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Exhibit 4.2    
    

PRIVATE
AND CONFIDENTIAL 

DATED            23
September 2005 

PRUDENTIAL
SERVICES LIMITED] (1) 

and

NICHOLAS
PRETTEJOHN (2) 

and

PRUDENTIAL
PLC (3) 

EXECUTIVE
DIRECTOR CONTRACT OF EMPLOYMENT 

   PARTIES  

	(1)
	PRUDENTIAL [SERVICES LIMITED of Laurence Pountney Hill, EC4R 0HH ("the company") and

	(2)
	Nick Prettejohn of {address }("the Executive")

	(3)
	PRUDENTIAL PLC of Laurence Pountney Hill, London, EC4R 0HH ("Prudential") 

1.     DEFINITIONS  

In
this Agreement unless the context otherwise requires:- 

"Board"
means the Board of Directors of Prudential; 

"Commencement
Date" means [date]; 

"Earnings
Cap" means the maximum allowance from to time under Section 640A of the Income and Corporation Taxes Act 1988; 

"Prudential
Group" means Prudential and each of its subsidiaries as "subsidiaries" is defined by section 736 of the Companies Act 1985. 

2.     APPOINTMENT  

	(1)
	The
Company shall employ the Executive and the Executive shall serve the Company as Chief Executive of Prudential Assurance, UK and Europe and in other such capacity as may be agreed
("the Appointment"). The Executive shall report to the Group Chief Executive.

	(2)
	The
Appointment is deemed to be effective from the Commencement Date and shall, without prejudice to the provisions of clause 9(2), continue unless and until terminated by the
Company giving to the Executive not less than 12 months' prior written notice to expire at any time or the Executive giving to the Company not less than not less than 12 months' prior
written notice to expire at any time.

	(3)
	Notwithstanding
Clause 2(2) above, the Appointment shall automatically terminate without notice on the Executive attaining the age of 60. 

3.     DUTIES OF THE EXECUTIVE  

	(1)
	During
the Appointment the Executive shall use his best endeavours to promote the interests of the Company and each company in the Prudential Group and shall carry out his duties with
all due expertise, diligence and technical skill, giving at all times the full benefit of his knowledge and experience.

	(2)
	The
Executive shall perform such duties and exercise such powers in relation to the conduct and management of the affairs of the Prudential Group as may from time to time reasonably
be assigned or communicated to or vested in him by the Board consistent with the nature of the Appointment.

	(3)
	Where
notice of termination has been served by either the Company or the Executive whether in accordance with clause 2(2) or otherwise, the Company shall be under no obligation
to provide work for or assign any duties to the Executive for the whole or any part of the relevant notice period and may require him:

	(i)
	not
to attend any premises of the Company or any other company in the Prudential Group; and/or 

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	(ii)
	to
resign with immediate effect from any offices he holds with the Company or any other company in the Prudential Group (and any related trusteeships); and/or

	(iii)
	to
refrain from business contact with any customers, clients or employees of the Company or any other company in the Prudential Group; and/or

	(iv)
	to
take any accrued holiday during any period of suspension under this clause 3(3). 

The
provision of clause 4(2) shall remain in full force and effect during any period of suspension under this clause 3(3). For the avoidance of doubt the Executive will continue to be
bound by duties of good faith and fidelity to the Company in any period during which he is not required to attend work. 

	(4)
	The
Board may also suspend all or any of the Executive's duties and powers during any period in which the Company and/or the Board is carrying out an investigation into any alleged
act or default of the Executive. Such a suspension shall be on such terms as the Board considers expedient (including a term that the Executive shall not attend at the Company's premises during such
suspension) providing that:

	(i)
	the
Board on or before such suspension notifies the Executive in writing of such grounds; and

	(ii)
	during
such suspension the Executive shall be entitled to the remuneration and benefits due under this Agreement.

	(5)
	The
Executive shall at all times promptly give to the Company and the Board (in writing if so required) all such information and explanations concerning the affairs of any company
within the Prudential Group as the Company or the Board shall require and of which the Executive is aware.

	(6)
	The
Executive shall comply with all instructions and directions from time to time laid down by the Company and/or the Board for senior executives including those rules relating to
holding and dealing in the shares of Prudential Group. The Executive shall also comply with the requirements laid down by all external regulatory bodies.

	(7)
	The
Executive shall allow the Company supervised access on reasonable notice to all or any of the properties in which he resides from time to time in order for the Company to assess,
and, if the Company considers it desirable, to carry out at its own expense those security measures which the Company may consider advisable for the protection of the Executive. 

