated products 1) MR: Marketing Representatives providing face-to-face support for agencies, mainly in metropolitan areas. SR: Sales Representatives providing support to agencies mainly in remote areas. Prudential Tokyo Investor Day 9.27.2018 11#52ADAPTING PRODUCTS TO MARKET CHANGES AND CUSTOMER NEEDS SUPPORTS GROWTH Strong Growth in U.S. Dollar Recurring Premium Sales Life Consultant Annualized New Business Premiums(1) Independent Agency Annualized New Business Premiums (1) ($ in millions) $736 $743 $683 $650 $657 ($ in millions) $258 $239 $248 $241 $199 22% Annual Growth in USD Recurring Premium Sales 2013 2014 2015 2016 2017 ■ USD Recurring Premium JPY Recurring Premium Other (2) 13% Annual Growth in USD Recurring Premium Sales 2013 2014 2015 2016 2017 ■ USD Recurring Premium JPY Recurring Premium Other 1) Foreign denominated activity translated to U.S. dollars at uniform exchange rates for all periods presented (Japanese yen 111 per U.S. dollar). 2) Other represents single premium and premium denominated in other than U.S. dollar or Japanese yen. Prudential Tokyo Investor Day 9.27.2018 12 (2)#53IN FORCE CAN GROW WITHOUT INCREASE IN SALES ($ billions) 500 400 300 200 100 12/31/17 1) Excludes Bank channel. Gibraltar Life(1) In Force Face Amount 5% Decrease 4% Increase 12% Increase Pro Forma 12/31/2022(2) In Force maintained even if 2017 sales level decreases by 8% Assumed Annual Sales Level 20% below 2017 level 8% below 2017 level At 2017 level 20% above 2017 level 2) Assuming same sales mix, currency exchange rates for non-yen business, and persistency for year ended December 31, 2017. Represents impact of sales levels for years subsequent to 2017, held constant through 2022. All indicated levels are in relation to actual 2017 sales, upon resulting year end 2022 in force amount. Translated to U.S. dollars at uniform currency exchange rates (Japanese yen 111 per U.S. dollar). The information is for illustrative purposes only. Actual changes in sales in excess of those illustrated may occur in future periods. Prudential Tokyo Investor Day 9.27.2018 13#54KEY MESSAGES Broad distribution through productive Life Consultants and growing Independent Agencies Distinctive affinity relationship with Japanese Teachers Association Adapting products to market changes and customer needs supports growth Tokyo Investor Day 9.27.2018 Prudential 14#55Prudential BANK CHANNEL TAKESHI SOEDA PRESIDENT AND CHIEF EXECUTIVE OFFICER PRUDENTIAL GIBRALTAR FINANCIAL LIFE#56KEY MESSAGES Differentiated high quality distribution in bank channel market Strengthening bank relationships provides additional sales opportunities Adapting products to market changes and customer needs Prudential Tokyo Investor Day 9.27.2018 2#57GIBRALTAR LIFE & OTHER OVERVIEW Operating Segment GIBRALTAR LIFE & OTHER 2017 Annualized New Business Premiums $1.6 billion(2) Entity Independent Agency Gibraltar Life PGFL(1) 15% Distribution Channel Life Consultant Independent Agency Bank Channel Life Consultant 46% 1) Prudential Gibraltar Financial Life 2) Annualized new business premiums (AP); foreign denominated activity translated to U.S. dollars at uniform exchange rates (Japanese yen 111 per U.S. dollar). Prudential Tokyo Investor Day 9.27.2018 Bank Channel 39% 3#58SIGNIFICANT FINANCIAL ASSETS IN BANK CHANNEL MARKET Attractive sales opportunity driven by: • Substantial concentration of wealth among Banks' primary customers age 50 years and older Household financial assets in Japan: $17 trillion(1) Banks' Primary • Primary customers expected to Customers increase as a percentage of the population(2) 14% 86% ■ 50 years and older ■ Less than 50 years old 1) Source: Bank of Japan (data as of December 2017). Translated to U.S. dollars at uniform currency exchange rate (Japanese yen 111 per U.S. dollar). 2) Source: National Institute of Population and Social Security Research, "Population Projections for Japan: 2016 to 2065," Medium-fertility (medium-mortality) projection. Prudential Tokyo Investor Day 9.27.2018 4#59BANK CHANNEL RELATIONSHIPS PROVIDE BROAD NATIONAL COVERAGE Prudential Distribution Deposits, etc(3) (Trillion USD) Partners(1)(2) Mega Bank(4) 4 3.5 Osaka area Major Trust Bank 3 1.3 Regional Bank, etc. 66 1.8 Brokerage Firm Tokyo area 2 1.4 Total 75 8.0 Established bank relationships in these areas 1) As of December 31, 2017. 