#1Prudential Corporation Asia Investor Presentation November 2020 1#2This document may contain 'forward-looking statements' with respect to certain of Prudential's plans and its goals and expectations relating to its future financial condition, performance, results, strategy and objectives. Statements that are not historical facts, including statements about Prudential's beliefs and expectations and including, without limitation, statements containing the words 'may', 'will', 'should', 'continue', 'aims', 'estimates', 'projects', 'believes', 'intends', 'expects', 'plans', 'seeks' and 'anticipates', and words of similar meaning, are forward-looking statements. These statements are based on plans, estimates and projections as at the time they are made, and therefore undue reliance should not be placed on them. By their nature, all forward-looking statements involve risk and uncertainty. A number of important factors could cause Prudential's actual future financial condition or performance or other indicated results to differ materially from those indicated in any forward-looking statement. Such factors include, but are not limited to, future market conditions, including fluctuations in interest rates and exchange rates, the continuance of a sustained low-interest rate environment, and the impact of economic uncertainty, asset valuation impacts from the transition to a lower carbon economy, inflation and deflation and the performance of financial markets generally; global political uncertainties; the policies and actions of regulatory authorities, including, in particular, the policies and actions of the Hong Kong Insurance Authority, as Prudential's new Group-wide supervisor, as well as new government initiatives generally; the impact of continuing application of Global Systemically Important Insurer or 'G-SII' policy measures on Prudential; the impact on Prudential of systemic risk policy measures adopted by the International Association of Insurance Supervisors; the impact of competition and fast-paced technological change; the effect on Prudential's business and results from, in particular, mortality and morbidity trends, lapse rates and policy renewal rates; the physical impacts of climate change and global health crises on Prudential's business and operations; the timing, impact and other uncertainties of future acquisitions or combinations within relevant industries; the impact of internal transformation projects and other strategic actions failing to meet their objectives; the risk that Prudential's operational resilience (or that of its suppliers and partners) may prove to be inadequate, including in relation to operational disruption due to external events; disruption to the availability, confidentiality or integrity of Prudential's IT, digital systems and data (or those of its suppliers and partners); any ongoing impact on Prudential of the demerger of M&G plc; the impact of changes in capital, solvency standards, accounting standards or relevant regulatory frameworks, and tax and other legislation and regulations in the jurisdictions in which Prudential and its affiliates operate; the impact of legal and regulatory actions, investigations and disputes; and the impact of not adequately responding to environmental, social and governance issues. These and other important factors may, for example, result in changes to assumptions used for determining results of operations or re-estimations of reserves for future policy benefits. Further discussion of these and other important factors that could cause Prudential's actual future financial condition or performance or other indicated results to differ, possibly materially, from those anticipated in Prudential's forward-looking statements can be found under the 'Risk Factors' in Prudential's Full Year 2019 Results Regulatory News Release. Prudential's Full Year 2019 Results Regulatory News Release is available on its website at www.prudentialplc.com. Any forward-looking statements contained in this document speak only as of the date on which they are made. Prudential expressly disclaims any obligation to update any of the forward-looking statements contained in this document or any other forward-looking statements it may make, whether as a result of future events, new information or otherwise except as required pursuant to the UK Prospectus Rules, the UK Listing Rules, the UK Disclosure and Transparency Rules, the Hong Kong Listing Rules, the SGX-ST listing rules or other applicable laws and regulations. T PRUDENTIAL#3Content क PRUDENTIAL Key messages Appendix (from HY20 results) 3#4Group Key take-aways Health & Protection pulse' by Prudential Savings Value-added Digital services Resilient HY20 results; Fast adapting & evolving business PRUDENTIAL JACKSON NATIONAL LIFE INSURANCE COMPANY Economic growth ☑ Asia Africa Demographics Policy Self-reinforche Growth Alignment Delivery of shareholder value Intention to fully separate Group to focus exclusively on Asia & Africa Structural demand drivers Jackson intact Well positioned for long-term profitable growth supported by a new dividend policy#5Asia Capturing structural opportunities with quality platform and new capabilities Capturing structural consumer demand