Prudential Financial Announces Consent Solicitation for the Holders of its 6.625% Medium-Term Notes, Series D, Due 2037

Prudential Financial, Inc.

today announced that it has commenced a solicitation of consents from holders of record at 5:00 p.m., New York City time, on April 2, 2012 of its 6.625% Medium-Term Notes, Series D, due 2037 to terminate (i) the Replacement Capital Covenant, dated as of June 17, 2008, that the Company made in favor of the holders of the Notes in connection with the Company's issuance of its 8.875% Fixed-to-Floating Rate Junior Subordinated Notes due 2068 and (ii) the Replacement Capital Covenant, dated as of June 30, 2008, that the Company made in favor of the holders of the Notes in connection with the Company's issuance of its 9.0% Junior Subordinated Notes due 2068. The proposed termination of the Replacement Capital Covenants requires the consent of the holders of at least a majority in principal amount of the Notes. The complete terms and conditions of the Consent Solicitation are as set forth in the Company's Consent Solicitation Statement dated April 3, 2012 and the related Letter of Consent, to be distributed to holders of the Notes for their consideration. Holders are urged to read the Statement and Letter of Consent carefully.