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Prudential Financial and GAP Asset Management of Brazil Enter into a Strategic Partnership

NEWARK, N.J.-(Business Wire)-July 2, 2008 - Prudential Financial, Inc. (NYSE:PRU) and the founding partners of GAP Asset Management of Brazil (GAP) announced today that they have entered into a strategic partnership. This partnership will allow GAP to grow its successful asset management business and develop products for markets with growth potential in Brazil. GAP will also expand its product line into international markets. Under the terms of the strategic partnership, Prudential will have approximately a 40 percent interest in GAP.

GAP will continue to preserve and maintain its entrepreneurial business model, investment management style and strong management team.

The initial focus of the strategic partnership will be in the areas of retirement, wealth management and the development of mutual fund products designed for institutional investors. Both partners believe that these areas have great potential in Brazil.

"The Brazilian asset management industry has grown rapidly and we expect it will continue to do so," said Stephen Pelletier, chairman and CEO of Prudential International Investments. "We believe this is the right time to enter the Brazilian market with GAP, a well-respected, high-quality company with a strong performance track record."

"This strategic partnership with Prudential is a milestone in the history of GAP. We are proud to be associated with Prudential, whose principles of business are so similar to ours," said Emanuel Pereira da Silva, partner and one of the founders of GAP. "Prudential adds global reach to GAP's operations and will provide new products to the company's portfolio. Prudential's leadership and experience in retirement will provide GAP's customers with a new platform for investments in this segment. GAP views the agreement with Prudential as an opportunity to build on our past successes and the skills of our management team."

This strategic partnership, which will operate as a separate entity, complements Prudential's existing presence in Brazil through its international insurance and real estate areas. Prudential do Brasil Seguros de Vida, S.A., headquartered in Rio de Janeiro, began operations in March 1998, primarily selling whole and term life insurance. Prudential Real Estate Investors (PREI(R)) established a regional office in Rio de Janeiro in 2000 through a joint venture with Brazilian bank Icatu forming Prudential-Icatu Investimentos Imobiliaros. PREI(R) acquired Icatu's interest in the joint venture in 2003 and integrated the business into PREI(R)-Latin America.

GAP Asset Management was founded in 1996. Currently, it is one of the largest independent asset managers in Brazil, with approximately R$5 billion assets under management as of March 31, 2008. The company is recognized in the Brazilian market for its successful track record of generating consistent returns for their clients and for its ability to offer a wide range of local products.

Prudential Financial, Inc. (NYSE: PRU), a financial services leader with approximately $631 billion of assets under management as of March 31, 2008, 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 approximately 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'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 http://www.news.prudential.com/.

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