Tokyo Investor Day

• • DIVERSIFIED AND HIGH QUALITY ASSET PORTFOLIO (1) Asset The Japan investment portfolio holds 95% investment grade fixed income - The investment grade credit portfolio is high quality - 69% rated 'A' and above Risk assets represent only 5% of the portfolio 3% in Below Investment Grade 2% in Non-Coupon Investments Including Equities Governments and Agencies Inv. Grade Public Fixed Income Inv. Grade Private Portfolio Asset Class (2) Investment Grade Credit Rating Distribution (2)(3) (47% of Total Portfolio) 40% 31% Placements 48% ■Commercial Mortgages Below Investment Grade Non-Coupon Investments Including Equities 8% 8% 2% / 3% 29% AA and Above A 31% BBB Includes fixed maturities, commercial mortgages and other loans, and non-coupon investments including equities. 1) 2) As of June 30, 2016 based on amortized cost. 3) Includes public investment grade fixed income, private placements and commercial mortgages. Based on ratings assigned by nationally recognized rating agencies, or rating equivalents, or internally assigned ratings. Prudential Tokyo Investor Day 9.15.2016 10

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