for H&P क PRUDENTIAL pulse by Prudential لتا Accelerating Pulse rollout Amplifying capabilities to meet customer High quality business Resilience through diversified demand model platform 5#6Asia Capturing structural consumer demand for H&P Growing awareness and demand for wellness and insurance pulse Kil 91% Hong Kong consumers would retain life insurance even if financial position is disadvantaged by Covid-191 46% Asian consumers searched for new insurance policies¹1 58% Asian consumers desire access to Value-Added- Services (e.g. virtual GP)1 59% Asian consumers look for more flexible conditions (e.g. added to cover)1 60% Mainland Chinese visitors prefer to conduct Cl medical treatment in HK² Mainland visitors' preference for medical treatment² % of HK consumers willing to retain different types of expenses 73% 68% 59% Minor illness Critical illness Eating out expenses 28% Gym membership 41% 54% 66% 83% 47% Education 81% 31% Cable TV / internet 86% services Life insurance premiums 91% T 1. Swiss Re COVID-19 Consumer Survey, April 2020. 2. Based on 2Q20 MCH Sentiment Tracker conducted through online survey by Nielsen online panel on behalf of Prudential Hong Kong. Survey results are based on sample size of 450. CI = Critical illness PRUDENTIAL 57% 56% 60% 34% 13% In China In HK In China In HK 6#7Redefining Health From insurer to health partner क PRUDENTIAL Significant health gap 80% of Asians don't have insurance cover1 $400bn bn is spent on healthcare alone by consumers² + Significant wellness gap Current Insurance Focus 10% CLINICAL CARE 3 DRIVERS OF HEALTH STATUS 20% GENETICS 2 20% ENVIRONMENT Enabling Asians to live longer, healthier lives % survivors at each age 100 1 50% LIFESTYLE BEHAVIORS 80 60 20 Age 20 40 80 80 100...... Future Customer Focus 70% of health drivers are lifestyle and environment related In a world with over five billion mobile phones, 50% of the population lack access to essential health services³ 1. Prudential estimate based on number of in-force policies over total population. 2. Prudential estimate based on WHO and the World Bank data. 3. Source: The Word Bank 2017. pulse Kil pulse by Prudential All-in-one, personalised and on- demand Al-powered app Prevent 2 Postpone 3 Protect ! Risk Factor Identification Health Assessment Health & wellness coaching. Disease diagnosis, treatment & management Nutrition coaching & support Improving medication regimes via coaching Hospital visits, Telemedicine Triage & Symptom diagnosis Value-added products and services 7#8Pulse by Prudential End-to-end health and wellness platform Engage Trusted advisor and navigator - helping individuals achieve their personalised health and wellness goals Al assessment and triage Lifestyle management and wellness Telemedicine consultations and medicine delivery Chronic disease management babylon क PRUDENTIAL Health records Hospital navigator Enrich customer 3 offering through data & Al Al learning loops drive ability to enrich customer propositions 1 Drive revenue streams Engagement through Pulse drives revenue streams through tailored solutions pulse Onboard pulse' Broader customer segments, access points and offerings Direct to customer offering of bite-sized cover Customized packages, products and 3rd party service offerings ■ Modular products with subscriptions and fee for service ■ Lead generation for Pru agents with virtual face-to-face fulfilment ■ White-labelling on partner platforms to drive data enrichment and create network effect Digital onboarding VICTRAC by Prudential doc DOCTORONCALL Fulfilment End-to-end frictionless services In-app wallet for seamless payment Advanced claims experience 24/7 online customer servicing Single app for customers & distributors 2 Deliver operating leverage Integrated service platform, modernizing customer experience and driving scale efficiency 8#9Pulse by Prudential Delivery roadmap in first 15 months (cumulative installs) 12,000,000 10,000,000 8,000,000 08/08/2019 Launch in Malaysia 22/09/2019 Started Al marketing campaigns 07/02/2020 Launch in Indonesia 25/03/2020 Launch in HK & the Philippine 23/04/2020 Launch in SG Dual Lang. & Biometric Facial Login & Al Digital Twin Healthcheck & Telemed. ! online Symptom Checker Doctor Consult pulse My Al My Health Clinic Health Content My Wellness Goals & My Wearables Communities 6,000,000 4,000,000 2,000,000 PRUDENTIAL Hospital Navigator Dengue Alerts My Family Vaccine Calendar My Rewards Rewards CORS Selfie BMI & Wrinkle Index pulse 20/05/2020 Launch in Vietnam Jun 2020 Launch in Thailand 3Q 2020 Taiwan, Myanmar, Laos & Cambodia Oct 2020 PRUShalira launch Oct/Nov 2020 Available in Kenya & Ghana My Meal Planner & Food Journal 06/05/2020 4 million 24/02/2020 25/03/2020 2 million 02/01/2020 500,000 1 million 13/04/2020 3 million 10/06/2020 5 million 3/08/2020 8 million 22/07/2020 7 million 15/10/2020 10 million 6/11/2020 12 million 26/09/2020 9 million Recent releases... 