[July 09, 2020]

PGIM High Yield Bond Fund, Inc. and PGIM Global High Yield Fund, Inc. announce election to opt in to Maryland Control Share Acquisition Act

PGIM High Yield Bond Fund, Inc. (NYSE: ISD) and PGIM Global High Yield Fund, Inc. (NYSE: GHY) announced today that each Fund has elected to be subject to the Maryland Control Share Acquisition Act (MCSAA), effective as of July 9, 2020.

The MCSAA protects the interests of all long-term stockholders of a Maryland corporation by denying voting rights to holders of "control shares" acquired in a "control share acquisition" unless the other stockholders of the corporation reinstate those voting rights at a meeting of stockholders by a vote of two-thirds of the shares held by stockholders other than the acquiring person (i.e., the holder or group of holders acting in concert that acquires, or proposes to acquire, "control shares"). Generally, "control shares" are shares that, when aggregated with shares already owned by an acquiring person or which the acquiring person is entitled to exercise voting power, would entitle the acquiring person to exercise 10% or more, 33 1/3% or more, or a majority of the total voting power of shares entitled to vote in the election of directors.

The MCSAA limits the ability of an acquiring person to achieve a short-term gain at the expense of long-term value for the rest of a Fund's stockholders. The MCSAA will only apply to "control shares" acquired after July 9, 2020, the date that the Funds elected to be subject to the MCSAA.

The above description of the MCSAA is only a high-level summary and does not purport to be complete. Investors should refer to the actual provisions of the MCSAA for more information, including definitions of key terms, various exclusions from the statute's scope, and the procedures by which stockholders may approve the reinstatement of voting rights to holders of "control shares."

About PGIM and Prudential Financial, Inc.

PGIM, the global asset management business of Prudential Financial, Inc. (NYSE: PRU), ranks among the top 10 largest asset managers in the world¹ with more than $1.3 trillion in assets under management as of March 31, 2020. With offices in 16 countries, PGIM's businesses offer a range of investment solutions for retail and institutional investors around the world across a broad range of asset classes, including public fixed income, private fixed income, fundamental equity, quantitative equity, real estate and alternatives. For more information about PGIM, visit pgim.com.

Prudential's additional businesses offer a variety of products and services, including life insurance, annuities and retirement-related services. For more information about Prudential, please visit news.prudential.com.

Data and commentary provided in this press release are for informational purposes only. PGIM Investments LLC, the Investment Manager of each Fund, and its affiliates do not engage in selling shares of the Funds.

Each Fund is a diversified, closed-end management investment company managed by PGIM Investments LLC and subadvised by PGIM Fixed Income, a business unit of PGIM, Inc., and an affiliate of the investment manager.

These Funds invest in high yield ("junk") bonds, which are subject to greater credit and market risks, including greater risk of default; derivative securities, which may carry market, credit, and liquidity risks; foreign securities, which are subject to currency fluctuation and political uncertainty; and emerging markets securities, which are subject to greater volatility and price declines. Fixed income investments are subject to interest rate risk, where their value will decline as interest rates rise. There are fees and expenses involved with investing in these Funds. Diversification does not assure a profit or protect against a loss in declining markets. There is no guarantee that dividends or distributions will be paid.

An investment in a closed-end fund's common stock may be speculative in that it involves a high degree of risk, should not constitute a complete investment program, and may result in loss of principal. Each closed-end fund will have its own unique investment strategy, risks, charges and expenses that need to be considered before investing.

This material is being provided for informational or educational purposes only and does not take into account the investment objectives or financial situation of any client or prospective clients. The information is not intended as investment advice and is not a recommendation about managing or investing your retirement savings. Clients seeking information regarding their particular investment needs should contact a financial professional. Please consult with a qualified investment professional if you wish to obtain investment advice.

PGIM Fixed Income is a unit of PGIM, Inc., which is a registered investment advisor and Prudential Financial company. © 2020 Prudential Financial, Inc. and its related entities. PGIM and the PGIM logo are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.

Investment products are not insured by the FDIC or any federal government agency, may lose value, and are not a deposit of or guaranteed by any bank or any bank affiliate.

¹Pensions & Investments' Top Money Managers list, June 1, 2020; based on Prudential Financial total worldwide institutional assets under management as of March 31, 2020. Assets under management (AUM) are based on company estimates and are subject to change.

1037958-00002-00 Expiration July 31, 2021

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