Prudential Financial, Inc.

On May 22, 2009, Izard Nobel LLP was appointed as Lead Counsel for plaintiffs in a class action lawsuit Bauer v. Prudential Financial, Inc., 09-CV-1120, pending in the United States District Court for the District of New Jersey. The action was brought on behalf of those who acquired depositary shares of Prudential Financial, Inc. (“Prudential” or the “Company”) 9% Junior Subordinated Notes (NYSE: PHR) between June 24, 2008 and March 12, 2009 or pursuant and/or traceable to a registration statement and prospectus (collectively, the “Registration Statement”) issued in connection with Prudential’s June 2008 initial public offering of the Securities (the “Offering”).

On July 21, 2009 Plaintiffs filed a Consolidated Complaint that charges that Prudential and certain of its officers, directors, offering underwriters and its auditor violated federal securities laws. Specifically, the complaint alleges that defendants issued a materially false and misleading Registration Statement in connection with the Offering. On September 21, 2009 the Defendants served their motions to dismiss the Consolidated Complaint. Plaintiffs served their oppositions to the motions to dismiss on December 8, 2009. Defendants served their replies in support of the motions to dismiss on January 26, 2010. On June 29, 2010, the Court issued an opinion denying, in substantial part, the Defendants’ motions to dismiss the action.

On July 19, 2010, Plaintiffs filed an Amended Consolidated Complaint which amended the portion of the Complaint that was dismissed by the Court.

The parties negotiated a tentative settlement of the claims for $16.5 million, which was approved by the Court on November 29, 2011.