25/10/2020 11 million My Exercise Buddy Pulse Leads My Policies/ PruShoppe Employee Flex Benefits Prayer Times Gout Buster Chinese Medicine Assessment 0 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 9#10क Pulse by Prudential Gaining strong traction Engage pulse Onboard Fulfilment • • Pulse by Prudential live in 13 markets and 10 languages¹ 25 new digital partnerships secured; 1.2m cumulative usage¹ of Babylon services and Telemedicine • 12 million downloads1 Launched 18 digital products including Dengue fever, Credit Shield, Personal Accident, COVID-19 coverage² • Issued 1.8 million policies, sold direct through Pulse and partners; 1 million new customers acquired through the digital channels² • Partnerships with OVO, The 1, AIS, UOB Mighty, TMRW • PRULeads: converting downloads into leads ⚫ c.855k leads generated for agents from April to September, converting into 70k online to offline sales with APE of $95 million² • Pulse as virtual agency sales tool in the Philippines and Malaysia Broadening customer base Average age of Pulse user by market 1. As of 8 November 2020. 2. As of 3Q2030. PRUDENTIAL Average age of typical Prudential customer 40 -33 30 30 30 30 25 20 20 VN TH ID MY PH TW Laos SG HK Prudential customer mix² New to Prudential (direct & referral) 70% Existing customers 30% 10#11Asia Amplifying capabilities to meet customer demand pulse Ni Kil -90% Products can be sold virtually1 31% of agency cases sold virtually from Apr to Sep 110k Agent recruits² in 9M20, up +7% YOY 50 New products launched in HY20, primarily in H&P >19k Bank branch access New partnerships with TMB, SeABank, BFL, Yoma 17 Branches out of 20 gained market shares in 3Q20 YTD3 New virtual onboarding PRUDENTIAL 1. Based on APE sales mix 2. Excluding India 3. Based on gross written premiums Ni Increasing agent capacity Broadening product offerings Strengthening bancassurance Expanding presence China footprint 11#12Asia High quality business model pulse $ 2m Total new customers 2x Incremental new customers from direct-to-consumers and EB business4 $11.4 bn Total weighted premiums Total renewal +6%1 H&P renewal +10%¹ +14% Growth in IFRS operating profit¹ to $1.7bn $220bn Eastspring FUM Asia Life FUM +15%2 to $122m $37.3bn Embedded Value Up 2x in 5 years³ pulse' by Prudential Accelerating Pulse rollout & customer acquisition High quality recurring business model क PRUDENTIAL Data as of HY20 unless otherwise stated 1. Year-on-year change on a constant exchange rate basis 2. Year-on-year change on an actual exchange rate basis 3. Between 2014 and 2019; on an actual exchange rate basis 4. Versus traditional distribution channels || Resilience through diversified platform eastspring investments Structurally advantaged business Growing value & scale Kil 12#13Asia pulse Resilient performance through a diversified platform against a volatile backdrop 5 Life businesses with double-digit APE growth in 2Q201 (CN, TH, AF, VN, TW) 5 Markets where banca APE was up YoY1 (incl. China and Thailand) 7 Markets improved H&P APE mix 94% PCA (ex-HK) NBP as % of prior year¹ +30% NBP growth for Sharia1 (Malaysia Takaful & Indonesia Sharia) 14 Markets² grew in Jun/May (Up 1.5X) PCA outgrew the industry in 7 markets in 2Q20 Power of franchise to rebound Benefit of diversified distribution PRUDENTIAL Data as of HY20 unless otherwise stated 1. On a constant exchange rate basis 2. Includes Africa Resilient performance Leadership in Sharia Strong sequential recovery Kil 13#14Asia Well positioned for long-term profitable growth pulse by Prudential 염 PRUDENTIAL • Structural opportunities remain intact and have been reinforced by global pandemic • Accelerating consumer adoption of integrated Health and Wellness products and services through Pulse Kil • ● Amplifying capabilities at pace to meet customer demand and broaden access points, customer segments and service offering Resilient results with relative outperformance through diverse high-quality platform 14#15Content क PRUDENTIAL Key messages Appendix (from HY20 results) 15#16Asia Leading pan-regional franchise >600k Agents >300 Life & asset management distribution partnerships 1.4m New Pru life customers 11 Top 3 Position in 9 of 13 life markets 1,2 Market leading pan regional Asian Retail Fund Manager6 India 10 1,366m Top 3 Top 10 54m Myanmar 1,434m Thailand 70m Top 10 T PRUDENTIAL Access to: 3.7bn Population³ China⁹ Pru Asia footprint¹ Laos 7m Top 3 Vietnam 96m Cambodia7 Top 3 Top 10 16m Top 3 Malaysia4 32m Top 3 Top 10 51m Korea Hong Kong 7m Top 3 Top 10 Singapore5 6m Top 3 Top 10 127m Japan 24m Taiwan Philippines 108m Top 3 Indonesia³ 271m Top 3 | Top 10 Based on full year 2019 (fiscal year 2020 for India). Sources include formal (eg competitors results release, local regulators and insurance association) and informal (industry exchange) market share data. Ranking based on new business (APE sales, weighted full year premium or full year premium depending on availability of data) or total weighted revenue premiums. 1. Markets determined by regulatory and business requirements 2. Top 3 in 9 of 13 markets. Source: Based on formal (Competitors' results release, local regulators and insurance associations) and informal (industry exchange) market share data. Ranking based on new business (APE or weighted FYP depending on the availability of data) 3. United Nations, Department of Economic and Social Affairs, Population Division, World Population Prospects 2019 Revision 4. Includes Takaful, excludes Group business 5. Includes onshore only, excluding Eldershield and DPS 6. Source: Asia Asset Management - Fund Manager Surveys. Based on assets sourced in Asia ex-Japan, Australia and New Zealand. Ranked according to participating firms only 7. First year gross premiums 8. Excluding Jiwasraya 9. Total joint venture/foreign players only 10.Private players only 11.In FY19. Excludes India Life Eastspring 16#17Asia Clear strategic priorities and quality execution in HY20 Strategic priorities Enhance the core • Leader in banca¹ – enhanced with TMB banca agreement; access to >19,000 bank branches . 