Prudential PLC — Capital/Financing Update 2020

Aug 12, 2020

SUPPLEMENTARY PROSPECTUS DATED 12 AUGUST 2020

Prudential PLC

(incorporated in England and Wales with registered number 1397169)

\$10,000,000,000 Medium Term Note Programme

This supplementary prospectus (the "Supplementary Prospectus", which definition shall include all information incorporated by reference herein) to the base prospectus dated 15 April 2020 (the "Base Prospectus", which definition includes the base prospectus and all information incorporated by reference therein), constitutes a supplementary prospectus for the purposes of Article 23 of Regulation (EU) 2017/1129 (the "Prospectus Regulation") and is prepared in connection with the \$10,000,000,000 Medium Term Note Programme (the "Programme") established by Prudential PLC (the "Issuer").

Terms defined in the Base Prospectus have the same meaning when used in this Supplementary Prospectus.

This Supplementary Prospectus is supplemental to, updates, must be read in conjunction with, and forms part of, the Base Prospectus.

This Supplementary Prospectus has been approved by the United Kingdom Financial Conduct Authority (the "FCA"), which is the competent authority for the purposes of the Prospectus Regulation and relevant implementing measures in the United Kingdom, as a supplemental prospectus to the Base Prospectus. The Base Prospectus constitutes a base prospectus prepared in compliance with the Prospectus Regulation and relevant implementing measures in the United Kingdom for the purpose of giving information with regard to the issue of Notes under the Programme.

The Issuer accepts responsibility for the information contained in this Supplementary Prospectus. To the best of the knowledge of the Issuer, the information contained in this Supplementary Prospectus is in accordance with the facts and makes no omission likely to affect its import.

1. Purpose

The purpose of this Supplementary Prospectus is to:

• (A) incorporate by reference the following announcements as released by the Issuer on 11 August 2020:
  • (i) the Issuer's News Release and Business Review;
• (ii) the Issuer's Risk Factors, which replace the risk factors on pages 13 to 30 of the Base Prospectus under the headings "Risks Relating to Prudential's Financial Condition", "Risks relating to Prudential's Business Activities and Industry", "Legal and Regulatory Risk, and "Environmental, Social and Governance Risks";
• (iii) the Issuer's IFRS Disclosure and Additional Financial Information; and
• (iv) the Issuer's European Embedded Value basis results for the six months ended 30 June 2020,

(together, the "Issuer's 2020 Half Year Results"); and

(B) provide an updated 'no significant change statement' in respect of the Group.

2. Incorporation by reference of the Issuer's 2020 Half Year Results

On 11 August 2020, the Issuer published the Issuer's 2020 Half Year Results.

By virtue of this Supplementary Prospectus, the Issuer's 2020 Half Year Results are hereby incorporated in, and form part of, this Supplementary Prospectus and are thereby incorporated in, and form part of, the Base Prospectus.

A copy of the Issuer's 2020 Half Year Results has been filed with the National Storage Mechanism.

3. Significant change statement

There has been no significant change in the financial performance or financial position of the Group since 30 June 2020, being the end of the last financial period for which financial information of the Group has been published (as set out in the Issuer's 2020 Half Year Results).

General

For a period of at least 12 months following the date of the Prospectus, this Supplementary Prospectus will be available for inspection on the Issuer's website at https://www.prudentialplc.com/investors/credit-investors.

The documents incorporated by reference in this Supplementary Prospectus may be obtained (without charge) from the website of the Regulatory News Service operated by the London Stock Exchange at: http://www.londonstockexchange.com/exchange/prices-and-news/news/marketnews/market-newshome.html and are available, during usual business hours on any weekday (Saturdays, Sundays and public holidays excepted), for inspection at the office of the Issuer at 1 Angel Court, London, EC2R 7AG.

To the extent that any document which is incorporated by reference into this Supplementary Prospectus itself incorporates any information or other documents therein, either expressly or implicitly, such information or other documents will not form part of this Supplementary Prospectus for the purposes of the Prospectus Regulation except where such information or other documents are specifically incorporated by reference into this Supplementary Prospectus. The websites

which are referred to in any document which is incorporated by reference into this Supplementary Prospectus do not form part of this Supplementary Prospectus for the purposes of the Prospectus Regulation.

To the extent that there is any inconsistency between: (a) any statement in this Supplementary Prospectus; and (b) any other statement in or incorporated by reference into the Base Prospectus, the statements in (a) above will prevail.

Save as disclosed in this Supplementary Prospectus, there has been no other significant new factor, material mistake or material inaccuracy relating to information included in the Base Prospectus since publication of the Base Prospectus.

No person has been authorised by the Issuer, any Dealer or the Trustee to give any information or to make any representation not consistent with the Base Prospectus, this Supplementary Prospectus or any other document entered into in relation to the Programme or any information supplied by the Issuer or such other information as is in the public domain and, if given or made, such information or representation should not be relied upon as having been authorised by the Issuer, any Dealer or the Trustee.

The delivery of the Base Prospectus and/or this Supplementary Prospectus at any time does not imply that there has been no change in the affairs of the Issuer since the date hereof, or that the information contained in either of them is correct as at any time subsequent to each of their respective dates.