Prudential Financial and DLF Group Name Vijai Mantri as CEO and Managing Director-Designate for Asset Management Joint Venture

Business Wire, April 9, 2008

NEWARK, N.J. -- U.S.-based Prudential Financial, Inc. (PFI) and the DLF Group, India's largest real estate developer, today announced that Vijai Mantri has been appointed as chief executive officer and managing director-designate (CEO and MD designate) of their proposed asset management joint venture company, DLF Pramerica Asset Managers Private Limited. PFI and DLF signed a joint venture agreement in December 2007 to establish an asset management company and mutual funds in India, subject to receipt of all necessary regulatory approvals. Mantri will officially become CEO and managing director once the company is incorporated, upon receiving all required approvals from the Securities and Exchange Board of India (SEBI) and the Registrar of Companies (RoC).

As lead executive, Mantri will be responsible for managing the process and preparations for the launch of the business. He will then subsequently be responsible for its operations including the development, marketing and distribution of investment management products for the Indian marketplace. The CEO and MD-designate position is effective immediately and will report to Christopher Cooper, head of the International Investments Asia Regional Office for PFI and the anticipated chairman of the proposed Board of the asset management joint venture company.

"We are delighted that Vijai has accepted the CEO position," said Cooper. "Vijai has extensive experience in the market with an outstanding track record. We look forward to working with him and leveraging his experience."

"Vijai's thorough understanding of what is required to build a successful business from the ground up will be invaluable given his experience with local and multinational companies," said Rajeev Talwar, group executive director of DLF Ltd. "We are pleased he has joined our operation."

Prior to this position, Mantri served as CEO of Deutsche Asset Management Company Private Ltd., in Mumbai. Before Deutsche Asset Management, Mantri served as vice president of mutual fund sales and distribution for HDFC Mutual Fund Company. He was part of their start-up team and was instrumental in setting up their sales and distribution channel.

Once DLF Pramerica Asset Managers Private Ltd. receives regulatory approvals and becomes incorporated and operational, the company plans to offer a full array of mutual fund and investment products, including domestic and international mutual funds to Indian retail and institutional clients.

DLF Pramerica Asset Managers, which will be based in Mumbai, will operate as a separate entity from DLF Pramerica Life Insurance Company Ltd., DLF and PFI's New Delhi-based life insurance joint venture.

About Prudential Financial, Inc.:

Pramerica is the brand name used in India and select countries by Prudential Financial, Inc., a financial services leader with approximately $648 billion of assets under management as of December 31, 2007, and operations in the United States, Asia, Europe, and Latin America. Leveraging its heritage of life insurance and asset management expertise, Prudential Financial, with more than 130 years in financial services, is focused on helping more than 50 million 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 Financial'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. Prudential Financial, Inc. of the United States is not affiliated in any manner with Prudential plc, a company incorporated in the United Kingdom.

About DLF Group:

DLF Group (www.dlf-group.com) is the 5th largest real estate company in the world, with a market capitalization in excess of US$ 38 billion. It has a 60-year track record of sustained growth, customer satisfaction, and innovation. DLF's primary business is development of residential, commercial and retail properties. DLF has a unique business model with earnings arising from development and rentals. Its exposure across businesses, segments and geographies, mitigates any down-cycles in the market. DLF has recently forayed into the infrastructure, SEZ and hotel businesses.