Document:

Exhibit 4.3

 

PRUDENTIAL PLC DEED OF INDEMNITY

 

NAME: Mark Tucker

 

Between

 

(1)                                  Prudential plc (registered number 01397169) whose
registered office is at Laurence Pountney Hill, London EC4R 0HH (“Prudential”); and

 

(2)                                  Mark Edward Tucker of Flat
1, 78 Eaton Place, London, SW1X 8AU (the “Beneficiary “).

 

Background

 

(A)                              The Beneficiary holds, or will from time
to time hold, the position of:

 

(i)                                    director, officer, employee, trustee,
representative or like position of any member of the Group; or

 

(ii)                                 director, officer, employee, trustee,
governor, councillor, representative or like position in any external
organisation at the request of any member of the Group (or as a result of being
a director, officer, employee, trustee or representative, or holding like position
in respect of, any member of the Group).

 

(B)                                Prudential has agreed to indemnify the
Beneficiary and his Dependants against certain personal liabilities and
expenses arising out of or in connection with such positions on the terms of
this Deed.

 

(C)                                Prudential will not, however, indemnify
the Beneficiary and his Dependants if it is contrary to law.

 

Agreement

 

1.                                     Indemnity

 

Subject
to the following paragraphs of this Deed, Prudential undertakes to indemnify
each Beneficiary Family Member and hold each Beneficiary Family Member harmless
against any and all losses, damages, costs, liabilities, demands, charges,
penalties, fines or expenses (including without limitation any and all losses,
costs, liabilities, charges or expenses properly and reasonably suffered or
incurred (including advisory fees) in investigating, responding to, preparing
for or disputing any claim, action, demand, proceedings, investigation,
judgment or award, in each case whether or not successful, compromised or
settled, which may be instituted, made, threatened or alleged against or
otherwise involve any of the Beneficiary Family Members in any jurisdiction
(each a “Claim”) which the Beneficiary Family
Members may suffer or incur in any jurisdiction (“Losses”)
and which in any such case arise out of the carrying out or performance,
whether before (subject to paragraph 17 below) or after the date of this Deed,
by the Beneficiary of the Beneficiary’s duties as a director, officer,
employee, trustee, representative or like position of any member of the Group
or as a director, officer, employee, trustee, governor, councillor,
representative or like position in any external organisation where such
position is held at the request of any member of the Group or as a result of
being a director, officer, employee, trustee or representative, or holding like
position in respect of, any member of the Group.

 

 

2.                                     Indemnity to take effect subject
to law and regulation

 

The
indemnity contained in paragraph 1 shall not apply to the extent that it would
be void by virtue of, or contravenes, the Companies Act 2006 or any other
applicable law or regulation (including without limitation listing rules).

 

3.                                     Proceedings for which indemnity
cannot be claimed

 

Subject
to paragraph 5, the indemnity contained in paragraph 1 shall not extend to any
liability incurred by the Beneficiary, (i) to any member of the Group, (ii) to
pay a fine imposed in criminal proceedings, (iii) to pay a sum payable to
a regulatory authority by way of a penalty in respect of non-compliance with
any requirement of a regulatory nature (however arising), (iv) in
defending any criminal proceedings in which the Beneficiary is convicted, (v) as
a result of, or in connection with any act or omission by the Beneficiary which
is determined by any relevant court, tribunal or other legal or regulatory
authority, or otherwise judicially, determined, to constitute fraud,
dishonesty, bad faith, wilful default or criminal act on the part of the
Beneficiary, (vi) in defending civil proceedings brought by any member of
the Group in which judgment is given against the Beneficiary or (vii) in
connection with any application under the Application for Relief Sections in
which the Court refuses to grant relief to the Beneficiary.

 

4.                                     Loss of earnings and of other
employment benefits

 

The
indemnity contained in paragraph 1 shall not apply in respect of any loss of
earnings or of any other employment benefit, including but not limited to
rights to bonus or other monetary incentives, share options or other share-based
incentives or pension or other retirement benefits, which any Beneficiary
Family Member may suffer as a result of any period of disqualification
imposed by any relevant court, tribunal or other legal or regulatory authority.

 

5.                                     Advances in respect of
proceedings

 

Where
any Beneficiary Family Member properly and reasonably suffers or incurs losses,
costs, liabilities, charges or expenses (including without limitation advisory
fees) in investigating, responding to, preparing for or disputing any Claim,
the Beneficiary shall be entitled to claim indemnity under paragraph 1 (for
himself and/or on behalf of any Beneficiary Family Member) forthwith after the
same becomes due and payable by the Beneficiary Family Member, provided that if
such Claim:

 

(a)                      relates to a criminal offence in relation
to which the Beneficiary is convicted;

 

(b)                     relates to civil proceedings brought by
any member of the Group in which judgment is given against the Beneficiary;

 

(c)                      relate to any matters in respect of which
any relevant court, tribunal or other legal or regulatory authority determines
that any act or omission by the Beneficiary constitutes fraud, dishonesty, bad
faith or wilful default on the part of the Beneficiary; or

 

(d)                     relates to any application under the
Application for Relief Sections in which the Court refuses to grant the
Beneficiary relief,

 

Prudential
shall be entitled to refuse to provide indemnification (or, as the case may be,
any further indemnification) pursuant to the indemnity contained in paragraph 1
and where Prudential has already paid amounts to the Beneficiary pursuant to
the indemnity contained in paragraph 1, such amounts shall be reimbursed to
Prudential by the Beneficiary not later than (i) in the event of the
Beneficiary being convicted, the date on which such conviction has become
final, (ii) in the event of judgment being given against the Beneficiary,
the date on which such judgment has become final, (iii) in the event of
any relevant court, tribunal or other legal or regulatory authority determining
that any act or omission by the Beneficiary constitutes fraud, dishonesty, bad
faith or wilful default on the part of the Beneficiary, the date of such
determination or (iv) in the event of the court refusing to grant the
Beneficiary relief on the application, the date on which such refusal for
relief has become final.

 

 

6.                                     Termination and survival

 

The
provisions of this Deed shall survive:

 

(a)                      the Beneficiary moving to another role
within the Group which does not have the benefit of an indemnity equivalent to
the indemnity contained in paragraph 1; and

 

(b)                     the termination of an appointment of the
Beneficiary which is held at the request of any member of the Group, excluding:

 

(i)                                    termination by the Beneficiary otherwise
than in accordance with its terms (unless the circumstances are such as to
entitle the Beneficiary to treat himself as constructively dismissed); or

 

(ii)                                 termination by any member of the Group in
accordance with any right to dismiss the Beneficiary summarily for cause.

 

7.                                     Notification of Prudential

 

The
Beneficiary shall notify Prudential in writing promptly upon becoming aware of
any matter for which indemnity may be sought under paragraph 1, providing
to Prudential all such information as the Beneficiary has of the circumstances
of the relevant matter, and shall thereafter notify Prudential of all
developments in relation to such matter. The Beneficiary acknowledges that
Prudential may provide such information to its insurers and advisers and
to, any other member of the Group and agrees to respond promptly to all
reasonable requests from Prudential in relation to any matter relating to the
indemnity contained in paragraph 1.

 

8.                                     Conduct of Claims

 

(a)                      The Beneficiary shall, subject to
paragraph 8(b), have conduct of the defence and settlement of any Claim, but
Prudential shall have the right (but not the obligation) to associate itself
with such Claim. Prudential shall not be required or, without the consent of
the Beneficiary (such consent not to be unreasonably withheld or delayed),
permitted to assume the conduct of the Claim made against the Beneficiary.

 

(b)                     The Beneficiary shall conduct all Claims
diligently and competently using the legal and other representatives mutually
acceptable to the Beneficiary and Prudential. The Beneficiary shall keep
Prudential informed of the progress of any Claim and recognises the right of
Prudential to provide at its discretion input into the conduct of any Claim.
The Beneficiary shall not settle or compromise any Claim without Prudential’s
consent (such consent not to be unreasonably withheld or delayed).

 

9.                                     Recovery against other persons

 

If
Prudential pays any amount in respect of any Loss and any Beneficiary Family
Member is, or subsequently becomes, entitled to recover from any other person
any amount in respect of such Loss (including without limitation by way of tax
credit, allowance, repayment or relief), then, subject to there being no
reasonable prospect of any Beneficiary Family Member being prejudiced and to
Prudential agreeing to indemnify the Beneficiary Family Members against all
reasonable costs and expenses which might be incurred, Prudential may either:

 

(a)                      request that the Beneficiary take (or
procure that any Dependant take) all reasonable steps to enforce such recovery.
If Prudential so elects then the Beneficiary must so act and must procure that
all and any amounts recovered, less all reasonable costs, charges and expenses
incurred and not recovered by any Beneficiary Family Member in making such
recovery, will be applied in promptly repaying to Prudential the amount paid by
Prudential in respect of the Loss; or

 

 

(b)                     exercise its right to be subrogated to
the extent of such payment to any or all the Beneficiary Family Members’ rights
of recovery against third parties in respect of the payment. If Prudential so
elects then the Beneficiary shall (or. shall procure that the Dependants
shall), promptly on request from Prudential, execute all papers reasonably
required and shall do everything necessary to enable Prudential to bring,
maintain and conclude an action effectively, either in the name of all or any
Beneficiary Family Members or in its own name, at Prudential’s discretion.

 

10.                               Recovery under other indemnities
and insurance

 

(a)                      Subject to paragraph 10(c), the Beneficiary
agrees to take, and to procure that the Dependants take, all reasonable steps
to claim and recover under any other indemnity or insurance policy before he
makes a claim under the indemnity contained in paragraph 1. The indemnity
contained in paragraph 1 operates only in excess of any right to indemnity or
insurance which any Beneficiary Family Member may have (irrespective of
any wording to the contrary in any indemnity or insurance policy concerned),
and no person other than the Beneficiary shall have the right to pursue any
claim against Prudential under the indemnity contained in paragraph 1 (or to
seek contribution from Prudential) whether in his own name or that of any
Beneficiary Family Member.

 

(b)                     Provided that the Beneficiary complies
with paragraph 10(a), Prudential will advance to the Beneficiary the funds
necessary to make a payment in respect of a Loss pending receipt by the
Beneficiary Family Member of the amounts due under any other indemnity and/or
insurance policy in excess of which the indemnity contained in paragraph 1
operates. Any such advance will not operate to extinguish, erode or otherwise
limit in any way whatsoever the Beneficiary Family Members’ entitlement under
the other indemnity and/or insurance policy and the Beneficiary shall remit (or
shall procure that there shall be remitted) to Prudential all and any payments
and/or benefits received pursuant thereto subsequent to the date of the advance
required to repay the advance.

 

(c)                      The obligation to take all reasonable
steps to claim and recover under any other indemnity or insurance policy set
out in paragraph 10(a) shall not operate in respect of any policy of
executives’ and officers’ liability insurance for which any member of the Group
is the named policyholder and which requires that any Beneficiary Family Member
be indemnified by a member of the Group prior to any claim being brought under
that policy.

 

11.                               Deductions required to be made by
Prudential or a Beneficiary Family Member

 

(a)                      All amounts payable by Prudential to, or
on behalf of, any Beneficiary Family Member under this Deed of indemnity will
be paid without any deductions unless they are required by law. If any
deductions are required by law, Prudential will pay to, or on behalf of, the
Beneficiary Family Member an amount which will, after any deduction has been
made, result in the Beneficiary Family Member receiving the same amount as the
Beneficiary Family Member would have been entitled to receive in the absence of
any requirement to make a deduction.

 

(b)                     If any amount payable by Prudential under
this Deed of indemnity is subject to tax in the hands of the Beneficiary Family
Member in any jurisdiction, the amount payable will be increased so that the
net amount received by the Beneficiary after taking that tax into account is
equal to the full amount which would have been received by the Beneficiary
Family Member if that tax had not been payable.

 

(c)                      To the extent that any Beneficiary Family
Member obtains any tax credit, allowance, repayment or relief as a result of
Prudential paying any increased amount under this paragraph 11, the Beneficiary
shall repay, or procure that the Dependant repays, to

 

 

Prudential
the amount necessary to reflect the principle that, after tax, the Beneficiary
Family Member is to be put in the same position as if the deduction or charge
to tax had not been required or incurred in the first place.

 

12.                               No double recovery

 

Notwithstanding
the provisions of this Deed, the Beneficiary shall have the benefit of any
indemnity, insurance, agreement, undertaking or commitment entered into with,
or on his behalf by, any member of the Group whether before (subject to
paragraph 17 below) or after the date of this Deed, provided that he shall not
be entitled to recover more than once under this indemnity and any other
indemnity, insurance, agreement, undertaking or commitment in respect of any
Loss.

 

13.                               Interpretation

 

In
this Deed:

 

(a)                      “Application for Relief
Sections” means,

 

when such provisions have come into force:

 

(i)                                   section 661(3) or (4) of
the Companies Act 2006 (acquisition of shares by innocent nominee); or

 

(ii)                                section 1157 of the Companies Act
2006 (general power to grant relief in case of honest and reasonable conduct);

 

but until such provisions have come into force shall
mean:

 

(iii)                             section 144(3) or (4) of the Companies
Act 1985 or Article 154(3) or (4) of the Companies (Northern
Ireland) Order 1986 (acquisition of shares by innocent nominee); or

 

(ii)                                section 727 of the Companies Act
1985 or Article 675 of the Companies (Northern Ireland) Order 1986
(general power to grant relief in case of honest and reasonable conduct);

 

(b)                     “Beneficiary Family Members”
mean the Beneficiary and the Dependants;

 

(c)                      “Claim” has the
meaning ascribed to it in paragraph 1;

 

(d)                     “Companies Act 1985”
means the Companies Act 1985 as amended, modified, re enacted or replaced from
time to time;

 

(e)                      “Companies Act 2006”
means the Companies Act 2006 as amended, modified, re enacted or replaced from
time to time;

 

(f)                        “Deed” means
this deed;

 

(g)                     “Dependant”
means:

 

(i)                                    the Beneficiary’s spouse or civil
partner;

 

(ii)                                 any other person (whether of a different
sex or the same sex) with whom the Beneficiary lives as partner in an enduring
family relationship other than the Beneficiary’s grandparent or grandchild,
sister, brother, aunt or uncle, or nephew or niece;

 

(iii)                              the Beneficiary’s children or step-children;

 

 

(iv)                              any children or step-children of a person
within paragraph 13(g)(ii) (and who are not children or step-children of
the Beneficiary) who live with the Beneficiary and have not attained the age of
18; and

 

(v)                                 the Beneficiary’s parents;

 

(h)                     “director” shall
include without limitation shadow director;

 

(i)                         “Existing Indemnity”
means any previous agreement between the Beneficiary and Prudential relating to
the subject matter of this Deed, including any indemnity previously given by
Prudential to any Beneficiary Family Member in respect of any of the matters
covered by this Deed;

 

(j)                         “Group” means
Prudential or any subsidiary or holding company of Prudential or any subsidiary
of a holding company of Prudential;

 

(k)                      “Losses” have
the meaning ascribed to them in paragraph 1;

 

(l)                         “holding company”
and “subsidiary” have the meanings ascribed
to them in the Companies Act 2006;

 

(m)                   a reference to a “conviction”,
“judgment”, “determination”
or “refusal of relief” is a reference to
one that has become final. For these purposes, a conviction, judgment,
determination or refusal of relief becomes final:

 

(i)                                     if not appealed against, at the end of the
period for bringing an appeal; or

 

(ii)                                  if appealed against, at the time when the
appeal (or any further appeal) is disposed of.

 

An appeal is disposed of:

 

(iii)                               if it is determined and the period for bringing any
further appeal has ended; or

 

(iv)                              if it is abandoned or otherwise ceases to
have effect; and

 

(n)                     any reference to the masculine shall as
appropriate be a reference to the feminine.

 

14.                               Claims and enforcement

 

(a)                      Prudential shall be entitled to take
steps in relation to the provisions of this Deed. In taking any such step,
Prudential may act for itself and/or on behalf of any of all other members
of the Group.

 

(b)                     The Beneficiary and his personal
representatives and estate shall be entitled to make a claim, and take any
other steps, in relation to the provisions of this Deed. In taking any such
step, the Beneficiary may act for himself and/or on behalf of any or all
of the Dependants.

 

(c)                      Subject to paragraphs 14(a) and (b),
any person other than Prudential and the Beneficiary may not enforce any
of the provisions of this Deed under the Contracts (Rights of Third Parties)
Act 1999.

 

15.                               Miscellaneous

 

(a)                      The Beneficiary may not assign or
otherwise transfer any rights or obligations set out in this Deed.

 

 

(b)                     Any failure by Prudential or the
Beneficiary to exercise any right, power or privilege available under this Deed
is not a waiver for the purposes of this Deed nor will any single or partial
exercise thereof preclude any further exercise of any right, power or
privilege.

 

(c)                      The provisions of this Deed may only
be amended in writing signed by or on behalf of Prudential and the Beneficiary.

 

(d)                     If any provision of this Deed is held to
be illegal, invalid or unenforceable in whole or in part, the remaining
provisions shall continue to be valid.

 

(e)                      Prudential and the Beneficiary
acknowledge that any contract, agreement, commitment or undertaking in respect
of the Beneficiary’s role as a director, officer, employee, trustee or
representative of Prudential incorporates, and accordingly is made on and
subject to, the provisions of the Memorandum and Articles of Association of
Prudential.

 

16.                               Employment terms and conditions

 

If the
Beneficiary is also an employee of any member of the Group, the Beneficiary
acknowledges that this Deed shall be deemed to be incorporated into the
employment contract between the Beneficiary and the relevant member of the
Group as supplementary terms thereto.

 

17.                               Effective date

 

(a)                                  The effective date of the indemnity
contained in paragraph 1 shall depend on the date of commencement of the
Beneficiary’s position as director, officer, employee, trustee, representative
or like position of any member of the Group, or as director, officer, employee,
trustee, governor, councillor, representative or like position in any external
organisation at the request of any member of the Group (or as a result of being
a director, officer, employee, trustee or representative, or holding like
position in respect of, any member of the Group) (“Prudential
Position”).