90% of products capable of virtual sales; 38% of agency cases sold virtually in 2Q • Agent management moving online, supporting +7% increase in agent recruits² Create best-in-class health capability • Pulse by Prudential: 8.1m downloads³ vs 0.5m at the start of the year • 1.7m digital policies³ sold through Pulse and partners • 7 markets with higher H&P mix led by India, Singapore and Thailand PRUworks (SME insurance proposition) driving group sales +20%4 Accelerate Eastspring Expand presence in China . Resilient Asia life flows driving internal FUM +15% to $122bn7 • China WFOE's total sourced/sub-advised FUM of RMB2.8bn • Operating profit +10%4 supported by stringent cost management • 20 branches with presence in 97 cities (+3) and 234 sales outlets (+5) 5 • APE +20% in 2Q with all channels growing; GWP6 +33% in 2Q outgrowing sector >2x Total (life) assets grew 35% to $17bn; no. of customers4 +12% to 1.6m T PRUDENTIAL Data as of HY2020 unless stated otherwise. 1. By access to bank branches 2. Excluding India, vs HY19 3. As of 05 August 2020 4. Year-on-year growth on a constant exchange rate basis 5. Increase compared to yearend 2019 6. GWP = Gross written premium. Source: CBIRC 7. Growth rate based on re-presenting the half year 2019 comparatives to show the $24.9 billion of funds managed on behalf of M&G plc as external rather than internal funds under management to align to the presentation since the demerger in October 2019 17#18NEW NEW EXISTING NEW Enhance the Core Diversifying into new distribution partners, customer segments and products Channels Core products Customer segment Estate planning Robo- investing HNW Consultants BD Agency Unit linked Current banks Return of premium Multi-care multi- stage medical Affluent cover + Critical Illness Mass +1y New partners Term life Micro- credit Emerging Direct Health benefit Group term, medical, PA Group Corporate क PRUDENTIAL 1. As of 05 August 2020 New distribution, product & customer segments High Net Worth PUS BY PRUDENTIAL OPUS in Singapore APE of $25m • 101 Private Wealth consultants • c.5,000 HNW customers Distinctive HNW value proposition Services include estate, wealth, tax & legal planning Retirement and Pension PRUActive & PRUGolden Retirement (HY20APE: $19m) In-flight Launch of QDAP (HY20 APE: $62m) Bancassurance Partnership TMB 15-year partnership with TMB Bank in Thailand SeABank YOMA BANK 20-year partnership with SeABank in Vietnam The Responsible Bank. Strategic partnership with Yoma Bank in Myanmar Launched in 11 markets with 21 pulse Partnerships and 8.1m by Prudential downloads1 SME Opportunity& Platform prɩworks • PRUworks developed as a replicable and scalable model Live in Singapore, Indonesia and Hong Kong; Thailand next to launch • Further investment required to capture opportunity OVO Traction • Total APE from employee benefits business: +20% to $107m • Onboarded 5,000 schemes in HY20 up +14% compared to HY19 .370K new lives added 18#19Accelerate Pulse Buildout Pulse is broadening our customer base, gathering new data and converting into sales Pulse: First-of-its-kind, all-in-one and Al-powered app Dual Broadening customer base Majority of Pulse users are in 18-35 age group Language Options Digital Twin Symptom Checker Hospital Navigator Alerts Prayer Times Selfie BMI Dengue Enriched Health Updates NEW! NEW 888 Telemedicine & Online Doctor Consultation Facial & Biometric Login My Health & Wellness Challenges Wrinkle Index My Communities Rewards My Notifications Share with friends NEW! Pulse services usage • >6 million Pulse downloads since end- Mar'20 35% 30% 27% NEW! >740k consultations from Babylon services (Health Assessment & Symptom Checker) упра <25 26-35 36-50 Pulse downloads in 2020 (m) HK 0.4 TH VN 0.4 1.2 SG & Others 0.1 8.1 PH 7.0 1.6 6.0 8.1m 5.0 4.0 0.5 3.0 ID 2.0 1.0 1 Jan 23 Feb 25 Mar 12 Apr 5 May 9 Jun MY 1.4 12 Jul 21 Jul 5-Aug 3.0 1. Data as of 5 August 2020 PRUDENTIAL Existing PCA Customer Profile 7% 1% 51-65 >65 70% of users are new to Prudential customers¹ • Mass affluent New to Prudential • Average age: 40 (direct & referral) 70% VS Pulse User Profile . Digitally savvy . Average age: 30 Existing customers 30% 19#20Accelerate Eastspring Eastspring is a unique, structurally advantaged platform Overview Cyclical business but structurally advantaged due to reliable and consistent life business flows5 Unique platform • • • Top 10 in 7 out of 11 markets Asia's largest retail asset manager (ex Japan) Structurally advantaged due to reliable and predictable annual flows from life operations Multiple-times winner of "Asia Fund House of the Year"1 and of "Asia Bond House of the Year"² awards • 55% of external net flows in 2019 came from new initiatives