2) The number of banks/financial institutions in which Prudential products are offered. 3) As of March 31, 2018. Based on data published by institutions. Translated at Japanese yen 111 per U.S. dollar. 4) Includes Resona Bank. Prudential Tokyo Investor Day 9.27.2018#60. DIFFERENTIATED SALES SUPPORT Experienced Life Planners, "seconded" as Insurance Consultants to partner with certain banks, bring strength of Prudential's distribution model to bank channel Wholesalers provide sales support to bank employees Growing Insurance Consultants and Wholesalers (1) 1) As of December 31st for all periods presented. Prudential 405 388 364 343 313 140 141 127 122 120 221 237 247 265 193 2013 2014 2015 2016 2017 ■ Insurance Consultants ■Wholesalers Tokyo Investor Day 9.27.2018 6#61STRENGTHENING RELATIONSHIPS INCREASES OPPORTUNITIES FOR RECURRING PREMIUM PRODUCT SALES Bank Partners Adopting Recurring Premium Products 73 44 29 2013 75 Average Number of Recurring Premium Products Adopted per Bank 2.7 2.3 32 ~20% Increase ~50% Increase 43 2017 ■ Banks That Have Not Adopted Recurring Premium Products ■ Banks That Adopted Recurring Premium Products Prudential Tokyo Investor Day 9.27.2018 2013 2017 7#62ADAPTING PRODUCTS TO MARKET CHANGES AND CUSTOMER NEEDS • Strong growth in U.S. dollar recurring premium sales Continued innovation of product offering, including new fixed yen premium U.S. dollar whole life product Bank Channel Annualized New Business Premiums (1) ($ in millions) $684 $694 $716 $603 $615 23% Annual Growth in USD Recurring Premium Sales 2013 2014 2015 2016 2017 ■ USD Recurring Premium JPY Recurring Premium Other (2) 1) Foreign denominated activity translated to U.S. dollars at uniform exchange rates for all periods presented (Japanese yen 111 per U.S. dollar). 2) Other represents single premium and premium denominated in other than U.S. dollar or Japanese yen. Prudential Tokyo Investor Day 9.27.2018 8#63KEY MESSAGES Differentiated high quality distribution in bank channel market Strengthening bank relationships provides additional sales opportunities Adapting products to market changes and customer needs Prudential Tokyo Investor Day 9.27.2018 0#64Prudential PGIM JAPAN YASUHISA NITTA PRESIDENT AND CHIEF EXECUTIVE OFFICER PGIM JAPAN CO., LTD.#65KEY MESSAGES Well positioned in an attractive market Generating significant growth Long-term focus to fuel sustainable growth Prudential 2 Tokyo Investor Day 9.27.2018#66PGIM OVERVIEW Key Facts Positions of Strength . Top 10 global asset manager¹ with $1.2 tn in Assets Under Management² Alternatives Asset Manager . Diversified active product suite across public and private asset classes Top Real Estate Manager Worldwide . 1,110+ investment professionals 3 Assets in Investment Grade Credit Strategies? 36 offices in 15 countries • >80% of fees from third-party clients • >50% of fees from higher growth areas³ such as alternatives, private credit, non-U.S. equities and real assets4 Consistently Strong Investment Performance Percentage of PGIM AUM⁹ Outperforming Benchmark 10 97% 95% 97% 3 YEARS 5 YEARS 10 YEARS $0.5 Foreign manager of Japanese discretionary pension assets Continued Positive Third-Party Net Flows 11 15 Consecutive Years of Positive Institutional Third-Party Net Flows 13 Consecutive Years of Positive Retail Third-Party Net Flows (US$ billions) $36.5 $30.0 $22.6 $23.8 22.0 $20.1 $15.6 $10.8 $7.1 5.4 $5.7 8.1 mililiaia $9.8 $11.0 $11.0 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 1H18 Source: Please see footnotes on slide 14. Prudential Tokyo Investor Day 9.27.2018#67PGIM JAPAN IS A SIGNIFICANT CONTRIBUTOR TO PGIM PGIM Japan Contribution to Total PGIM Assets Under Management As of June 2018 17% $194 billion¹ Distribution Engine for PGIM Businesses PGIM FIXED INCOME PGIM REAL ESTATE PGIM REAL ESTATE FINANCE JENNISON ASSOCIATES Ома a PGIM company PRUDENTIAL CAPITAL GROUP 1) PGIM Japan as of June 30, 2018, using the