Robert Germano Joins Prudential Municipal Bond Portfolio Team

Business Wire, March 27, 2002

Business Editors

NEWARK, N.J.--(BUSINESS WIRE)--March 27, 2002

Prudential Financial, Inc. (NYSE:PRU) announced today that Robert Germano has joined Prudential Investment Management's municipal bond portfolio team as a vice president, portfolio manager.

Germano will report to Robert Waas, a managing director of Prudential Investment Management's public fixed income business and head of the municipal bond team.

Before joining Prudential, Germano operated his own firm, Germano Municipals Corp. of Holmdel, N.J., which worked with eight to 10 large financial institutions to help them devise appropriate risk-management strategies. Before that, he built and managed an institutional sales force for Seattle Northwest Securities Corp. Also during his 30-year career, he has been an institutional salesperson for Dillon Read & Co. and Lazard Freres & Co., and was a national sales manager for Drexel Burnham Lambert and Shearson/Lehman.

[pilcrow (paragraph sign)] Germano has a bachelor's degree from the University of Xavier, Cincinnati, Ohio.

Prudential Investment Management, a part of Prudential Financial's Investment Management and Advisory Services segment, managed approximately $299 billion of Prudential's $388 billion of total assets under management as of December 31, 2001. Assets under management include $89 billion in institutional customer assets, $96 billion in retail customer assets, including mutual funds and variable insurance and variable annuity products, and $113 billion of general account assets.

Prudential Financial companies, with approximately $590 billion in total assets under management and administration as of December 31, 2001, serve individual and institutional customers worldwide and include The Prudential Insurance Company of America, one of the largest life insurance companies in the U.S. These companies offer a variety of products and services, including life insurance, property and casualty insurance, mutual funds, annuities, pension and retirement related services and administration, asset management, securities brokerage, banking and trust services, real estate brokerage franchises and relocation services. For more information, visit www.prudential.com.