Completed portfolio gap-fills • Completed TMBAM and TFund acquisitions in Thailand, gaining a foothold in the second largest economy and leading mutual fund market in ASEAN • Launched China WFOE; RMB 2.8bn AUM (incl. advisory) with significant equity investment outperformance Leveraging technology Launched eTrading platform in Malaysia Implemented Blackrock's Aladdin system PRUDENTIAL 1. Awarded by Asian Investor's Asset Management Awards (2015, 2017, 2018); 2. Awarded by Asia Asset Management Fund Manager Surveys (2019, 2020) 3. Cost/income ratio represents cost as a percentage of operating income before performance related fees 4. Year on year growth; on a constant exchange rate 5. Totals may not cast as a result of rounding 6. $13bn total net outflows include Asia Life (+$3bn), M&G (-$7bn) and Third party net flows (-$8bn) 55 ($ bn, AER) CAGR: 14% 241 65 Mix -136 220 -8 13 48% 40 Asia Life Net Flows 55% FUM 41% 3rd Party 66 Net Flows 38% FUM M&G 11% 7% FUM 2010 Opening FUM Asia Life 3rd Party Non MMF MMF/UK /US Life Market Mvmt & Others 2019 Closing FUM Total Net Market HY2020 Flows Mvmt, FX & Others Closing FUM Total net flows 2010-19 Operating leverage, $m IFRS Operating Profit4, $m Cost/ income ratio³ 51% 50% 130 +10% 143 HY19 (CER) HY20 20 20#21Expand Presence in China Significant growth potential from higher penetration Citic-Pru footprint (Dec'19) Access to² OOO 83% NBP3 (US$'m, 100% basis) 2019 524 2015 84 +58% (CAGR) 77% 83% IFRS Profit³ (US$'m, 100% basis) 2019 438 GDP Population GWP 2015 160 +29% (CAGR) 2019 20 branches 2012 94 cities 13 branches 1.5m customers 17 Straight 'A' score for CBIRC Integrated Risk Rating since 2016 (only JV) Top 10 ranked Chinese Life Insurers by California State University since 2016 (only JV) 1st FIE to deliver local GAAP profits in under 10 years Note: FIE = Foreign invested entities 590 Multi-dimensional delivery Par Non-Par Linked H&P 51 cities 35k agents In Guangdong 2000 1 branch 1% 15% Agency / Total market share¹ 0.6m customers 2008 21% 18% 10 branches 12k agents 371 386 Geographical in-depth expansion Multi- distribution Agency / Total market share¹ CAGR: 31% 259 PRU chairmanship 198 155 115 CPL APE 88 88 Operational efficiency Building talent (50% basis, US$ m) 62 72 70 82 41 0 6 8 11 19 27 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Guangdong Shanxi Henan Anhui Sichuan Hunan Wuxi Suzhou Shaanxi Branch opening First Foreign Branch Beijing Qiangsy Shanghai Shenzhen Hubei Shandong Zhejiang Fujian Hebei Tianjin Guangxi PRUDENTIAL 1. Share among Foreign/JV players 2. 2019 data from National Bureau of Statistics 3. On a constant exchange rate basis Liaoning 21 21#22Operating environment Several markets in restart mode with planned easing measures China Taiwan Vietnam Thailand Hong Kong Malaysia India O Philippines Indonesia Singapore PRUDENTIAL Jan Feb Restriction measures & timeline Mar Apr May Jun Jul Aug Sep Oct Nov Dec Before Covid restrictions. Modest containment restrictions applied Significant containment restrictions applied but no lockdown Lockdown period Current status of measures Easing measures; internal travel and business activity resumed nationwide from 26 March with strict measures in place to respond and contain local spikes Internal travel and normal business activity resumed from 1 May with ongoing measures in place to contain any infection spikes Easing of restrictions in Ho Chi Minh City from 7 September, in Hanoi from 16 September and in Da Nang from 25 September Phased easing of restrictions to allow movement and businesses to resume from 3 May; curfew lifted on 14 June while ongoing social distancing still applies Easing of restrictions from 28 August. Border with Mainland China remains closed Kuala Lumpur, Selangor and Patrajaya placed under Conditional Movement Control Order from 14 October Domestic flights resuming on 25 May; easing of business/religious restrictions from 8 June; metro services resumed from 7 Sep; schools opened from 15 Oct Lockdown in Manila and nearby provinces eased from 19 August. Restrictions on business, religious and social activities remain Following a 4-week large scale social restrictions (PSBB) period, Jakarta returned to transitional PSBB from 12 Oct holding activities at 50% of capacity A three-phase plan to resume business began on 2 June. In Phase 1, businesses with low Covid-risk re-opened. In the current Phase 2, retail services and most businesses have resumed. In Phase 3, social/cultural activities will return to normal. Note: Lockdown definition varies among countries but generally refers to date non-essential businesses were ordered to shut down. Easing of lockdown comes with certain restrictions in all the countries; PCA Analysis. Updated as of 30 July 2020. 