 

(b)                                 If the date of commencement of the
Beneficiary’s Prudential Position was before 1 October 2007:

 

(i)                            the indemnity contained in paragraph 1
shall apply (to the exclusion of any Existing Indemnity), in respect of any
Claims or Losses made or incurred on or after 1 October 2007; and

 

(ii)                         this Deed supersedes any Existing
Indemnity in respect of any Claims or Losses made or incurred on or after 1 October 2007,
and the Beneficiary undertakes (on behalf of himself and all Beneficiary Family
Members) not to claim against Prudential under any Existing Indemnity in
respect of any Claims or Losses made or incurred on or after 1 October 2007.
For the avoidance of doubt, any Existing Indemnity shall remain in effect for
the purposes of claims by the Beneficiary Family Member in respect of Claims or
Losses made or incurred before 1 October 2007.

 

(c)                                  If the date of commencement of the
Beneficiary’s Prudential Position was or is on or after 1 October 2007,
the indemnity contained in paragraph 1 shall apply in respect of any Claims or
Losses made or incurred on or after the date of commencement of the Beneficiary’s
Prudential Position.

 

18.                               Governing law

 

The
provisions set out in this Deed are governed by and must be interpreted in
accordance with English law.

 

 

19.                               Arbitration

 

(a)                      Any dispute, controversy or claim arising
out of or in connection with this Deed shall be referred to and finally
resolved by arbitration under the Rules or Arbitration of the
International Chamber of Commerce (“ICC Rules”) by
three arbitrators appointed in accordance with the ICC Rules.

 

(b)                     The seat of the arbitration shall be
London and the language of the arbitration (in which each member of the
tribunal shall be fluent) shall be English.

 

This document  has been executed as a deed and is to be treated as
delivered on the later of (a) being executed and dated by Prudential and (b) being
signed and dated by the Beneficiary.

 

	
  Executed and
  delivered as a deed

  	
  )

  	
   

  
	
  by affixing the
  common seal of

  	
  )

  	
   

  
	
  Prudential
  plc in the
  presence of:

  	
  )

  	
   

  
	
   

  	
   

  	
   

  
	
  /s/ Peter
  Maynard

  	
   

  	
   

  
	
  Authorised
  signatory

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Date: 

  	
  11/3/08

  	
   

  	
   

  
					

 

 

Acknowledged and agreed:

 

	
  Signed and delivered as
  a deed

  	
  )

  	
   

  	
   

  
	
  by Mark Tucker

  	
  )

  	
   

  	
   

  
	
  in the presence of:

  	
  )

  	
  /s/ Mark E
  Tucker

  	
    (Signature)

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  12/03/08

  	
    (Date)

  
					

 

	
  Witness signature:

  	
  /s/ Susan M Henderson

  	
   

  
	
   

  	
   

  	
   

  
	
  Witness name:

  	
  Susan Margaret Henderson

  	
   

  
	
   

  	
   

  	
   

  
	
  Witness address:

  	
  14
  Lyndhurst Avenue,

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Pinner, Middlesex, HA5
  3XA

  	
   

  

 

 

PRUDENTIAL PLC DEED OF INDEMNITY

 

NAME: Clark Manning

 

Between

 

(1)                                  Prudential plc (registered number 01397169) whose
registered office is at Laurence Pountney Hill, London EC4R 0HH (“Prudential”); and

 

(2)                                  Clark Preston Manning of 2003 Birch Bluff Drive, Okemos, MI 48864, USA (the “Beneficiary”).

 

Background

 

(A)                              The Beneficiary holds, or will from time to
time hold, the position of:

 

(i)                                    director, officer, employee, trustee,
representative or like position of any member of the Group; or

 

(ii)                                 director, officer, employee, trustee,
governor, councillor, representative or like position in any external
organisation at the request of any member of the Group (or as a result of being
a director, officer, employee, trustee or representative, or holding like position
in respect of, any member of the Group).

 

(B)                                Prudential has agreed to indemnify the
Beneficiary and his Dependants against certain personal liabilities and
expenses arising out of or in connection with such positions on the terms of
this Deed.

 

(C)                                Prudential will not, however, indemnify the
Beneficiary and his Dependants if it is contrary to law.

 

Agreement

 

1.                                     Indemnity

 

Subject to the following paragraphs of this Deed,
Prudential undertakes to indemnify each Beneficiary Family Member and hold each
Beneficiary Family Member harmless against any and all losses, damages, costs,
liabilities, demands, charges, penalties, fines or expenses (including without
limitation any and all losses, costs, liabilities, charges or expenses properly
and reasonably suffered or incurred (including advisory fees) in investigating,
responding to, preparing for or disputing any claim, action, demand,
proceedings, investigation, judgment or award, in each case whether or not
successful, compromised or settled, which may be instituted, made,
threatened or alleged against or otherwise involve any of the Beneficiary
Family Members in any jurisdiction (each a “Claim”)
which the Beneficiary Family Members may suffer or incur in any
jurisdiction (“Losses”) and which in any such
case arise out of the carrying out or performance, whether before (subject to
paragraph 17 below) or after the date of this Deed, by the Beneficiary of the
Beneficiary’s duties as a director, officer, employee, trustee, representative
or like position of any member of the Group or as a director, officer,
employee, trustee, governor, councillor, representative or like position in any
external organisation where such position is held at the request of any member
of the Group or as a result of being a director, officer, employee, trustee or
representative, or holding like position in respect of, any member of the
Group.

 

 

2.                                     Indemnity to take effect subject
to law and regulation

 

The indemnity contained in paragraph 1 shall not
apply to the extent that it would be void by virtue of, or contravenes, the
Companies Act 2006 or any other applicable law or regulation (including without
limitation listing rules).

 

3.                                     Proceedings for which indemnity
cannot be claimed

 

Subject to paragraph 5, the indemnity contained in
paragraph 1 shall not extend to any liability incurred by the Beneficiary, (i) to
any member of the Group, (ii) to pay a fine imposed in criminal
proceedings, (iii) to pay a sum payable to a regulatory authority by way
of a penalty in respect of non-compliance with any requirement of a regulatory
nature (however arising), (iv) in defending any criminal proceedings in
which the Beneficiary is convicted, (v) as a result of, or in connection
with any act or omission by the Beneficiary which is determined by any relevant
court, tribunal or other legal or regulatory authority, or otherwise
judicially, determined, to constitute fraud, dishonesty, bad faith, wilful
default or criminal act on the part of the Beneficiary, (vi) in
defending civil proceedings brought by any member of the Group in which
judgment is given against the Beneficiary or (vii) in connection with any
application under the Application for Relief Sections in which the Court
refuses to grant relief to the Beneficiary.

 

4.                                     Loss of earnings and of other
employment benefits

 

The indemnity contained in paragraph 1 shall not
apply in respect of any loss of earnings or of any other employment benefit,
including but not limited to rights to bonus or other monetary incentives,
share options or other share-based incentives or pension or other retirement
benefits, which any Beneficiary Family Member may suffer as a result of
any period of disqualification imposed by any relevant court, tribunal or other
legal or regulatory authority.

 

5.                                     Advances in respect of proceedings

 

Where any Beneficiary Family Member properly and
reasonably suffers or incurs losses, costs, liabilities, charges or expenses
(including without limitation advisory fees) in investigating, responding to,
preparing for or disputing any Claim, the Beneficiary shall be entitled to
claim indemnity under paragraph 1 (for himself and/or on behalf of any
Beneficiary Family Member) forthwith after the same becomes due and payable by
the Beneficiary Family Member, provided that if such Claim:

 

(a)                     relates to a criminal offence in relation to
which the Beneficiary is convicted;

 

(b)                    relates to civil proceedings brought by any
member of the Group in which judgment is given against the Beneficiary;

 

(c)                     relate to any matters in respect of which any
relevant court, tribunal or other legal or regulatory authority determines that
any act or omission by the Beneficiary constitutes fraud, dishonesty, bad faith
or wilful default on the part of the Beneficiary; or

 

(d)                    relates to any application under the
Application for Relief Sections in which the Court refuses to grant the
Beneficiary relief,

 

Prudential shall be entitled to refuse to provide
indemnification (or, as the case may be, any further indemnification)
pursuant to the indemnity contained in paragraph 1 and where Prudential has
already paid amounts to the Beneficiary pursuant to the indemnity contained in
paragraph 1, such amounts shall be reimbursed to Prudential by the Beneficiary
not later than (i) in the event of the Beneficiary being convicted, the
date on which such conviction has become final, (ii) in the event of
judgment being given against the Beneficiary, the date on which such judgment
has become final, (iii) in the event of any relevant court, tribunal or other
legal or regulatory authority determining that any act or omission by the
Beneficiary constitutes fraud, dishonesty, bad faith or wilful default on the part of
the Beneficiary, the 

 

 

date of such determination or (iv) in the event
of the court refusing to grant the Beneficiary relief on the application, the
date on which such refusal for relief has become final.

 

6.                                     Termination and survival

 

The provisions of this Deed shall survive:

 

(a)                      the Beneficiary moving to another role within
the Group which does not have the benefit of an indemnity equivalent to the
indemnity contained in paragraph 1; and

 

(b)                     the termination of an appointment of the
Beneficiary which is held at the request of any member of the Group, excluding:

 

(i)                                    termination by the Beneficiary otherwise than
in accordance with its terms (unless the circumstances are such as to entitle
the Beneficiary to treat himself as constructively dismissed); or

 

(ii)                                 termination by any member of the Group in
accordance with any right to dismiss the Beneficiary summarily for cause.

 

7.                                     Notification of Prudential

 

The Beneficiary shall notify Prudential in writing
promptly upon becoming aware of any matter for which indemnity may be
sought under paragraph 1, providing to Prudential all such information as the
Beneficiary has of the circumstances of the relevant matter, and shall
thereafter notify Prudential of all developments in relation to such matter.
The Beneficiary acknowledges that Prudential may provide such information
to its insurers and advisers and to, any other member of the Group and agrees
to respond promptly to all reasonable requests from Prudential in relation to
any matter relating to the indemnity contained in paragraph 1.

 

8.                                     Conduct of Claims

 

(a)                      The Beneficiary shall, subject to paragraph
8(b), have conduct of the defence and settlement of any Claim, but Prudential
shall have the right (but not the obligation) to associate itself with such
Claim. Prudential shall not be required or, without the consent of the
Beneficiary (such consent not to be unreasonably withheld or delayed),
permitted to assume the conduct of the Claim made against the Beneficiary.

 

(b)                     The Beneficiary shall conduct all Claims
diligently and competently using the legal and other representatives mutually
acceptable to the Beneficiary and Prudential. The Beneficiary shall keep
Prudential informed of the progress of any Claim and recognises the right of
Prudential to provide at its discretion input into the conduct of any Claim.
The Beneficiary shall not settle or compromise any Claim without Prudential’s consent
(such consent not to be unreasonably withheld or delayed).

 

9.                                     Recovery against other persons

 

If Prudential pays any
amount in respect of any Loss and any Beneficiary Family Member is, or
subsequently becomes, entitled to recover from any other person any amount in
respect of such Loss (including without limitation by way of tax credit,
allowance, repayment or relief), then, subject to there being no reasonable
prospect of any Beneficiary Family Member being prejudiced and to Prudential
agreeing to indemnify the Beneficiary Family Members against all reasonable
costs and expenses which might be incurred, Prudential may either:

 

(a)                      request that the Beneficiary take (or procure
that any Dependant take) all reasonable steps to enforce such recovery. If
Prudential so elects then the Beneficiary must so act and must procure that all
and any amounts recovered, less all reasonable costs, charges and expenses
incurred and not recovered by any Beneficiary Family Member 

 

 

in making such recovery, will be applied in promptly
repaying to Prudential the amount paid by Prudential in respect of the Loss; or

 

(b)                     exercise its right to be subrogated to the
extent of such payment to any or all the Beneficiary Family Members’ rights of
recovery against third parties in respect of the payment. If Prudential so
elects then the Beneficiary shall (or. shall procure that the Dependants
shall), promptly on request from Prudential, execute all papers reasonably
required and shall do everything necessary to enable Prudential to bring,
maintain and conclude an action effectively, either in the name of all or any
Beneficiary Family Members or in its own name, at Prudential’s discretion.

 

10.                               Recovery under other indemnities and insurance

 

(a)                      Subject to paragraph 10(c), the Beneficiary
agrees to take, and to procure that the Dependants take, all reasonable steps
to claim and recover under any other indemnity or insurance policy before he
makes a claim under the indemnity contained in paragraph 1. The indemnity
contained in paragraph 1 operates only in excess of any right to indemnity or
insurance which any Beneficiary Family Member may have (irrespective of
any wording to the contrary in any indemnity or insurance policy concerned),
and no person other than the Beneficiary shall have the right to pursue any
claim against Prudential under the indemnity contained in paragraph 1 (or to
seek contribution from Prudential) whether in his own name or that of any
Beneficiary Family Member.

 

(b)                     Provided that the Beneficiary complies with paragraph
10(a), Prudential will advance to the Beneficiary the funds necessary to make a
payment in respect of a Loss pending receipt by the Beneficiary Family Member
of the amounts due under any other indemnity and/or insurance policy in excess
of which the indemnity contained in paragraph 1 operates. Any such advance will
not operate to extinguish, erode or otherwise limit in any way whatsoever the
Beneficiary Family Members’ entitlement under the other indemnity and/or
insurance policy and the Beneficiary shall remit (or shall procure that there
shall be remitted) to Prudential all and any payments and/or benefits received
pursuant thereto subsequent to the date of the advance required to repay the
advance.

 

(c)                      The obligation to take all reasonable steps
to claim and recover under any other indemnity or insurance policy set out in
paragraph 10(a) shall not operate in respect of any policy of executives’
and officers’ liability insurance for which any member of the Group is the
named policyholder and which requires that any Beneficiary Family Member be
indemnified by a member of the Group prior to any claim being brought under
that policy.

 

11.                               Deductions required to be made by Prudential or a Beneficiary Family
Member

 

(a)                      All amounts payable by Prudential to, or on
behalf of, any Beneficiary Family Member under this Deed of indemnity will be
paid without any deductions unless they are required by law. If any deductions
are required by law, Prudential will pay to, or on behalf of, the Beneficiary
Family Member an amount which will, after any deduction has been made, result
in the Beneficiary Family Member receiving the same amount as the Beneficiary
Family Member would have been entitled to receive in the absence of any
requirement to make a deduction.

 

(b)                     If any amount payable by Prudential under
this Deed of indemnity is subject to tax in the hands of the Beneficiary Family
Member in any jurisdiction, the amount payable will be increased so that the
net amount received by the Beneficiary after taking that tax into account is
equal to the full amount which would have been received by the Beneficiary
Family Member if that tax had not been payable.

 

 

(c)                      To the extent that any Beneficiary Family
Member obtains any tax credit, allowance, repayment or relief as a result of
Prudential paying any increased amount under this paragraph 11, the Beneficiary
shall repay, or procure that the Dependant repays, to Prudential the amount
necessary to reflect the principle that, after tax, the Beneficiary Family
Member is to be put in the same position as if the deduction or charge to tax
had not been required or incurred in the first place.

 

12.                               No double recovery

 

Notwithstanding the provisions of this Deed, the
Beneficiary shall have the benefit of any indemnity, insurance, agreement,
undertaking or commitment entered into with, or on his behalf by, any member of
the Group whether before (subject to paragraph 17 below) or after the date of
this Deed, provided that he shall not be entitled to recover more than once
under this indemnity and any other indemnity, insurance, agreement, undertaking
or commitment in respect of any Loss.

 

13.                               Interpretation

 

In this Deed:

 

(a)                      “Application for Relief
Sections” means,

 

when such provisions have
come into force:

 

(i)                                    section 661(3) or (4) of the
Companies Act 2006 (acquisition of shares by innocent nominee); or

 

(ii)                                 section 1157 of the Companies Act 2006
(general power to grant relief in case of honest and reasonable conduct);

 

but until such provisions
have come into force shall mean:

 

(iii)                              section 144(3) or (4) of the
Companies Act 1985 or Article 154(3) or (4) of the Companies
(Northern Ireland) Order 1986 (acquisition of shares by innocent nominee); or

 

(ii)                                 section 727 of the Companies Act 1985 or
Article 675 of the Companies (Northern Ireland) Order 1986 (general power
to grant relief in case of honest and reasonable conduct);

 

(b)                    “Beneficiary Family Members”
mean the Beneficiary and the Dependants;

 

(c)                     “Claim” has the
meaning ascribed to it in paragraph 1;

 

(d)                    “Companies Act 1985”
means the Companies Act 1985 as amended, modified, re enacted or replaced from
time to time;

 

(e)                     “Companies Act 2006”
means the Companies Act 2006 as amended, modified, re enacted or replaced from
time to time;

 

(f)                       “Deed” means
this deed;

 

(g)                    “Dependant”
means:

 

(i)                                    the Beneficiary’s spouse or civil partner;

 

(ii)                                 any other person (whether of a different sex
or the same sex) with whom the Beneficiary lives as partner in an enduring
family relationship other than the 

 

 

Beneficiary’s grandparent or
grandchild, sister, brother, aunt or uncle, or nephew or niece;

 

(iii)                              the Beneficiary’s children or step-children;

 

(iv)                             any children or step-children of a person
within paragraph 13(g)(ii) (and who are not children or step-children of
the Beneficiary) who live with the Beneficiary and have not attained the age of
18; and

 

(v)                                 the Beneficiary’s parents;

 

(h)                    “director” shall
include without limitation shadow director;

 

(i)                        “Existing Indemnity”
means any previous agreement between the Beneficiary and Prudential relating to
the subject matter of this Deed, including any indemnity previously given by
Prudential to any Beneficiary Family Member in respect of any of the matters
covered by this Deed;

 

(j)                        “Group” means
Prudential or any subsidiary or holding company of Prudential or any subsidiary
of a holding company of Prudential;

 

(k)                     “Losses” have
the meaning ascribed to them in paragraph 1;

 

(l)                        “holding company”
and “subsidiary” have the meanings ascribed
to them in the Companies Act 2006;

 

(m)                  a reference to a “conviction”,
“judgment”, “determination”
or “refusal of relief” is a reference to
one that has become final. For these purposes, a conviction, judgment,
determination or refusal of relief becomes final:

 

(i)                                     if not appealed against, at the end of the
period for bringing an appeal; or

 

(ii)                                  if appealed against, at the time when the
appeal (or any further appeal) is disposed of.

 

An appeal is disposed of:

 

(iii)                               if it is determined and the period for
bringing any further appeal has ended; or

 

(iv)                              if it is abandoned or otherwise ceases to
have effect; and

 

(n)                     any reference to the masculine shall as
appropriate be a reference to the feminine.

