Cost Savings and Strategic Growth

PGIM Growth in Alternatives Market Opportunity(1) PGIM's Positioning ($ trillions) $13.3 Alternatives (3) $269B 12% CAGR $23.2 (2) 2021 2026E Top 3 in Real Estate (3) $206B Investments for Future Growth Acquired Montana Capital Partners, a $3.2B AUM Private Equity Secondaries manager Building out private credit capabilities (e.g., mezzanine, direct lending) Further scaling and broadening PGIM Fixed Income's suite of hedge funds Private Credit(3) $96B ⚫ Driving growth of QMA's global macro and managed futures strategies (1) Alternatives AUM from Alternatives in 2022 report, published 2022. Includes private equity, private debt, hedge funds, real estate, infrastructure, and natural resources. (2) 2021 figure is annualized based on data to March 2021. 2022-2026 are Preqin's forecasted figures. (3) Data reflects AUM as of June 30, 2022. Alternatives AUM represents hedge fund, mezzanine and other private credit, real asset, and infrastructure products across all PGIM businesses. Real Estate represents gross AUM and AUA of $161B and $46B, respectively; net AUM is $136B. Note: See Appendix for sources of rankings. Expanding access to investing, insurance, and retirement security 25 25

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