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Investor Presentaiton

STRONG INVESTMENT PERFORMANCE Percentage of PGIM AUM¹ Outperforming Benchmark² Peer Group Ranking for Government Pension Investment Fund's Japanese Yen Bond Mandate 3 1st 97% 97% 1st 95% 2nd / 9 managers / 9 managers /9 managers 3 YEARS 5 YEARS 10 YEARS Past performance is not a guarantee or reliable indicator of future results. Performance shown represents each individual AUMS respective fund or strategies benchmark. 1 YEAR 3 YEARS 5 YEARS 1) Represents PGIM's benchmarked AUM. 89% of total third-party AUM is benchmarked over 3 years, 88% over 5 years, and 75% over 10 years. Private and general account assets that are not benchmarked are not included in this calculation. 2) Performance as of June 30, 2018. Represents excess performance gross of fees, based on all actively managed Fixed Income and Equity AUM reported in eVestment for Jennison Associates, PGIM Fixed Income, Quantitative Management Associates, and PGIM Real Estate. Composite assets reported in eVestment assumed to represent full strategy AUM. 3) Based on excess return vs respective benchmark as of March 31, 2018 for 1, 3, and 5 years. Universe: asset managers managing the JGB portfolios for Government Pension Investment Fund (GPIF). Data Source: GPIF. Prudential Tokyo Investor Day 9.27.2018 6
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