Tokyo Investor Day

YEN HEDGING STRATEGY - MITIGATES ROE DILUTION Hedge Type $15.4B Protection Income Hedges $1.8B Forwards Protects Near-term Earnings and Cash Flow 2016 Plan Rate ¥106/$ Equity Hedges $12.8B USD Assets Protects Long-term Value $0.8B Existing Hedges as of 6/30/2016 Dual Currency Bonds First Half 2016 Cash Settlements (1) $294M 6/30/2016 Fair Value (1)(2) $(522)M 1) 2) For Internal and External equity hedges. Break-even at June 30, 2016 is ¥107/ $. Prudential Tokyo Investor Day 9.15.2016 10

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