Prudential Capital Group Names New Head of Commercial Asset Finance Business

Business Wire, Dec 18, 2007

ATLANTA -- Prudential Capital Group, an investment business of Prudential Financial, Inc., (NYSE: PRU), announced today that it has named Robert L. Penfold managing director of its Commercial Asset Finance group. Penfold, a 25-year veteran of the finance and leasing industry, will oversee the Prudential Capital Group's commercial asset finance business, which was acquired in February 2007, and located in Atlanta, Georgia.

"Bob comes to us with a varied range of tenured experience in all major areas of the capital equipment financing and leasing industry," says Robert Derrick, managing director of Prudential Capital Group. "His experience and perspective generates the viewpoint and knowledge that will guide the future direction and success of this group."

Prior to joining Prudential Capital Group, Penfold spent four years serving small businesses through his own consulting firm. In his 12 years at Bank of America Leasing and Capital Group, Penfold managed an international team of professionals responsible for large ticket direct originations. Penfold holds a BS in Psychology from the University of Tennessee and an MBA from the Owen Graduate School of Management at Vanderbilt University. Penfold will report to Robert Derrick.

In addition to Penfold's appointment, Roderick L. Roberts has been named chief credit officer and Brian D. Shapiro will head all marketing and originations for Commercial Asset Finance Group. Both will report to Robert Penfold.

Prudential Capital Group has been a leading provider of private capital to companies for more than 60 years, investing private debt and equity securities worldwide. Year to date, Prudential Capital has originated more than $9.2 billion in private placements, and manages a portfolio of more than $43 billion (as of 09/30/07).

Prudential Financial, Inc. (NYSE: PRU), a financial services leader with approximately $637 billion of assets under management as of September 30, 2007, has operations in the United States, Asia, Europe, and Latin America. Leveraging its heritage of life insurance and asset management expertise, Prudential is focused on helping individual and institutional customers grow and protect their wealth. The company's well-known Rock symbol is an icon of strength, stability, expertise and innovation that has stood the test of time. Prudential's businesses offer a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds, investment management, and real estate services. For more information, please visit www.prudential.com.