A Business Continuity Update from PGIMABusinessContinuityUpdatefromPGIM

PGIM is a global business with over 4,000 employees in offices across North America, Europe, and Asia. As we continue to monitor the ongoing developments related to COVID-19 (Novel Coronavirus), we are focused on the health and safety of our employees as well as the continuity of our investment processes and business operations.

We are carefully adhering to the guidelines and protocols provided by the Centers for Disease Control and Prevention, World Health Organization, and relevant government authorities. In addition, we have implemented preventative measures to safeguard employee health and to ensure that we are positioned to support our customers and business partners in the months ahead.

PGIM has a dedicated Business Continuity Management team staffed with full-time professionals, and each of our individual businesses have personnel in place to address resiliency activities specific to each organization. Across PGIM, we have existing business continuity plans outlining actions in the event of various types of scenarios - including a health crisis scenario – and we routinely test these plans and protocols as part of ongoing due-diligence.

Following are specific steps we are taking to minimize the impact to our business. Please note that given the rapidly developing nature of this situation, these protocols are evolving and subject to change.

• Our employees and our offices: Effective March 16th, PGIM has asked its employees to work from home until further notice, with limited exceptions for business-critical functions. For business-critical work requiring employees to come into the office, we have implemented additional processes, such as staggered shifts and social distancing requirements, to help ensure their health and safety.
• Continued Business Operations: PGIM has made considerable investments in technology over the past decade that enable us to operate effectively in the event of an extended period of remote work. This operational infrastructure supports key functions including portfolio management, trading, operational support, and compliance across the offices and regions in which we operate.
• Third-party considerations: Across PGIM, we engage third-party service providers as a part of our normal course of business. As part of our regular due diligence, we assess our critical service providers for resiliency plans inclusive of pandemic. We continue to communicate with these providers regarding their plans and preparedness to ensure appropriate service levels.

As always, we continue to maintain a steadfast focus on our business globally, and we are confident that the protocols we have implemented to date will allow for the continuity of our business operations for the duration of this event.