exchange rate of 111 yen per U.S. dollar. Prudential Tokyo Investor Day 9.27.2018 4#68LARGE GROWTH OPPORTUNITY IN JAPAN Japan's Institutional AUM1 +12% per annum $2.6 tn Opportunity for leading managers Japanese institutions have a growing preference to rely on external managers Share of externally managed assets in Government Pension Investment Funds' portfolio (2018 vs. 2013)² PGIM's Positioning in Japan Total AUM³ # 3 foreign manager as of March 2018 Domestic Pension³ $1.5 tn Mar. 2013 Mar. 2018 ($ USD tn) 1.5 1.0 December 2015 March 2018 # 12 #5 0.75 76% foreign manager 0.50 65% Privately Placed Investment Trusts4 August 2015 July 2018 Mar. 2013 Internally Managed Mar. 2018 Externally managed #6 # 4 foreign manager 1) The Investment Trusts Association, Japan and The Japan Investment Advisers Association. The data is a combination of assets of privately placed investment trusts and those of discretionary managed accounts for Japanese institutional investors. The data uses an exchange rate of 111 yen per U.S. dollar. 2) GPIF (Review of Operations in Fiscal 2012 & Review of Operations in Fiscal 2017). 3) "Nenkin Joho" by R&I used with permission as of December 31, 2015 & March 31, 2018. Total AUM is of discretionary managed accounts. 4) The Investment Trusts Association, Japan, as of August 31, 2015 & July 31, 2018. Prudential Tokyo Investor Day 9.27.2018 5#69STRONG INVESTMENT PERFORMANCE Percentage of PGIM AUM¹ Outperforming Benchmark² Peer Group Ranking for Government Pension Investment Fund's Japanese Yen Bond Mandate 3 1st 97% 97% 1st 95% 2nd / 9 managers / 9 managers /9 managers 3 YEARS 5 YEARS 10 YEARS Past performance is not a guarantee or reliable indicator of future results. Performance shown represents each individual AUMS respective fund or strategies benchmark. 1 YEAR 3 YEARS 5 YEARS 1) Represents PGIM's benchmarked AUM. 89% of total third-party AUM is benchmarked over 3 years, 88% over 5 years, and 75% over 10 years. Private and general account assets that are not benchmarked are not included in this calculation. 2) Performance as of June 30, 2018. Represents excess performance gross of fees, based on all actively managed Fixed Income and Equity AUM reported in eVestment for Jennison Associates, PGIM Fixed Income, Quantitative Management Associates, and PGIM Real Estate. Composite assets reported in eVestment assumed to represent full strategy AUM. 3) Based on excess return vs respective benchmark as of March 31, 2018 for 1, 3, and 5 years. Universe: asset managers managing the JGB portfolios for Government Pension Investment Fund (GPIF). Data Source: GPIF. Prudential Tokyo Investor Day 9.27.2018 6#70EXPANDING PRODUCT BREADTH AND CLIENT COVERAGE IN JAPAN Product and client diversification Asset Class Manager Retail Wrappers Private Pensions Public Pensions Financial Institutions Strategy * 2009 2012 2013 2014 2015 2016 2017 2018 Japan Government & Multi-sector Fixed Income PGIM Japan PGIM Fixed Income Real Estate PGIM Real Estate Equity Capital Markets PGIM Real Estate Finance Jennison, QMA Prudential Capital Group For illustrative purposes only. US Investment Grade Corporate Emerging Market Debt US High Yield EURO High Yield Global Government & Multi-sector Hedge funds US Governmnet & Multi-sector Global Investment Grade Coprorate US Crossover Structured Products PRISA / PREDS Loan Global Equities, etc. Mezzanine * Strategies offered to unaffiliated third-party investors Prudential 7 Tokyo Investor Day 9.27.2018#71JAPAN GROWTH DRIVEN BY FINANCIAL INSTITUTIONS AND PENSIONS PGIM Japan third-party AUM has grown significantly¹ (US$ billions) bu 50 50 40 30 20 55.4 50.0 Over $40 billion in third-party net flows raised since 20132 Dec-04 Dec-05 Dec-06 10 0 1.4 1.5 1.8 1.6 1.3 3.4 Dec-07 Dec-08 ■Financial Institutions Dec-09 Dec-10 Dec-11 Dec-12 ■ Pension Dec-13 7.8 8.1 Dec-14 ■Retail Dec-15 ail Dec-16 30% annual growth over 7 years 13.6 18.7 21.9 1) Data as of June 30, 2018. The data uses an exchange rate of 111 yen per U.S dollar. Note: AUM for discretionally managed accounts and Japanese investment trusts. 