Finance and Capital Management

Before we move onto the details What is PruFund For customers A savings product similar to traditional mutual funds... • Multi-asset • Daily unit price • With a clear annual charge ... but with characteristics that make it stand out from the crowd . Low volatility Smoothed returns Strong performance track record For the With-Profits Fund A proposition priced to recover the costs the With-Profits Fund expects to incur: • Distribution and Admin expenses • Investment management Smoothing and holding account Shareholder Transfer Deviations from expectations are absorbed by the With-Profits estate For Shareholders Strategically Unique proposition Element of differentiated growth Anchor for our broader offering Financially Growing source of earnings (£54m in 2018, £29m in H1 2019) Store of value with back-end loaded profit signature Capital-efficient proposition 42

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