4.     PERFORMANCE OF DUTIES  

	(1)
	During
the continuance of the Appointment, the Executive shall (unless prevented by ill-health or accident or otherwise directed by the Board) devote such of his time,
attention and abilities to the business and interests of the Company or any other company in the Prudential Group as the proper performance of his duties hereunder demands.

	(2)
	The
Executive shall not (unless otherwise agreed by the Company and/or the Board) undertake any other business or profession, or be, or become directly or indirectly concerned, or
interested in any other business or profession except as holder or beneficial owner, for the purpose only of a passive minority investment, of securities dealt in or on any recognized stock exchange
(not exceeding 5 per cent of the total number or value of such securities from time to time in issue).

	(3)
	The
Executive shall perform his duties at such offices of the Company in London or at such other locations as may be agreed from time to time as the Company or the Board may from time
to time reasonably require. 

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5.     REMUNERATION  

	(1)
	During
the Appointment the Company will pay the Executive an annual salary as separately notified, to accrue from day to day and to be payable by equal monthly instalments in arrears
to a bank nominated by the Executive. The rate of salary shall be subject to periodic review but shall not be reduced without the prior written agreement of the Executive. The Company reserves the
right to withhold or deduct from the Executive's salary any amount owed by the Executive to the Company or any company in the Prudential Group.

	(2)
	The
Executive shall be eligible to be admitted to membership of the DC Section of the Prudential Staff Pension Scheme details of which have been supplied to the Executive, subject to
the trust deed and rules from time to time governing the scheme. The Scheme is contracted-in to the state second pension scheme and so no contracting-out certificate applies to
the Appointment. 

The
Executive's Pensionable Pay for the purpose of determining his contributions and employer credits to his Personal Account is defined in the rules of the DC Section of the Prudential Staff Pension
Scheme. It is limited by the ("capped") by legislation or such other limit as the Company may provide and consequently so are the benefits the Scheme can provide. The cap is adjusted from time to time
(as described in Section 590C of the Income and Corporation Taxes Act 1988). The Executive may join the scheme and receive retirement and death benefits in relation to the earnings cap. 

	(3)
	HM
Revenue & Customs has recently announced significant changes to the tax treatment of pension schemes (including the removal of the "earnings cap"). The Company therefore
reserves the right to change its pension provision, as it considers appropriate in the light of the Revenue's announcement.

	(4)
	Currently
to take account of the limit on Pensionable Pay, subject to the conditions below, the Executive will be provided with:

	(a)
	a
non-pensionable retirement benefit allowance of 25% of salary. The company core and matching contributions under the DC Section will be included in this 25%; and

	(b)
	a
death in service benefit equal to four times the Executive's salary in excess of his Pensionable Pay through a special life assurance policy paid for by the Company. 

Payment
of the retirement benefit allowance is subject to two conditions. The first is that the Executive must pay 6% of Pensionable Pay to the DC Section. The second is the Executive's undertaking
that he will use the retirement benefit allowance to provide income and/or capital for himself in retirement. By signing this Agreement, the Executive gives that undertaking. 

Provision
of death in service benefits is subject to the provision of medical evidence satisfactory to the provider. 

Both
the retirement benefit allowance and the premiums paid by the Company to the special life assurance policy for the Executive's death in service benefits are taxable benefits. 

	(5)
	The
Executive's retirement benefit allowance will be paid as a salary supplement unless he elects, in writing, for the amount to be allocated between one of more of the following
options:

	(a)
	so
far as Revenue limits allow, an amount to be credited to the Executive's Personal Account in the DC Section. Matching employer credits will not be made in respect of this amount
and employee contributions must be a whole percentage of Pensionable Pay;

	(b)
	any
remaining amount to be paid to the Executive as a salary supplement. 

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	(6)
	The
Executive must notify the Company as early as practicable on the first day of any absence due to sickness or other incapacity. Subject to production, if requested, of medical
certificates satisfactory to the Company, full remuneration will continue to be payable notwithstanding the Executive's incapacity for work due to sickness or accident (unless and until the
Appointment shall be determined under any terms hereof) for the first six months of such incapacity. During this period of incapacity, the Company shall only give notice terminating the Appointment on
grounds of redundancy, falling within section 139 of The Employment Rights Act 1996 or those circumstances as set out in clause 9(2). Thereafter the Company may at its discretion
discontinue the payment of remuneration under this Agreement in which event the rules of the Prudential Staff Long Term Incapacity Scheme as from time to time in force, will apply to the Executive.

