Policy

PRUDENTIAL FINANCIAL INC | 2013 | FY |

			Maturity		December 31,
			Dates	Rate (1)	2013		2012

					(in millions)
Fixed-rate notes:
	Surplus notes		2015-2025	5.36%-8.30%	$	941	$	940
	Surplus notes subject to set-off arrangements		2021-2033	3.52%-5.26%		2,400		1,000
	Senior notes(2)		2014-2043	2.21%-11.31%		12,151		13,537
Floating-rate notes:
	Surplus notes		2016-2052	0.51%-3.52%		3,200		3,200
	USD-denominated senior notes		2014-2023	1.02%-4.91%		677		293
	Foreign currency-denominated senior notes		(3)	0.84%-3.13%		100		490
Junior subordinated notes			2042-2068	5.20%-8.88%		4,884		4,594
Prudential Holdings, LLC notes (the "IHC debt"):
	Series A		2017(4)	1.12%-1.18%		238		285
	Series B		2023(4)	7.245%		777		777
	Series C		2023(4)	8.695%		585		613
Subtotal						25,953		25,729
Less: assets under set-off arrangements(5)						2,400		1,000
		Total long-term debt(6)			$	23,553	$	24,729

Range of interest rates are for the year ended December 31, 2013.

Includes collateralized borrowings from the Federal Home Loan Bank of New York of $280 million at both December 31, 2013 and 2012.

Includes $61 million of perpetual debt that has no stated maturity. Maturities on the remaining debt range from 2014 to 2017.

Annual scheduled repayments of principal for the Series A and Series C notes began in 2013. Annual scheduled repayments of principal for the Series B notes begin in 2018.

Assets under set-off arrangements represent a reduction in the amount of fixed-rate surplus notes included in long-term debt, resulting from an arrangement where valid rights of set-off exist and it is the intent of both parties to settle on a net basis under legally enforceable arrangements.

Includes Prudential Financial debt of $16,346 million and $16,998 million at December 31, 2013 and 2012, respectively.

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