22#23Asia Market highlights - China Intact structural demand drivers • Faster growth in GDP than advanced economies¹ . Rapid expansion of the middle class; significant protection gap² • Expansion of our platform Operationalised Shaanxi province • Presence in 20 branches, 97 cities (+3) and 234 sales outlets (+5)5 Execution7 APE (XX% indicates 2020 sales as a proportion of 2019 levels) 120% 95% 81% 1Q20 2Q20 ! HY20 Agency 2Q20 (vs PY) +15% I Banca +25% 4 out of 5 consumers intend to purchase more insurance post-Covid³ • 2/3 of consumers feel they need more health insurance, but only half have taken actions so far Digitalisation of business model Digital products launched in Feb; Virtual Reality meeting room launched in May 67% of new agency cases sold virtually in 1H20 Agency profiling / assessment / recruitment / training all moved online Agency productivity6 +56%; active agents +7 CHANNEL Banca: 45% Agency: 52% NBP by channel (HY20) PRODUCT H&P: Linked: 11% 43% Par: 11% Non-par: 35% NBP by product (HY20) Quality execution and outperformance +30% Renewal +12% +17% Customer IFRS earnings premium growth growth to to $101m NBP 1.6m CPL outgrowing the industry (2020 GWP growth) CPL Sector +7% 33% 19% 16% 25% 3% 40% 12% 15% 34% 28% Mar Apr May Jun 2Q20 PRUDENTIAL Data as of HY20 unless stated otherwise 1. IMF, World Economic Outlook (June 2020), Real GDP growth 2. Swiss Re Asia's health protection gap: insights for building greater resilience. October 2018 Represents China, India, Japan, Korea, Indonesia, Malaysia, Taiwan, Vietnam, the Philippines, Singapore, Hong Kong and Thailand 3. McKinsey report, titled: "How Covid-19 is accelerating 5 key trends shaping the Chinese economy" 5. Increase compared to year-end 2019; SSO = Sales Service Offices 6. Cases per active agent 7. On a constant exchange rate basis 4. Morgan Stanley report: "Key trends shaping the Chinese economy." ------------- (XX% indicates 2020 NBP as a proportion of 2019 levels) 112% 104% 96% 1Q20 2Q20 I HY20 23#24Asia Market highlights - Hong Kong Intact structural demand drivers Domestic • Ageing population • Significant protection gap • Government initiatives: QDAP1 and VHIS2 H&P and Retirement needs Mainland • 69% of MCH customers intend to buy HK life insurance in 12 months; rise in demand for H&P products³ Government initiatives: Greater Bay Area Hong Kong life insurance products are "attractive" • • Enhancing our distribution capabilities Virtual sales of all products enabled in agency and bank channels (approval in late 2Q for flagship product). All agency recruitment and training moved online #1 agency force, increased by 7% to 24.7k Leading regional partnership with Standard Chartered Bank 20th Anniversary Execution5 (XX% indicates 2020 sales as a proportion of 2019 levels) APE - Domestic 92% 69% 51% 血 1Q20 2Q20 HY20 Inadequately Voluntary savings & Medical inflation insurance covered population Currency Asset Brand Customer Class Service Product innovation & focus on quality 0.4m Pulse downloads4 PRUworks launched in April QDAP 22% of domestic APE in HY20 1.3m Customers 98% 98% Regular premium mix 98% Customer retention ratio Top Charts 1 Puise by Prudential (HK) 2 ZOOM Cloud Meetings 3 NerTools Pes Nessary facto 4 foodpanda- Food Delivery 5 Microsoft Teams Deliveroo Food delivery 7 Adverti nightmares nightmares UPDATE Resilient in-force driving profit growth Resilient in- force Total renewal premium up5 +8% H&P Renewal premium up5 +" +17% H&P NBP IFRS Operating profit5, $m 21% UPDATE Driving robust 412 UPDATE 340 IFRS profit HY19 HY20 • Strong sequential recovery with June APE 2.1x April's level - H&P 66% Domestic5 +20ppts H&P 86% 0=0* O NBP (1H19) NBP (1H20) GET GET PRUDENTIAL Data as of HY20 unless stated otherwise 1. Qualifying Deferred Annuity Policy (QDAP) 2. Voluntary Health Insurance Scheme (VHIS) 3. Based on our 2Q20 MCH Sentiment Tracker 4. As of 5 August 2020 5. On a constant exchange rate basis 24#25Asia Hong Kong: Intact demand drivers for mainland Chinese customers MCH visitors' intention for financial products MCH visitors' preference for medical treatment MCH visitors' preference for medical treatment In % ■Likely to acquire in N12M - Any type ■Likely to acquire in N12M - Most likely type In % 100 Minor illness Critical illness 100 90 I I 88 89 90 80 75 I 80 86 82 83 1 79 80 78 70 75 I 70 60 167 68 59 60 50 55 I 54 52 50 40 70 65 60 50 40 60 59 38 40 30 20- 30 24 10 20 55 34 41 61 27 19 23 28 14 3 4 17 1515 13 0 T 10 34 30 30 26 22 20 10 6 I Q2 Q3 Q4 Q2 2019 2020 Q2 Q3 Q4 Q2 2019 2020 Q2 Q3 Q4 Q2 2019 20201 1*22 I 0 0 I I Mainland Hong Kong China I Taiwan Other Asian None of the above I Any Insurance Product# Medical & Mainland Hong Kong China Taiwan Other Asian None of the above countries ICI Insurance I hospitalization insurance I countries Q2 2019 Q3 2019 Q4 2019 Q2 2020 Q2 2019 Q3 2019 Q4 2019 Q2 2020 PRUDENTIAL Note: Based on our 2Q20 MCH Sentiment Tracker conducted through online survey using Nielsen online panel on behalf of Prudential Hong Kong. Survey results are based on sample size of 450. # Any insurance products refers to insurance with coverage in the event of death, CI, Medical & hospitalization insurance and savings insurance. 