WRITTEN NOTICE Internal model approval

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1 PRUDENTIAL REGULATION AUTHORITY WRITTEN NOTICE Internal model approval To: The Prudential Assurance Company Ltd (FRN139793) Prudential Pensions Ltd (FRN ) Prudential Retirement Income Ltd (FRN ) (the "firm") Of: Laurence Pountney Hill London EC4R OHH Reference Number; ; ; Date: 5 December 2015 DECISION: (1) In accordance with Regulation 48 and 49 of the Solvency 2 Regulations 2015, the Prudential Regulation Authority (the "PRA") has decided to grant the firm approval to use a partial internal model for the calculation of its group and solo Solvency Capital Requirements (SCR) as set out in Annex 1. (2) The PRA has also decided to grant the firm approval of its policy for changing an approved partial internal model. (3) This approval is granted on the basis of the information set out in the firm's application dated 26 June 2015 and its addendum dated 13 November Effective date (4) This permission takes effect on 1 January Decision maker (5) The decision which gave rise to the obligation to give this Notice was a joint decision according to Article 231(5) of Directive 2009/138/EC made by the Central Bank of Ireland and the PRA. Publication (6) Details of this approval will be published on the Financial Services Register on 1 January Prudential Regulation Authority, 20 Moorgate, London EC2R 6DA T +44 {0) Prudential Regulation Authority,registeredoffice: 8 Lothbury, London EC2R 7HH. Registered in England and Waies No: 07B54923

2 PRUDENTIAL REGULATION AUTHORITY PRA contacts (7) For more information concerning this matter generally, the firm should contact their usual supervisory contact. Supervision, Risk and Policy Committee For and on behalf of the PRA Prudential Regulation Authority, registered office: B Lothbury, London EC2R 7HH. Registered in England and Wales No: H3

3 Wmj j ANNEX 1 PRUDENTIAL REGULATION AUTHORITY The approved partial internal model Definition 1. The approved partial internal model is as set out in the internal model application documents submitted to the PRA on 26 June 2015 and its addendum dated 13 November The partial internal model is approved to calculate part of the Group SCR at the level of Prudential pic. The entities with a "Yes" in the Group SCR column in table 1 are those which are included in the model in order to calculate the Group SCR. 3. The partial internal model is approved to calculate the individual SCR for those entities with a "Yes" in the Solo SCR column in table The model does not include standard formula integration techniques. Integration techniques are not required as the firm is required to use Method 2 (Deduction & Aggregation) to incorporate the contributions from entities within the group that are not included in scope of the partial internal model into the aggregated Group SCR. 5. Subject to 2. to 4. above, the model is approved to calculate part of the Group SCR at the level of Prudential pic and the individual SCR for each entity indicated in respect of all material quantifiable risks as at the date of this notice. Table 1 Legal entity FRN Included for calculation of Group SCR Brooke (Holdco 1) Inc. Brooke Holdings (UK) Brooke UK LLC Furnival Insurance Company PCC GS Twenty Two Holborn Finance Holding Company Holtwood Hyde Holdco 1 Livicos Manhattan Property Finance Company Park Avenue (Singapore Two) PGDS (UK One) Prudential (Gibraltar) Prudential (Netherlands One) Prudential (Netherlands) BV Prudential (US Holdco 1) Prudential Africa Holdings Prudential Africa Services Prudential Australia One Prudential Corporation Australasia Holdings Pty Solo SCR PmdentiaUegulation Authority, registered office: 8 Lothbury, London ECHR7HH. Registered in England and Wales No:

4 ^B^. mm j PRUDENTIAL REGULATION ^gjglf AUTHORITY Prudential Corporation Holdings Prudential Five Prudential Group Holdings Prudential Group Secretarial Services Prudential Holdings Prudential International Staff Pensions Prudential IP Services Prudential Life Assurance Kenya Prudential Life Insurance Ghana Prudential pic Prudential Portfolio Management Group Prudential Property Holding Prudential Services Prudential Staff Pensions Prudential US Geoffrey Snushall MM&S (2375) Pacus (UK) PGDS (UK One) PPS Five PPS Nine PPS Twelve Prudential Annuities Prudential Corporate Pensions Trustee Prudential Distribution Prudential Equity Release Mortgages Prudential Europe Assurance Holdings Prudential Financial Planning Prudential Financial Services Prudential Group Pensions Prudential Holborn Life Prudential Internationa! Assurance pic Prudential International Management Services Prudential Lalondes Prudential Lifetime Mortgages Prudential Pensions FRN Yes Yes Prudential Polska sp. z.o.o Prudential Portfolio Management Group Prudential Process Management Services India Private Prudential Property Services (Bristol) Prudential Property Services Prudential Real Estate Investments 1 Prudential Real Estate Investments 2 Prudential Real Estate Investments 3 Prudential Retirement Income FRN Yes Yes Prudential Regulation Authority,registeredoffice: 8 Lothbury, London ECZR 7HH. Registered in England and Wales No: 07BS4923