2) Japan third-party net flows from January 2013 to June 2018. Prudential Tokyo Investor Day 9.27.2018 Dec-17 Jun-18 34.3 43.0 8#72PGIM JAPAN STRATEGY Prudential 1. Diversify client base 2. Leverage our multi-asset capabilities 3. Invest to drive future growth Tokyo Investor Day 9.27.2018 0#73PGIM JAPAN - WELL POSITIONED TO EXPAND CLIENT BASE FINANCIAL INSTITUTIONS PUBLIC PENSIONS PRIVATE PENSIONS RETAIL DISTRIBUTORS Early stages Strong relationships established with many of the largest financial institutions Managing assets for 5 out of 7 largest public pension plan sponsors GPIF mandate in 2012 Solid track record for existing mandates Focused on top 100 private pensions with average asset size over $500 million Working closely with pension consultants to gain access to private pensions Working with mega distributors for fund wrap opportunities Consultant relationship is key to tap into the fund wrap business Prudential Tokyo Investor Day 9.27.2018 10#74PGIM JAPAN - LEVERAGING OUR MULTI-ASSET CAPABILITIES PGIM's strengths are well-suited to Japanese clients' needs FINANCIAL INSTITUTIONS Shifting to higher yielding and/or floater assets PUBLIC PENSIONS PRIVATE PENSIONS RETAIL DISTRIBUTORS Replacing underperforming managers in the traditional asset classes Increasing exposure to alternative assets Putting emphasis on fund wraps Increasing exposure to alternative assets (e.g. real estate, hedge funds) PGIM positions of strength Top 3 Alternatives Asset Manager¹ Real Estate Manager Worldwide² Private Credit Provider Worldwide¹ $20.5 bn in Infrastructure Assets³ $3.4 bn in Hedge Fund Strategies4 1) Willis Towers Watson Global Alternatives Survey, July 2017. AUM as of December 2016. Ranking is based on the aggregate AUM aggregated by parent company in all alternative asset classes, regardless of sub-asset class. 2) IPE Real Assets, Real Estate Managers by Worldwide AUM as of December 31, 2017. Publication as of May 29, 2018. 3) Infrastructure AUM includes private credit infrastructure and energy strategies, Jennison utility equity, natural resources, global infrastructure and MLP strategies as of December 31, 2017. 4) As of June 30, 2018. Includes investments in hedge fund strategies such as global macro, market neutral, long/short, event driven arbitrage. For retail, also includes liquid alternatives mutual funds following hedge-fund like strategies such as long-short, credit, absolute return, and multi-strategy. Tokyo Investor Day 9.27.2018 Prudential 11#75PGIM JAPAN – INVESTING IN BRAND AND CLIENT SERVICE RESOURCES TO DRIVE FUTURE GROWTH ■ Branding Advertisements on targeted domestic media - Nenkin Joho, J-Money, Al-In Proprietary seminars/conferences for branding, thought leadership, sales impact & client engagement Investment Capabilities ■ Implemented derivative trading capability in Japan - an additional tool for Yen Core Plus Expanded credit investment capability - CDS, hedged foreign bonds Sales/Client Relations The number of sales/client relations professionals¹ doubled over the last five years² Created a team of product specialists covering fixed income, equities, real estate strategies 1) Including sales, client service, marketing, on-boarding & product, client reporting, assistants and product specialists. 2) From August 1, 2013 to August 1, 2018. Prudential Tokyo Investor Day 9.27.2018 12#76KEY MESSAGES Well positioned in an attractive market Generating significant growth Long-term focus to fuel sustainable growth Prudential 13 Tokyo Investor Day 9.27.2018#77APPENDIX: FOOTNOTES FOR PGIM OVERVIEW 1) Pensions & Investments Top Money Manager's list, May 28, 2018; based on Prudential Financial total worldwide assets under management as of December 31, 2017. 2) Worldwide AUM include assets managed by Prudential's Asset Management business and non-proprietary AUM. 3) As of December 31, 2017. Categories may overlap; represents asset management fees from all PGIM revenue sources. 4) Includes real estate, infrastructure, energy, and natural resources strategies. 5) Willis Towers Watson Global Alternatives Survey, July 2017. AUM as of December 2016. Ranking is based on the aggregate AUM aggregated by parent company in all alternative assets classes, regardless of sub-asset class. 