 

14.                               Claims and enforcement

 

(a)                      Prudential shall be entitled to take steps in
relation to the provisions of this Deed. In taking any such step, Prudential may act
for itself and/or on behalf of any of all other members of the Group.

 

(b)                     The Beneficiary and his personal
representatives and estate shall be entitled to make a claim, and take any
other steps, in relation to the provisions of this Deed. In taking any such
step, the Beneficiary may act for himself and/or on behalf of any or all
of the Dependants.

 

(c)                      Subject to paragraphs 14(a) and (b), any
person other than Prudential and the Beneficiary may not enforce any of
the provisions of this Deed under the Contracts (Rights of Third Parties) Act
1999.

 

 

15.                               Miscellaneous

 

(a)                      The Beneficiary may not assign or
otherwise transfer any rights or obligations set out in this Deed.

 

(b)                    Any failure by Prudential or the Beneficiary
to exercise any right, power or privilege available under this Deed is not a
waiver for the purposes of this Deed nor will any single or partial exercise
thereof preclude any further exercise of any right, power or privilege.

 

(c)                      The provisions of this Deed may only be
amended in writing signed by or on behalf of Prudential and the Beneficiary.

 

(d)                    If any provision of this Deed is held to be
illegal, invalid or unenforceable in whole or in part, the remaining provisions
shall continue to be valid.

 

(e)                      Prudential and the Beneficiary acknowledge
that any contract, agreement, commitment or undertaking in respect of the
Beneficiary’s role as a director, officer, employee, trustee or representative
of Prudential incorporates, and accordingly is made on and subject to, the
provisions of the Memorandum and Articles of Association of Prudential.

 

16.                               Employment terms and conditions

 

If the Beneficiary is also an employee of any member
of the Group, the Beneficiary acknowledges that this Deed shall be deemed to be
incorporated into the employment contract between the Beneficiary and the
relevant member of the Group as supplementary terms thereto.

 

17.                               Effective date

 

(a)                                  The effective date of the indemnity contained
in paragraph 1 shall depend on the date of commencement of the Beneficiary’s
position as director, officer, employee, trustee, representative or like
position of any member of the Group, or as director, officer, employee,
trustee, governor, councillor, representative or like position in any external
organisation at the request of any member of the Group (or as a result of being
a director, officer, employee, trustee or representative, or holding like
position in respect of, any member of the Group) (“Prudential
Position”).

 

(b)                               If the date of commencement of the
Beneficiary’s Prudential Position was before 1 October 2007:

 

(i)                           the indemnity contained in paragraph 1 shall
apply (to the exclusion of any Existing Indemnity), in respect of any Claims or
Losses made or incurred on or after 1 October 2007; and

 

(ii)                        this Deed supersedes any Existing Indemnity
in respect of any Claims or Losses made or incurred on or after 1 October 2007,
and the Beneficiary undertakes (on behalf of himself and all Beneficiary Family
Members) not to claim against Prudential under any Existing Indemnity in
respect of any Claims or Losses made or incurred on or after 1 October 2007.
For the avoidance of doubt, any Existing Indemnity shall remain in effect for
the purposes of claims by the Beneficiary Family Member in respect of Claims or
Losses made or incurred before 1 October 2007.

 

(c)                                  If the date of commencement of the
Beneficiary’s Prudential Position was or is on or after 1 October 2007,
the indemnity contained in paragraph 1 shall apply in respect of any Claims or
Losses made or incurred on or after the date of commencement of the Beneficiary’s
Prudential Position.

 

 

18.                               Governing law

 

The provisions set out in this Deed are governed by
and must be interpreted in accordance with English law.

 

19.                               Arbitration

 

(a)                     Any dispute, controversy or claim arising out
of or in connection with this Deed shall be referred to and finally resolved by
arbitration under the Rules or Arbitration of the International Chamber of
Commerce (“ICC Rules”) by three arbitrators
appointed in accordance with the ICC Rules.

 

(b)                     The seat of the arbitration shall be London
and the language of the arbitration (in which each member of the tribunal shall
be fluent) shall be English.

 

This
document  has been executed as a deed and is to
be treated as delivered on the later of (a) being executed and dated by
Prudential and (b) being signed and dated by the Beneficiary.

 

	
  Executed
  and delivered as a deed

  	
  )

  
	
  by
  affixing the common seal of

  	
  )

  
	
  Prudential
  plc in the presence
  of:

  	
  )

  
	
   

  	
   

  
	
  /s/
  Peter Maynard

  	
   

  
	
  Authorised
  signatory

  	
   

  
	
   

  	
   

  	
   

  
	
  Date:
  

  	
  11/3/08

  	
   

  

 

 

Acknowledged
and agreed:

 

	
  Signed
  and delivered as a deed

  	
  )

  	
   

  	
   

  
	
  by
  Clark Manning

  	
  )

  	
   

  	
   

  
	
  in
  the presence of:

  	
  )

  	
  /s/ Clark Manning

  	
    (Signature)

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  12/3/08

  	
    (Date)

  
					

 

	
  Witness
  signature:

  	
  /s/
  Susan M Henderson

  	
   

  
	
   

  	
   

  	
   

  
	
  Witness
  name:

  	
  Susan
  Margaret Henderson

  	
   

  
	
   

  	
   

  	
   

  
	
  Witness
  address:

  	
  14
  Lyndhurst Avenue,

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Pinner,
  Middlesex, HA5 3XA

  	
   

  

 

 

PRUDENTIAL PLC DEED OF INDEMNITY

 

NAME: Michael McLintock

 

Between

 

(1)                                  Prudential plc (registered number 01397169) whose
registered office is at Laurence Pountney Hill, London EC4R 0HH (“Prudential”); and

 

(2)                                  Michael George Alexander McLintock
of The Old Rectory, Rectory Lane, Longworth,
Abingdon, OX13 5DZ (the “Beneficiary “).

 

Background

 

(A)                              The Beneficiary holds, or will from time
to time hold, the position of:

 

(i)                                    director, officer, employee, trustee,
representative or like position of any member of the Group; or

 

(ii)                                 director, officer, employee, trustee,
governor, councillor, representative or like position in any external
organisation at the request of any member of the Group (or as a result of being
a director, officer, employee, trustee or representative, or holding like
position in respect of, any member of the Group).

 

(B)                               Prudential has agreed to indemnify the
Beneficiary and his Dependants against certain personal liabilities and
expenses arising out of or in connection with such positions on the terms of
this Deed.

 

(C)                               Prudential will not, however, indemnify
the Beneficiary and his Dependants if it is contrary to law.

 

Agreement

 

1.                                     Indemnity

 

Subject
to the following paragraphs of this Deed, Prudential undertakes to indemnify
each Beneficiary Family Member and hold each Beneficiary Family Member harmless
against any and all losses, damages, costs, liabilities, demands, charges,
penalties, fines or expenses (including without limitation any and all losses,
costs, liabilities, charges or expenses properly and reasonably suffered or
incurred (including advisory fees) in investigating, responding to, preparing
for or disputing any claim, action, demand, proceedings, investigation,
judgment or award, in each case whether or not successful, compromised or
settled, which may be instituted, made, threatened or alleged against or
otherwise involve any of the Beneficiary Family Members in any jurisdiction
(each a “Claim”) which the Beneficiary Family
Members may suffer or incur in any jurisdiction (“Losses”)
and which in any such case arise out of the carrying out or performance,
whether before (subject to paragraph 17 below) or after the date of this Deed,
by the Beneficiary of the Beneficiary’s duties as a director, officer,
employee, trustee, representative or like position of any member of the Group
or as a director, officer, employee, trustee, governor, councillor,
representative or like position in any external organisation where such
position is held at the request of any member of the Group or as a result of
being a director, officer, employee, trustee or representative, or holding like
position in respect of, any member of the Group.

 

 

2.                                     Indemnity to take effect subject
to law and regulation

 

The
indemnity contained in paragraph 1 shall not apply to the extent that it would
be void by virtue of, or contravenes, the Companies Act 2006 or any other
applicable law or regulation (including without limitation listing rules).

 

3.                                     Proceedings for which indemnity
cannot be claimed

 

Subject
to paragraph 5, the indemnity contained in paragraph 1 shall not extend to any
liability incurred by the Beneficiary, (i) to any member of the Group, (ii) to
pay a fine imposed in criminal proceedings, (iii) to pay a sum payable to
a regulatory authority by way of a penalty in respect of non-compliance with
any requirement of a regulatory nature (however arising), (iv) in
defending any criminal proceedings in which the Beneficiary is convicted, (v) as
a result of, or in connection with any act or omission by the Beneficiary which
is determined by any relevant court, tribunal or other legal or regulatory
authority, or otherwise judicially, determined, to constitute fraud,
dishonesty, bad faith, wilful default or criminal act on the part of the
Beneficiary, (vi) in defending civil proceedings brought by any member of
the Group in which judgment is given against the Beneficiary or (vii) in
connection with any application under the Application for Relief Sections in
which the Court refuses to grant relief to the Beneficiary.

 

4.                                     Loss of earnings and of other
employment benefits

 

The
indemnity contained in paragraph 1 shall not apply in respect of any loss of
earnings or of any other employment benefit, including but not limited to
rights to bonus or other monetary incentives, share options or other
share-based incentives or pension or other retirement benefits, which any
Beneficiary Family Member may suffer as a result of any period of
disqualification imposed by any relevant court, tribunal or other legal or
regulatory authority.

 

5.                                     Advances in respect of
proceedings

 

Where
any Beneficiary Family Member properly and reasonably suffers or incurs losses,
costs, liabilities, charges or expenses (including without limitation advisory
fees) in investigating, responding to, preparing for or disputing any Claim,
the Beneficiary shall be entitled to claim indemnity under paragraph 1 (for
himself and/or on behalf of any Beneficiary Family Member) forthwith after the
same becomes due and payable by the Beneficiary Family Member, provided that if
such Claim:

 

(a)                     relates to a criminal offence in relation
to which the Beneficiary is convicted;

 

(b)                    relates to civil proceedings brought by
any member of the Group in which judgment is given against the Beneficiary;

 

(c)                     relate to any matters in respect of which
any relevant court, tribunal or other legal or regulatory authority determines
that any act or omission by the Beneficiary constitutes fraud, dishonesty, bad
faith or wilful default on the part of the Beneficiary; or

 

(d)                    relates to any application under the
Application for Relief Sections in which the Court refuses to grant the
Beneficiary relief,

 

Prudential
shall be entitled to refuse to provide indemnification (or, as the case may be,
any further indemnification) pursuant to the indemnity contained in paragraph 1
and where Prudential has already paid amounts to the Beneficiary pursuant to
the indemnity contained in paragraph 1, such amounts shall be reimbursed to
Prudential by the Beneficiary not later than (i) in the event of the Beneficiary
being convicted, the date on which such conviction has become final, (ii) in
the event of judgment being given against the Beneficiary, the date on which
such judgment has become final, (iii) in the event of any relevant court,
tribunal or other legal or regulatory authority determining that any act or
omission by the Beneficiary constitutes fraud, dishonesty, bad faith or wilful
default on the part of the Beneficiary, the 

 

 

date
of such determination or (iv) in the event of the court refusing to grant
the Beneficiary relief on the application, the date on which such refusal for
relief has become final.

 

6.                                     Termination and survival

 

The
provisions of this Deed shall survive:

 

(a)                     the Beneficiary moving to another role
within the Group which does not have the benefit of an indemnity equivalent to
the indemnity contained in paragraph 1; and

 

(b)                    the termination of an appointment of the
Beneficiary which is held at the request of any member of the Group, excluding:

 

(i)                                    termination by the Beneficiary otherwise
than in accordance with its terms (unless the circumstances are such as to
entitle the Beneficiary to treat himself as constructively dismissed); or

 

(ii)                                 termination by any member of the Group in
accordance with any right to dismiss the Beneficiary summarily for cause.

 

7.                                     Notification of Prudential

 

The
Beneficiary shall notify Prudential in writing promptly upon becoming aware of
any matter for which indemnity may be sought under paragraph 1, providing
to Prudential all such information as the Beneficiary has of the circumstances
of the relevant matter, and shall thereafter notify Prudential of all
developments in relation to such matter. The Beneficiary acknowledges that
Prudential may provide such information to its insurers and advisers and to,
any other member of the Group and agrees to respond promptly to all reasonable
requests from Prudential in relation to any matter relating to the indemnity
contained in paragraph 1.

 

8.                                     Conduct of Claims

 

(a)                      The Beneficiary shall, subject to
paragraph 8(b), have conduct of the defence and settlement of any Claim, but
Prudential shall have the right (but not the obligation) to associate itself
with such Claim. Prudential shall not be required or, without the consent of
the Beneficiary (such consent not to be unreasonably withheld or delayed),
permitted to assume the conduct of the Claim made against the Beneficiary.

 

(b)                     The Beneficiary shall conduct all Claims
diligently and competently using the legal and other representatives mutually
acceptable to the Beneficiary and Prudential. The Beneficiary shall keep
Prudential informed of the progress of any Claim and recognises the right of
Prudential to provide at its discretion input into the conduct of any Claim.
The Beneficiary shall not settle or compromise any Claim without Prudential’s
consent (such consent not to be unreasonably withheld or delayed).

 

9.                                     Recovery against other persons

 

If
Prudential pays any amount in respect of any Loss and any Beneficiary Family
Member is, or subsequently becomes, entitled to recover from any other person
any amount in respect of such Loss (including without limitation by way of tax
credit, allowance, repayment or relief), then, subject to there being no
reasonable prospect of any Beneficiary Family Member being prejudiced and to
Prudential agreeing to indemnify the Beneficiary Family Members against all
reasonable costs and expenses which might be incurred, Prudential may either:

 

(a)                      request that the Beneficiary take (or
procure that any Dependant take) all reasonable steps to enforce such recovery.
If Prudential so elects then the Beneficiary must so act and must procure that
all and any amounts recovered, less all reasonable costs, charges and expenses
incurred and not recovered by any Beneficiary Family Member 

 

 

in
making such recovery, will be applied in promptly repaying to Prudential the
amount paid by Prudential in respect of the Loss; or

 

(b)                     exercise its right to be subrogated to
the extent of such payment to any or all the Beneficiary Family Members’ rights
of recovery against third parties in respect of the payment. If Prudential so
elects then the Beneficiary shall (or. shall procure that the Dependants
shall), promptly on request from Prudential, execute all papers reasonably
required and shall do everything necessary to enable Prudential to bring,
maintain and conclude an action effectively, either in the name of all or any
Beneficiary Family Members or in its own name, at Prudential’s discretion.

 

10.                               Recovery under other indemnities
and insurance

 

(a)                      Subject to paragraph 10(c), the
Beneficiary agrees to take, and to procure that the Dependants take, all
reasonable steps to claim and recover under any other indemnity or insurance
policy before he makes a claim under the indemnity contained in paragraph 1.
The indemnity contained in paragraph 1 operates only in excess of any right to
indemnity or insurance which any Beneficiary Family Member may have
(irrespective of any wording to the contrary in any indemnity or insurance
policy concerned), and no person other than the Beneficiary shall have the
right to pursue any claim against Prudential under the indemnity contained in
paragraph 1 (or to seek contribution from Prudential) whether in his own name
or that of any Beneficiary Family Member.

 

(b)                     Provided that the Beneficiary complies
with paragraph 10(a), Prudential will advance to the Beneficiary the funds
necessary to make a payment in respect of a Loss pending receipt by the
Beneficiary Family Member of the amounts due under any other indemnity and/or insurance
policy in excess of which the indemnity contained in paragraph 1 operates. Any
such advance will not operate to extinguish, erode or otherwise limit in any
way whatsoever the Beneficiary Family Members’ entitlement under the other
indemnity and/or insurance policy and the Beneficiary shall remit (or shall
procure that there shall be remitted) to Prudential all and any payments and/or
benefits received pursuant thereto subsequent to the date of the advance
required to repay the advance.

 

(c)                      The obligation to take all reasonable
steps to claim and recover under any other indemnity or insurance policy set
out in paragraph 10(a) shall not operate in respect of any policy of
executives’ and officers’ liability insurance for which any member of the Group
is the named policyholder and which requires that any Beneficiary Family Member
be indemnified by a member of the Group prior to any claim being brought under
that policy.

 

11.                               Deductions required to be made by
Prudential or a Beneficiary Family Member

 

(a)                      All amounts payable by Prudential to, or
on behalf of, any Beneficiary Family Member under this Deed of indemnity will
be paid without any deductions unless they are required by law. If any
deductions are required by law, Prudential will pay to, or on behalf of, the
Beneficiary Family Member an amount which will, after any deduction has been
made, result in the Beneficiary Family Member receiving the same amount as the
Beneficiary Family Member would have been entitled to receive in the absence of
any requirement to make a deduction.

 

(b)                     If any amount payable by Prudential under
this Deed of indemnity is subject to tax in the hands of the Beneficiary Family
Member in any jurisdiction, the amount payable will be increased so that the
net amount received by the Beneficiary after taking that tax into account is
equal to the full amount which would have been received by the Beneficiary
Family Member if that tax had not been payable.

 

 

(c)                      To the extent that any Beneficiary Family
Member obtains any tax credit, allowance, repayment or relief as a result of
Prudential paying any increased amount under this paragraph 11, the Beneficiary
shall repay, or procure that the Dependant repays, to Prudential the amount
necessary to reflect the principle that, after tax, the Beneficiary Family
Member is to be put in the same position as if the deduction or charge to tax
had not been required or incurred in the first place.

 

12.                               No double recovery

 

Notwithstanding
the provisions of this Deed, the Beneficiary shall have the benefit of any
indemnity, insurance, agreement, undertaking or commitment entered into with,
or on his behalf by, any member of the Group whether before (subject to
paragraph 17 below) or after the date of this Deed, provided that he shall not
be entitled to recover more than once under this indemnity and any other
indemnity, insurance, agreement, undertaking or commitment in respect of any
Loss.

