#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, 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) 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 Income (loss) attributable to Prudential Financial, Inc. 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 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 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 Prudential $ 2012 2013 2015 2016 2017 479 $ (713) $1,533 $5,642 $4,368 $ 7,863 50 107 57 70 51 111 (606) 1,590 5,712 4,419 7,974 7 (613) 107 529 17 512 50 462 10 11 1,579 57 1,522 (48) (41) (672) 1,563 (720) 452 (2,809) 610 (540) Year Ended (250) 227 Tokyo Investor Day 9.27.2018 (8,149) (4,130) 29 28 2014 5,712 4,419 70 51 5,642 4,368 (55) (2) 5,697 4,370 1,579 339 (524) (294) 433 (615) (29) (3,383) (8,115) (3,874) 1,538 (816) (2,857) (1,082) 490 (2,567) (5,258) (2,792) 1,048 167 44 58 (66) 58 523 (17) 21 (132) (84) (5) 306 43 263 4,586 4,355 4,649 4,107 1,783 1,537 1,582 1,292 7,974 111 7,863 (62) 7,925 (58) 336 (151) 45 38 33 243 (3,030) 3,273 4,652 3,019 1,008 $ 4,027 $6,369 $5,892 $6,231 $5,399 $6,244 1,592 Six Months Ended 2017 2018 $ 1,860 8 1,868 1,868 8 1,860 30 1,830 (641) 245 (157) 16 41 (42) (538) (212) (326) 2,156 732 $ 2,888 $ 1,560 4 1,564 1,564 1,560 37 1,523 341 0990 (596) 503 (40) (1,598) (49) (1,439) (324) (1,115) 2,638 744 $ 3,382 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 ame: Location: Chief Executive Officer: Date of Establishment: Major Shareholders: Paid in Capital: Primary Businesses: Registration #: Association Membership Prudential Japan Co., The Prudential Tower, 2-13-10, Nagatacho, Chiyoda-ku, Tokyo PG 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 Tokyo Investor Day 9.27.2018 4#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 Prudential Tokyo Investor Day 9.27.2018 2#9CONSISTENT INTERNATIONAL STRATEGY A KEY TO SUCCESS Prudential Distribution Expansion in Proprietary and Third-Party Channels Superior Execution Building Digital, Mobile, and Data Analytics Capabilities Product Development to Meet Customer Needs Complementing Organic Growth with M&A Tokyo Investor Day 9.27.2018 3