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Further UPAs affecting some of our PruFunds

We’ve confirmed that we’ll be applying more downward Unit Price Adjustments (UPAs) to some of our PruFund funds due to difficult market conditions impacting their underlying performance.

Downward UPAs have been applied to the PruFund funds. Please note, the UPAs also apply to the protected version of the funds, where applicable.

Prudential Investment Plan / Flexible Investment Plan

PruFund UPA Date UPA applied
PruFund Growth and Income Fund*** -8.82% 23 March 2020
PruFund Cautious* -8.46% 20 March 2020
Growth Fund* -9.54% 19 March 2020
Risk Managed 4 Fund -9.91% 18 March 2020
Risk Managed 5 Fund** -9.46% 18 March 2020

*also available on PruFund Investment Plan
**only available on Prudential Investment Plan
***only available on PruFund Investment Plan

Prudential International Investment Bond / International Prudence Bond

PruFund UPA Date UPA applied
PruFund Cautious (US Dollar) Fund -11.37% 20 March 2020
PruFund Cautious (Sterling) Fund -9.76% 20 March 2020
PruFund Growth (Euro) Fund -13.12% 19 March 2020
PruFund Cautious (Euro) Fund -10.67% 19 March 2020
PruFund Growth (Sterling) Fund -11.38% 18 March 2020
PruFund Growth (US Dollar) Fund -12.37% 18 March 2020

Prudential ISA / Trustee Investment Plan / Flexible Retirement Plan

PruFund UPA Date UPA applied
PruFund Cautious Pension / ISA Fund -9.76% 20 March 2020
Risk Managed 1 Pension / ISA Fund -7.41% 23 March 2020
Risk Managed 2 Pension / ISA Fund -9.31% 20 March 2020
Risk Managed 3 Pension / ISA Fund -10.64% 19 March 2020
PruFund Growth Pension / ISA Fund -11.99% 17 March 2020
Risk Managed 4 Pension / ISA Fund -10.00% 16 March 2020
Risk Managed 5 Pension / ISA Fund* -11.05% 16 March 2020

*only available on Prudential ISA

Retirement Account Series D

PruFund UPA Date UPA applied
Pensions Cautious Fund – Series D -9.76% 20 March 2020
Risk Managed 1 Pensions Fund – Series D -7.41% 23 March 2020
Risk Managed 2 Pensions Fund – Series D -9.31% 20 March 2020
Risk Managed 3 Pensions Fund – Series D -10.64% 19 March 2020
Pensions Growth Fund Series D -11.99% 17 March 2020
Risk Managed 4 Pensions Series D Fund -10.00% 16 March 2020

Retirement Account Series E

PruFund UPA Date UPA applied
Risk Managed 1 Pensions Fund – Series E* -5.79% 25 March 2020
Risk Managed 2 Pensions Fund – Series E -9.22% 20 March 2020
Cautious Pension Fund – Series E -9.78% 19 March 2020
Risk Managed 3 Pensions Fund – Series E -11.04% 19 March 2020
Pensions Growth Fund Series E -11.70% 17 March 2020
Risk Managed 4 Pensions Series E Fund -11.91% 17 March 2020
Risk Managed 5 Pensions Series E Fund -13.13% 13 March 2020

* Monthly UPA applied

Why have these funds had a downwards UPA movement?

The difference between the smoothed and unsmoothed prices is checked on a daily basis against Daily Smoothing Limits. A price adjustment is made based on the Daily Smoothing Limits if the unsmoothed price differs from the smoothed price by:

8% or more, based on the actual unsmoothed price and a 5-day rolling average of the unsmoothed price for our PruFund Cautious, PruFund Risk Managed 1 or PruFund Risk Managed 2 funds. The smoothed price will be adjusted immediately to reduce this difference to 2.0%.

Or

10% or more, based on the actual unsmoothed price and a 5-day rolling average of the unsmoothed price for our PruFund Growth, PruFund Growth & Income, PruFund Risk Managed 3,  PruFund Risk Managed 4 or PruFund Risk Managed 5 funds. The smoothed price will be adjusted immediately to reduce this difference to 2.5%.

The Daily Smoothing Limit and the Gap After Adjustment will vary for each fund.

The value of an investment can go down as well as up. Your client may get back less than they have paid in.

"Prudential" is a trading name of Prudential Distribution Limited. Prudential Distribution Limited is registered in Scotland. Registered Office at Craigforth, Stirling FK9 4UE. Registered number SC212640. Authorised and regulated by the Financial Conduct Authority. Prudential Distribution Limited is part of the same corporate group as the Prudential Assurance Company. The Prudential Assurance Company and Prudential Distribution Limited are direct/indirect subsidiaries of M&G plc, a company incorporated in the United Kingdom. These companies are not affiliated in any manner with Prudential Financial, Inc, a company whose principal place of business is in the United States of America or Prudential plc, an international group incorporated in the United Kingdom.