 

13.                               Interpretation

 

In
this Deed:

 

(a)                     “Application for Relief
Sections” means,

 

when such provisions have come into force:

 

(i)                                    section 661(3) or (4) of
the Companies Act 2006 (acquisition of shares by innocent nominee); or

 

(ii)                                 section 1157 of the Companies Act
2006 (general power to grant relief in case of honest and reasonable conduct);

 

but until such provisions have come into force shall
mean:

 

(iii)                              section 144(3) or (4) of the Companies
Act 1985 or Article 154(3) or (4) of the Companies (Northern
Ireland) Order 1986 (acquisition of shares by innocent nominee); or

 

(ii)                                 section 727 of the Companies Act
1985 or Article 675 of the Companies (Northern Ireland) Order 1986
(general power to grant relief in case of honest and reasonable conduct);

 

(b)                     “Beneficiary Family Members”
mean the Beneficiary and the Dependants;

 

(c)                      “Claim” has the
meaning ascribed to it in paragraph 1;

 

(d)                  “Companies Act 1985”
means the Companies Act 1985 as amended, modified, re enacted or replaced from
time to time;

 

(e)                   “Companies Act 2006”
means the Companies Act 2006 as amended, modified, re enacted or replaced from
time to time;

 

(f)                     “Deed” means
this deed;

 

(g)                  “Dependant”
means:

 

(i)                                    the Beneficiary’s spouse or civil
partner;

 

(ii)                                 any other person (whether of a different
sex or the same sex) with whom the Beneficiary lives as partner in an enduring
family relationship other than the 

 

 

Beneficiary’s grandparent or grandchild, sister,
brother, aunt or uncle, or nephew or niece;

 

(iii)                             the Beneficiary’s children or step-children;

 

(iv)                            any children or step-children of a person
within paragraph 13(g)(ii) (and who are not children or step-children of
the Beneficiary) who live with the Beneficiary and have not attained the age of
18; and

 

(v)                                 the Beneficiary’s parents;

 

(h)                     “director” shall
include without limitation shadow director;

 

(i)                        “Existing Indemnity”
means any previous agreement between the Beneficiary and Prudential relating to
the subject matter of this Deed, including any indemnity previously given by
Prudential to any Beneficiary Family Member in respect of any of the matters
covered by this Deed;

 

(j)                         “Group” means
Prudential or any subsidiary or holding company of Prudential or any subsidiary
of a holding company of Prudential;

 

(k)                      “Losses” have
the meaning ascribed to them in paragraph 1;

 

(l)                         “holding company”
and “subsidiary” have the meanings ascribed
to them in the Companies Act 2006;

 

(m)                   a reference to a “conviction”,
“judgment”, “determination”
or “refusal of relief” is a reference to
one that has become final. For these purposes, a conviction, judgment,
determination or refusal of relief becomes final:

 

(i)                                     if not appealed against, at the end of
the period for bringing an appeal; or

 

(ii)                                  if appealed against, at the time when the
appeal (or any further appeal) is disposed of.

 

An appeal is disposed of:

 

(iii)                               if it is determined and the period for bringing any
further appeal has ended; or

 

(iv)                              if it is abandoned or otherwise ceases to
have effect; and

 

(n)                     any reference to the masculine shall as
appropriate be a reference to the feminine.

 

14.                             Claims and enforcement

 

(a)                      Prudential shall be entitled to take
steps in relation to the provisions of this Deed. In taking any such step,
Prudential may act for itself and/or on behalf of any of all other members
of the Group.

 

(b)                     The Beneficiary and his personal
representatives and estate shall be entitled to make a claim, and take any
other steps, in relation to the provisions of this Deed. In taking any such
step, the Beneficiary may act for himself and/or on behalf of any or all
of the Dependants.

 

(c)                      Subject to paragraphs 14(a) and (b),
any person other than Prudential and the Beneficiary may not enforce any
of the provisions of this Deed under the Contracts (Rights of Third Parties)
Act 1999.

 

 

15.                             Miscellaneous

 

(a)                      The Beneficiary may not assign or
otherwise transfer any rights or obligations set out in this Deed.

 

(b)                     Any failure by Prudential or the
Beneficiary to exercise any right, power or privilege available under this Deed
is not a waiver for the purposes of this Deed nor will any single or partial
exercise thereof preclude any further exercise of any right, power or
privilege.

 

(c)                      The provisions of this Deed may only
be amended in writing signed by or on behalf of Prudential and the Beneficiary.

 

(d)                     If any provision of this Deed is held to
be illegal, invalid or unenforceable in whole or in part, the remaining
provisions shall continue to be valid.

 

(e)                      Prudential and the Beneficiary
acknowledge that any contract, agreement, commitment or undertaking in respect
of the Beneficiary’s role as a director, officer, employee, trustee or
representative of Prudential incorporates, and accordingly is made on and
subject to, the provisions of the Memorandum and Articles of Association of
Prudential.

 

16.                             Employment terms and conditions

 

If the
Beneficiary is also an employee of any member of the Group, the Beneficiary acknowledges
that this Deed shall be deemed to be incorporated into the employment contract
between the Beneficiary and the relevant member of the Group as supplementary
terms thereto.

 

17.                             Effective date

 

(a)                                  The effective date of the indemnity
contained in paragraph 1 shall depend on the date of commencement of the
Beneficiary’s position as director, officer, employee, trustee, representative
or like position of any member of the Group, or as director, officer, employee,
trustee, governor, councillor, representative or like position in any external
organisation at the request of any member of the Group (or as a result of being
a director, officer, employee, trustee or representative, or holding like
position in respect of, any member of the Group) (“Prudential
Position”).

 

(b)                                 If the date of commencement of the
Beneficiary’s Prudential Position was before 1 October 2007:

 

(i)                             the indemnity contained in paragraph 1
shall apply (to the exclusion of any Existing Indemnity), in respect of any
Claims or Losses made or incurred on or after 1 October 2007; and

 

(ii)                          this Deed supersedes any Existing
Indemnity in respect of any Claims or Losses made or incurred on or after 1 October 2007,
and the Beneficiary undertakes (on behalf of himself and all Beneficiary Family
Members) not to claim against Prudential under any Existing Indemnity in
respect of any Claims or Losses made or incurred on or after 1 October 2007.
For the avoidance of doubt, any Existing Indemnity shall remain in effect for
the purposes of claims by the Beneficiary Family Member in respect of Claims or
Losses made or incurred before 1 October 2007.

 

(c)                                  If the date of commencement of the
Beneficiary’s Prudential Position was or is on or after 1 October 2007,
the indemnity contained in paragraph 1 shall apply in respect of any Claims or
Losses made or incurred on or after the date of commencement of the Beneficiary’s
Prudential Position.

 

 

18.                               Governing law

 

The
provisions set out in this Deed are governed by and must be interpreted in
accordance with English law.

 

19.                                 Arbitration

 

(a)                      Any dispute, controversy or claim arising
out of or in connection with this Deed shall be referred to and finally
resolved by arbitration under the Rules or Arbitration of the
International Chamber of Commerce (“ICC Rules”) by
three arbitrators appointed in accordance with the ICC Rules.

 

(b)                     The seat of the arbitration shall be
London and the language of the arbitration (in which each member of the
tribunal shall be fluent) shall be English.

 

This document  has been executed as a deed and is to be treated as
delivered on the later of (a) being executed and dated by Prudential and (b) being
signed and dated by the Beneficiary.

 

	
  Executed and delivered
  as a deed

  	
  )

  
	
  by affixing the common
  seal of

  	
  )

  
	
  Prudential plc in the presence of:

  	
  )

  

 

	
  /s/ Peter Maynard

  	
   

  
	
  Authorised signatory

  	
   

  
	
   

  	
   

  	
   

  
	
  Date: 

  	
  11/3/08

  	
   

  

 

 

Acknowledged and agreed:

 

	
  Signed and delivered as
  a deed

  	
  )

  	
   

  	
   

  
	
  by Michael McLintock

  	
  )

  	
   

  	
   

  
	
  in the presence of:

  	
  )

  	
  /s/ Michael
  McLintock

  	
    (Signature)

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  12.3.08

  	
    (Date)

  
					

 

	
  Witness signature:

  	
  /s/ Susan M Henderson

  	
   

  
	
   

  	
   

  	
   

  
	
  Witness name:

  	
  Susan Margaret
  Henderson

  	
   

  
	
   

  	
   

  	
   

  
	
  Witness address:

  	
  14 Lyndhurst Avenue,

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Pinner, Middlesex, HA5
  3XA

  	
   

  

 

 

PRUDENTIAL PLC DEED OF INDEMNITY

 

NAME: Nicholas Prettejohn

 

Between

 

(1)                                  Prudential plc (registered number 01397169) whose
registered office is at Laurence Pountney Hill, London EC4R 0HH (“Prudential”); and

 

(2)                                  Nicholas Edward Tucker Prettejohn
of 78 Ebury Street, London, SW1W 9QD (the
“Beneficiary “).

 

Background

 

(A)                              The Beneficiary holds, or will from time
to time hold, the position of:

 

(i)                                   director, officer, employee, trustee,
representative or like position of any member of the Group; or

 

(ii)                                director, officer, employee, trustee,
governor, councillor, representative or like position in any external
organisation at the request of any member of the Group (or as a result of being
a director, officer, employee, trustee or representative, or holding like
position in respect of, any member of the Group).

 

(B)                                Prudential has agreed to indemnify the
Beneficiary and his Dependants against certain personal liabilities and
expenses arising out of or in connection with such positions on the terms of
this Deed.

 

(C)                                Prudential will not, however, indemnify
the Beneficiary and his Dependants if it is contrary to law.

 

Agreement

 

1.                                     Indemnity

 

Subject
to the following paragraphs of this Deed, Prudential undertakes to indemnify
each Beneficiary Family Member and hold each Beneficiary Family Member harmless
against any and all losses, damages, costs, liabilities, demands, charges,
penalties, fines or expenses (including without limitation any and all losses,
costs, liabilities, charges or expenses properly and reasonably suffered or
incurred (including advisory fees) in investigating, responding to, preparing
for or disputing any claim, action, demand, proceedings, investigation,
judgment or award, in each case whether or not successful, compromised or
settled, which may be instituted, made, threatened or alleged against or
otherwise involve any of the Beneficiary Family Members in any jurisdiction
(each a “Claim”) which the Beneficiary Family
Members may suffer or incur in any jurisdiction (“Losses”)
and which in any such case arise out of the carrying out or performance,
whether before (subject to paragraph 17 below) or after the date of this Deed,
by the Beneficiary of the Beneficiary’s duties as a director, officer,
employee, trustee, representative or like position of any member of the Group
or as a director, officer, employee, trustee, governor, councillor,
representative or like position in any external organisation where such
position is held at the request of any member of the Group or as a result of
being a director, officer, employee, trustee or representative, or holding like
position in respect of, any member of the Group.

 

 

2.                                     Indemnity to take effect subject
to law and regulation

 

The
indemnity contained in paragraph 1 shall not apply to the extent that it would
be void by virtue of, or contravenes, the Companies Act 2006 or any other
applicable law or regulation (including without limitation listing rules).

 

3.                                     Proceedings for which indemnity
cannot be claimed

 

Subject
to paragraph 5, the indemnity contained in paragraph 1 shall not extend to any
liability incurred by the Beneficiary, (i) to any member of the Group, (ii) to
pay a fine imposed in criminal proceedings, (iii) to pay a sum payable to
a regulatory authority by way of a penalty in respect of non-compliance with
any requirement of a regulatory nature (however arising), (iv) in
defending any criminal proceedings in which the Beneficiary is convicted, (v) as
a result of, or in connection with any act or omission by the Beneficiary which
is determined by any relevant court, tribunal or other legal or regulatory
authority, or otherwise judicially, determined, to constitute fraud,
dishonesty, bad faith, wilful default or criminal act on the part of the
Beneficiary, (vi) in defending civil proceedings brought by any member of
the Group in which judgment is given against the Beneficiary or (vii) in
connection with any application under the Application for Relief Sections in
which the Court refuses to grant relief to the Beneficiary.

 

4.                                       Loss of earnings and of other
employment benefits

 

The
indemnity contained in paragraph 1 shall not apply in respect of any loss of
earnings or of any other employment benefit, including but not limited to
rights to bonus or other monetary incentives, share options or other share-based
incentives or pension or other retirement benefits, which any Beneficiary
Family Member may suffer as a result of any period of disqualification
imposed by any relevant court, tribunal or other legal or regulatory authority.

 

5.                                       Advances in respect of
proceedings

 

Where
any Beneficiary Family Member properly and reasonably suffers or incurs losses,
costs, liabilities, charges or expenses (including without limitation advisory
fees) in investigating, responding to, preparing for or disputing any Claim,
the Beneficiary shall be entitled to claim indemnity under paragraph 1 (for
himself and/or on behalf of any Beneficiary Family Member) forthwith after the
same becomes due and payable by the Beneficiary Family Member, provided that if
such Claim:

 

(a)                      relates to a criminal offence in relation
to which the Beneficiary is convicted;

 

(b)                     relates to civil proceedings brought by
any member of the Group in which judgment is given against the Beneficiary;

 

(c)                      relate to any matters in respect of which
any relevant court, tribunal or other legal or regulatory authority determines
that any act or omission by the Beneficiary constitutes fraud, dishonesty, bad
faith or wilful default on the part of the Beneficiary; or

 

(d)                     relates to any application under the Application
for Relief Sections in which the Court refuses to grant the Beneficiary relief,

 

Prudential
shall be entitled to refuse to provide indemnification (or, as the case may be,
any further indemnification) pursuant to the indemnity contained in paragraph 1
and where Prudential has already paid amounts to the Beneficiary pursuant to
the indemnity contained in paragraph 1, such amounts shall be reimbursed to
Prudential by the Beneficiary not later than (i) in the event of the
Beneficiary being convicted, the date on which such conviction has become
final, (ii) in the event of judgment being given against the Beneficiary,
the date on which such judgment has become final, (iii) in the event of
any relevant court, tribunal or other legal or regulatory authority determining
that any act or omission by the Beneficiary constitutes fraud, dishonesty, bad
faith or wilful default on the part of the Beneficiary, the 

 

 

date
of such determination or (iv) in the event of the court refusing to grant
the Beneficiary relief on the application, the date on which such refusal for
relief has become final.

 

6.                                     Termination and survival

 

The
provisions of this Deed shall survive:

 

(a)                     the Beneficiary moving to another role
within the Group which does not have the benefit of an indemnity equivalent to
the indemnity contained in paragraph 1; and

 

(b)                    the termination of an appointment of the
Beneficiary which is held at the request of any member of the Group, excluding:

 

(i)                                    termination by the Beneficiary otherwise
than in accordance with its terms (unless the circumstances are such as to
entitle the Beneficiary to treat himself as constructively dismissed); or

 

(ii)                                 termination by any member of the Group in
accordance with any right to dismiss the Beneficiary summarily for cause.

 

7.                                     Notification of Prudential

 

The
Beneficiary shall notify Prudential in writing promptly upon becoming aware of
any matter for which indemnity may be sought under paragraph 1, providing
to Prudential all such information as the Beneficiary has of the circumstances
of the relevant matter, and shall thereafter notify Prudential of all
developments in relation to such matter. The Beneficiary acknowledges that
Prudential may provide such information to its insurers and advisers and
to, any other member of the Group and agrees to respond promptly to all
reasonable requests from Prudential in relation to any matter relating to the
indemnity contained in paragraph 1.

 

8.                                     Conduct of Claims

 

(a)                      The Beneficiary shall, subject to
paragraph 8(b), have conduct of the defence and settlement of any Claim, but
Prudential shall have the right (but not the obligation) to associate itself
with such Claim. Prudential shall not be required or, without the consent of
the Beneficiary (such consent not to be unreasonably withheld or delayed),
permitted to assume the conduct of the Claim made against the Beneficiary.

 

(b)                     The Beneficiary shall conduct all Claims
diligently and competently using the legal and other representatives mutually
acceptable to the Beneficiary and Prudential. The Beneficiary shall keep
Prudential informed of the progress of any Claim and recognises the right of
Prudential to provide at its discretion input into the conduct of any Claim.
The Beneficiary shall not settle or compromise any Claim without Prudential’s
consent (such consent not to be unreasonably withheld or delayed).

 

9.                                       Recovery against other persons

 

If Prudential pays any amount in respect of any Loss
and any Beneficiary Family Member is, or subsequently becomes, entitled to
recover from any other person any amount in respect of such Loss (including
without limitation by way of tax credit, allowance, repayment or relief), then,
subject to there being no reasonable prospect of any Beneficiary Family Member
being prejudiced and to Prudential agreeing to indemnify the Beneficiary Family
Members against all reasonable costs and expenses which might be incurred,
Prudential may either:

 

(a)                      request that the Beneficiary take (or
procure that any Dependant take) all reasonable steps to enforce such recovery.
If Prudential so elects then the Beneficiary must so act and must procure that
all and any amounts recovered, less all reasonable costs, charges and expenses
incurred and not recovered by any Beneficiary Family Member 

 

 

in
making such recovery, will be applied in promptly repaying to Prudential the
amount paid by Prudential in respect of the Loss; or

 

(b)                     exercise its right to be subrogated to
the extent of such payment to any or all the Beneficiary Family Members’ rights
of recovery against third parties in respect of the payment. If Prudential so
elects then the Beneficiary shall (or. shall procure that the Dependants
shall), promptly on request from Prudential, execute all papers reasonably
required and shall do everything necessary to enable Prudential to bring,
maintain and conclude an action effectively, either in the name of all or any
Beneficiary Family Members or in its own name, at Prudential’s discretion.

 

10.                               Recovery under other indemnities
and insurance

 

(a)                      Subject to paragraph 10(c), the
Beneficiary agrees to take, and to procure that the Dependants take, all
reasonable steps to claim and recover under any other indemnity or insurance
policy before he makes a claim under the indemnity contained in paragraph 1.
The indemnity contained in paragraph 1 operates only in excess of any right to
indemnity or insurance which any Beneficiary Family Member may have
(irrespective of any wording to the contrary in any indemnity or insurance
policy concerned), and no person other than the Beneficiary shall have the
right to pursue any claim against Prudential under the indemnity contained in
paragraph 1 (or to seek contribution from Prudential) whether in his own name
or that of any Beneficiary Family Member.

 

(b)                     Provided that the Beneficiary complies
with paragraph 10(a), Prudential will advance to the Beneficiary the funds
necessary to make a payment in respect of a Loss pending receipt by the
Beneficiary Family Member of the amounts due under any other indemnity and/or
insurance policy in excess of which the indemnity contained in paragraph 1
operates. Any such advance will not operate to extinguish, erode or otherwise
limit in any way whatsoever the Beneficiary Family Members’ entitlement under
the other indemnity and/or insurance policy and the Beneficiary shall remit (or
shall procure that there shall be remitted) to Prudential all and any payments
and/or benefits received pursuant thereto subsequent to the date of the advance
required to repay the advance.

