PRUDENTIAL PLC JONATHAN BLOOMER GROUP CHIEF EXECUTIVE

1. PRUDENTIAL PLC JONATHAN BLOOMER GROUP CHIEF EXECUTIVE MERRILL LYNCH EUROPEAN BANKING AND INSURANCE CONFERENCE 8 OCTOBER 2003

2. This presentation may contain certain "forward-looking statements" with respect to certain of Prudential's plans and its current goals and expectations relating to its future financial condition, performance and results. By their nature, all forward-looking statements involve risk and uncertainty because they relate to future events and circumstances which are beyond Prudential's control including among other things, UK domestic and global economic and business conditions, market related risks such as fluctuations in interest rates and exchange rates, the policies and actions of regulatory authorities, the impact of competition, inflation, deflation, the timing, impact and other uncertainties of future acquisitions or combinations within relevant industries, as well as the impact of tax and other legislation and other regulations in the jurisdictions in which Prudential and its affiliates operate. As a result, Prudential's actual future financial condition, performance and results may differ materially from the plans, goals, and expectations set forth in Prudential's forward-looking statements. Prudential undertakes no obligation to update the forward looking statements contained in this presentation or any other forward looking statements it may make.

3. AN INTERNATIONALLY-DIVERSIFIED BUSINESS UK & Europe USA Asia

4. GEOGRAPHICAL DIVERSIFICATION New business achieved profits 1998 1H New business achieved profits 2003 1H

5. UK INSURANCE OPERATIONS: FROM SIZE TO SCALE £27 BILLION SAVINGS GAP • Product range focused solely on profitable segments • average spread on individual annuities of over 150bps, an increase of nearly 50bps since 1H2002 • group pensions via business-to-business channel continues to grow • leading distributor of with-profit bonds through IFAs; developing next generation products • Addition of bancassurance to strong distribution franchise • developing wider partnership with Abbey National • Zurich partnership successfully launched in May 2003 • conversations continue with potential bank partners

6. UK INSURANCE OPERATIONS: MANAGING COSTS COST REDUCTIONS ON TARGET £m • £155m of savings realised • Annualised value of £180m • Mumbai office opened 30 May 2003 • £200m of annualised savings by end of 2003

7. ASSET MANAGEMENT: M&G ROBUST PROFITABILITY PERFORMANCE M&G Profits £m • Operating profits up, despite falling equity markets • Well-diversified revenue stream • Continued life fund out-performance • No 2 retail mutual fund provider in UK • Building European presence

8. EGG: VALUE PER CUSTOMER CONTINUES TO TREND UPWARDS Revenue per customer has grown steadily, while cost per customer has fallen sharply Total Egg customers up to 3 million in UK Marketing acquisition costs remain at £20-25 per card

9. JACKSON NATIONAL LIFE: OVERVIEW US HAS 70% OF WORLD’S RETIREMENT ASSETS • Scale player in US life industry • Low-cost, flexible infrastructure • Excellent product manufacturing and administrative capability • Relationship-driven distribution model • Strong risk management capabilities and financial discipline

10. JACKSON NATIONAL LIFE: NEW INITIATIVES MOVING INTO THE MANAGED ACCOUNT BUSINESS • Capitalises on JNL’s strengths • distribution • technology • innovation • From $2,000,000 of assets down to $25,000 • All the advantages of a consultative sale process • portfolio customisation • automation of tax and paperwork • Attractive business proposition for producers and customers in any market climate • Continued diversification of JNL’s sales and asset mix

11. THE ASIAN OPPORTUNITY Population (m) Long-term GDP Growth Rates Now 2030 China India Indonesia Japan Vietnam Philippines Thailand S. Korea Malaysia Taiwan Hong Kong Singapore 1,259 986 206 126 80 76 62 46 22 22 7 4 1,470 1,380 285 117 110 119 77 53 34 32 8 4 Percentage of Holdings By Asset Class Savings Rates Other/Misc Mutual Funds Equities Fixed Income Securities Pensions Life Insurance Cash/Deposits

