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Investor Presentaiton

LARGE GROWTH OPPORTUNITY IN JAPAN Japan's Institutional AUM1 +12% per annum $2.6 tn Opportunity for leading managers Japanese institutions have a growing preference to rely on external managers Share of externally managed assets in Government Pension Investment Funds' portfolio (2018 vs. 2013)² PGIM's Positioning in Japan Total AUM³ # 3 foreign manager as of March 2018 Domestic Pension³ $1.5 tn Mar. 2013 Mar. 2018 ($ USD tn) 1.5 1.0 December 2015 March 2018 # 12 #5 0.75 76% foreign manager 0.50 65% Privately Placed Investment Trusts4 August 2015 July 2018 Mar. 2013 Internally Managed Mar. 2018 Externally managed #6 # 4 foreign manager 1) The Investment Trusts Association, Japan and The Japan Investment Advisers Association. The data is a combination of assets of privately placed investment trusts and those of discretionary managed accounts for Japanese institutional investors. The data uses an exchange rate of 111 yen per U.S. dollar. 2) GPIF (Review of Operations in Fiscal 2012 & Review of Operations in Fiscal 2017). 3) "Nenkin Joho" by R&I used with permission as of December 31, 2015 & March 31, 2018. Total AUM is of discretionary managed accounts. 4) The Investment Trusts Association, Japan, as of August 31, 2015 & July 31, 2018. Prudential Tokyo Investor Day 9.27.2018 5
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