 

(c)                      The obligation to take all reasonable
steps to claim and recover under any other indemnity or insurance policy set
out in paragraph 10(a) shall not operate in respect of any policy of
executives’ and officers’ liability insurance for which any member of the Group
is the named policyholder and which requires that any Beneficiary Family Member
be indemnified by a member of the Group prior to any claim being brought under
that policy.

 

11.                               Deductions required to be made by
Prudential or a Beneficiary Family Member

 

(a)                      All amounts payable by Prudential to, or
on behalf of, any Beneficiary Family Member under this Deed of indemnity will
be paid without any deductions unless they are required by law. If any
deductions are required by law, Prudential will pay to, or on behalf of, the
Beneficiary Family Member an amount which will, after any deduction has been
made, result in the Beneficiary Family Member receiving the same amount as the
Beneficiary Family Member would have been entitled to receive in the absence of
any requirement to make a deduction.

 

(b)                     If any amount payable by Prudential under
this Deed of indemnity is subject to tax in the hands of the Beneficiary Family
Member in any jurisdiction, the amount payable will be increased so that the
net amount received by the Beneficiary after taking that tax into account is
equal to the full amount which would have been received by the Beneficiary
Family Member if that tax had not been payable.

 

 

(c)                      To the extent that any Beneficiary Family
Member obtains any tax credit, allowance, repayment or relief as a result of
Prudential paying any increased amount under this paragraph 11, the Beneficiary
shall repay, or procure that the Dependant repays, to Prudential the amount
necessary to reflect the principle that, after tax, the Beneficiary Family Member
is to be put in the same position as if the deduction or charge to tax had not
been required or incurred in the first place.

 

12.                               No double recovery

 

Notwithstanding
the provisions of this Deed, the Beneficiary shall have the benefit of any
indemnity, insurance, agreement, undertaking or commitment entered into with,
or on his behalf by, any member of the Group whether before (subject to
paragraph 17 below) or after the date of this Deed, provided that he shall not
be entitled to recover more than once under this indemnity and any other
indemnity, insurance, agreement, undertaking or commitment in respect of any
Loss.

 

13.                               Interpretation

 

In
this Deed:

 

(a)                   “Application for Relief
Sections” means,

 

when such provisions have come into force:

 

(i)                                    section 661(3) or (4) of
the Companies Act 2006 (acquisition of shares by innocent nominee); or

 

(ii)                                 section 1157 of the Companies Act
2006 (general power to grant relief in case of honest and reasonable conduct);

 

but until such provisions have come into force shall
mean:

 

(iii)                              section 144(3) or (4) of the Companies
Act 1985 or Article 154(3) or (4) of the Companies (Northern
Ireland) Order 1986 (acquisition of shares by innocent nominee); or

 

(ii)                                 section 727 of the Companies Act
1985 or Article 675 of the Companies (Northern Ireland) Order 1986
(general power to grant relief in case of honest and reasonable conduct);

 

(b)                     “Beneficiary Family Members”
mean the Beneficiary and the Dependants;

 

(c)                      “Claim” has the
meaning ascribed to it in paragraph 1;

 

(d)                     “Companies Act 1985”
means the Companies Act 1985 as amended, modified, re enacted or replaced from
time to time;

 

(e)                      “Companies Act 2006”
means the Companies Act 2006 as amended, modified, re enacted or replaced from
time to time;

 

(f)                        “Deed” means
this deed;

 

(g)                     “Dependant”
means:

 

(i)                                    the Beneficiary’s spouse or civil
partner;

 

(ii)                                 any other person (whether of a different
sex or the same sex) with whom the Beneficiary lives as partner in an enduring
family relationship other than the 

 

 

Beneficiary’s
grandparent or grandchild, sister, brother, aunt or uncle, or nephew or niece;

 

(iii)                              the Beneficiary’s children or step-children;

 

(iv)                             any children or step-children of a person
within paragraph 13(g)(ii) (and who are not children or step-children of
the Beneficiary) who live with the Beneficiary and have not attained the age of
18; and

 

(v)                                the Beneficiary’s parents;

 

(h)                     “director” shall
include without limitation shadow director;

 

(i)                         “Existing Indemnity”
means any previous agreement between the Beneficiary and Prudential relating to
the subject matter of this Deed, including any indemnity previously given by
Prudential to any Beneficiary Family Member in respect of any of the matters
covered by this Deed;

 

(j)                         “Group” means
Prudential or any subsidiary or holding company of Prudential or any subsidiary
of a holding company of Prudential;

 

(k)                      “Losses” have
the meaning ascribed to them in paragraph 1;

 

(l)                         “holding company”
and “subsidiary” have the meanings ascribed
to them in the Companies Act 2006;

 

(m)                   a reference to a “conviction”,
“judgment”, “determination”
or “refusal of relief” is a reference to
one that has become final. For these purposes, a conviction, judgment,
determination or refusal of relief becomes final:

 

(i)                                    if not appealed against, at the end of
the period for bringing an appeal; or

 

(ii)                                 if appealed against, at the time when the
appeal (or any further appeal) is disposed of.

 

An appeal is disposed of:

 

(iii)                              if it is determined and the period for bringing any
further appeal has ended; or

 

(iv)                             if it is abandoned or otherwise ceases to
have effect; and

 

(n)                     any reference to the masculine shall as
appropriate be a reference to the feminine.

 

14.                               Claims and enforcement

 

(a)                     Prudential shall be entitled to take
steps in relation to the provisions of this Deed. In taking any such step,
Prudential may act for itself and/or on behalf of any of all other members
of the Group.

 

(b)                    The Beneficiary and his personal
representatives and estate shall be entitled to make a claim, and take any
other steps, in relation to the provisions of this Deed. In taking any such
step, the Beneficiary may act for himself and/or on behalf of any or all
of the Dependants.

 

(c)                     Subject to paragraphs 14(a) and (b),
any person other than Prudential and the Beneficiary may not enforce any
of the provisions of this Deed under the Contracts (Rights of Third Parties)
Act 1999.

 

 

15.                               Miscellaneous

 

(a)                      The Beneficiary may not assign or
otherwise transfer any rights or obligations set out in this Deed.

 

(b)                     Any failure by Prudential or the
Beneficiary to exercise any right, power or privilege available under this Deed
is not a waiver for the purposes of this Deed nor will any single or partial
exercise thereof preclude any further exercise of any right, power or
privilege.

 

(c)                      The provisions of this Deed may only
be amended in writing signed by or on behalf of Prudential and the Beneficiary.

 

(d)                     If any provision of this Deed is held to
be illegal, invalid or unenforceable in whole or in part, the remaining
provisions shall continue to be valid.

 

(e)                      Prudential and the Beneficiary
acknowledge that any contract, agreement, commitment or undertaking in respect
of the Beneficiary’s role as a director, officer, employee, trustee or
representative of Prudential incorporates, and accordingly is made on and
subject to, the provisions of the Memorandum and Articles of Association of
Prudential.

 

16.                               Employment terms and conditions

 

If the
Beneficiary is also an employee of any member of the Group, the Beneficiary
acknowledges that this Deed shall be deemed to be incorporated into the
employment contract between the Beneficiary and the relevant member of the
Group as supplementary terms thereto.

 

17.                               Effective date

 

(a)                                  The effective date of the indemnity
contained in paragraph 1 shall depend on the date of commencement of the
Beneficiary’s position as director, officer, employee, trustee, representative
or like position of any member of the Group, or as director, officer, employee,
trustee, governor, councillor, representative or like position in any external
organisation at the request of any member of the Group (or as a result of being
a director, officer, employee, trustee or representative, or holding like
position in respect of, any member of the Group) (“Prudential
Position”).

 

(b)                                 If the date of commencement of the
Beneficiary’s Prudential Position was before 1 October 2007:

 

(i)                            the indemnity contained in paragraph 1
shall apply (to the exclusion of any Existing Indemnity), in respect of any
Claims or Losses made or incurred on or after 1 October 2007; and

 

(ii)                         this Deed supersedes any Existing
Indemnity in respect of any Claims or Losses made or incurred on or after 1 October 2007,
and the Beneficiary undertakes (on behalf of himself and all Beneficiary Family
Members) not to claim against Prudential under any Existing Indemnity in
respect of any Claims or Losses made or incurred on or after 1 October 2007.
For the avoidance of doubt, any Existing Indemnity shall remain in effect for
the purposes of claims by the Beneficiary Family Member in respect of Claims or
Losses made or incurred before 1 October 2007.

 

(c)                                  If the date of commencement of the
Beneficiary’s Prudential Position was or is on or after 1 October 2007,
the indemnity contained in paragraph 1 shall apply in respect of any Claims or
Losses made or incurred on or after the date of commencement of the Beneficiary’s
Prudential Position.

 

 

18.                               Governing law

 

The
provisions set out in this Deed are governed by and must be interpreted in
accordance with English law.

 

19.                               Arbitration

 

(a)                      Any dispute, controversy or claim arising
out of or in connection with this Deed shall be referred to and finally
resolved by arbitration under the Rules or Arbitration of the
International Chamber of Commerce (“ICC Rules”) by
three arbitrators appointed in accordance with the ICC Rules.

 

(b)                     The seat of the arbitration shall be
London and the language of the arbitration (in which each member of the
tribunal shall be fluent) shall be English.

 

This document  has been executed as a deed and is to be treated as
delivered on the later of (a) being executed and dated by Prudential and (b) being
signed and dated by the Beneficiary.

 

	
  Executed and delivered
  as a deed

  	
  )

  
	
  by affixing the common
  seal of

  	
  )

  
	
  Prudential plc in the presence of:

  	
  )

  
	
   

  	
   

  
	
  /s/ Peter Maynard

  	
   

  
	
  Authorised signatory

  	
   

  
	
   

  	
   

  	
   

  
	
  Date:

  	
  11/3/08

  	
   

  

 

 

Acknowledged and agreed:

 

	
  Signed and delivered as
  a deed

  	
  )

  	
   

  	
   

  
	
  by Nicholas Prettejohn

  	
  )

  	
   

  	
   

  
	
  in the presence of:

  	
  )

  	
  /s/ N Prettejohn

  	
    (Signature)

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  12/03/08

  	
    (Date)

  
					

 

	
  Witness signature:

  	
  /s/ Susan M Henderson

  	
   

  
	
   

  	
   

  	
   

  
	
  Witness name:

  	
  Susan Margaret
  Henderson

  	
   

  
	
   

  	
   

  	
   

  
	
  Witness address:

  	
  14 Lyndhurst Avenue,

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Pinner, Middlesex, HA5
  3XA

  	
   

  

 

 

PRUDENTIAL PLC DEED OF INDEMNITY

 

NAME: Barry Stowe

 

Between

 

(1)                                  Prudential plc (registered number 01397169) whose
registered office is at Laurence Pountney Hill, London EC4R 0HH (“Prudential”); and

 

(2)                                  Barry Lee Stowe of Block
B, Flat 802, 31-33 Mount Kellet Road, The Peak, Hong Kong (the “Beneficiary “).

 

Background

 

(A)                              The Beneficiary holds, or will from time
to time hold, the position of:

 

(i)                                     director, officer, employee, trustee,
representative or like position of any member of the Group; or

 

(ii)                                  director, officer, employee, trustee,
governor, councillor, representative or like position in any external
organisation at the request of any member of the Group (or as a result of being
a director, officer, employee, trustee or representative, or holding like
position in respect of, any member of the Group).

 

(B)                                Prudential has agreed to indemnify the
Beneficiary and his Dependants against certain personal liabilities and
expenses arising out of or in connection with such positions on the terms of
this Deed.

 

(C)                                Prudential will not, however, indemnify
the Beneficiary and his Dependants if it is contrary to law.

 

Agreement

 

1.                                     Indemnity

 

Subject
to the following paragraphs of this Deed, Prudential undertakes to indemnify
each Beneficiary Family Member and hold each Beneficiary Family Member harmless
against any and all losses, damages, costs, liabilities, demands, charges,
penalties, fines or expenses (including without limitation any and all losses,
costs, liabilities, charges or expenses properly and reasonably suffered or
incurred (including advisory fees) in investigating, responding to, preparing
for or disputing any claim, action, demand, proceedings, investigation,
judgment or award, in each case whether or not successful, compromised or
settled, which may be instituted, made, threatened or alleged against or
otherwise involve any of the Beneficiary Family Members in any jurisdiction
(each a “Claim”) which the Beneficiary Family
Members may suffer or incur in any jurisdiction (“Losses”)
and which in any such case arise out of the carrying out or performance,
whether before (subject to paragraph 17 below) or after the date of this Deed,
by the Beneficiary of the Beneficiary’s duties as a director, officer,
employee, trustee, representative or like position of any member of the Group
or as a director, officer, employee, trustee, governor, councillor,
representative or like position in any external organisation where such
position is held at the request of any member of the Group or as a result of
being a director, officer, employee, trustee or representative, or holding like
position in respect of, any member of the Group.

 

 

2.                                     Indemnity to take effect subject
to law and regulation

 

The
indemnity contained in paragraph 1 shall not apply to the extent that it would
be void by virtue of, or contravenes, the Companies Act 2006 or any other
applicable law or regulation (including without limitation listing rules).

 

3.                                     Proceedings for which indemnity
cannot be claimed

 

Subject
to paragraph 5, the indemnity contained in paragraph 1 shall not extend to any
liability incurred by the Beneficiary, (i) to any member of the Group, (ii) to
pay a fine imposed in criminal proceedings, (iii) to pay a sum payable to
a regulatory authority by way of a penalty in respect of non-compliance with
any requirement of a regulatory nature (however arising), (iv) in
defending any criminal proceedings in which the Beneficiary is convicted, (v) as
a result of, or in connection with any act or omission by the Beneficiary which
is determined by any relevant court, tribunal or other legal or regulatory
authority, or otherwise judicially, determined, to constitute fraud,
dishonesty, bad faith, wilful default or criminal act on the part of the
Beneficiary, (vi) in defending civil proceedings brought by any member of
the Group in which judgment is given against the Beneficiary or (vii) in
connection with any application under the Application for Relief Sections in
which the Court refuses to grant relief to the Beneficiary.

 

4.                                     Loss of earnings and of other
employment benefits

 

The
indemnity contained in paragraph 1 shall not apply in respect of any loss of
earnings or of any other employment benefit, including but not limited to
rights to bonus or other monetary incentives, share options or other
share-based incentives or pension or other retirement benefits, which any
Beneficiary Family Member may suffer as a result of any period of
disqualification imposed by any relevant court, tribunal or other legal or
regulatory authority.

 

5.                                       Advances in respect of
proceedings

 

Where
any Beneficiary Family Member properly and reasonably suffers or incurs losses,
costs, liabilities, charges or expenses (including without limitation advisory
fees) in investigating, responding to, preparing for or disputing any Claim,
the Beneficiary shall be entitled to claim indemnity under paragraph 1 (for
himself and/or on behalf of any Beneficiary Family Member) forthwith after the
same becomes due and payable by the Beneficiary Family Member, provided that if
such Claim:

 

(a)                      relates to a criminal offence in relation
to which the Beneficiary is convicted;

 

(b)                     relates to civil proceedings brought by
any member of the Group in which judgment is given against the Beneficiary;

 

(c)                      relate to any matters in respect of which
any relevant court, tribunal or other legal or regulatory authority determines
that any act or omission by the Beneficiary constitutes fraud, dishonesty, bad
faith or wilful default on the part of the Beneficiary; or

 

(d)                     relates to any application under the
Application for Relief Sections in which the Court refuses to grant the
Beneficiary relief,

 

Prudential
shall be entitled to refuse to provide indemnification (or, as the case may be,
any further indemnification) pursuant to the indemnity contained in paragraph 1
and where Prudential has already paid amounts to the Beneficiary pursuant to
the indemnity contained in paragraph 1, such amounts shall be reimbursed to
Prudential by the Beneficiary not later than (i) in the event of the
Beneficiary being convicted, the date on which such conviction has become
final, (ii) in the event of judgment being given against the Beneficiary,
the date on which such judgment has become final, (iii) in the event of
any relevant court, tribunal or other legal or regulatory authority determining
that any act or omission by the Beneficiary constitutes fraud, dishonesty, bad
faith or wilful default on the part of the Beneficiary, the 

 

2

 

date
of such determination or (iv) in the event of the court refusing to grant
the Beneficiary relief on the application, the date on which such refusal for
relief has become final.

 

6.                                     Termination and survival

 

The
provisions of this Deed shall survive:

 

(a)       the Beneficiary moving to another role within the
Group which does not have the benefit of an indemnity equivalent to the
indemnity contained in paragraph 1; and

 

(b)       the termination of an appointment of the Beneficiary
which is held at the request of any member of the Group, excluding:

 

(i)            termination by the Beneficiary otherwise
than in accordance with its terms (unless the circumstances are such as to
entitle the Beneficiary to treat himself as constructively dismissed); or

 

(ii)           termination by any member of the Group in
accordance with any right to dismiss the Beneficiary summarily for cause.

 

7.                                     Notification of Prudential

 

The
Beneficiary shall notify Prudential in writing promptly upon becoming aware of
any matter for which indemnity may be sought under paragraph 1, providing
to Prudential all such information as the Beneficiary has of the circumstances
of the relevant matter, and shall thereafter notify Prudential of all
developments in relation to such matter. The Beneficiary acknowledges that
Prudential may provide such information to its insurers and advisers and
to, any other member of the Group and agrees to respond promptly to all
reasonable requests from Prudential in relation to any matter relating to the
indemnity contained in paragraph 1.

 

8.                                     Conduct of Claims

 

(a)                      The Beneficiary shall, subject to
paragraph 8(b), have conduct of the defence and settlement of any Claim, but
Prudential shall have the right (but not the obligation) to associate itself
with such Claim. Prudential shall not be required or, without the consent of
the Beneficiary (such consent not to be unreasonably withheld or delayed),
permitted to assume the conduct of the Claim made against the Beneficiary.

 

(b)                     The Beneficiary shall conduct all Claims
diligently and competently using the legal and other representatives mutually
acceptable to the Beneficiary and Prudential. The Beneficiary shall keep
Prudential informed of the progress of any Claim and recognises the right of
Prudential to provide at its discretion input into the conduct of any Claim.
The Beneficiary shall not settle or compromise any Claim without Prudential’s
consent (such consent not to be unreasonably withheld or delayed).

