POOLED PENSIONS M&G PP Total Return Credit Investment …

1 Fund descriptionThe fund gains its exposure through the M&G Total Return CreditInvestment Fund. That fund aims to maximise Total Return principallythrough prudent Investment management. It aims to provide investorswith attractive returns from capital and income from a diversified pool ofdebt and debt like assets, including but not limited to, debt instrumentswith a fixed, variable or floating rate coupon. The fund will identifyopportunities at the market, sector, issuer or security level. There is nogeographic limitation to the Investment value of investments will fluctuate, which will cause fund prices tofall as well as rise and you may not get back the original amount is no guarantee the fund objective will be objectiveA Return of 1 month LIBOR plus 3% to 5% gross of fees over themedium term. Investment approachOur value based approach seeks to deliver consistent outperformancethrough the Investment cycle. By using a combination of fundamentalresearch and market insight we aim to add value by identifyingmispriced and under/overvalued securities.

2 These opportunities aretypically driven by a wide variety of factors, including company or sectorspecific news, market inefficiencies, social or political unrest, andepisodes of market greed, fear and panic. We make investments only where we have a sound basis for believingthat, at the price we can transact, we are being appropriatelycompensated for taking that risk. We believe that top down investmentdecisions such as interest rate and country allocations are best expressedonly where market valuations have become significantly all, we believe that patience and pragmatism are rewarded, andthis is reflected through our Investment fund manager uses both defensive and risk seeking assets, enablinghim to exploit undervalued or undesirable securities by assessing theperceived risk and prospective returns of each asset class ( whetherthey are priced at attractive values) and the current economic, regulatoryand political environments. Given the wide range of securities availableto the fund manager, it is likely that at any one time the Fund willcontain elements of both aggressive and defensive strategies.

3 At the core of our Investment process is our proprietary analysis of thefundamental creditworthiness of issuers, driven by our very wellresourced and highly experienced Credit research team. Our careeranalysts are industry sector specialists, and cover both high yield andinvestment grade issuers. This breadth of coverage gives us uniqueinsights into idiosyncratic company characteristics and global sectordynamics which, in turn, allow us to form an independent and timelyview of Credit quality and rating fund manager then compares our fundamental Credit assessmentwith the relative market valuations to identify attractively pricedinvestment manager will work with our analysts and traders to establish theoptimal bond issue/currency/maturity/ instrument to implement theidea; the trading desk s dedicated Credit and asset backed dealers areresponsible for trade execution. Investment processKey factsStyleActive Multi-Asset CreditLaunch fund launch as at Q4 managerRichard Ryan AMC annual management charge; OCE other charges and controlKey risk guidelinesMaximumInterest rate risk (duration)+/- 3 yearsTotal sub- Investment grade50%Single issuer: AAA to AA-5%Single issuer: A+ to BBB-3%Single issuer: below BBB-2%Eligible assets Fixed income securities (such as bonds, cash and asset-backedsecurities) Eligible collective Investment schemes Derivatives for hedging and/or efficient portfolio management Convertible bondsoverview1.

4 IdentifyRelativeValuationFundamentalCred it viewPortfolio ManagerGlobal Analyst team2. Assess3. Construct4. Execute5. MonitorA value based approach focusedon fundamental analysis andrelative market valuationsM&G PP Total Return Credit Investment Fund4th Quarter 2018 POOLED PENSIONSAll statistics from M&G internal sources, unless indicated profilepage 1 of 2 What is the risk rating?Risk ratings have been developed by Prudential to help provide anindication of a fund s potential level of risk and reward based on the typeof assets which may be held by the fund. Other companies may usedifferent descriptions and as such these risk ratings should not beconsidered as generic across the fund management regularly review our fund risk ratings, so they may change in thefuture. If, in our view, there is a material change in the fund s level of risk,for example due to a significant change to the assets held by the fund orin the way the fund is managed, we will provide information on the newrisk rating.

5 We recommend that you make sure you understand the riskrating of any fund before you should also consider discussing your decision and theappropriateness of a fund s risk rating with an informationLegal structure:Life company (Prudential PENSIONS Limited) fundsRegulatory authorities:Financial Conduct Authority and PrudentialRegulation AuthorityTax status:Exempt approved with gross income reinvestedPermitted investors:UK exempt approved pension schemes onlyInvestment manager for the Life Company:M&G InvestmentManagement LimitedDealing policyDealing instructionsReceipt of instructions by 12 noon on dealing dayPricing basisDaily forward single swinging pricing (T+0 dealing cycle)Prices reportedTo obtain unit price information for all funds in the M&G POOLED Pensionsfund range, Pension Schemes can log on definitions of the Investment terminology used within this documentplease see the glossary at: Investments POOLED Pension FundsM&G Investments POOLED PENSIONS manage a full range of funds on bothan active and passive basis for defined benefit and defined contributionclients.

6 We believe that the quality of client service is an important partof our overall POOLED fund ratingMinimalLowerLower to MediumMediumMedium to HigherHigherWhat type of funds are in this risk category? These funds may invest in assets, combinations of assets or defensive strategies, where the chances ofvalues falling and rising are likely to lie between those of funds investing in money market instruments and funds investing solely in corporate 2 of 2 From 2019, M&G is pleased to announce the introduction of a relationship discount for those clients invested in multiple strategies who meet certain criteria. We will be contacting clients directlywhere they may benefit from this initiative and, if you are interested in discussing this further, please get in touch with your usual M&G by M&G Financial Services Limited, which is authorised and regulated by the Financial Conduct Authority in the UK. M&G POOLED Pension funds are provided under an insurance contractissued by Prudential PENSIONS Limited and Prudential PENSIONS Limited has appointed M&G Financial Services Limited as a distributor of its products.

7 The registered office of both companies isLaurence Pountney Hill, London, EC4R 0HH. Both companies are registered in England under numbers 923891 and 992726 respectively. JAN 19/57262 Our team of Client Directors is responsible for all aspects of ourrelationships with individual clients, including regular attendance attrustee meetings to present performance and Investment directorsLian Golton 020 7548 Haughey020 7548 Spooner020 7548 Stott020 7548 Thomas020 7548 security purposes and to improve the quality of our service, we mayrecord and monitor telephone note that information contained within an email cannot beguaranteed as secure. We advise that you do not include any sensitiveinformation when corresponding with M&G in this scheme membersIf you require further information about your pension please talk to yoursponsoring all general enquiries and administration please contact The Bank of New York Mellon Asset Servicing Customer Services Deskon 0344 892 1812.

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