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Tokyo Investor Day

DESPITE CURRENT ENVIRONMENT, JAPAN REMAINS AN ATTRACTIVE MARKET • Opportunities Differentiated business model facilitates higher margins • Expanding distribution • . - Life Planner growth - Life Consultant count stabilized, poised for growth - Selective growth in third party channels Multi-currency products Retirement/ estate planning market driven by aging population Ongoing need for death protection products Challenges Historically low / negative interest rates impact investment margins • Current environment necessitates product and pricing actions, limiting availability and impacting attractiveness to customers • Impact of discount rate changes and new mortality tables Long-term demographics • Continued investment in infrastructure and systems • Potential growing competition in third party channels Prudential Tokyo Investor Day 9.15.2016 2
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