 

9.                                     Recovery against other persons

 

If
Prudential pays any amount in respect of any Loss and any Beneficiary Family
Member is, or subsequently becomes, entitled to recover from any other person
any amount in respect of such Loss (including without limitation by way of tax
credit, allowance, repayment or relief), then, subject to there being no
reasonable prospect of any Beneficiary Family Member being prejudiced and to
Prudential agreeing to indemnify the Beneficiary Family Members against all
reasonable costs and expenses which might be incurred, Prudential may either:

 

(a)                      request that the Beneficiary take (or
procure that any Dependant take) all reasonable steps to enforce such recovery.
If Prudential so elects then the Beneficiary must so act and must procure that
all and any amounts recovered, less all reasonable costs, charges and expenses
incurred and not recovered by any Beneficiary Family Member 

 

3

 

in
making such recovery, will be applied in promptly repaying to Prudential the
amount paid by Prudential in respect of the Loss; or

 

(b)                     exercise its right to be subrogated to
the extent of such payment to any or all the Beneficiary Family Members’ rights
of recovery against third parties in respect of the payment. If Prudential so
elects then the Beneficiary shall (or. shall procure that the Dependants
shall), promptly on request from Prudential, execute all papers reasonably
required and shall do everything necessary to enable Prudential to bring,
maintain and conclude an action effectively, either in the name of all or any
Beneficiary Family Members or in its own name, at Prudential’s discretion.

 

10.                               Recovery under other indemnities
and insurance

 

(a)                      Subject to paragraph 10(c), the
Beneficiary agrees to take, and to procure that the Dependants take, all
reasonable steps to claim and recover under any other indemnity or insurance
policy before he makes a claim under the indemnity contained in paragraph 1.
The indemnity contained in paragraph 1 operates only in excess of any right to
indemnity or insurance which any Beneficiary Family Member may have
(irrespective of any wording to the contrary in any indemnity or insurance
policy concerned), and no person other than the Beneficiary shall have the
right to pursue any claim against Prudential under the indemnity contained in
paragraph 1 (or to seek contribution from Prudential) whether in his own name
or that of any Beneficiary Family Member.

 

(b)                     Provided that the Beneficiary complies
with paragraph 10(a), Prudential will advance to the Beneficiary the funds
necessary to make a payment in respect of a Loss pending receipt by the Beneficiary
Family Member of the amounts due under any other indemnity and/or insurance
policy in excess of which the indemnity contained in paragraph 1 operates. Any
such advance will not operate to extinguish, erode or otherwise limit in any
way whatsoever the Beneficiary Family Members’ entitlement under the other
indemnity and/or insurance policy and the Beneficiary shall remit (or shall
procure that there shall be remitted) to Prudential all and any payments and/or
benefits received pursuant thereto subsequent to the date of the advance
required to repay the advance.

 

(c)                      The obligation to take all reasonable
steps to claim and recover under any other indemnity or insurance policy set
out in paragraph 10(a) shall not operate in respect of any policy of executives’
and officers’ liability insurance for which any member of the Group is the
named policyholder and which requires that any Beneficiary Family Member be
indemnified by a member of the Group prior to any claim being brought under
that policy.

 

11.                               Deductions required to be made by
Prudential or a Beneficiary Family Member

 

(a)                      All amounts payable by Prudential to, or
on behalf of, any Beneficiary Family Member under this Deed of indemnity will
be paid without any deductions unless they are required by law. If any
deductions are required by law, Prudential will pay to, or on behalf of, the
Beneficiary Family Member an amount which will, after any deduction has been
made, result in the Beneficiary Family Member receiving the same amount as the
Beneficiary Family Member would have been entitled to receive in the absence of
any requirement to make a deduction.

 

(b)                     If any amount payable by Prudential under
this Deed of indemnity is subject to tax in the hands of the Beneficiary Family
Member in any jurisdiction, the amount payable will be increased so that the
net amount received by the Beneficiary after taking that tax into account is
equal to the full amount which would have been received by the Beneficiary
Family Member if that tax had not been payable.

 

4

 

(c)                      To the extent that any Beneficiary Family
Member obtains any tax credit, allowance, repayment or relief as a result of
Prudential paying any increased amount under this paragraph 11, the Beneficiary
shall repay, or procure that the Dependant repays, to Prudential the amount
necessary to reflect the principle that, after tax, the Beneficiary Family
Member is to be put in the same position as if the deduction or charge to tax
had not been required or incurred in the first place.

 

12.                               No double recovery

 

Notwithstanding
the provisions of this Deed, the Beneficiary shall have the benefit of any
indemnity, insurance, agreement, undertaking or commitment entered into with,
or on his behalf by, any member of the Group whether before (subject to
paragraph 17 below) or after the date of this Deed, provided that he shall not
be entitled to recover more than once under this indemnity and any other
indemnity, insurance, agreement, undertaking or commitment in respect of any
Loss.

 

13.                               Interpretation

 

In
this Deed:

 

(a)                   “Application for Relief
Sections” means,

 

when such provisions have come into force:

 

(i)                                     section 661(3) or (4) of
the Companies Act 2006 (acquisition of shares by innocent nominee); or

 

(ii)                                  section 1157 of the Companies Act
2006 (general power to grant relief in case of honest and reasonable conduct);

 

but until such provisions have come into force shall
mean:

 

(iii)                               section 144(3) or (4) of the Companies
Act 1985 or Article 154(3) or (4) of the Companies (Northern
Ireland) Order 1986 (acquisition of shares by innocent nominee); or

 

(ii)                                  section 727 of the Companies Act
1985 or Article 675 of the Companies (Northern Ireland) Order 1986
(general power to grant relief in case of honest and reasonable conduct);

 

(b)                     “Beneficiary Family Members”
mean the Beneficiary and the Dependants;

 

(c)                      “Claim” has the
meaning ascribed to it in paragraph 1;

 

(d)                     “Companies Act 1985”
means the Companies Act 1985 as amended, modified, re enacted or replaced from
time to time;

 

(e)                      “Companies Act 2006”
means the Companies Act 2006 as amended, modified, re enacted or replaced from
time to time;

 

(f)                        “Deed” means
this deed;

 

(g)                     “Dependant”
means:

 

(i)                                     the Beneficiary’s spouse or civil
partner;

 

(ii)                                  any other person (whether of a different
sex or the same sex) with whom the Beneficiary lives as partner in an enduring
family relationship other than the 

 

5

 

Beneficiary’s grandparent or grandchild, sister,
brother, aunt or uncle, or nephew or niece;

 

(iii)                               the Beneficiary’s children or step-children;

 

(iv)                              any children or step-children of a person
within paragraph 13(g)(ii) (and who are not children or step-children of
the Beneficiary) who live with the Beneficiary and have not attained the age of
18; and

 

(v)                                 the Beneficiary’s parents;

 

(h)                     “director” shall
include without limitation shadow director;

 

(i)                         “Existing Indemnity”
means any previous agreement between the Beneficiary and Prudential relating to
the subject matter of this Deed, including any indemnity previously given by
Prudential to any Beneficiary Family Member in respect of any of the matters
covered by this Deed;

 

(j)                         “Group” means
Prudential or any subsidiary or holding company of Prudential or any subsidiary
of a holding company of Prudential;

 

(k)                      “Losses” have
the meaning ascribed to them in paragraph 1;

 

(l)                         “holding company”
and “subsidiary” have the meanings ascribed
to them in the Companies Act 2006;

 

(m)                   a reference to a “conviction”,
“judgment”, “determination”
or “refusal of relief” is a reference to
one that has become final. For these purposes, a conviction, judgment,
determination or refusal of relief becomes final:

 

(i)                                     if not appealed against, at the end of
the period for bringing an appeal; or

 

(ii)                                  if appealed against, at the time when the
appeal (or any further appeal) is disposed of.

 

An appeal is disposed of:

 

(iii)                               if it is determined and the period for bringing any
further appeal has ended; or

 

(iv)                              if it is abandoned or otherwise ceases to
have effect; and

 

(n)                     any reference to the masculine shall as
appropriate be a reference to the feminine.

 

14.                               Claims and enforcement

 

(a)                      Prudential shall be entitled to take
steps in relation to the provisions of this Deed. In taking any such step,
Prudential may act for itself and/or on behalf of any of all other members
of the Group.

 

(b)                     The Beneficiary and his personal
representatives and estate shall be entitled to make a claim, and take any
other steps, in relation to the provisions of this Deed. In taking any such
step, the Beneficiary may act for himself and/or on behalf of any or all
of the Dependants.

 

(c)                      Subject to paragraphs 14(a) and (b),
any person other than Prudential and the Beneficiary may not enforce any
of the provisions of this Deed under the Contracts (Rights of Third Parties)
Act 1999.

 

6

 

15.                               Miscellaneous

 

(a)                      The Beneficiary may not assign or
otherwise transfer any rights or obligations set out in this Deed.

 

(b)                     Any failure by Prudential or the
Beneficiary to exercise any right, power or privilege available under this Deed
is not a waiver for the purposes of this Deed nor will any single or partial
exercise thereof preclude any further exercise of any right, power or
privilege.

 

(c)                      The provisions of this Deed may only
be amended in writing signed by or on behalf of Prudential and the Beneficiary.

 

(d)                     If any provision of this Deed is held to
be illegal, invalid or unenforceable in whole or in part, the remaining
provisions shall continue to be valid.

 

(e)                      Prudential and the Beneficiary
acknowledge that any contract, agreement, commitment or undertaking in respect
of the Beneficiary’s role as a director, officer, employee, trustee or
representative of Prudential incorporates, and accordingly is made on and
subject to, the provisions of the Memorandum and Articles of Association of
Prudential.

 

16.                               Employment terms and conditions

 

If the
Beneficiary is also an employee of any member of the Group, the Beneficiary
acknowledges that this Deed shall be deemed to be incorporated into the
employment contract between the Beneficiary and the relevant member of the
Group as supplementary terms thereto.

 

17.                               Effective date

 

(a)                                  The effective date of the indemnity
contained in paragraph 1 shall depend on the date of commencement of the
Beneficiary’s position as director, officer, employee, trustee, representative
or like position of any member of the Group, or as director, officer, employee,
trustee, governor, councillor, representative or like position in any external
organisation at the request of any member of the Group (or as a result of being
a director, officer, employee, trustee or representative, or holding like
position in respect of, any member of the Group) (“Prudential
Position”).

 

(b)                                 If the date of commencement of the
Beneficiary’s Prudential Position was before 1 October 2007:

 

(i)                             the indemnity contained in paragraph 1
shall apply (to the exclusion of any Existing Indemnity), in respect of any
Claims or Losses made or incurred on or after 1 October 2007; and

 

(ii)                          this Deed supersedes any Existing
Indemnity in respect of any Claims or Losses made or incurred on or after 1 October 2007,
and the Beneficiary undertakes (on behalf of himself and all Beneficiary Family
Members) not to claim against Prudential under any Existing Indemnity in
respect of any Claims or Losses made or incurred on or after 1 October 2007.
For the avoidance of doubt, any Existing Indemnity shall remain in effect for
the purposes of claims by the Beneficiary Family Member in respect of Claims or
Losses made or incurred before 1 October 2007.

 

(c)                                  If the date of commencement of the
Beneficiary’s Prudential Position was or is on or after 1 October 2007,
the indemnity contained in paragraph 1 shall apply in respect of any Claims or
Losses made or incurred on or after the date of commencement of the Beneficiary’s
Prudential Position.

 

7

 

18.                               Governing law

 

The
provisions set out in this Deed are governed by and must be interpreted in accordance
with English law.

 

19.                               Arbitration

 

(a)                      Any dispute, controversy or claim arising
out of or in connection with this Deed shall be referred to and finally
resolved by arbitration under the Rules or Arbitration of the
International Chamber of Commerce (“ICC Rules”) by
three arbitrators appointed in accordance with the ICC Rules.

 

(b)                     The seat of the arbitration shall be
London and the language of the arbitration (in which each member of the
tribunal shall be fluent) shall be English.

 

This document  has been executed as a deed and is to be treated as
delivered on the later of (a) being executed and dated by Prudential and (b) being
signed and dated by the Beneficiary.

 

	
  Executed and
  delivered as a deed

  	
  )

  
	
  by affixing the
  common seal of

  	
  )

  
	
  Prudential
  plc in the
  presence of:

  	
  )

  
	
   

  	
   

  
	
  /s/ Peter
  Maynard

  	
   

  
	
  Authorised
  signatory

  	
   

  
	
   

  	
   

  	
   

  
	
  Date: 

  	
  11/3/08

  	
   

  

 

Acknowledged and agreed:

 

	
  Signed and
  delivered as a deed

  	
  )

  	
   

  	
   

  
	
  by Barry Stowe

  	
  )

  	
   

  	
   

  
	
  in the presence
  of:

  	
  )

  	
  /s/ Barry Stowe

  	
    (Signature)

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  12/3/08

  	
    (Date)

  
					

 

	
  Witness signature:

  	
  /s/ Susan M Henderson

  	
   

  
	
   

  	
   

  	
   

  
	
  Witness name:

  	
  Susan Margaret Henderson

  	
   

  
	
   

  	
   

  	
   

  
	
  Witness address:

  	
  14 Lyndhurst Avenue,

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Pinner, Middlesex, HA5 3XA

  	
   

  

 

8

 

PRUDENTIAL
PLC DEED OF INDEMNITY

 

NAME: Tidjane Thiam

 

Between

 

(1)                                  Prudential plc (registered number 01397169) whose
registered office is at Laurence Pountney Hill, London EC4R 0HH (“Prudential”); and

 

(2)                                  Tidjane Cheick Thiam of 83 Elizabeth Street, London, SW1W 9PG
(the “Beneficiary”).

 

Background

 

(A)                              The Beneficiary holds, or will from time
to time hold, the position of:

 

(i)                                     director, officer, employee, trustee,
representative or like position of any member of the Group; or

 

(ii)                                  director, officer, employee, trustee,
governor, councillor, representative or like position in any external
organisation at the request of any member of the Group (or as a result of being
a director, officer, employee, trustee or representative, or holding like
position in respect of, any member of the Group).

 

(B)                                Prudential has agreed to indemnify the
Beneficiary and his Dependants against certain personal liabilities and
expenses arising out of or in connection with such positions on the terms of
this Deed.

 

(C)                                Prudential will not, however, indemnify
the Beneficiary and his Dependants if it is contrary to law.

 

Agreement

 

1.                                       Indemnity

 

Subject to the following
paragraphs of this Deed, Prudential undertakes to indemnify each Beneficiary
Family Member and hold each Beneficiary Family Member harmless against any and
all losses, damages, costs, liabilities, demands, charges, penalties, fines or
expenses (including without limitation any and all losses, costs, liabilities,
charges or expenses properly and reasonably suffered or incurred (including
advisory fees) in investigating, responding to, preparing for or disputing any
claim, action, demand, proceedings, investigation, judgment or award, in each
case whether or not successful, compromised or settled, which may be instituted,
made, threatened or alleged against or otherwise involve any of the Beneficiary
Family Members in any jurisdiction (each a “Claim”)
which the Beneficiary Family Members  may
suffer or incur in any jurisdiction (“Losses”) and
which in any such case arise out of the carrying out or performance, whether
before (subject to paragraph 17 below) or after the date of this Deed, by the
Beneficiary of the Beneficiary’s duties as a director, officer, employee,
trustee, representative or like position of any member of the Group or as a
director, officer, employee, trustee, governor, councillor, representative or
like position in any external organisation where such position is held at the
request of any member of the Group or as a result of being a director, officer,
employee, trustee or representative, or holding like position in respect of,
any member of the Group.

 

 

2.                                       Indemnity to take effect subject
to law and regulation

 

The indemnity contained
in paragraph 1 shall not apply to the extent that it would be void by virtue
of, or contravenes, the Companies Act 2006 or any other applicable law or
regulation (including without limitation listing rules).

 

3.                                       Proceedings for which indemnity
cannot be claimed

 

Subject to paragraph 5,
the indemnity contained in paragraph 1 shall not extend to any liability
incurred by the Beneficiary, (i) to any member of the Group, (ii) to
pay a fine imposed in criminal proceedings, (iii) to pay a sum payable to
a regulatory authority by way of a penalty in respect of non-compliance with any
requirement of a regulatory nature (however arising), (iv) in defending
any criminal proceedings in which the Beneficiary is convicted, (v) as a
result of, or in connection with any act or omission by the Beneficiary which
is determined by any relevant court, tribunal or other legal or regulatory
authority, or otherwise judicially, determined, to constitute fraud,
dishonesty, bad faith, wilful default or criminal act on the part of the
Beneficiary, (vi) in defending civil proceedings brought by any member of
the Group in which judgment is given against the Beneficiary or (vii) in
connection with any application under the Application for Relief Sections in
which the Court refuses to grant relief to the Beneficiary.

 

4.                                       Loss of earnings and of other
employment benefits

 

The indemnity contained
in paragraph 1 shall not apply in respect of any loss of earnings or of any
other employment benefit, including but not limited to rights to bonus or other
monetary incentives, share options or other share-based incentives or pension
or other retirement benefits, which any Beneficiary Family Member may suffer as
a result of any period of disqualification imposed by any relevant court,
tribunal or other legal or regulatory authority.

 

5.                                       Advances in respect of proceedings

 

Where any Beneficiary
Family Member properly and reasonably suffers or incurs losses, costs,
liabilities, charges or expenses (including without limitation advisory fees)
in investigating, responding to, preparing for or disputing any Claim, the
Beneficiary shall be entitled to claim indemnity under paragraph 1 (for himself
and/or on behalf of any Beneficiary Family Member) forthwith after the same
becomes due and payable by the Beneficiary Family Member, provided that if such
Claim:

 

(a)                      relates to a criminal offence in relation
to which the Beneficiary is convicted;

 

(b)                     relates to civil proceedings brought by any member of
the Group in which judgment is given against the Beneficiary;

 

(c)                      relate to any matters in respect of which
any relevant court, tribunal or other legal or regulatory authority determines
that any act or omission by the Beneficiary constitutes fraud, dishonesty, bad
faith or wilful default on the part of the Beneficiary; or

 

(d)                     relates to any application under the Application for
Relief Sections in which the Court refuses to grant the Beneficiary relief,

 

Prudential shall be
entitled to refuse to provide indemnification (or, as the case may be, any
further indemnification) pursuant to the indemnity contained in paragraph 1 and
where Prudential has already paid amounts to the Beneficiary pursuant to the
indemnity contained in paragraph 1, such amounts shall be reimbursed to
Prudential by the Beneficiary not later than (i) in the event of the
Beneficiary being convicted, the date on which such conviction has become
final, (ii) in the event of judgment being given against the Beneficiary,
the date on which such judgment has become final, (iii) in the event of
any relevant court, tribunal or other legal or regulatory authority determining
that any act or omission by the Beneficiary constitutes fraud, dishonesty, bad
faith or wilful default on the part of the Beneficiary, the

 

2

 

date of such
determination or (iv) in the event of the court refusing to grant the
Beneficiary relief on the application, the date on which such refusal for
relief has become final.