12. ASIA: LIFE MARKETS OVERVIEW LIFE PENETRATION INCREASES AS ECONOMIES DEVELOP Life Penetration • North Asian markets dominate in terms of scale • Strong correlation between GDP per capita and penetration of life insurance • Inflexion point at $10,000 • Tremendous potential for nascent markets (eg. urban populations in China and India) Penetration, 19991 = $1bn in NB Premiums 12% 10% S Korea Japan 8% 6% Taiwan Hong Kong 4% Singapore Malaysia 2% Philippines India Thailand Indonesia China 0% Vietnam 100 1,000 10,000 100,000 Per Capita GDP2, USD (log scale) 1. Source: Swiss Re; 2. Source: CIA

13. WELL-DIVERSIFIED IN TERMS OF GEOGRAPHY, PRODUCTS AND DISTRIBUTION South Asia Greater China North Asia Country Sing Mal Thai Indo Phil Vietnam India HK Taiwan China* Japan Korea Products: Life: traditional unit-linked Mutual funds General Distribution: Agency Bank Broker Direct Top 5 Positions: Life (by new business) Mutual funds (by FUM) 1994 June 2003 * Guangzhou

14. LONG-TERM COMMITMENT TO THE REGION PRUDENTIAL BRAND IS A POWERFUL ASSET Prudence UK heritage and credentials Understanding customer needs Strong competitive advantage for PCA

15. A POWERFUL REGIONAL PRESENCE RECOGNITION THROUGHOUT THE REGION

16. 23 BANK PARTNERS ACROSS 11 COUNTRIES

17. Nippon Life • Cathay Life • Samsung Life • Aegon • Aviva • Mass Mutual • US Prudential • Sun Life • Zurich • Axa A LEADING REGIONAL LIFE INSURANCE PLAYER Number of markets with top 5 Life position • Second only to AIG in penetration and overall life market share • With the exception of large domestic players such as Cathay Life (Taiwan), Nippon Life (Japan) Samsung Life (Korea) and Great Eastern Life (Singapore and Malaysia) all the principle regional players are North American or European • AIG 6-8 Prudential • Manulife • Allianz 4-5 • Great Eastern • NY Life • ING 2-3 0-1 1-2 3-6 7-8 9+ Number of market presences/life licences As at March 2003 Source: PCA analysis

18. PRUDENTIAL CORPORATION ASIA: SUSTAINING MOMENTUM • 4.7m customers, up from 3.5m a year ago • India’s largest private sector life company with 37.1% new business market share* • PCA Life Japan: focus on financial advisers • Launched new Beijing life operations in Q303 • Product mix actively managed • Increasing operating efficiencies • Ongoing focus on agency quality • Piloting new CRM programmes • Updating customer research Continuing to build scale Investing for the future Managing profitability Strengthening customer relationships * For private sector – 3.0% share of market new business including LIC

19. MUTUAL FUNDS: A REGIONAL LEADERSHIP OPPORTUNITY • Leading positions in India and Taiwan • JV with Bank of China in Hong Kong • Licensed and operating in Japan, Malaysia, Singapore • Second largest fully owned foreign ITMC in Korea Building a platform to become regional mutual fund leader

20. ASIA: MODEST CAPITAL REQUIREMENT NET CAPITAL FLOWS 274 • Total net capital invested 1994 to H1 2003: £890m • Net capital requirement of circa £100m per annum until 2005 144 158 143 76 56 22 11 7 (1)

21. ASIA PROFIT PROGRESSION 1998 1999 2000 2001 2002 1H2003 (£m) (£m) (£m) (£m) (£m) (£m) New business achieved profit 56 90 153 255 307 123 Margin 74% 73% 60% 59% 60% 51% Retail FUM * 69 453 1,649 3,296 5,232 5,886 Operating achieved profit 83 125 213 415 516 162 before development expenses MSB profit from established 29 31 40 56 79 40 operations *Includes mutual funds under management and Hong Kong Mandatory Provident Fund

22. CONCLUSION MANAGING THE BUSINESS IN A TOUGH ENVIRONMENT • Solid start to the year demonstrated in 2003 • International diversification provides platform for profitable growth • Continued growth in Asia • Financial strength underpins market presence