25#26Asia Market APE sales trends Markets returned to YoY growth in 2Q Markets (Thailand, Taiwan and Vietnam) where lockdown measures were introduced early (and less severe) and consequently eased early, allowing sales to recover in 2Q Markets with "April low" Markets (Malaysia, India, the Philippines, Cambodia and Laos) where lockdown measures were introduced in late March and easing started in May, allowing sales to rebound since May Increase in sales between April and June Markets with "May low" Markets (Indonesia and Singapore) where lockdown measures were introduced in April and were not lifted until June, with sales only recovering from June Increase in sales between May and June 100% 159% 149% 104% 115% 105% 94% 93% Jan & Feb'20 100% 2.4X 86% 74% 56% 59% 36% 126% 109% 2.1X 100% 74% 60% 59% 35% Mar'20 Apr 20 May'20 Jun'20 Jul'20 Jan & Feb'20 Mar'20 Apr 20 May'20 Jun'20 Jul'20 Jan & Feb'20 Mar'20 Apr 20 May'20 Jun'20 Jul 20 1Q20 2Q20 HY20 NBP HY20 NBP 1Q20 2Q20 HY20 HY20 Ο 101% 121% 111% 130% 84% 57% 72% 87% NBP 1Q20 2Q20 HY20 HY20 119% 51% 80% 79% X% represents 2020 APE sales vs. 2019 X% represents 2020 NBP vs. 2019 Note: Growth rates are on a constant exchange rate basis. PRUDENTIAL 26 26#27Asia Markets returned to year-on-year growth in 2Q Thailand Partnership momentum 15-year exclusive partnership with TMB (APE up +81%) Digital lifestyle & health collaboration signed with The 1 Central Focus on quality H&P APE growth +67% H&P renewal premium up +13% • 94% customer retention ratio Leveraging technology Virtual sales process launched at UOB, TBank E-Payment rate 83% (vs. 71% in FY19) Vietnam Enhancing distribution capabilities SeABank partnership launched in April • 22% increase in agent recruits² Pivot to more balanced mix • Banca APE +55% Focus on quality . Total renewal premium up +13% • +15% increase in H&P APE • 99% regular premium 95% customer retention ratio • Taiwan Profitable growth Shift to higher-margin Par products NBP up +19%, double-digit growth in 1Q and 2Q Diversification of distribution • Strong broker sales, APE 4X of last year levels • 17 bank partners and 15 broker relationships Focus on quality • 98% customer retention ratio APE Earnings¹ +45% to $90m 1Q20 +33% 2Q20 +19% to $75m +56% क PRUDENTIAL Data as of HY20 and growth on a constant exchange rate basis unless stated otherwise. 1. IFRS pre-tax operating profit 2. Year on year growth vs HY19 APE +8% to $95m Earnings¹ APE Flat +16% Regular premium +15% Earnings¹ +16% 1Q20 2Q20 1Q20 2Q20 $125m to 0% +14% i -10% +11% $37m $144m 27 27#28Asia Markets with "April low" Focus on quality • . India H&P APE +29%, sales mix +14ppts to 27% Persistency at 83%, one of the best in industry4,5 +3%8 No. of agents + Leveraging technology . All products can be sold virtually Malaysia Continued to focus on quality • • 96% of APE from regular premiums H&P APE mix up 2ppts to 46% • 97% of new business logged online Asset management • ICICIPRU8 AMC FUM +2% to $47bn (at 100%) • • Life FUM6 +11% to $23bn (at 100%) Sales recovery • June sales 1.9x of April levels • APE2 -36% to $83m Protection APE² +29% to $23m • MDRT members +116%3 • Strong customer retention of 96% Building digital capabilities 1.4m Pulse users 100% of products capable of being sold online Agents adapted to new technology, 30% of sales virtual in 2Q (58% in April) Sales recovery June sales 2.6x of April levels Philippines Enhancing distribution capabilities Agent count up 7%³ to 34k Focus on quality • 97% regular premium • • 93% customer retention ratio H&P mix improved to +29%, up +3ppts Total renewal premium² +12% Building digital capabilities • 1.6m7 Pulse downloads Virtual sales accounted 95% in 2Q Sales recovery . June sales 2.6x of April levels APE² Earnings 1,2 APE² Earnings 1,2 -20% to $123m +16% -23% to +18% $158m $56m $40m PRUDENTIAL 1. IFRS pre-tax operating profit 2. On a constant exchange rate basis 3. Year on year change vs HY19 4. Source: ICICI Prudential June 2020 update 5. Retail 13th month persistency (excluding single premium) as of 11M FY2020 6. As of 3M-FY2021; growth rate is relative to FY2020 position and AUM is at 100% 7. As at 05 August 2020 8. ICICIPRU Asset Management Company 28#29Asia Markets with "May low" Indonesia Enhancing & diversifying distribution • Agent recruits² +50%; agent count+13% to 285k #1 Overall & agency³,4 • ⚫ # of MDRT +48% to >1,000; largest in Indonesia • Broadening product range 17 product launches in last 12 months PRUTop (CI rider) & PRUCinta (traditional Sharia) contributed 22% of agency APE PRUworks APE $7.5m, lives assured c.180k (launched in Jul'19) Future-proof - Modernise platform ⚫ 100% of product capable of being sold online (approval to sell ILP in Jun) 3m Pulse downloads6 (up from 0.5m in early March) Digital products launched: PayLater Protect (OVO), PRUTect Care (Pulse) • Singapore Continued focus on quality H&P APE +6%, sales mix +8 ppts to 29% #1 Overall regular premium sales 3,5 • Strong customer retention of 99% • Renewal premiums +' +10% • MDRT members +37% #1 • Broadening capabilities 100% of products capable of being sold online; all processes virtualised across agency & bank Agency RP sales 3,5 • 77% of agency cases sold virtually in 2Q • PRUworks growing strongly, APE +30%, no. of schemes +10% to 2.1k and lives assured +51% to 150k #4 Group NB sales 3,5 APE -19% to $123m Sequential rebound June/May growth Shariah NBP Earnings¹ APE 2.0x -1% +39% $249m -21% to $229m Sequential rebound June/May 2.2x growth Protection APE Earnings¹ +6% +20% $262m PRUDENTIAL On a constant exchange rate basis unless stated otherwise. 