 

6.                                       Termination and survival

 

The provisions of this
Deed shall survive:

 

(a)                      the Beneficiary moving to another role
within the Group which does not have the benefit of an indemnity equivalent to
the indemnity contained in paragraph 1; and

 

(b)                     the termination of an appointment of the Beneficiary
which is held at the request of any member of the Group, excluding:

 

(i)                                     termination by the Beneficiary otherwise
than in accordance with its terms (unless the circumstances are such as to
entitle the Beneficiary to treat himself as constructively dismissed); or

 

(ii)                                  termination by any member of the Group in
accordance with any right to dismiss the Beneficiary summarily for cause.

 

7.             Notification of Prudential

 

The Beneficiary shall
notify Prudential in writing promptly upon becoming aware of any matter for
which indemnity may be sought under paragraph 1, providing to Prudential all
such information as the Beneficiary has of the circumstances of the relevant
matter, and shall thereafter notify Prudential of all developments in relation
to such matter. The Beneficiary acknowledges that Prudential may provide such
information to its insurers and advisers and to, any other member of the Group
and agrees to respond promptly to all reasonable requests from Prudential in
relation to any matter relating to the indemnity contained in paragraph 1.

 

8.                                       Conduct of Claims

 

(a)                      The Beneficiary shall, subject to
paragraph 8(b), have conduct of the defence and settlement of any Claim, but
Prudential shall have the right (but not the obligation) to associate itself
with such Claim. Prudential shall not be required or, without the consent of
the Beneficiary (such consent not to be unreasonably withheld or delayed),
permitted to assume the conduct of the Claim made against the Beneficiary.

 

(b)                     The Beneficiary shall conduct all Claims diligently
and competently using the legal and other representatives mutually acceptable
to the Beneficiary and Prudential. The Beneficiary shall keep Prudential
informed of the progress of any Claim and recognises the right of Prudential to
provide at its discretion input into the conduct of any Claim. The Beneficiary
shall not settle or compromise any Claim without Prudential’s consent (such
consent not to be unreasonably withheld or delayed).

 

9.             Recovery against other
persons

 

If Prudential pays any
amount in respect of any Loss and any Beneficiary Family Member is, or
subsequently becomes, entitled to recover from any other person any amount in
respect of such Loss (including without limitation by way of tax credit,
allowance, repayment or relief), then, subject to there being no reasonable
prospect of any Beneficiary Family Member being prejudiced and to Prudential
agreeing to indemnify the Beneficiary Family Members against all reasonable
costs and expenses which might be incurred, Prudential may either:

 

(a)                      request that the Beneficiary take (or
procure that any Dependant take) all reasonable steps to enforce such recovery.
If Prudential so elects then the Beneficiary must so act and must procure that
all and any amounts recovered, less all reasonable costs, charges and expenses
incurred and not recovered by any Beneficiary Family Member

 

3

 

in making such recovery,
will be applied in promptly repaying to Prudential the amount paid by
Prudential in respect of the Loss; or

 

(b)                     exercise its right to be subrogated to the extent of
such payment to any or all the 
Beneficiary Family Members’ rights of recovery against third parties in
respect of the payment. If Prudential so elects then the Beneficiary shall (or.
shall procure that the Dependants shall), promptly on request from Prudential,
execute all papers reasonably required and shall do everything necessary to
enable Prudential to bring, maintain and conclude an action effectively, either
in the name of all or any Beneficiary Family Members or in its own name, at
Prudential’s discretion.

 

10.                                 Recovery under other indemnities
and insurance

 

(a)                      Subject to paragraph 10(c), the Beneficiary
agrees to take, and to procure that the Dependants take, all reasonable steps
to claim and recover under any other indemnity or insurance policy before he
makes a claim under the indemnity contained in paragraph 1. The indemnity
contained in paragraph 1 operates only in excess of any right to indemnity or
insurance which any Beneficiary Family Member may have (irrespective of any
wording to the contrary in any indemnity or insurance policy concerned), and no
person other than the Beneficiary shall have the right to pursue any claim
against Prudential under the indemnity contained in paragraph 1 (or to seek
contribution from Prudential) whether in his own name or that of any
Beneficiary Family Member.

 

(b)                     Provided that the Beneficiary complies with paragraph
10(a), Prudential will advance to the Beneficiary the funds necessary to make a
payment in respect of a Loss pending receipt by the Beneficiary Family Member
of the amounts due under any other indemnity and/or insurance policy in excess
of which the indemnity contained in paragraph 1 operates. Any such advance will
not operate to extinguish, erode or otherwise limit in any way whatsoever the
Beneficiary Family Members’ entitlement under the other indemnity and/or
insurance policy and the Beneficiary shall remit (or shall procure that there
shall be remitted) to Prudential all and any payments and/or benefits received
pursuant thereto subsequent to the date of the advance required to repay the
advance.

 

(c)                      The obligation to take all reasonable
steps to claim and recover under any other indemnity or insurance policy set
out in paragraph 10(a) shall not operate in respect of any policy of
executives’ and officers’ liability insurance for which any member of the Group
is the named policyholder and which requires that any Beneficiary Family Member
be indemnified by a member of the Group prior to any claim being brought under
that policy.

 

11.           Deductions required to be
made by Prudential or a Beneficiary Family Member

 

(a)                      All amounts payable by Prudential to, or
on behalf of, any Beneficiary Family Member under this Deed of indemnity will
be paid without any deductions unless they are required by law. If any
deductions are required by law, Prudential will pay to, or on behalf of, the
Beneficiary Family Member an amount which will, after any deduction has been
made, result in the Beneficiary Family Member receiving the same amount as the
Beneficiary Family Member would have been entitled to receive in the absence of
any requirement to make a deduction.

 

(b)                     If any amount payable by Prudential under this Deed of
indemnity is subject to tax in the hands of the Beneficiary Family Member in
any jurisdiction, the amount payable will be increased so that the net amount
received by the Beneficiary after taking that tax into account is equal to the
full amount which would have been received by the Beneficiary Family Member if
that tax had not been payable.

 

4

 

(c)                      To the extent that any Beneficiary Family
Member obtains any tax credit, allowance, repayment or relief as a result of
Prudential paying any increased amount under this paragraph 11, the Beneficiary
shall repay, or procure that the Dependant repays, to Prudential the amount
necessary to reflect the principle that, after tax, the Beneficiary Family
Member is to be put in the same position as if the deduction or charge to tax
had not been required or incurred in the first place.

 

12.                                 No double recovery

 

Notwithstanding the
provisions of this Deed, the Beneficiary shall have the benefit of any
indemnity, insurance, agreement, undertaking or commitment entered into with,
or on his behalf by, any member of the Group whether before (subject to
paragraph 17 below) or after the date of this Deed, provided that he shall not
be entitled to recover more than once under this indemnity and any other
indemnity, insurance, agreement, undertaking or commitment in respect of any
Loss.

 

13.                                 Interpretation

 

In this Deed:

 

(a)                      “Application for Relief
Sections” means,

 

when
such provisions have come into force:

 

(i)                                     section 661(3) or (4) of the
Companies Act 2006 (acquisition of shares by innocent nominee); or

 

(ii)                                  section 1157 of the Companies Act 2006
(general power to grant relief in case of honest and reasonable conduct);

 

but
until such provisions have come into force shall mean:

 

(iii)                               section 144(3) or (4) of the
Companies Act 1985 or Article 154(3) or (4) of the Companies
(Northern Ireland) Order 1986 (acquisition of shares by innocent nominee); or

 

(ii)                                  section 727 of the Companies Act 1985 or Article 675
of the Companies (Northern Ireland) Order 1986 (general power to grant relief
in case of honest and reasonable conduct);

 

(b)                     “Beneficiary Family Members”
mean the Beneficiary and the Dependants;

 

(c)                      “Claim” has the
meaning ascribed to it in paragraph 1;

 

(d)                     “Companies Act 1985”
means the Companies Act 1985 as amended, modified, re enacted or replaced from
time to time;

 

(e)                      “Companies Act 2006”
means the Companies Act 2006 as amended, modified, re enacted or replaced from
time to time;

 

(f)                        “Deed” means
this deed;

 

(g)                     “Dependant”
means:

 

(i)                                     the Beneficiary’s spouse or civil
partner;

 

(ii)                                  any other person (whether of a different
sex or the same sex) with whom the Beneficiary lives as partner in an enduring
family relationship other than the

 

5

 

Beneficiary’s grandparent
or grandchild, sister, brother, aunt or uncle, or nephew or niece;

 

(iii)                               the Beneficiary’s children or
step-children;

 

(iv)                              any children or step-children of a person
within paragraph 13(g)(ii) (and who are not children or step-children of
the Beneficiary) who live with the Beneficiary and have not attained the age of
18; and

 

(v)                                 the Beneficiary’s parents;

 

(h)                     “director” shall
include without limitation shadow director;

 

(i)                         “Existing Indemnity”
means any previous agreement between the Beneficiary and Prudential relating to
the subject matter of this Deed, including any indemnity previously given by
Prudential to any Beneficiary Family Member in respect of any of the matters
covered by this Deed;

 

(j)                         “Group” means
Prudential or any subsidiary or holding company of Prudential or any subsidiary
of a holding company of Prudential;

 

(k)                      “Losses” have
the meaning ascribed to them in paragraph 1;

 

(l)                         “holding company”
and “subsidiary” have the meanings ascribed
to them in the Companies Act 2006;

 

(m)                   a reference to a “conviction”, “judgment”, “determination”
or “refusal of relief” is a reference to
one that has become final. For these purposes, a conviction, judgment, determination
or refusal of relief becomes final:

 

(i)                                     if not appealed against, at the end of
the period for bringing an appeal; or

 

(ii)                                  if appealed against, at the time when the
appeal (or any further appeal) is disposed of.

 

An
appeal is disposed of:

 

(iii)                               if it is determined and the period for
bringing any further appeal has ended; or

 

(iv)                              if it is abandoned or otherwise ceases to
have effect; and

 

(n)                     any reference to the masculine shall as appropriate be
a reference to the feminine.

 

14.                                 Claims and enforcement

 

(a)                      Prudential shall be entitled to take
steps in relation to the provisions of this Deed.  In taking any such step, Prudential may act
for itself and/or on behalf of any of all other members of the Group.

 

(b)                     The Beneficiary and his personal representatives and
estate shall be entitled to make a claim, and take any other steps, in relation
to the provisions of this Deed. In taking any such step, the Beneficiary may
act for himself and/or on behalf of any or all of the Dependants.

 

(c)                      Subject to paragraphs 14(a) and (b),
any person other than Prudential and the Beneficiary may not enforce any of the
provisions of this Deed under the Contracts (Rights of Third Parties) Act 1999.

 

6

 

15.                                 Miscellaneous

 

(a)                      The Beneficiary may not assign or
otherwise transfer any rights or obligations set out in this Deed.

 

(b)                     Any failure by Prudential or the Beneficiary to
exercise any right, power or privilege available under this Deed is not a
waiver for the purposes of this Deed nor will any single or partial exercise
thereof preclude any further exercise of any right, power or privilege.

 

(c)                      The provisions of this Deed may only be
amended in writing signed by or on behalf of Prudential and the Beneficiary.

 

(d)                     If any provision of this Deed is held to be illegal,
invalid or unenforceable in whole or in part, the remaining provisions shall
continue to be valid.

 

(e)                      Prudential and the Beneficiary
acknowledge that any contract, agreement, commitment or undertaking in respect
of the Beneficiary’s role as a director, officer, employee, trustee or
representative of Prudential incorporates, and accordingly is made on and
subject to, the provisions of the Memorandum and Articles of Association of
Prudential.

 

16.                                 Employment terms and conditions

 

If the Beneficiary is
also an employee of any member of the Group, the Beneficiary acknowledges that
this Deed shall be deemed to be incorporated into the employment contract
between the Beneficiary and the relevant member of the Group as supplementary
terms thereto.

 

17.                                 Effective date

 

(a)                                  The effective date of the indemnity
contained in paragraph 1 shall depend on the date of commencement of the
Beneficiary’s position as director, officer, employee, trustee, representative
or like position of any member of the Group, or as director, officer, employee,
trustee, governor, councillor, representative or like position in any external
organisation at the request of any member of the Group (or as a result of being
a director, officer, employee, trustee or representative, or holding like
position in respect of, any member of the Group) (“Prudential
Position”).

 

(b)                                 If the date of commencement of the
Beneficiary’s Prudential Position was before 1 October 2007:

 

(i)                             the indemnity contained in paragraph 1
shall apply (to the exclusion of any Existing Indemnity), in respect of any
Claims or Losses made or incurred on or after 1 October 2007; and

 

(ii)                          this Deed supersedes any Existing
Indemnity in respect of any Claims or Losses made or incurred on or after 1 October 2007,
and the Beneficiary undertakes (on behalf of himself and all Beneficiary Family
Members) not to claim against Prudential under any Existing Indemnity in
respect of any Claims or Losses made or incurred on or after 1 October 2007.
For the avoidance of doubt, any Existing Indemnity shall remain in effect for
the purposes of claims by the Beneficiary Family Member in respect of Claims or
Losses made or incurred before 1 October 2007.

 

(c)                                  If the date of commencement of the Beneficiary’s
Prudential Position was or is on or after 1 October 2007, the indemnity
contained in paragraph 1 shall apply in respect of any Claims or Losses made or
incurred on or after the date of commencement of the Beneficiary’s Prudential
Position.

 

7

 

18.                                 Governing law

 

The provisions set out in
this Deed are governed by and must be interpreted in accordance with English
law.

 

19.                                 Arbitration

 

(a)                      Any dispute, controversy or claim arising
out of or in connection with this Deed shall be referred to and finally
resolved by arbitration under the Rules or Arbitration of the
International Chamber of Commerce (“ICC Rules”) by
three arbitrators appointed in accordance with the ICC Rules.

 

(b)                     The seat of the arbitration shall be London and the
language of the arbitration (in which each member of the tribunal shall be
fluent) shall be English.

 

This document  has been executed as a deed and is to be treated as
delivered on the later of (a) being executed and dated by Prudential and (b) being
signed and dated by the Beneficiary.

 

	
  Executed and delivered
  as a deed

  	
  )

  
	
  by affixing the common
  seal of

  	
  )

  
	
  Prudential plc in the presence of:

  	
  )

  

 

	
  /s/ Peter Maynard

  	
   

  
	
  Authorised signatory

  	
   

  

 

	
  Date: 

  	
  20/3/08

  	
   

  

 

 

Acknowledged and agreed:

 

	
  Signed and delivered as
  a deed

  	
  )

  	
   

  	
   

  
	
  by Tidjane Thiam

  	
  )

  	
   

  	
   

  
	
  in the presence of:

  	
  )

  	
  /s/ T. Thiam

  	
    (Signature)

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  25/03/08

  	
    (Date)

  
					

 

	
  Witness signature:

  	
  /s/
  Sylvia Edwards

  	
   

  
	
   

  	
   

  	
   

  
	
  Witness name:

  	
  Sylvia
  T. Edwards

  	
   

  
	
   

  	
   

  	
   

  
	
  Witness address:

  	
  Group
  Secretarial, Prudential plc,

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Laurence
  Pountney Hill, London, EC4R 0HHExhibit 4.5

 

PRUDENTIAL PLC DEED OF INDEMNITY

 

NAME: David Clementi

 

Between

 

(1)           Prudential plc (registered number 01397169) whose
registered office is at Laurence Pountney Hill, London EC4R 0HH (“Prudential”); and

 

(2)           David Cecil Clementi of Deacon House, Atherton Drive, Winbledon Common, London, SW19 5LB
(the “Beneficiary “).

 

Background

 

(A)          The Beneficiary holds, or will from time
to time hold, the position of:

 

(i)            director, officer, employee, trustee,
representative or like position of any member of the Group; or

 

(ii)           director, officer, employee, trustee,
governor, councillor, representative or like position in any external
organisation at the request of any member of the Group (or as a result of being
a director, officer, employee, trustee or representative, or holding like
position in respect of, any member of the Group).

 

(B)           Prudential has agreed to indemnify the
Beneficiary and his Dependants against certain personal liabilities and
expenses arising out of or in connection with such positions on the terms of
this Deed.

 

(C)           Prudential will not, however, indemnify
the Beneficiary and his Dependants if it is contrary to law.

 

Agreement

 

1.             Indemnity

 

                Subject to the following paragraphs of this Deed, Prudential undertakes
to indemnify each Beneficiary Family Member and hold each Beneficiary Family
Member harmless against any and all losses, damages, costs, liabilities,
demands, charges, penalties, fines or expenses (including without limitation
any and all losses, costs, liabilities, charges or expenses properly and
reasonably suffered or incurred (including advisory fees) in investigating,
responding to, preparing for or disputing any claim, action, demand,
proceedings, investigation, judgment or award, in each case whether or not
successful, compromised or settled, which may be instituted, made,
threatened or alleged against or otherwise involve any of the Beneficiary
Family Members in any jurisdiction (each a “Claim”)
which the Beneficiary Family Members 
may suffer or incur in any jurisdiction (“Losses”)
and which in any such case arise out of the carrying out or performance,
whether before (subject to paragraph 17 below) or after the date of this Deed,
by the Beneficiary of the Beneficiary’s duties as a director, officer,
employee, trustee, representative or like position of any member of the Group
or as a director, officer, employee, trustee, governor, councillor,
representative or like position in any external organisation where such
position is held at the request of any member of the Group or as a result of
being a director, officer, employee, trustee or representative, or holding like
position in respect of, any member of the Group.

 

 

2.             Indemnity to take effect subject
to law and regulation

 

The
indemnity contained in paragraph 1 shall not apply to the extent that it would
be void by virtue of, or contravenes, the Companies Act 2006 or any other
applicable law or regulation (including without limitation listing rules).

