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PGIM FIXED INCOME Table of Contents Oklahoma City Employee Retirement System Portfolio Review July 2021 The Global Fixed Income Business of Prudential Financial, Inc. Prudential Financial, Inc. of the United States is not affiliated in any manner with Prudential plc, incorporated in the United Kingdom or with Prudential Assurance Company, a subsidiary of M&G plc, incorporated in the United Kingdom. One-on-One Presentation. Confidential – Not for further distribution. For Professional Investors Only. All investments involve risk, including possible loss of capital. Please see Notice Page for important disclosures regarding the information contained herein. PGIM FIXED INCOME Table of Contents 1 Organization & Team 2 Performance, Attribution, & Positioning 3 Market Review & Outlook 4 Reference 2 1 Organization & Team 3 PGIM FIXED INCOME Assets Under Management Assets Under Management Firm Overview: Active Strategies Across Global Fixed Income Markets • Scale and breadth of capabilities Third Party Institutional • Global experience, stability and continuity $397 Billion • 331 investment professionals $919 • 916 institutional clients, 1,016 employees Billion • Collegial culture with a heritage of honest debate Proprietary $326 Billion • Attract, develop, retain and promote diverse talent Third Party Retail • ESG factors are also integrated into our fundamental analysis, and are reflected in our proprietary $196 Billion ESG impact ratings framework Expertise Across a Broad Range of Sectors Corporates $353 Billion Governments $164 Billion Other¹ $2 Billion Mortgages $22 Billion Municipals $30 Billion $919 Billion Money Markets $55 Billion Securitized High Yield $76 Billion Products $111 Billion Emerging Bank Loans $35 Billion Markets $71 Billion Assets as of March 31, 2021. Staffing as of March 31, 2021. Please see the Notice section for important disclosures, including risk. Source: PGIM Fixed Income. Assets under management (AUM) are based on company estimates and are subject to change. PGIM Fixed Income’s AUM includes the following businesses: (i) the PGIM Fixed income unit within PGIM, Inc, located in the USA; (ii) the public fixed income unit within PGIM Limited, located in London; (iii) PGIM Netherlands B.V. located in Amsterdam; (iv) locally managed assets of PGIM Japan Co., Ltd. (“PGIM Japan”), located in Tokyo; and (v) the public fixed income unit within PGIM (Singapore) Pte. Ltd., located in Singapore. Asset class breakdown based on company estimates and is subject to change. 1Other includes Japanese equities and Japanese real estate equities. 4 PGIM FIXED INCOME Senior Leadership Team PGIM Fixed Income Michael Lillard, CFA, Head of Fixed Income and CIO Quantitative Analysis and Multi-Sector, Liquidity Securitized Products Credit Emerging Markets and FX Risk Management and Strategy John Vibert Richard Greenwood, CFA Cathy Hepworth, CFA Stephen Warren Craig Dewling, Deputy CIO Client Advisory Group Chief Operating Officer Chief Business Officer PGIM Japan Brad Blalock, CFA Paul Parseghian Daniel Malooly Taisaku Kunisawa Human Resources Finance Legal Compliance Gill Murphy1 Vasel Vataj1 Yogesh Rai1 Matthew Fitzgerald1 Yuko Ikeda1 1Dedicated functional teams that have a direct, independent reporting relationship to corporate senior management of the company. As of March 2021. 