Prudential is a leading international financial services group established in 1848 with a presence in Europe, Asia, and the US. It has a very strong financial position with a AA credit rating from Standard & Poor's. Prudential's Portfolio Management Group manages over £127 billion in assets with an excellent long-term track record in global multi-asset investing.

1. Andrew Wallace International Sales Director Barry Honeyman International Account Manager June 2011

2. Agenda Introduction to Prudential PLC History Financial Strength Portfolio Management Group Who they are What they do Summary

3. Prudential Established in 1848 A leading international retail financial services group Strong brands in three of the largest markets in the world - Europe, Asia, and the US

4. Prudential History Established 1848 (original shareholder investment £5,280.00) By 1870’s we had 1 million customers In 1871 we became the 1 st company in The City to employ women In 1875 we bought our first typewriter In 1881 we became a Limited Company and installed electric lighting in our office In 1891 we had 10 million customers, which means we insured 1 in 4 of the UK population In 1914 we had 21 million policyholders In 1927 we had 25 million policyholders In 1927 we bought our first photocopier In 1986 we acquired Jackson National Life our US business In 1994 Prudential Corporation Asia was formed In 1997 we acquired Scottish Amicable In 1999 we acquired M&G The value of our UK & Europe business alone is now circa £5.6 billion Standard & Poor’s currently rate PAC as AA (stable) Source: Prudential

5. Financial Strength PAC is rated by S&P as AA, what does that mean? Standard & Poor’s says - ‘AA’—Very strong capacity to meet financial commitments. All seems a little underwhelming, what does a AA rating really mean? Source: Standard & Poor’s website 27/4/11

6. Financial Strength What do these countries have in common? These are only a few of the long list of sovereign states which S&P consider to have a poorer credit rating than PAC. Source: Standard & Poor’s website 27/4/11 Romania Korea Greece Turkey Portugal Japan Czech Republic Thailand Poland Italy Cyprus Taiwan Oman Israel Croatia South Africa Mexico Ireland China Slovakia Malta India Chile Saudi Arabia Malaysia Iceland Bulgaria Russia Kuwait Hungary Brazil

7. Financial Strength What do these countries have in common? S&P rates 126 countries (either solicited or unsolicited) and this is the list of the 20 who have a better credit rating than PAC. Source: Standard & Poor’s website 27/4/11 United States of America Norway Isle of Man Denmark United Kingdom New Zealand Hong Kong Canada Switzerland Netherlands Germany Belgium Sweden Luxembourg France Austria Singapore Liechenstein Finland Australia

8. Financial Strength Prudential against some of our UK peer group PAC AA (stable) Legal & General AA- AXA AA- Aegon A+ Aviva AA- Standard Life A+ Prudential against some others you may know PAC AA (stable) Barclays AA- Santander Group AA RBS Group A Lloyds Banking Group A+ AXA A Source: Standard & Poor’s website 27/4/11

9. Portfolio Management Group (PMG) PMG - Team of 21 which includes "Economists, Mathematicians and Analysts” An independent resource focused on asset allocation No committees Tactical and strategic Clear philosophy and process Drawing together global opinions and views Managing the managers Risk monitoring Co-ordinating activity Compliance overview Robust governance framework Prudential Group A truly global manager In total, they are responsible for managing and overseeing over £127bn of assets (June 2010). Invest in all world markets Excellent track record Source: PMG

10. Ways of Thinking About Risk LONG TERM BACKWARD SHORT TERM BACKWARD LONG TERM FORWARD SHORT TERM FORWARD

11. Valuation perspectives – 31 st August 2010 CURRENT REAL PRICING VS EQUILIBRIUM. BASED ON CONSENSUS 2010 FORECASTS Cash Bonds Credit Prop Core Eq Periph. Eq Equilibrium Current Pricing Cheap (above black line) Expensive (below black line) Source: PMG

12. Valuation perspectives – 3 rd January 2011 CURRENT REAL PRICING VS EQUILIBRIUM. BASED ON CONSENSUS 2011 FORECASTS Cash Bonds Credit Prop Core Eq Periph. Eq Equilibrium Current Pricing Cheap (above black line) Expensive (below black line) Source: PMG

13. PMG – big is beautiful PMG AUM = £127 billion* £127 billion = £84,105 for every resident of Barcelona £127 billion = £2,760 for every resident of Spain £127 billion = £18.40 for every resident of The Earth £127 billion stacked in £1 notes would be………. 400,050 km high (the moon is 384,403km from the earth) Over 25% of FTSE 100 companies use PAC With Profits Fund as part of their employees pension arrangements* * Source: PMG

14. Summary Prudential is one of the world’s largest and most secure financial institutions Prudential continues to perform exceptionally well despite the challenging worldwide markets Prudential’s With Profits fund is the largest fund of its type in the world Our Portfolio Management Group offer a demonstrable track record in Global multi-asset investment expertise. We will always continue to do the right thing by our customers both current and future Our Financial strength, investment ethos and track record offers a compelling proposition for clients with a cautious investment outlook Speak to your Spectrum adviser to find out more about our range of solutions.

15. IMPORTANT NOTICE A with-profits policy is not like a bank or building society deposit account. It may return less than has been invested in particular in the early years whereas a bank or building society deposit account would generally return all the investor’s capital. Investors should consider keeping any money which might be needed in the short term in a bank or building society deposit account which is generally secure and readily accessible. The value of an investment may fluctuate and is not guaranteed. Your client may not get back the full amount of their investment. For investments in With-Profits, the value of the policy depends on how much profit the fund makes and how Prudential decides to distribute it. Past performance is no guide to the future. The rate of future bonuses in With-Profits cannot be guaranteed. The final bonus (if applicable) can be reduced or removed at any time, without warning. If money invested in With-Profits is taken out at any time, including to switch, except on a death claim or to meet certain regular withdrawals, the amount may be reduced to reflect the current market value of the underlying assets. This is known as Market Value Reduction and is in addition to any Early Cash-In Charge. This may mean that investors get back less than the full amount of their investment. Charges may vary in the future. FTSE is a trademark owned jointly by the London Stock Exchange plc and The Financial Times Limited and is used by the FTSE International Limited (“FTSE”) under licence. FTSE does not sponsor, endorse or promote Prudential products and is not in any way connected to them and does not accept any liability in relation to their issue, operation and trading. All copyright in the index values and constituent list vests in FTSE. The information in this document is based on our understanding of current taxation and legislation, all of which are liable to change. The impact of taxation and any tax relief depends on individual circumstances. Prudential International is not authorised to provide German tax advice and therefore recommends that investors discuss the individual tax implications applicable with their tax advisor. Full terms and conditions are available on request. The registered office of Prudential International is in Ireland at Montague House, Adelaide Road, Dublin 2. Prudential International is a marketing name of Prudential International Assurance plc, a life assurance company operating from Ireland. Registration No. 209956. Telephone number + 353 1 476 5000. Prudential International Assurance plc is authorised by the Central Bank of Ireland.