Investor Presentaiton

PGIM JAPAN - LEVERAGING OUR MULTI-ASSET CAPABILITIES PGIM's strengths are well-suited to Japanese clients' needs FINANCIAL INSTITUTIONS PUBLIC PENSIONS Shifting to higher yielding and/or floater assets Increasing exposure to alternative assets (e.g. real estate, hedge funds) PRIVATE PENSIONS RETAIL DISTRIBUTORS Replacing underperforming managers in the traditional asset classes Increasing exposure to alternative assets Putting emphasis on fund wraps PGIM positions of strength Top 3 Alternatives Asset Manager¹ Real Estate Manager Worldwide² Private Credit Provider Worldwide¹ $20.5 bn in Infrastructure Assets³ $3.4 bn in Hedge Fund Strategies4 1) Willis Towers Watson Global Alternatives Survey, July 2017. AUM as of December 2016. Ranking is based on the aggregate AUM aggregated by parent company in all alternative asset classes, regardless of sub-asset class. 2) IPE Real Assets, Real Estate Managers by Worldwide AUM as of December 31, 2017. Publication as of May 29, 2018. 3) Infrastructure AUM includes private credit infrastructure and energy strategies, Jennison utility equity, natural resources, global infrastructure and MLP strategies as of December 31, 2017. 4) As of June 30, 2018. Includes investments in hedge fund strategies such as global macro, market neutral, long/short, event driven arbitrage. For retail, also includes liquid alternatives mutual funds following hedge-fund like strategies such as long-short, credit, absolute return, and multi-strategy. Tokyo Investor Day 9.27.2018 Prudential 11

View entire presentation