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05/13/2014

Prudential Agricultural Investments announces leadership change

Prudential Agricultural Investments announces leadership change

NEWARK, N.J., May 13, 2014 - Jess Jarratt has been named the new president of Prudential Agricultural Investments, succeeding Charles Allison, who has retired after 24 years with the company. PAI is the $3.9 billion agricultural debt and equity business of Prudential Mortgage Capital Company, which is one of the largest commercial mortgage businesses in the United States and a business of Prudential Financial, Inc. (NYSE:PRU).

In addition, the business announced it has hired Matt Ciaschini, naming him to the new role of chief investment officer-agricultural equity. Jarratt and Ciaschini join the company—and a leadership team that includes Ray Smith, senior vice president overseeing agricultural lending—as it seeks to
expand to meet increased investor demand for agricultural debt and equity related investments. PAI invests on behalf of Prudential’s General Account and third party investors.

The appointments are effective immediately, with Jarratt reporting to Paige Hood, managing director and portfolio manager of Prudential’s General Account commercial mortgage portfolio. Ciaschini and Smith will report to Jarratt.

“Jess and Matt bring important leadership and asset management skills that round out our leadership team and complement Ray’s debt expertise,” said David Durning, CEO of Prudential Mortgage Capital Company. “Chuck played a key role in building Prudential Ag into a distinctive business and we wish him all the best. I’m confident that Jess will help to build on Chuck’s success and expand the business into new directions.”

Before joining Prudential, Jarratt was president of Wells Real Asset Management Company and director of Wells Timberland REIT. Previously, Jarratt was at SunTrust Robinson Humphrey, where he filled various roles involving structured real estate investing, capital markets and banking. Earlier in his career, he specialized in agribusiness finance for Rabobank and Timberland, investing for John Hancock. Jarratt earned a bachelor’s degree in forestry from Texas A&M University and an MBA in finance from the University of North Texas.

Ciaschini most recently served as vice president and a portfolio manager at Harvard Management Company, where he oversaw investments in a $700 million international agricultural investment portfolio. Previously he consulted with various agribusiness companies as well as serving as the
vice president of operations for Silverado Premium Properties, the second largest vineyard investor and operator in California. Ciaschini earned his bachelor’s degree in Mathematics from the University of Massachusetts and a master’s degree in Mathematics from the University of Michigan
Ann Arbor. He also earned an MBA from the University of California, Davis.

Prudential Financial’s roots in agriculture finance extend back to 1898. Currently, PAI has an agricultural debt team that supplies short, medium and long term mortgage based loans with variable and fixed rates for wide a range of agriculture properties; and an equity group that acquires and
manages agriculture investments on behalf of investors.

Prudential Mortgage Capital Company is a national full-service, commercial and multifamily mortgage finance business with more than $79 billion in assets under management and administration as of March 31, 2013. Leveraging a 135-year history of real estate finance, the company offers one of the most comprehensive lines of real estate finance products and originates loans for Fannie Mae DUS®, Freddie Mac Program Plus® and specialized affordable housing programs; FHA; Conduit; Prudential’s general account and proprietary balance sheet program; and other institutional investors. The company maintains a loan servicing portfolio of approximately $76.7 billion, as of March 31, 2013. For more information, please visit
http://www.prumortgagecapital.com

Prudential Financial, Inc. (NYSE: PRU), a financial services leader with more than $1.1 trillion of assets under management as of March 31, 2014, has operations in the United States, Asia, Europe, and Latin America. Prudential’s diverse and talented employees are committed to helping individual
and institutional customers grow and protect their wealth through a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds and investment management. In the U.S., Prudential’s iconic Rock symbol has stood for strength, stability, expertise and innovation for more than a century. For more information, please visit www.news.prudential.com.



 


 


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