	(7)
	If
the Executive needs to undergo a medical examination at the request of the Company, the cost of this will be met by the Company and the Company's medical adviser will be entitled
to receive a copy of any report produced, to discuss it with the doctor who produced it and to discuss its conclusions with the Company.

	(8)
	If
the Executive is incapable of performing his duties by reason of injury sustained wholly or partly as a result of negligence, nuisance or breach of any statutory duty on the part
of any third party all payments made to the Executive by the Company shall (insofar as lawful) be by way of interest free loan repayable to the Company only when and to the extent that compensation is
recovered for loss of earnings from that third party by legal action or otherwise in so far as it is not repayable to the Department of Social Security.

	(9)
	The
Executive, his wife and his unmarried children below the age of 18 (or 24 if in full time education) will be eligible free of charge to participate with effect from the
Commencement Date until termination of employment in the Prudential Group medical insurance scheme currently established with AXA/PPP.

	(10)
	The
Executive is eligible to participate in the remuneration plans available from time to time to senior executives of the Prudential Group (subject to the rules governing the
availability of those benefits generally) which currently include:

	(a)
	the
Prudential Restricted Share Plan ("RSP");

	(b)
	the
Prudential UK and Europe Long Term Incentive Plan ("UK LTIP")

	(c)
	the
Annual Incentive Plan ("AIP");

	(d)
	the
Prudential Services Ltd Share Incentive Plan ("SIP"); and

	(e)
	the
Prudential Savings Related Share Option Scheme (SAYE Scheme"), details of which have been supplied to the Executive. 

Benefits
under these plans are non-pensionable. 

	(11)
	Participation
in the Prudential RSP, UK LTIP, AIP, SIP, SAYE and any other incentive arrangement and Savings Related Share Option Scheme is a matter entirely separate from the
Executive's terms and conditions of employment; the Company has no contractual obligation to invite the Executive's participation in any plan cycle; and in particular if the Executive's employment
shall terminate for whatever reason (whether lawfully or in breach of contract) he shall not be entitled to any compensation for any loss of any right or benefit or prospective right or benefit under
any scheme which he might otherwise have enjoyed whether such compensation is claimed by way of damages for wrongful dismissal or other breach of contract or by way of compensation for loss of office
or otherwise.

	(12)
	The
Executive shall be entitled to an interest free season ticket loan. 

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   6.     EXPENSES AND CAR ALLOWANCE  

	(1)
	The
Company, on production of the relevant receipts and/or invoices, shall reimburse the Executive for all traveling, hotel, entertainment and other
out-of-pocket expenses properly incurred by him from time to time in the execution of his duties hereunder in accordance with the relevant rules of the Company for the time
being in force.

	(2)
	The
Executive will also be eligible to receive an annual cash car allowance as separately notified. Such cash allowance will be paid in monthly installments (less such deductions as
the Company is required by law to make) at the same time as the Executive's salary, but will not form part of his salary for pensions or other salary related benefits.

	(3)
	Renewal
of the annual cash allowance hereunder is governed by the rules and regulations from time to time established for senior executives of the Prudential Group. 

7.     HOLIDAY  

        The Executive shall be entitled to such holiday with pay in each calendar year (in addition to statutory holidays) as the proper performance of his duties
hereunder permits and in accordance with the guidelines laid down by the Company from time to time. 

8.     NON-SOLICITATION  

	(1)
	The
Executive undertakes that during the Appointment and (subject to clause 8(2)) for a period of 12 months following the termination of the Appointment (the "Exclusion
Period") he shall not whether on his own account or otherwise and whether directly or indirectly:

	(a)
	solicit,
interfere with, endeavour to entice away or induce to leave their employment any director or senior manager who is then or was at the date of termination of the Appointment
an employee of or engaged by the Company or any other company within the Prudential Group and with whom the Executive ad business dealings during the course of his employment in the 12 month
period immediately prior to the termination of the Appointment. Nothing in this clause shall prohibit the seeking or doing of business not in direct or indirect competition with the business of the
Company or any company within the Prudential Group; or

	(b)
	solicit,
interfere with or endeavour to or actually entice away from the Company or any company within the Prudential Group business orders, or custom for products or services similar
to those being provided by the Company or any company within the Prudential Group from any person, firm or corporation who was at the date of termination of the Appointment, or had been at any time
within the year ending on that date, a customer or in the habit of doing business with the Company or any company in the Prudential Group and with whom the Executive was directly concerned in the
twelve months before the termination of the Appointment. Nothing in this clause shall prohibit the seeking or doing of business not in direct or indirect competition with the business of the Company
or any company within the Prudential Group; or 