5 rflbfc. (mm) PRUDENTIAL REGULATION ^jggjgr AUTHORITY Prudential UK Services Prutec Reeds Rains Prudential Scottish Amicable Finance pic Scottish Amicable ISA Managers Scottish Amicable Life Assurance Society Scottish Amicable PEP and ISA Nominees Snushalls Team The Prudential Assurance Company FRN Yes Yes Prudential Europe Assurance Holdings Prudential International Assurance pic N/A Yes Yes Prudential International Management Services Prudential Retirement Income Bird GP 1 Calvin F1 GP Calvin F2 GP Canada Property (Trustee) No 1 Canada Property Holdings CIMPL Pty (formerly Catalyst Investment Managers Pty ) Falan GP Gerlach GP Holborn Bars Nominees ICP (I I I) GP Infracapital (Bio) GP Infracapital (GC) GP Infracapital (TLSB) GP Infracapital ABP GP Infracapital Cl II Infracapital DF II GP LLP Infracapital DF II Infracapital EF II GP LLP Infracapital Employee Feeder GP 1 LLP Infracapital Employee Feeder GP 2 LLP Infracapital Employee Feeder GP Infracapital F1 GP2 Infracapital F2 GP1 Infracapital GP 1 LLP Infracapital GP 2 LLP Infracapital GP II Infracapital GP Infracapital Nominees Infracapital SLP II GP LLP Infracapital SLP Innisfree M&G PPP LLP Prudential Regulation Authority,registeredoffice: 8 Lothhury, London EC2R 7HH. Registered in England and Wales No: H3

6 ^f5^. BANKOF ENGLAND {m m PRUDENTIAL REGULATION ^gigy AUTHORITY M&G (Guernsey) M&G Alternatives Investment Management M&G Financial Services M&G Founders 1 M&G General Partner Inc M&G Group M&G IMPPP 1 M&G International Investments M&G International Investments Nominees M&G International Investments Switzerland AG M&G Investment Management M&G Investments (Hong Kong) M&G Investments (Singapore) Pte. Ltd M&G M&G Management Services M&G Nominees M&G Platform Nominees M&G Real Estate (Luxembourg) S.A. M&G Real Estate Asia PTE. Ltd M&G Real Estate Funds Management S.a r.l M&G Real Estate Japan Co. Ltd. M&G Real Estate Korea Co. Ltd. M&G Real Estate M&G RED Employee Feeder GP M&G RED GP M&G RED II M&G RED II Employee Feeder GP M&G RED II SLP GP M&G RED III M&G RED III Employee Feeder GP M&G RED III SLP GP M&G RED SLP GP M&GRPF GP M&G RPF Nominee 1 M&G RPF Nominee 2 M&G Securities M&G SIF Management Company (Ireland) M&G UK Property GP M&G UK Property Nominee 1 M&G UK Property Nominee 2 M&G UKCF II GP Pacus (UK) PPM Capital (Holdings) PPM Managers GP PPM Ventures (Asia) Prudential Regulation Authority, registered office: B lothbury, London EC2R 7HH. Registered in England and Wales No: 07B54923

