Prudential Premier Retirement Variable Annuities

INVESTMENT OPTIONS
The Investment Options under each Annuity consist of the Sub-accounts and the MVA Options. In this section, we describe the
portfolios. We then discuss the investment restrictions that apply if you elect certain optional benefits. Finally, we discuss the
MVA Options. Each Sub-account invests in an underlying portfolio whose share price generally fluctuates each Valuation Day.
The portfolios that you select, among those that are available, are your choice – we do not provide investment advice, nor do we
recommend any particular portfolio. You bear the investment risk for amounts allocated to the portfolios.
In contrast to the Sub-accounts, Account Value allocated to an MVA Option earns a fixed rate of interest during the Guarantee
Period. We guarantee both the stated amount of interest and the principal amount of your Account Value in an MVA Option, so long
as you remain invested in the MVA Option for the duration of the Guarantee Period. In general, if you withdraw Account Value
prior to the end of the MVA Option's Guarantee Period, you will be subject to a Market Value Adjustment or “MVA”, which can be
positive or negative. A “Guarantee Period” is the period of time during which we credit a fixed rate of interest to an MVA Option.
As a condition of participating in the optional benefits, you may be restricted from investing in certain Sub-accounts or MVA
Options. We describe those restrictions below. In addition, the optional living benefits (e.g., Highest Daily Lifetime Income 2.0)
employ a predetermined mathematical formula, under which money is transferred between your chosen Sub-accounts and a bond
portfolio (e.g., the AST Investment Grade Bond Portfolio).
You should be aware that the operation of the formula may result in large-scale asset flows into and out of your chosen Subaccounts
and the AST Investment Grade Bond Portfolio, which could subject those portfolios to certain risks and adversely impact
their expenses and performance. Even if you do not elect an optional living benefit that employs a predetermined mathematical
formula, the expenses, performance, and risk profile of your investment may be adversely impacted as described below to the
extent you select Permitted Sub-accounts. The mathematical formula may adversely affect a portfolio’s investment performance by
requiring the sub-advisor to purchase and sell securities at inopportune times and by otherwise limiting the sub-advisor’s ability to
fully implement that portfolio’s investment strategies. Because transfers to and from your chosen Sub-accounts and the AST
Investment Grade Bond Portfolio can be frequent and the amount transferred can vary, any of these portfolios could experience the
following additional effects, among others:
(a) the sub-advisor may be required to hold a larger portion of assets in highly liquid securities than it otherwise would, which
could diminish performance if the highly liquid securities underperform other securities (e.g., equities) that otherwise would
have been held;
(b) a portfolio may experience higher turnover, which could result in higher operating expense ratios and transaction costs for the
portfolio compared to other similar funds; and,
(c) if the sub-advisor must sell securities that are thinly-traded to satisfy redemption requests initiated pursuant to the formula,
such sales could have a significant adverse impact on the price of such securities and the cash proceeds received by the
portfolio.
Please consult the prospectus for the applicable portfolio for additional information about these effects.
VARIABLE INVESTMENT OPTIONS
Each variable Investment Option is a Sub-account of the Pruco Life Flexible Premium Variable Annuity Account (see “Pruco Life
and the Separate Account” for more detailed information). Each Sub-account invests exclusively in one portfolio. You should
carefully read the prospectus for any portfolio in which you are interested. The Investment Objectives/Policies Chart below
classifies each of the portfolios based on our assessment of their investment style. The chart also provides a description of each
portfolio’s investment objective (in italics) and a short, summary description of their key policies to assist you in determining
which Portfolios may be of interest to you.
Not all portfolios offered as Sub-accounts may be available depending on optional benefit selection. Thus, if you selected particular
optional benefits, you would be precluded from investing in certain portfolios and therefore would not receive investment
appreciation (or depreciation) affecting those portfolios.
The portfolios are not publicly traded mutual funds. They are only available as Investment Options in variable annuity contracts
and variable life insurance policies issued by insurance companies, or in some cases, to participants in certain qualified retirement
plans. However, some of the portfolios available as Sub-accounts under the Annuities are managed by the same portfolio advisor or
sub-advisor as a retail mutual fund of the same or similar name that the portfolio may have been modeled after at its inception.
Conversely, certain retail mutual funds may be managed by the same portfolio advisor or sub-advisor of a Portfolio available as a
Sub-account or have a similar name. While the investment objective and policies of the retail mutual funds and the portfolios may
be substantially similar, the actual investments will differ to varying degrees. Differences in the performance of the funds can be
expected, and in some cases could be substantial. You should not compare the performance of a publicly traded mutual fund with
the performance of any similarly named portfolio offered as a Sub-account. Details about the investment objectives, policies, risks,
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