Cost Savings and Strategic Growth

PGIM Momentum in U.S. Retail Market Opportunity(1) 54% $23 trillion 20% 26% Passive MFs Passive ETFs Active MFS and ETFs PGIM's Positioning • 13 consecutive years of positive mutual fund net flows(2) • ⚫ Institutional approach to serving retail intermediaries Leading Fixed Income franchise meets investors' demand for yield Investments for Future Growth Continue to build on strategic partner status (e.g., Edward Jones) • Scale up suite of active ETFs and Retail Separate Accounts Note: See Appendix for sources of rankings. (1) Morningstar data as of June 30, 2022 (excludes money market funds and fund of funds). (2) Based on net flows for long-term mutual funds as of year-to-date December 31, 2021. Expanding access to investing, insurance, and retirement security 27 22

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