1. IFRS pre-tax operating profit 2. Year on year change vs HY19 3. As of 1Q20 market statistics 4. Source: AAJI 5. Source: LIA 6. As at 05 August 2020 29 29#30Asia Indonesia: Broadening our capabilities Intact structural drivers & premium franchise • Rapid expansion of the middle class; significant protection gap Enhancing our distribution capabilities Agency segmentation strategy 1 2 3 • 3rd most populous country in Asia after China & India with low insurance penetration New Rookie agents PRUuniversity Core agency leaders MDRT / Elite Industry leading training Execution Market - Total weighted new business premiums² (1Q20) Agency initiatives 98% Brand Awareness1 382 Agency offices¹ Rp25tn Rookie 2 Leaders 3 Top-end Total premium¹ Simpler products • >8,200 leaders 94% #1 Rp80.7tn • Recruitment & activation • Strong hiring support ⚫ Elite contribution c.30% ⚫ New planning tools . Higher UW authority ⚫ Agent coaching skills Others (incl. Group) Agency - Linked 23% 29% IDR 8.8tn 14% Agency - Traditional Brand Preference¹ MDRTS in Indonesia¹ Broadening product range Total Asset¹ • Skills training (EDP) Bancassurance 34% Digitalisation of business & future-proof PRUCEKATAN Cepat tanpa harus berdekatan Virtual F2F platform PCA - Market share (1Q20) 2018 1Q19 2Q19 3Q19 >4Q19 1Q20 2Q20 • Pulse PRUServices REFRESHED NEW REFRESHED NEW NEW NEW NEW 45% baru (Mass) (Standalone Plus (HNW CI) medical) 60% APE contributed³ by products launched over last 12 months 300k Micro-policies sold online Buktikan Cinta Pada Keluarga Dengan PRUCinta PRUlink PRUCritical PRUPrime PRUworks Shariah Non- PRUTop PRUSolusiSehat generasi Benefit 88 Healthcare linked (Cl rider) & PRUSehat (Protection& PRUCinta Shariah Savings) (Trad (Standalone Shariah) Protection) Pay Later PRUTect Care PRUSell Sebat (Syariah) Protect (OVO) (Pulse) PRUTect Care H4000 p dad In Depas cher ovo P2 ats pabalan pokat human Makana • Bite-size digital products: PRUTect Care (Pulse) Health Symptom Checker babylon halodoc Telemedicine 35% Automation: 99% e-Submission • PRUMedical network 10% pulse ✓ 89% e-Policy PRUforce Sol ✓ PRUforce (online & digital training deployment capabilities) PRUDENTIALT ✓ 1,557 hospital partners 73 preferred hospitals in 34 cities Banca 5% ✓ 4 overseas hospital Data as of HY20 unless stated otherwise. 1. Data as of FY2019 2. Source: AAJI 3. APE contribution for June YTD 2020 ✓ E-medical card for digital hospital admission PRUDENTIAL 40.1% Agency - Linked Agency - 3.9% Traditional 8.0% 2016 2017 2018 2019 1Q20 30#31Asia Robust capital position Shareholder solvency1 ($bn) Total company solvency 1,2 ($bn) 253% 308% 333% 312% 19.6 6.5 18.8 4.7 3.0 3.2 8.0 YE19 HY20 Minimum capital requirement ■LCSM surplus PRUDENTIAL 1. Estimated position at 30 June 2020. Based on Group Minimum Capital Requirement. Until Hong Kong's Group Wide Supervision (GWS) framework comes into force, Prudential will apply the local capital summation method (LCSM) that has been agreed with the Hong Kong IA to determine group regulatory capital requirements 2. Estimated position at 30 June 2020. Including with-profits funds in Hong Kong, Singapore and Malaysia 9.4 YE19 HY20 Minimum capital requirement ■LCSM surplus 31#32Asia invested assets Asset portfolio Breakdown of Asia invested assets¹, HY20 $bn Shareholder debt portfolio, HY20 $bn Par funds Unit linked Shareholder- backed 2 Holding by issuer Total Portfolio $bn No. Issuers4 Av. $m Max $m <BBB5 Debt 52.7 5.3 24.1 82.1 Sovereign debt 11.4 78 146.2 2,788.7 11.8% Equity 28.0 16.4 5.8 50.2 Other debt 12.7 1,153 11.0 195.2 5.4% Mortgage 0.0 0.0 0.2 0.2 24.1 17.2% Other Loans 1.6 0.0 0.3 1.9 Investment grade 11.4 1,042 10.9 166.7 n/a Other 3 1.0 0.6 1.9 3.5 High Yield 1.3 275 4.7 167.2 5.4% 12.7 5.4% Total 83.3 22.3 32.3 137.9 PRUDENTIAL 1. Totals may not cast as a result of rounding 2. Includes asset management 3. Other financial investments comprise derivative assets, other investments and deposits 4. Presented on issuer group basis 5. Based on middle rating from Standard and Poor's, Moody's and Fitch. If unavailable, local external rating agencies ratings and then internal ratings have been used 32 32#33Asia invested assets Shareholder-backed debt exposures PRUDENTIAL By geography1, at 30 June 2020 $bn Sovereign debt By credit rating 1,2, at 30 June 2020 $bn Other government bonds Corporate bonds 21% By market: 24% 41% United States Thailand 14% Vietnam 24% Other Total $11bn 1. Totals may not cast as a result of rounding 2. Based on middle rating from Standard and Poor's, Moody's and Fitch. If unavailable, local external rating agencies ratings and then internal ratings have been used 18% 30% 35% 7% 16% Total $1bn 5% 8% Rating: 15% AAA AA A BBB <BBB 42% Total $11bn 33#34Asia invested assets Shareholder-backed debt exposures By asset type¹, 30 June 2020 Corporate Bonds Sovereign 47% 47% Other Public Sector_ Bonds 3% Quasi Sovereign Bonds 3% Total $24bn PRUDENTIAL 1. Totals may not cast as a result of rounding 2. Source of segmentation Bloomberg Sector, Bloomberg Group and Merrill Lynch. Anything that cannot be identified from the three sources noted is classified as other By sector 1, 2, 30 June 2020 Corporate debt exposures Government 2% Diversified 3% Basic Materials 3% Technology 7% Financial .35% Other. 2% Consumer, Cyclical 4% Industrial 6% Energy. 9% Consumer, Non- Cyclical 11% Communications 7% Total $11bn Utilities 11% == 34