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Investor Presentaiton

JAPAN GROWTH DRIVEN BY FINANCIAL INSTITUTIONS AND PENSIONS PGIM Japan third-party AUM has grown significantly¹ (US$ billions) bu 50 50 40 30 20 30% annual growth over 7 years 13.6 18.7 21.9 34.3 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 43.0 55.4 50.0 ail Dec-16 Dec-17 Jun-18 Over $40 billion in third-party net flows raised since 20132 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 8
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