Tokyo Investor Day

YEN EARNINGS HEDGE Expected yen-based AOI is hedged over a 36 month rolling period using a series of FX forwards with laddered maturities • Each quarter's expected yen earnings are hedged over the preceding 9 quarters. The hedged rate is an average of these transactions. Historical Yen Spot Rates vs. Hedging Rates USD/JPY Spot Rate (1). Hedging Rate Trailing 3-Yr Rolling Avg. Spot Rate (1) 130 120 110 100 90 80 އ 70 2010 2011 2012 2013 2014 2015 2016 1) Through June 30, 2016. Prudential Tokyo Investor Day 9.15.2016 11

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