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	(c)
	carry
on, set up, be employed, engaged or interested in a business anywhere in the UK, Europe, US or Asia which is or is about to be in competition with the business of the Company or
any company within the Prudential Group as at the date of with which the Executive was actively involved during the 12 month period immediately prior to termination of the Appointment,
including (but not limited to) the businesses of the companies listed in Schedule 1 (or such other companies as may, from time to time, carry on such businesses). It is agreed that in the event
that any such company ceases to be in competition with the Company and/or any company within the Prudential Group, this clause 8(1)(c) shall, with effect from that date, cease to apply in
respect of such company. The provisions of this clause 8(1)(c) shall not, at any time following the termination of the Appointment, prevent the Executive from holding shares or other capital
not amounting to more than 3% of the total issued share capital of any company whether listed on a recognised stock exchange or not and, in addition, shall not prohibit the seeking or doing of
business not in direct or indirect competition with the business of the Company or any company within the Prudential Group.

	(2)
	The
period during which the restrictions referred to in clause 8 shall apply following the termination of the Appointment shall be reduced by the period of notice actually
served. The amount of time during which, if at all, the Company suspends the Employee under the provision of clause 3(3), shall also reduce the period during which the restrictions referred to
in clause 8 shall apply.

	(3)
	The
Executive acknowledges and agrees that:

	(a)
	each
of sub-clauses 8(1)(a) (b) and (c) hereof constitute an entirely separate and independent restriction on him;

	(b)
	the
duration extent and application of each of the restrictions are no greater than is necessary for the reasonable protection of the proper interests of the Prudential Group; and

	(c)
	if
any such restriction is found by any court of competent jurisdiction to be void or unenforceable as going beyond what is reasonable in the circumstances for the protection of the
interests of the Prudential Group but would be valid if part of the wording was deleted and/or the period thereof was reduced and/or the territory concerned was reduced the restriction shall apply
within the jurisdiction of that court with such modifications as may be necessary to make it valid and effective. 

9.     TERMINATION OF EMPLOYMENT  

	(1)
	The
Appointment may be terminated by either party by notice given in accordance with Clause 2.

	(2)
	Notwithstanding
the other provisions of this Agreement and without prejudice to the rights and remedies of the Company for any breach of this Agreement, and to the Executive's
continuing obligations under Clauses 8 and 11, the Company shall at any time be entitled by notice in writing to the Executive to terminate the Appointment immediately in any of the following
circumstances, namely:

	(a)
	if
he is or becomes bankrupt or has a receiving order made against him or compounds with his creditors or otherwise takes advantage of any statute for the time being in force offering
relief for insolvent debtors; or 

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	(b)
	if
he is guilty of serious misconduct or behavior such as to bring any company in the Prudential Group into disrepute (including but without limitation the commission of a criminal
offence (excluding Land Traffic offences) or commits any serious breach of any of his obligations to the Company or any other company in the Prudential Group (whether under this Agreement or
otherwise) and such misconduct behavior or breach justifies summary dismissal; or

	(c)
	if
he refuses to comply with any lawful orders or directions reasonably given to him by the Company or the Board or neglects so to comply with material adverse consequences for the
Prudential Group; or

	(d)
	if
he fails or refuses to perform substantially the duties of the position which he holds under this Agreement or engages in willful or reckless conduct injurious to or damaging to
the reputation of the Company or any other company within the Prudential Group; or

	(e)
	if
he is prevented from carrying out his duties by reason of a personal disqualification by an industry regulator, caused by reasons attributable to the Executive; or

	(f)
	commits
any serious or repeated breach of any of his obligations under this Agreement or the Appointment.

	(3)
	The
Executive shall have no claim against the Company for damages or otherwise by reason of such termination. Any delay or forbearance by the Company in exercising any such right of
termination shall not constitute a waiver of its rights in respect of any subsequent occurrence giving rise to such a right.

	(4)
	Without
prejudice to the Transfer of Undertakings (Protection of Employment) Regulations 1981, if at any time during this Agreement the Executive's employment is terminated by reason
of reconstruction or amalgamation of the Company and the Executive is offered employment with any concern or undertaking resulting from such reconstruction or amalgamation upon terms and conditions no
less favourable than the terms of this Agreement and of similar status then the Executive shall have no claim against the Company in respect of the termination of the Appointment.

	(5)
	The
Executive shall promptly deliver to the Company upon the date of termination:

	(a)
	any
credit cards or any property provided by the Company or any other company within the Prudential Group; and

	(b)
	all
lists of clients or customers, correspondence, books, and all other documents, papers and records which may have been prepared by him or have come into his possession in the
course of his employment and the Executive shall not be entitled to and shall not retain any copies thereof: title and copyright therein shall at all times remain in the Company. The Company will on
request make available copies of board minutes and supporting documents which the Executive reasonably requires in connection with any legal or regulatory proceedings in which he is or may become
involved.

