Tokyo Investor Day

FAIR VALUE OF YEN EQUITY HEDGE (1) Equity Hedges Equity Hedge FX Sensitivity USD/JPY Rate Fair Value of Equity Hedges ($ billions) $13.6 billion "notional" value of yen exposure - - $(0.5) billion fair value of PFI hedges Cash is realized over time as settlements occur Spot Rate as of 6/30/16 10% JPY Appreciation 10% JPY Depreciation ¥103 ¥92 ¥113 (0.5) (2.0) 0.9 1) As of June 30, 2016. Prudential Maturity Profile of Equity Hedge Settlements ($ millions) -$270 2016 ~$(320) ~ $(470) 2017 2018+ Tokyo Investor Day 9.15.2016 13

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