 

3.             Proceedings for which indemnity
cannot be claimed

 

Subject
to paragraph 5, the indemnity contained in paragraph 1 shall not extend to any
liability incurred by the Beneficiary, (i) to any member of the Group,
(ii) to pay a fine imposed in criminal proceedings, (iii) to pay a
sum payable to a regulatory authority by way of a penalty in respect of
non-compliance with any requirement of a regulatory nature (however arising),
(iv) in defending any criminal proceedings in which the Beneficiary is
convicted, (v) as a result of, or in connection with any act or omission by
the Beneficiary which is determined by any relevant court, tribunal or other
legal or regulatory authority, or otherwise judicially, determined, to
constitute fraud, dishonesty, bad faith, wilful default or criminal act on the
part of the Beneficiary, (vi) in defending civil proceedings brought
by any member of the Group in which judgment is given against the Beneficiary
or (vii) in connection with any application under the Application for
Relief Sections in which the Court refuses to grant relief to the Beneficiary.

 

4.             Loss of earnings and of other
employment benefits

 

The
indemnity contained in paragraph 1 shall not apply in respect of any loss of
earnings or of any other employment benefit, including but not limited to
rights to bonus or other monetary incentives, share options or other
share-based incentives or pension or other retirement benefits, which any
Beneficiary Family Member may suffer as a result of any period of
disqualification imposed by any relevant court, tribunal or other legal or
regulatory authority.

 

5.             Advances in respect of
proceedings

 

Where
any Beneficiary Family Member properly and reasonably suffers or incurs losses,
costs, liabilities, charges or expenses (including without limitation advisory
fees) in investigating, responding to, preparing for or disputing any Claim,
the Beneficiary shall be entitled to claim indemnity under paragraph 1 (for
himself and/or on behalf of any Beneficiary Family Member) forthwith after the
same becomes due and payable by the Beneficiary Family Member, provided that if
such Claim:

 

(a)       relates to a criminal offence in relation
to which the Beneficiary is convicted;

 

(b)       relates to civil proceedings brought by
any member of the Group in which judgment is given against the Beneficiary;

 

(c)       relate to any matters in respect of which
any relevant court, tribunal or other legal or regulatory authority determines
that any act or omission by the Beneficiary constitutes fraud, dishonesty, bad
faith or wilful default on the part of the Beneficiary; or

 

(d)       relates to any application under the
Application for Relief Sections in which the Court refuses to grant the
Beneficiary relief,

 

Prudential
shall be entitled to refuse to provide indemnification (or, as the case
may be, any further indemnification) pursuant to the indemnity contained
in paragraph 1 and where Prudential has already paid amounts to the Beneficiary
pursuant to the indemnity contained in paragraph 1, such amounts shall be
reimbursed to Prudential by the Beneficiary not later than (i) in the
event of the Beneficiary being convicted, the date on which such conviction has
become final, (ii) in the event of judgment being given against the
Beneficiary, the date on which such judgment has become final, (iii) in
the event of any relevant court, tribunal or other legal or regulatory
authority determining that any act or omission by the Beneficiary constitutes
fraud, dishonesty, bad faith or wilful default on the part of the
Beneficiary, the

 

 

date
of such determination or (iv) in the event of the court refusing to grant
the Beneficiary relief on the application, the date on which such refusal for
relief has become final.

 

6.             Termination and survival

 

The
provisions of this Deed shall survive:

 

(a)       the Beneficiary moving to another role
within the Group which does not have the benefit of an indemnity equivalent to
the indemnity contained in paragraph 1; and

 

(b)       the termination of an appointment of the
Beneficiary which is held at the request of any member of the Group, excluding:

 

(i)            termination by the Beneficiary otherwise
than in accordance with its terms (unless the circumstances are such as to
entitle the Beneficiary to treat himself as constructively dismissed); or

 

(ii)           termination by any member of the Group in
accordance with any right to dismiss the Beneficiary summarily for cause.

 

7.             Notification of Prudential

 

The
Beneficiary shall notify Prudential in writing promptly upon becoming aware of
any matter for which indemnity may be sought under paragraph 1, providing
to Prudential all such information as the Beneficiary has of the circumstances
of the relevant matter, and shall thereafter notify Prudential of all
developments in relation to such matter. The Beneficiary acknowledges that
Prudential may provide such information to its insurers and advisers and to,
any other member of the Group and agrees to respond promptly to all reasonable
requests from Prudential in relation to any matter relating to the indemnity
contained in paragraph 1.

 

8.             Conduct of Claims

 

(a)       The Beneficiary shall, subject to
paragraph 8(b), have conduct of the defence and settlement of any Claim, but
Prudential shall have the right (but not the obligation) to associate itself
with such Claim. Prudential shall not be required or, without the consent of
the Beneficiary (such consent not to be unreasonably withheld or delayed),
permitted to assume the conduct of the Claim made against the Beneficiary.

 

(b)       The Beneficiary shall conduct all Claims
diligently and competently using the legal and other representatives mutually
acceptable to the Beneficiary and Prudential. The Beneficiary shall keep
Prudential informed of the progress of any Claim and recognises the right of
Prudential to provide at its discretion input into the conduct of any Claim.
The Beneficiary shall not settle or compromise any Claim without Prudential’s
consent (such consent not to be unreasonably withheld or delayed).

 

9.             Recovery against other persons

 

If
Prudential pays any amount in respect of any Loss and any Beneficiary Family
Member is, or subsequently becomes, entitled to recover from any other person
any amount in respect of such Loss (including without limitation by way of tax
credit, allowance, repayment or relief), then, subject to there being no
reasonable prospect of any Beneficiary Family Member being prejudiced and to
Prudential agreeing to indemnify the Beneficiary Family Members against all
reasonable costs and expenses which might be incurred, Prudential
may either:

 

(a)       request that the Beneficiary take (or
procure that any Dependant take) all reasonable steps to enforce such recovery.
If Prudential so elects then the Beneficiary must so act and must procure that
all and any amounts recovered, less all reasonable costs, charges and expenses
incurred and not recovered by any Beneficiary Family Member

 

 

in
making such recovery, will be applied in promptly repaying to Prudential the
amount paid by Prudential in respect of the Loss; or

 

(b)       exercise its right to be subrogated to
the extent of such payment to any or all the 
Beneficiary Family Members’ rights of recovery against third parties in
respect of the payment. If Prudential so elects then the Beneficiary shall (or.
shall procure that the Dependants shall), promptly on request from Prudential,
execute all papers reasonably required and shall do everything necessary to
enable Prudential to bring, maintain and conclude an action effectively, either
in the name of all or any Beneficiary Family Members or in its own name, at
Prudential’s discretion.

 

10.           Recovery under other indemnities
and insurance

 

(a)       Subject to paragraph 10(c), the
Beneficiary agrees to take, and to procure that the Dependants take, all
reasonable steps to claim and recover under any other indemnity or insurance
policy before he makes a claim under the indemnity contained in paragraph 1.
The indemnity contained in paragraph 1 operates only in excess of any right to
indemnity or insurance which any Beneficiary Family Member may have
(irrespective of any wording to the contrary in any indemnity or insurance
policy concerned), and no person other than the Beneficiary shall have the
right to pursue any claim against Prudential under the indemnity contained in
paragraph 1 (or to seek contribution from Prudential) whether in his own name
or that of any Beneficiary Family Member.

 

(b)       Provided that the Beneficiary complies
with paragraph 10(a), Prudential will advance to the Beneficiary the funds
necessary to make a payment in respect of a Loss pending receipt by the
Beneficiary Family Member of the amounts due under any other indemnity and/or insurance
policy in excess of which the indemnity contained in paragraph 1 operates. Any
such advance will not operate to extinguish, erode or otherwise limit in any
way whatsoever the Beneficiary Family Members’ entitlement under the other
indemnity and/or insurance policy and the Beneficiary shall remit (or shall
procure that there shall be remitted) to Prudential all and any payments and/or
benefits received pursuant thereto subsequent to the date of the advance
required to repay the advance.

 

(c)       The obligation to take all reasonable
steps to claim and recover under any other indemnity or insurance policy set
out in paragraph 10(a) shall not operate in respect of any policy of
executives’ and officers’ liability insurance for which any member of the Group
is the named policyholder and which requires that any Beneficiary Family Member
be indemnified by a member of the Group prior to any claim being brought under
that policy.

 

11.           Deductions required to be made by
Prudential or a Beneficiary Family Member

 

(a)       All amounts payable by Prudential to, or
on behalf of, any Beneficiary Family Member under this Deed of indemnity will
be paid without any deductions unless they are required by law. If any
deductions are required by law, Prudential will pay to, or on behalf of, the
Beneficiary Family Member an amount which will, after any deduction has been
made, result in the Beneficiary Family Member receiving the same amount as the
Beneficiary Family Member would have been entitled to receive in the absence of
any requirement to make a deduction.

 

(b)       If any amount payable by Prudential under
this Deed of indemnity is subject to tax in the hands of the Beneficiary Family
Member in any jurisdiction, the amount payable will be increased so that the
net amount received by the Beneficiary after taking that tax into account is
equal to the full amount which would have been received by the Beneficiary
Family Member if that tax had not been payable.

 

 

(c)       To the extent that any Beneficiary Family
Member obtains any tax credit, allowance, repayment or relief as a result of
Prudential paying any increased amount under this paragraph 11, the Beneficiary
shall repay, or procure that the Dependant repays, to Prudential the amount
necessary to reflect the principle that, after tax, the Beneficiary Family
Member is to be put in the same position as if the deduction or charge to tax
had not been required or incurred in the first place.

 

12.           No double recovery

 

Notwithstanding
the provisions of this Deed, the Beneficiary shall have the benefit of any
indemnity, insurance, agreement, undertaking or commitment entered into with,
or on his behalf by, any member of the Group whether before (subject to
paragraph 17 below) or after the date of this Deed, provided that he shall not
be entitled to recover more than once under this indemnity and any other
indemnity, insurance, agreement, undertaking or commitment in respect of any
Loss.

 

13.           Interpretation

 

In
this Deed:

 

(a)       “Application for Relief
Sections” means,

 

when such provisions have come into force:

 

(i)            section 661(3) or (4) of
the Companies Act 2006 (acquisition of shares by innocent nominee); or

 

(ii)           section 1157 of the Companies Act
2006 (general power to grant relief in case of honest and reasonable conduct);

 

but until such provisions have come into force shall
mean:

 

(iii)          section 144(3) or
(4) of the Companies Act 1985 or Article 154(3) or (4) of
the Companies (Northern Ireland) Order 1986 (acquisition of shares by innocent
nominee); or

 

(ii)           section 727 of the Companies Act
1985 or Article 675 of the Companies (Northern Ireland) Order 1986
(general power to grant relief in case of honest and reasonable conduct);

 

(b)       “Beneficiary Family Members”
mean the Beneficiary and the Dependants;

 

(c)       “Claim” has the
meaning ascribed to it in paragraph 1;

 

(d)       “Companies Act 1985”
means the Companies Act 1985 as amended, modified, re enacted or replaced from
time to time;

 

(e)       “Companies Act 2006”
means the Companies Act 2006 as amended, modified, re enacted or replaced from
time to time;

 

(f)        “Deed” means
this deed;

 

(g)       “Dependant”
means:

 

(i)            the Beneficiary’s spouse or civil
partner;

 

(ii)           any other person (whether of a different
sex or the same sex) with whom the Beneficiary lives as partner in an enduring
family relationship other than the

 

 

Beneficiary’s
grandparent or grandchild, sister, brother, aunt or uncle, or nephew or niece;

 

(iii)          the
Beneficiary’s children or step-children;

 

(iv)          any children or step-children of a person
within paragraph 13(g)(ii) (and who are not children or step-children of
the Beneficiary) who live with the Beneficiary and have not attained the age of
18; and

 

(v)           the Beneficiary’s parents;

 

(h)       “director” shall
include without limitation shadow director;

 

(i)        “Existing Indemnity”
means any previous agreement between the Beneficiary and Prudential relating to
the subject matter of this Deed, including any indemnity previously given by
Prudential to any Beneficiary Family Member in respect of any of the matters
covered by this Deed;

 

(j)        “Group” means
Prudential or any subsidiary or holding company of Prudential or any subsidiary
of a holding company of Prudential;

 

(k)       “Losses” have
the meaning ascribed to them in paragraph 1;

 

(l)        “holding company”
and “subsidiary” have the meanings ascribed
to them in the Companies Act 2006;

 

(m)      a reference to a “conviction”,
“judgment”, “determination”
or “refusal of relief” is a reference to
one that has become final. For these purposes, a conviction, judgment,
determination or refusal of relief becomes final:

 

(i)            if not appealed against, at the end of
the period for bringing an appeal; or

 

(ii)           if appealed against, at the time when the
appeal (or any further appeal) is disposed of.

 

An appeal is disposed of:

 

(iii)          if
it is determined and the period for bringing any further appeal has ended; or

 

(iv)          if it is abandoned or otherwise ceases to
have effect; and

 

(n)       any reference to the masculine shall as
appropriate be a reference to the feminine.

 

14.           Claims and enforcement

 

(a)       Prudential shall be entitled to take
steps in relation to the provisions of this Deed. In taking any such step,
Prudential may act for itself and/or on behalf of any of all other members
of the Group.

 

(b)       The Beneficiary and his personal
representatives and estate shall be entitled to make a claim, and take any
other steps, in relation to the provisions of this Deed. In taking any such
step, the Beneficiary may act for himself and/or on behalf of any or all
of the Dependants.

 

(c)       Subject to paragraphs 14(a) and (b),
any person other than Prudential and the Beneficiary may not enforce any
of the provisions of this Deed under the Contracts (Rights of Third Parties)
Act 1999.

 

 

15.           Miscellaneous

 

(a)       The Beneficiary may not assign or
otherwise transfer any rights or obligations set out in this Deed.

 

(b)       Any failure by Prudential or the
Beneficiary to exercise any right, power or privilege available under this Deed
is not a waiver for the purposes of this Deed nor will any single or partial
exercise thereof preclude any further exercise of any right, power or
privilege.

 

(c)       The provisions of this Deed may only
be amended in writing signed by or on behalf of Prudential and the Beneficiary.

 

(d)       If any provision of this Deed is held to
be illegal, invalid or unenforceable in whole or in part, the remaining
provisions shall continue to be valid.

 

(e)       Prudential and the Beneficiary
acknowledge that any contract, agreement, commitment or undertaking in respect
of the Beneficiary’s role as a director, officer, employee, trustee or
representative of Prudential incorporates, and accordingly is made on and
subject to, the provisions of the Memorandum and Articles of Association of
Prudential.

 

16.           Employment terms and conditions

 

If the
Beneficiary is also an employee of any member of the Group, the Beneficiary acknowledges
that this Deed shall be deemed to be incorporated into the employment contract
between the Beneficiary and the relevant member of the Group as supplementary
terms thereto.

 

17.           Effective date

 

(a)           The effective date of the indemnity
contained in paragraph 1 shall depend on the date of commencement of the
Beneficiary’s position as director, officer, employee, trustee, representative
or like position of any member of the Group, or as director, officer, employee,
trustee, governor, councillor, representative or like position in any external
organisation at the request of any member of the Group (or as a result of being
a director, officer, employee, trustee or representative, or holding like
position in respect of, any member of the Group) (“Prudential
Position”).

 

(b)           If the date of commencement of the
Beneficiary’s Prudential Position was before 1 October 2007:

 

(i)          the indemnity contained in paragraph 1
shall apply (to the exclusion of any Existing Indemnity), in respect of any
Claims or Losses made or incurred on or after 1 October 2007; and

 

(ii)         this Deed supersedes any Existing
Indemnity in respect of any Claims or Losses made or incurred on or after 1
October 2007, and the Beneficiary undertakes (on behalf of himself and all
Beneficiary Family Members) not to claim against Prudential under any Existing
Indemnity in respect of any Claims or Losses made or incurred on or after 1
October 2007. For the avoidance of doubt, any Existing Indemnity shall
remain in effect for the purposes of claims by the Beneficiary Family Member in
respect of Claims or Losses made or incurred before 1 October 2007.

 

(c)           If the date of commencement of the
Beneficiary’s Prudential Position was or is on or after 1 October 2007,
the indemnity contained in paragraph 1 shall apply in respect of any Claims or
Losses made or incurred on or after the date of commencement of the
Beneficiary’s Prudential Position.

 

 

18.           Governing law

 

The
provisions set out in this Deed are governed by and must be interpreted in
accordance with English law.

 

19.           Arbitration

 

(a)       Any dispute, controversy or claim arising
out of or in connection with this Deed shall be referred to and finally
resolved by arbitration under the Rules or Arbitration of the
International Chamber of Commerce (“ICC Rules”) by
three arbitrators appointed in accordance with the ICC Rules.

 

(b)       The seat of the arbitration shall be
London and the language of the arbitration (in which each member of the
tribunal shall be fluent) shall be English.

 

This document  has been executed as a deed and is to be treated as
delivered on the later of (a) being executed and dated by Prudential and
(b) being signed and dated by the Beneficiary.

 

	
  Executed and
  delivered as a deed

  	
  )

  
	
  by affixing the
  common seal of

  	
  )

  
	
  Prudential
  plc in the
  presence of:

  	
  )

  
	
   

  	
   

  
	
  /s/ Peter
  Maynard

  	
   

  
	
  Authorised
  signatory

  	
   

  
	
   

  	
   

  
	
  Date:

  	
  11/3/08

  	
   

  
	
   

  	
   

  	
   

  
	
  Acknowledged and
  agreed:

  	
   

  
	
   

  	
   

  
	
  Signed and
  delivered as a deed

  	
  )

  	
   

  	
   

  
	
  by David Clementi

  	
  )

  	
  /s/ D C Clementi

  	
  (Signature)

  
	
  in the presence
  of:

  	
  )

  	
  13.3.08

  	
  (Date)

  
	
   

  	
   

  	
   

  	
   

  

 

	
  Witness
  signature:

  	
    /s/
  Angela Rowe

  	
   

  
	
   

  	
   

  	
   

  
	
  Witness name:

  	
    Angela
  Rowe

  	
   

  
	
   

  	
   

  	
   

  
	
  Witness address:

  	
  48 Brentvale Ave

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
    Southall,
  Middx, UB1 3ER

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