	(6)
	In
the event that the Appointment is terminated under this clause or otherwise and the Executive becomes entitled to any compensation in connection with the Appointment or its
Termination, the Company shall be entitled to pay any such compensation to the Executive over 12 monthly installments payable on the last day of every month, where the amount of each monthly
installment shall be equal to A minus B, where A is equal to the total compensation payable to the Executive divided by 12, and, B is equal to the total earnings of the Executive (less required
deductions for income tax and employees' national insurance contributions) referable to any engagement or employment that the Executive has carried out during that month. 

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10.   EXECUTIVE'S POSITION AS DIRECTOR  

	(1)
	The
duties of the Executive as a director of any company within the Prudential Group shall be subject to the Articles of Association of the relevant company for the time being and
(subject to sub-clause (2) below) shall be separate from and additional to his duties pursuant to the Appointment. The Executive's salary under this Agreement is inclusive of any
remuneration to which the Executive may be entitled as a director of Prudential or any other company within the Prudential Group.

	(2)
	If
the Executive is removed from office as a director of Prudential during the Appointment by any resolution of a general meeting or of the Board or by not being
re-elected after retiring by rotation pursuant to the Articles of Association of Prudential the Executive acknowledges and agrees that such removal or cessation shall not amount to a
breach of the Appointment and shall not entitle the executive to bring a claim of constructive dismissal, but such removal or cessation shall automatically constitute the Company giving notice to
terminate the Appointment within the provisions of clause 2(2).

	(3)
	Upon
termination of the Appointment for whatever reason the Executive shall forthwith in writing resign his position as a director of Prudential and of any other company within the
Prudential Group, without compensation for loss of office but without prejudice to any other claims the Executive may have for damages for breach of this Agreement.

	(4)
	If
the Executive fails to comply with his obligations in sub-clause 10(3) hereof, he hereby irrevocably authorises Prudential to appoint some person in his name and
on his behalf to sign any documents and/or do all things necessary to give effect to the resignations referred to in sub-clause 10(3) above. 

11.   CONFIDENTIAL INFORMATION  

	(1)
	The
Executive shall not, either during the continuance of the Appointment or thereafter, use to the detriment or prejudice of the Company or any other company within the Prudential
Group or, except in the proper course of his duties, divulge to any person any Confidential Information concerning the business or affairs of the Company or any other company within the Prudential
Group which may have come to his knowledge during his employment. For the purposes of this Agreement "Confidential Information" shall mean details of suppliers and their terms of business, details of
customers, prices charged to and terms of business with customers, marketing plans and sales forecasts, any proposals relating to the acquisition or disposal of a company or business or any part
thereof, details of employees and officers and of the remuneration and other benefits paid to them and any other information which may reasonably be classified as confidential, but so that these
instructions shall cease to apply to any information which shall become available generally otherwise than through the fault of the Executive. The restrictions in this clause shall not apply:

	(i)
	to
any disclosure or use authorised by the Board or required by law or by the Appointment; or

	(iii)
	so
as to prevent the Executive from using his own personal skill in any business in which he may be lawfully engaged after the Appointment is ended, or

	(iii)
	to
prevent the Executive making a protected disclosure within the meaning of s43A of the Employment Rights Act 1996. 

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	(3)
	The
Executive shall maintain all necessary and proper security precautions when in the possession of Confidential Information and shall remove Confidential Information (in
non-electronic form) from Prudential's premises only to the extent it is strictly necessary for the proper performance of his duties hereunder. The Executive will comply with the Company's
standards relating to confidentiality of information in electronic form. 

12.   GRATUITIES AND CODES OF CONDUCT  

	(1)
	Without
the Company's permission the Executive shall not directly or indirectly accept any commission, rebate, discount or gratuity, in cash or in kind, from any person who has or is
likely to have a business relationship with any company in the Prudential Group. Express permission is not required for reasonable business entertainment such as lunches, sporting, cultural or social
events undertaken in the normal course of the Executive's duties and in accordance with any directions given by the Company.

	(2)
	The
Executive shall comply with all codes of conduct from time to time adopted by the Board and with all applicable rules and regulations of The Stock Exchange and any other relevant
regulatory body. 

