Tokyo Investor Day

STATUTORY RESERVING INTEREST RATES • RECENT DEVELOPMENTS IN JAPAN • Standard reserve rates driven by formulas prescribed by the Financial Services Agency (FSA) Applicable only to new business for Yen-denominated products commencing at effective dates Standard rate reduced from 75bps to 25bps for Single Pay Whole Life in July 2016 Standard rate expected to change for Recurring Premium Whole Life effective April 2017, with 75bps reduction likely Adaptive actions - Sales suspensions - Product repricings - Greater emphasis on U.S. dollar products Prudential Tokyo Investor Day 9.15.2016 7

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