Finance and Capital Management

Continued With-Profits Transfer growth expected Illustrative With-Profits Shareholder Transfer¹ before tax (£m) 600 400 200 PruFund In-force book Traditional WP In-force book NB Scenario 3 NB Scenario 2 NB Scenario 1 0 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 Shareholder transfers from future new PruFund business, shown in 3 different scenarios²: • Scenario 1: New business volume of £5bn p.a. Scenario 2: New business volume of £10bn p.a. • Scenario 3: New business volume of £15bn p.a. 1. Based on economic conditions at 30 June 2019, and assuming actual investment returns as per Expected Growth Rates (EGRS) in force at that date; 2. Alternative new business volume scenarios apply from 2020 onwards 39

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