13.   DATA PROTECTION  

	(1)
	The
Executive consents to the Company and any company within the Prudential Group processing data relating to him at any time (whether before, during or after the Employment) for the
following purposes:

	(i)
	performing
its obligations under the Agreement (including remuneration, payroll, pension, insurance and other benefits, tax and national insurance obligations);

	(ii)
	the
legitimate interests of the Company and any company within the Prudential Group including for the purposes of any sickness policy, working time policy, investigating acts or
defaults (or alleged or suspected acts or defaults) of the Executive, security, management forecasting or planning and negotiations with the Executive;

	(iii)
	processing
in connection with any corporate transaction in which the Company or any company within the Prudential Group is involved or any transfer of any business in which the
Executive performs his duties; and

	(iv)
	transferring
data to countries outside the European Economic Area for any of the purposes referred to in (i), (ii) or (iii) above.

	(2)
	The
Executive explicitly consents to the Company and any company within the Prudential Group processing sensitive personal data (within the meaning of the Data Protection Act 1998) at
any time (whether before, during or after the Appointment) for the following purposes:

	(i)
	where
the sensitive personal data relates to the Executive's health, any processing in connection with the operation of the sickness policy of the Company (or any company within the
Prudential Group) or any relevant pension scheme or monitoring absence;

	(ii)
	where
the sensitive personal data relates to an offence committed, or allegedly committed, by the Executive or any related proceedings, processing for the purpose of the disciplinary
purposes of the Company or of any company within the Prudential Group;

	(iii)
	for
all sensitive personal data, any processing in connection with any merger, sale or acquisition of a company or business in which the Company or any company within the Prudential
Group is involved or any transfer of any business in which the Executive performs his duties; and 

10

 

	(iv)
	for
all sensitive personal data, any processing in the legitimate interests of the Company or any company within the Prudential Group. 

14.   ASSIGNMENT  

        The Company may assign its interest in this Agreement to any other company within the Prudential Group with the agreement of the Executive such agreement not to
be unreasonably withheld. 

15.   STATUTORY REQUIREMENTS  

        The Executive shall also be subject to the terms set out in the Schedule attached to this Agreement in connection with the Employment Rights Act 1996. 

16.   NOTICES  

        Any notice or other document to be given hereunder shall either be delivered personally or be sent by first class recorded delivery or fax. The address for
service on the Company shall be its registered office for the time being and the address for service on the Executive shall be his last known place of residence. A notice shall be deemed to have been
served as follows:- 

	(a)
	if
personally delivered, at the time of delivery;

	(b)
	if
posted, at the expiration of 48 hours after the envelope containing the same was delivered into the custody of the postal authorities;

	(c)
	if
sent by fax, at the time of dispatch. 

In
proving such service it shall be sufficient to prove that personal delivery was made, or that the envelope containing such notice was properly addressed and delivered into the custody of the postal
authorities as a pre-paid, first class, recorded delivery letter, or that the fax was properly addressed and dispatched as the case may be. 

17.   MISCELLANEOUS  

	(1)
	This
Agreement forms the entire understanding of the parties as to its subject matter and both parties acknowledge that neither of them has entered into this Agreement in reliance
upon any representation warranty or undertaking which is not set out in this Agreement as forming part of the contract of employment of the Executive.

	(2)
	Any
reference in this Agreement to an Act of Parliament shall be deemed to include any statutory modification or re-enactment thereof whenever made.

	(3)
	The
headings shall be disregarded in construing this Agreement. 

IN
WITNESS the hands of the Executive and of the duly authorized representative of the Company on the date first above written. 

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   THE SCHEDULE  

 In accordance with the Employment Rights Act 1996, the following terms of the Executive's appointment apply on the date of the Agreement as provided therein: 

	(a)
	Remuneration—Clause 5(1)

	(b)
	Hours of Work—There are no fixed hours of work—Clause 4

	(c)
	Holidays—Clause 7

	(d)
	Sickness and Injury—the Executive is entitled to be paid during any period of absence from work due to sickness or injury,
subject however to the provisions of sub-clause 5(3)

	(e)
	Pension Arrangements—Clause 5(2)

	(f)
	Notice—Clause 2(2)

	(g)
	Job Title—Clause 2(1)

	(h)
	Grievance Procedure—If the Executive seeks to redress any grievance relating to his employment he should apply in writing
to the Chief Executive of the Prudential Group.

	(i)
	Disciplinary Procedure—There are no disciplinary rules applicable to senior executives so that any disciplinary action
relevant to the Executive will be considered and handled according to the particular circumstances and the Executive's position. Should the Executive be dissatisfied with any disciplinary decision
he/she should appeal in writing to the Chief Executive of the Prudential Group.

