PUK

Capitalisation and indebtedness n/a Reasons for the offer and use of proceeds n/a Risk factors Risk factors 65

History and development of the company –Our business at a glance 11 –Company address and agent 18 –Documents on display 162 –Strategic and operating review 20 Business overview –Our clear and simple strategy 14 –Our business model 27 –Strategic and operating review 20 –Segment discussion 41 –Definitions of performance metrics 51 –Competition 19 –Supervision and regulation of Prudential 77 –Investments 37 –TEV basis, new business profit, free surplus generation and Group adjusted operating profit 39 –Sources 10 Organisational structure –Our business model 27 –Significant subsidiaries 158 Property, plants and equipment Note C10 to the consolidated financial statements 239

Operating results –Strategic and operating review 20 –Financial review 29 –Summary consolidated results and basis of preparation analysis 31 –Determining adjusted operating profit of operating segments 40 –Explanation of performance and other financial measures 32 Liquidity and capital resources –Explanation of performance and other financial measures 32 –Additional information on liquidity and capital resources 38 –Note D5 to the consolidated financial statements 241 Research and development, patents and licenses, etc n/a Trend information –Strategic and operating review 20 –Explanation of performance and other financial measures 32 Critical Accounting Estimates –Note A3 to the consolidated financial statements 176 6 Item 20-F Form Requirements Section in this Annual Report on Form 20-F Page