Investor Presentaiton

ROBUST CURRENCY HEDGING PROTECTS NEAR-TERM AND LONG-TERM VALUE Hedge Type Protection $16 ($ in billions) Income Hedge $2 Forwards Protects Near-term Earnings and Cash Flow Equity Hedge $14 USD Assets (1) Protects Long-term Value Existing Hedges as of June 30, 2018 1) U.S. dollar assets include dual currency and synthetic dual currency investments held by our yen-based entities in the amount of $0.6 billion. Also includes derivatives in the amount of $1.4 billion to maintain the aggregate short yen position at the target level. Prudential Tokyo Investor Day 9.27.2018 9

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