	(j)
	Date of Commencement of Employment—The date of commencement of employment (i.e. date of joining Prudential) is the
Commencement Date—Clause 1.

	(k)
	Place of work—Clause 4(3).

	(l)
	Collective Agreements which directly affect the Executive's terms and conditions—none. 

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SIGNED
by Mark Tucker 

on
behalf of PRUDENTIAL CORPORATION PLC 

/s/
Mark Tucker 

In
the presence of: 

/s/
A Croney 

Date:26/9/2005

SIGNED
by Nicholas Prettejohn 

/s/
Nicholas Prettejohn 

In
the presence of: 

/s/
M A Clarke 

Date:
26/9/2005 

SIGNED
by Mark Tucker 

on
behalf of PRUDENTIAL SERVICES LIMITED 

/s/
Mark Tucker 

In
the presence of: 

/s/
A Croney 

Date:
26/9/2005 

13

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Exhibit 4.2QuickLinks
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Exhibit 4.3    
    

 
 

CONFIDENTIAL  

Mr
Mark Tucker

Group Chief Executive,

Prudential plc 

11
April 2006 

Dear
Mark 

DIRECTORS' AND OFFICERS' PROTECTION—CHANGES TO YOUR BENEFITS  

 As a result of changes in the law relating to indemnities given to directors and officers, we have revised the form of indemnity to take advantage of the
additional protections now available. This new indemnity is set out in the Schedule to this letter, and is in addition to the indemnity that you already hold. 

In
summary, you now have the following benefits, to the extent maintained by Prudential plc (Prudential) or its subsidiaries (within the meaning of the
Companies Act 1985) (the Group) from time to time: 

	(a)
	Directors'
and officers' liability insurance cover, subject to its terms and conditions;

	(b)
	An
indemnity from Prudential, which you already hold; and

	(c)
	A
new indemnity from Prudential, as set out in the Schedule to this letter. 

Any
amount payable to you under (a), (b) or (c) above shall not be offset against any amount payable by you which is contemplated under your employment contract or letter of appointment. 

The
indemnity in the Schedule will take effect as from 6 April 2005 and will supersede the indemnity you already hold only for the period from 6 April 2005 onwards. If you are an
employee within the Group, it will be deemed to be incorporated in, and constitute an agreed amendment of, the terms and conditions of your employment. 

You
will continue to be eligible under the discretionary payments policy adopted by Prudential (subject to regular review) as set out in the separate letter to you dated 10 June 2004 (or later
if you joined the Prudential after that date). The directors of Prudential and certain employees of the Group may rely on the existence of this policy to protect them from personal liability arising
out of the bona fide performance of their duties. 

Please
countersign and date the enclosed duplicate of this letter and return it to me under cover marked private and confidential. 

Yours
sincerely 

/s/
Peter Maynard 

.........................................................

Peter Maynard

Company Secretary

Acknowledged
and Agreed: 

/s/
Mark Tucker 

.........................................................

Date:
14th April 2006 

Schedule

Indemnity  

1.     Indemnity  

Subject
to the following paragraphs of this Schedule, Prudential undertakes to indemnify each Beneficiary and hold each Beneficiary 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 Beneficiaries in any jurisdiction (each a
"Claim")) which the Beneficiaries may suffer or incur in any jurisdiction ("Losses") and which in any
such case arise out of the carrying out or performance, whether before or after the date of the letter to which this indemnity is scheduled, by the Executive of the Executive'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 1985 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 Executive, (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 Executive is convicted, (v) as a result of, or in connection with any act or omission by the Executive
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 Executive, (vi) in defending civil proceedings brought by any member of the Group in which judgment is given against the Executive or (vii) in connection with any
application under section 114(3) or (4) or 727 of the Companies Act 1985 in which the Court refuses to grant relief to the Executive. 

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 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 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 Executive shall be entitled to claim indemnity under paragraph 1 (for himself and/or on behalf of any Beneficiary) forthwith after the same becomes due and
payable by the Beneficiary, provided that if such Claim: 

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

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

	(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 Executive constitutes fraud,
dishonesty, bad faith or wilful default on the part of the Executive; or

	(d)
	relates
to any application under sections 144(3) or (4) or 727 of the Companies Act 1985 in which the Court refuses to grant the Executive 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 Executive pursuant to the indemnity contained in paragraph 1, such amounts shall be reimbursed to Prudential by the Executive not later than (i) in the
event of the Executive being convicted, the date on which such conviction has become final, (ii) in the event of judgment being given against the Executive, the date on which such judgment has
become final or (iii) in the event of the court refusing to grant the Executive relief on the application, the date on which such refusal for relief has become final. 