5 PGIM FIXED INCOME Balanced and Deep Organization, Integrated Process Number of Average Average 1,016 Employees Based Globally: Investment Firm Investment Team • 331 Investment Professionals Professionals Tenure Experience • 159 Client Advisory Group Professionals Portfolio Management1 128 19 Years 25 Years • 371 Operations, Technology and Data Professionals Fundamental Research 131 13 Years 24 Years • 95 Business Management, Finance and Administrative Staff Risk Management • 60 Legal and Compliance Professionals 72 16 Years 24 Years & Quantitative Research Fundamental Portfolio Quantitative Analysis and Research Management1 Risk Management Global Rates Global Macroeconomics Securitized Products Risk Management Investment Grade Corporates Corporates Emerging Markets High Yield Leveraged Finance Bank Loans Municipals Quantitative Research Long/Short Emerging Market Corporates Money Markets Municipals Multi-Sector Portfolio Analysis Insurance Securitized Products Liability Driven Investing Staff as of March 31, 2021. 1Includes senior executives and product managers. Portfolio Management average years of experience and years at firm calculated at principal level and above 6 PGIM FIXED INCOME Gross Investment Performance—As of March 31, 2021 YTD 1 Year 3 Year 5 Year 10 Year SI2 Excess Excess Excess Excess Excess Excess Strategy Return Return Return Return Info Return Info Return AUM3 Strategy / Composite Inception Index / Objective (bps) (bps) (bps) (bps) Ratio1 (bps) Ratio1 (bps) ($ billions) Core Conservative (1989) Bloomberg Barclays U.S. Aggregate +25 -1 +75 +14 +11 0.35 +18 0.76 +26 23.8 Core (1991) Bloomberg Barclays U.S. Aggregate +60 -11 +394 +60 +77 0.51 +86 0.73 +60 45.5 Japan Core Bond4 (2003) Nomura-BPI Overall +45 +14 +79 +30 +40 1.63 +48 2.01 +37 8.9 Global Core (2008) Bloomberg Barclays Global Aggregate +100 -113 +391 +124 +148 0.84 +138 0.91 +170 6.2 Core Plus (1996) Bloomberg Barclays U.S. Aggregate +150 -99 +627 +80 +171 0.56 +173 0.66 +121 101.3 Multi Sector Global Total Return5 (2002)* Bloomberg Barclays Global Aggregate +200 -235 +646 +146 +258 0.67 +283 0.77 +230 23.9 Absolute Return (2011) ICE LIBOR 3-Month Average +300 -37 +1,515 +146 +325 0.53 - - +278 2.3 Multi-Asset Credit (2016) ICE LIBOR 3-Month Average +400 +38 +1,924 +306 - - - - +364 0.4 Strategic Bond (2015)** Bloomberg Barclays Intermediate U.S. Aggregate Bond Index +375 -72 +1,562 +234 +496 0.78 - - +457 2.0 Global Dynamic Bond (2016) ICE LIBOR 3-Month Average +500 -411 +2,164 +338 +621 0.65 - - +565 0.1 Short Duration Core Plus (2014) Bloomberg Barclays U.S. 1-3 Yr Govt/Credit +150 -77 +688 +94 +184 0.58 - - +163 2.7 Short Duration Short Term Corporate (1-5 Year) (1994) Bloomberg Barclays U.S. 1-5 Yr Credit +60 +9 +374 +50 +53 0.42 +48 0.52 +37 21.4 U.S. Short Duration Higher Quality High Yield (2012) Bloomberg Barclays U.S. HY 1-5 Yr Ba/B 1% Issuer Capped +100 +95 +141 +120 +29 0.29 - - +79 4.4 Long Duration Government/Credit (2009) Bloomberg Barclays U.S. Long Govt/Credit +60 +19 +365 +62 +62 0.49 +65 0.59 +77 9.0 Long Duration Long Duration Corporate (2008) Bloomberg Barclays U.S. Long Corporate +100 +72 +396 +100 +79 0.85 +90 1.12 +118 36.8 Long Duration LDI (1998) Client-Directed Liability Based Benchmark +57 +542 +89 +94 0.64 +95 0.80 +92 23.4 Securitized Prod. Securitized Products (2016) ICE BofA 3-Month Deposit Offered Rate Constant Mat Index +300 +299 +1,802 +178 +371 0.59 - - +343 1.2 U.S. Investment Grade Corporates (1991) Bloomberg Barclays U.S. Credit +60 +27 +510 +92 +103 0.70 +95 0.80 +94 48.6 Investment European Corporate (USD Hedged)6 (2008) Bloomberg Barclays Euro Aggregate Corporate USD Hedged +100 Grade Credit +11 +226 +105 +108 2.39 +99 2.20 +99 0.8 Global Corporate (Unhedged) (2010) Bloomberg Barclays Global Corporate (Unhedged) + 100 +13 +331 +93 +93 1.16 +91 1.20 +90 27.9 U.S. Higher Quality High Yield (1998) Bloomberg Barclays US HY Ba/B 1% Issuer Capped +125 +87 +289 +113 +68 0.62 +64 0.60 +134 4.5 U.S. Broad Market High Yield (2002)7 Bloomberg Barclays US High-Yield 1% Issuer Capped Index +125 +90 +237 +119 +84 0.83 +85 0.93 +46 34.5 U.S. Senior Secured Loans (2007) CS Leveraged Loan +100 +85 +672 +89 +73 0.55 +77 0.72 +48 22.6 Leveraged European High Yield ∩ (2010) ICE BofAML Euro HY ex Financials 2% Constrained +150 Finance +54 +516 +251 +154 1.57 +180 1.59 +196 6.7 European Senior Secured Debt (Constrained),∩ (2006) CS Western European Leveraged Loan (EUR Hedged) +150 -19 +534 +100 +98 0.56 +141 0.26 +108 11.8 Global High Yield (Euro Hedged) ∩ (2002) Bloomberg Barclays Global High Yield (EUR Hedged) +125 +65 +789 +158 +125 0.65 +83 0.54 +46 4.4 Global Sr. Secured Loans (USD Hedged) (2011) CS Blend U.S. & West Euro Lev Loan (USD Hedged) +100 +14 +607 +55 +43 0.31 - - +77 0.2 Emerging Markets Debt Hard Currency (1996) JPM EMBI Global Diversified +200 -15 +774 -33 +119 0.44 +115 0.47 +219 24.2 Emerging Markets Blend (2007) Blend: JPM EMBI Global Divers/GBI-EM Global Divers +200 -28 +750 +24 +111 0.45 +105 0.48 +120 18.0 Emerging Emerging Markets Blend Plus (2014) Blend: JPM EMBI Global Divers/GBI-EM Global Divers +500 Markets +320 +4,007 +295 +450 0.56 - - +379 0.2 Emerging Markets Local Currency (2011) JPM GBI-EM Global Divers +150 -65 +427 +2 +23 0.21 +49 0.35 +50 2.4 Emerging Markets Corporate Debt (2013) JPM CEMBI Broad Divers +150 +66 +971 +94 +123 0.49 - - +65 <0.1 National Municipal Bond (1994)*** Bloomberg Barclays 1-15 Yr. Muni Unhedged Index +85 +32 +219 +42 +47 0.36 +69 0.58 +27 0.9 Municipals High Income Municipal Bond (1994) Blend: Bloomberg Barclays Muni High Income/Muni +85 +27 +191 +6 +23 0.25 +99 0.77 +48 0.9 U.S. Liquidity Relative Value (2002)**** Max Return vs. ICE BofA US 3-Month Treasury Bill Index -158 +312 +318 +358 1.69 +471 2.14 +558 0.4 Global Liquidity Relative Value (2014)**** Max Return vs. ICE BofA US 3-Month Treasury Bill Index -281 +559 +399 +630 1.83 - - +698 3.8 Alternatives Emerging Market Long/Short (2007)**** Max Return vs. ICE BofA US 3-Month Treasury Bill Index +210 +3,354 +445 +635 0.67 +677 0.90 +824 0.4 U.S. Liquidity Relative Value (S&P Overlay)(2014) Max Return vs. S&P 500 Total Return -137 +378 +225 +271 1.38 - - +316 <0.1 Past performance is not a guarantee or a reliable indicator of future results.
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