6) IPE Real Assets, Real Estate Managers by Worldwide AUM as of December 31, 2017. Publication as of May 29, 2018. 7) Investment Grade Credit Manager Survey, IPE International Publishers Limited, January 2018. 8) Nenkin Joho by R&I, The Investment Trusts Association, Japan. January 2018. AUM as of September 30, 2017. Performance shown represents each individual AUMS respective fund or strategies benchmark. 9) Represents PGIM's benchmarked AUM. 89% of total third party AUM is benchmarked over 3 years, 88% over 5 years, and 75% over 10 years. Private and general account assets that are not benchmarked are not included in this calculation. 10) Performance as of June 30, 2018. Represents excess performance gross of fees, based on all actively managed Fixed Income and Equity AUM reported in eVestment for Jennison Associates, PGIM Fixed Income, Quantitative Management Associates, and PGIM Real Estate. Composite assets reported in eVestment assumed to represent full strategy AUM. 11) Represents unaffiliated third party net flows; excludes flows from the General Account and other affiliated Prudential businesses. 2003 and 2004 third party net flows shown in chart represent only institutional third party net flows. 14 Prudential Tokyo Investor Day 9.27.2018#78Prudential PRUDENTIAL INTERNATIONAL INSURANCE FINANCIAL OVERVIEW ROB FALZON EXECUTIVE VICE PRESIDENT AND CHIEF FINANCIAL OFFICER PRUDENTIAL FINANCIAL, INC.#79KEY MESSAGES Sustained growth with strong returns and attractive risk profile Impacts from currency and interest rate headwinds are subsiding Strong capital generation and redeployment Prudential 2 Tokyo Investor Day 9.27.2018#80INTERNATIONAL GENERATES MID-SINGLE DIGIT CORE GROWTH ($ in billions) $3.2 5% Annual Growth from 2013 to 2017 $3.9 $3.2 2013 Reported AOI Business Activity FX Interest Rates 2017 Reported AOI Yen Plan Rate 80 Avg. 30 Year Japanese Government Bond Rate 1.70% Prudential Tokyo Investor Day 9.27.2018 112 0.84% 3#81INTERNATIONAL GENERATES MID-TEENS RETURNS Adjusted Operating Return on Equity(1) 17% (ROE) 15% 2018 ROE impacted by an increase in equity due to: • U.S. Tax Reform 2017 1H 2018 . Equity Investment Accounting Change(2) 1) Adjusted operating return on equity based on reported annualized after-tax AOI using the effective tax rate applicable to Prudential's overall AOI and average attributed equity excluding accumulated other comprehensive income and adjusted to remove the impact of foreign currency exchange rate remeasurement. 2) Effective January 2018, Prudential adopted Accounting Standards Update 2016-01 which impacted the company's accounting and presentation related to equity investments. Tokyo Investor Day 9.27.2018 Prudential 4#82ACTIVELY MANAGING RISK Prudential Risks Insurance Interest Rate / Credit Foreign Currency Mitigants Active product management maintains risk profile and profitable growth Disciplined ALM focus with diversified high quality investment portfolio Robust currency hedging protects near-term and long-term value Tokyo Investor Day 9.27.2018 5#83ACTIVE PRODUCT MANAGEMENT MainTAINS RISK PROFILE AND PROFITABLE GROWTH • Market/Customer Change Yen-product profitability challenged • Low interest rates . Management Action Suspend low return products Pivot to USD products • Customer needs evolving . Innovate new products • Result Yen single pay product represents <1%(1) of total sales USD sales represent ~80%(1) of total Japan sales Two-thirds of our earnings are based on underwriting margins First of its kind USD whole life with fixed Yen premium product 1) For the six month period ended June 30, 2018. Prudential Tokyo Investor Day 9.27.2018 6#84Prudential 1.0% 1.5% 1Q16 2.5% 2.0% 2Q16 3Q16 3.0% 4Q16 DISCIPLINED ALM BENEFITS FROM MODERATING IMPACT OF LOW INTEREST RATES Acquisition Yields Approach Portfolio Yields 5.0% 4.5% USD Products (1) 4.0% 3.5% 1Q17 2Q17 JPY Products (1) 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 -Portfolio Book Yield (2) Investment Acquisition Yield (3) 1) Reflects USD and JPY product blocks in the Gibraltar and POJ Businesses. "USD" and "JPY" are indicative of the currency of the products that the assets are supporting. 