7 ^ S f ^. m&w PRUDENTIAL REGULATION ^ gpy AUTHORITY PPMC First Nominees Prudential (Namibia) Unit Trusts Prudential / M&G UKCF GP Prudential GP Prudential Greenfield GP LLP Prudential Greenfield GP1 Prudential Greenfield GP2 Prudential Greenfield SLP GP LLP Prudential Investment Managers {South Africa) (Pty) Ltd Prudential Portfolio Managers (Namibia) (Pty) Prudential Portfolio Managers (South Africa) (Pty) Prudential Portfolio Managers (South Africa) Life Prudential Portfolio Managers Unit Trusts Prudential Properties Trusty Pty Prudential Property Investment Managers Prudential Trustee Company Prudential Unit Trusts Prutec PVM Partnerships RiftGP 1 Rift GP 2 ScotAm Pension Trustees Stabieview Staple Nominees The First British Fixed Trust Company Infracapital DF II Infracapital Nominees Prudential Properties Trusty Pty BOCI - Prudential Asset Management BOCI - Prudential Trustee CITIC-CP Asset Management Co., Ltd CITIC-Prudential Fund Management Company CITIC-Prudential Life Insurance Company Eastspring Al-Wara l Investments Berhad Eastspring Asset Management Korea Co. Ltd Eastspring Investments (Hong Kong) Eastspring Investments (Luxembourg) S.A. Eastspring Investments (Singapore) Eastspring Investments Berhad Eastspring Investments Fund Management Liability Company Eastspring Investments Incorporated Eastspring Investments (Japan) Prudential Regulation Authority, 20 Moorgate, London EC2R 6DA T +44 (0) Prudential Regulation Authority, registered office: B Lothbury, London EC2R 7HH. Registered in England and Wales No:

8 ^ S^ wwm) PRUDENTIAL REGULATION Njji^ AUTHORITY Eastspring Investments (Dubai) Eastspring Investments Services Pte. Ltd Eastspring Securities Investment Trust Co. Ltd ICICI Prudential Asset Management Company ICICI Prudential Life Insurance Company ICICI Prudential Pension Funds Management Company Ltd ICICI Prudential Trust North Sathorn Holdings Company Nova Sepadu Sdn. Bhd. PCA IP Services PCA Life Assurance Co. Ltd. PCA Life Insurance Co., Ltd. (Korea) PCA Reinsurance Co. Ltd. Pru Life Insurance Corporation of U.K. Prudence Foundation Prudential (Cambodia) Life Assurance Pic Prudential Assurance Company Singapore (Pte) Prudential Assurance Malaysia Berhad Prudential BSN Takafui Berhad Prudential Corporation Asia Prudential Financial Planning Prudential General Insurance Hong Kong Prudential Holdings Prudential Hong Kong Prudential Life Assurance (Lao) Company Prudential Life Assurance (Thailand) Public Company Prudential Services Asia Sdn. Bhd Prudential Services Singapore Pte. Ltd Prudential Singapore Holdings Pte. Prudential Vietnam Assurance Private Prudential Vietnam Finance Company PT. Eastspring Investments Indonesia PT. Prudential Life Assurance Sri Han Suria Sdn. Bhd Staple Thanachart Life Assurance Public Company The Prudential Assurance Company Prudential Capital (Singapore) Pte. Ltd Prudential Capital Holding Company Prudential Capital PLC Prudential Assurance Uganda Prudential Life Assurance Kenya Prudential Life Insurance Ghana Prudential Regulation Authority, 20 Moorgate, London EC2R 6DA T +44 (0) Prudential Regulation Authority, registered office: 8 Lothbury, London EC2R 7HH. Registered in England and Wales No:

9 PRUDENTIAL REGULATION AUTHORITY Reasons for the Decision 6. The PRA's assessment is that the partial internal model met the tests and standards at the time the decision was made. Specifically, the PRA is satisfied that: a. the model complies with the rules contained in Chapters 2 to 4 and 10 to 15 of the Solvency Capital Requirement - Internal Models Part of the PRA Rulebook; b. the model complies with the requirements set out in Title 1 Chapter VI sections 1, 2, 3, 4, 6, 7, 8 and 9 of the Commission Delegated Regulation (EU) 2015/35; c. the systems of the undertaking for identifying, measuring, monitoring, managing and reporting risk are adequate; d. The model complies with the requirements of Title 2 Chapter IT Section 2 of the Commission Delegated Regulation (EU) 2015/35; and e. The policy for changing the approved partial internal model complies with the rules contained in Chapter 6 of the Solvency Capital Requirement - Internal Models Part of the PRA Rulebook. Prudential Regulation Authority, registered office: 8 Lothbury, London EC2R 7HH. Registered in England and Wales No:

WRITTEN NOTICE Internal model approval. The Prudential Assurance Company Ltd (FRN139793) Prudential Pensions Ltd (FRN )

BANK OF ENGLAND PRUDENTIAL REGULATION W AUTHORITY WRITTEN NOTICE Internal model approval To: The Prudential Assurance Company Ltd (FRN139793) Prudential Pensions Ltd (FRN 110434) (the "firm") Of: Laurence