Prudential Financial

Prudential Financial is one of America's most successful companies; ranking No. 64 in Fortune Magazine's Fortune 500 list. It has been a major and important supporter of LISC since our start in 1980, providing more than $3.8 million in grants; $70 million in equity and over $68 million in loans, making it our top all-time lender as of December, 2005. Recently, the Prudential/LISC partnership has grown even further with a $20 million loan to our Educational Facilities Loan & Guaranty Fund for investment in local school facility funds nationwide; a 15 year, $9 million loan to LISC for our affordable housing preservation activities made in June 2006; and a $500,000 grant for LISC's Gulf Region Rebuilding Initiative.

Arthur Ryan, Chairman, President & CEO
of Prudential Financial, Inc. speaking
about education and
community development at
LISC's Leadership Conference in 2005

Since 1994, Prudential has been led by Arthur F. Ryan, its chairman, president and CEO and is headquartered in Newark, New Jersey, with more than 38,000 employees worldwide. Mr. Ryan has overseen the corporation's transformation from the Prudential Insurance Company in 1994 to the publicly-traded Prudential Financial, Inc., which gained listing on the New York Stock Exchange in 2001. At the same time, Mr. Ryan expanded Prudential's charitable activities, with a special focus on Newark, which was still recovering from massive disinvestment after the 1960s riots. He joined the LISC board in 2001 and is now serving his second term. Mr. Ryan's leadership and Prudential's contribution to LISC was honored our 20th Anniversary Celebration.

Prudential's sustained commitment to community development is not only central to our relationship, but has served a catalyst for the entire field. Prudential was one of the earliest investors in Living Cities, a consortium of 15 corporations, foundations and government agencies that have invested nearly three-quarters of a billion dollars for community development activities in 23 cities across the country. Indeed, in January 2005, elected officials, community developers and leaders celebrated Prudential's $1 billion in investments in affordable housing, job creation and education over the years. Overall, Prudential's Social Investment Program has financed more than $228 million in affordable homes and apartments, 48 charter schools, 12 inner-city supermarkets; and $30 million in programs to promote minority entrepreneurship.

Prudential's support for community development efforts in Newark is nothing short of extraordinary. For example, Prudential's funding of the New Jersey Performing Arts Center has been a powerful catalyst for downtown Newark's revitalization. This has complemented the company's support for Greater Newark and Jersey City LISC. Since the start of our Newark program in 1987, the company has provided $1.5 million in grants and $2 million in loans, but more importantly the program has received invaluable guidance and leadership from Prudential executives, including Gabriella Morris, head of the foundation and Mary Puryear who serves on Newark LISC's local advisory committee. Recently, with Prudential's support, LISC provided predevelopment funding for the Lincoln Park Coast Cultural District, which will eventually include 300 units of mixed-income housing, retail and commercial establishments, art galleries and the Museum of African American Music, a Smithsonian affiliate.