2) Yield based on rolling four quarter average. Fixed Income and Mortgage portfolio yields reflect future period rates assumed from scheduled maturities that are reinvested at the new acquisition yield described below. 3) Yield based on rolling four quarter average. Fixed Income and Mortgage acquisition yields reflect future acquisition yields that are based on forward yield curves and projected spreads. The information is for illustrative purposes only. Actual yields may differ from those illustrated in future periods. Tokyo Investor Day 9.27.2018 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 7#85DIVERSIFIED HIGH QUALITY INVESTMENT PORTFOLIO Japan Investment Portfolio (1) Portfolio Asset Class ~95% Investment I Grade (IG) Fixed ! Income Government and Agencies 55% IG Public Fixed Income 19% TG Private Placements 9% Commercial Mortgages 11% BIG³) 4% Non-coupon incl. Equities 2% IG Rating Distribution (2) BBB 12% AA & Above 27% A 61% Government and Agencies account for about half of "A" rated securities 1) As of June 30, 2018; Includes fixed maturities, commercial mortgages and other loans, and non-coupon investments including equities. 2) Includes public investment grade fixed income, private placements and commercial mortgages. Based on ratings assigned by nationally recognized rating agencies, rating equivalents, or internally assigned ratings. 3) Below Investment Grade (BIG) is comprised principally of Public Fixed Income Securities. Prudential Tokyo Investor Day 9.27.2018 8#86ROBUST CURRENCY HEDGING PROTECTS NEAR-TERM AND LONG-TERM VALUE Hedge Type Protection $16 ($ in billions) Income Hedge $2 Forwards Protects Near-term Earnings and Cash Flow Equity Hedge $14 USD Assets (1) Protects Long-term Value Existing Hedges as of June 30, 2018 1) U.S. dollar assets include dual currency and synthetic dual currency investments held by our yen-based entities in the amount of $0.6 billion. Also includes derivatives in the amount of $1.4 billion to maintain the aggregate short yen position at the target level. Prudential Tokyo Investor Day 9.27.2018 9#87INTERNATIONAL IS WELL CAPITALIZED UNDER MULTIPLE LENSES Capital evaluation through multiple internal lenses, including an economic view, enables navigation of evolving regulatory frameworks • Enterprise Capital Protection Framework to withstand extreme market stresses Solvency Margin Ratios remain strong. Prudential Holdings Japan(2) POJ Gibraltar Life Solvency Margin Ratio, 942% 822% 919% as of March 31, 2018 (1) 1) Based on Japanese statutory accounting and risk management standards applicable to regulatory filing as of March 31, 2018, on a consolidated basis. 2) Prudential Holdings of Japan (PHJ) is the holding company for Japan's operating entities including POJ and Gibraltar Life. Prudential Tokyo Investor Day 9.27.2018 10#88STRONG CAPITAL GENERATION AND REDEPLOYMENT Stable redeployment of 60+% of International after-tax AOI through various means 63% ($ in billions) 62% 61% 62% $1.4 $1.4 $1.3 $1.3 2014 2015 2016 2017 Net Capital Redeployed Payout Ratio (1) 1) Reflects net capital redeployed, including the impact from dividends, debt repayment, affiliated lending, affiliated derivatives, and reinsurance, as a percentage of reported after-tax AOI using International Insurance's tax rate. Excludes acquisitions/dispositions and other extraordinary items. Prudential Tokyo Investor Day 9.27.2018 11#89OUR INTERNATIONAL BUSINESS HAS SIMILAR CHARACTERISTICS TO OTHER HIGHLY VALUED PROTECTION-FOCUSED COMPANIES • Sustainable differentiated business model • Stable earnings with mid-single digit core growth • Attractive mid-teens unlevered returns • Strong capital position under multiple lenses Significant cash generation while investing for long-term growth Prudential Double-Digit P/E Multiple 12 Tokyo Investor Day 9.27.2018#90KEY MESSAGES Sustained growth with strong returns and attractive risk profile Impacts from currency and interest rate headwinds are subsiding Strong capital generation and redeployment Prudential 13 Tokyo Investor Day 9.27.2018