6.     Termination and survival  

The
provisions of this Schedule shall survive: 

	(a)
	the
Executive 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 Executive which is held at the request of any member of the Group, excluding:

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

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

7.     Notification of Prudential  

The
Executive 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 Executive has of the circumstances of the relevant matter, and shall thereafter notify Prudential of all developments in relation to such matter. The Executive 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. 

2

 

8.     Conduct of Claims  

	(a)
	The
Executive 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 Executive (such consent not to be unreasonably withheld or delayed), permitted to assume the conduct
of the Claim made against the Executive.

	(b)
	The
Executive shall conduct all Claims diligently and competently using the legal and other representatives mutually acceptable to the Executive and Prudential. The Executive 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 Executive 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 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 being prejudiced and to Prudential agreeing to indemnify the
Beneficiaries against all reasonable costs and expenses which might be incurred, Prudential may either: 

	(a)
	request
that the Executive take (or procure that any Dependant take) all reasonable steps to enforce such recovery. If Prudential so elects then the Executive 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 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 Beneficiaries' rights of recovery against third parties in respect of the payment. If Prudential so
elects then the Executive 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 Beneficiaries or in its own name, at Prudential's discretion. 

10.   Recovery under other indemnities and insurance  

	(a)
	Subject
to paragraph 10(c), the Executive 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 may have (irrespective of any wording to the contrary in any indemnity or insurance policy concerned), and no person other than the Executive 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 its own name or that of any Beneficiary. 

3

 

	(b)
	Provided
that the Executive complies with paragraph 10(a), Prudential will advance to the Executive the funds necessary to make a payment in respect of a Loss pending receipt
by the Beneficiaries 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 Beneficiaries' entitlement under the other indemnity and/or insurance policy and the Executive 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 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  

	(a)
	All
amounts payable by Prudential to, or on behalf of, any Beneficiary under this 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 an amount which will, after any deduction has been made, result in the Beneficiary receiving the same amount as the
Beneficiary 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 indemnity is subject to tax in the hands of the Beneficiary in any jurisdiction, the amount payable will be increased so that the net
amount received by the Executive after taking that tax into account is equal to the full amount which would have been received by the Beneficiary if that tax had not been payable.

	(c)
	To
the extent that any Beneficiary obtains any tax credit, allowance, repayment or relief as a result of Prudential paying any increased amount under this paragraph 12, the
Executive shall repay, or procure that the Dependant repays, to Prudential the amount necessary to reflect the principle that, after tax, the Beneficiary 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 Schedule, the Executive 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 or after the date of the letter to which this indemnity is scheduled, 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 Schedule: 

	(a)
	"Beneficiaries" mean the Executive and the Dependants;

	(b)
	"Claim" has the meaning ascribed to them in paragraph 1;

	(c)
	"Companies Act 1985" means the Companies Act 1985 as amended, modified, re-enacted or replaced from time to time; 

4

 

	(d)
	"Dependant" means:

	(i)
	the
Executive's spouse or civil partner;

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

	(iii)
	the
Executive's children or step-children;

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

	(v)
	the
Executive's parents;

	(e)
	"director" shall include without limitation shadow director;

	(f)
	"Executive" means you;

	(g)
	"Group" means Prudential or any subsidiary or holding company of Prudential or any subsidiary of a holding company of Prudential;

	(h)
	"Losses" have the meaning ascribed to them in paragraph 1;

	(i)
	"Prudential" means Prudential plc;

	(j)
	"holding company" and "subsidiary" shall have the meanings ascribed to them in the
Companies Act 1985;

	(k)
	references
to a "conviction", "judgment" or  "determination" is a reference to one that has become final. For these
purposes, a conviction, judgment or determination 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 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; and

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

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

14.   Claims and enforcement  

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

	(b)
	Only
the Executive 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 Schedule. In taking
any such step, the Executive 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 Executive may not enforce any of the provisions of this Schedule under the Contracts (Rights of Third
Parties) Act 1999. 

5

 

15.   Miscellaneous  

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

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

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

	(d)
	If
any provision of this Schedule 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 Executive acknowledge that any contract, agreement, commitment or undertaking in respect of the Executive'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.   Governing law  

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

17.   Arbitration  

	(a)
	Any
dispute, controversy or claim arising out of or in connection with this Schedule 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. 

6

 
 

CONFIDENTIAL  

Mr
Philip Broadley

Group Finance Director,

Prudential plc 

11
April 2006 

Dear
Philip 

DIRECTORS' AND OFFICERS' PROTECTION—CHANGES TO YOUR BENEFITS  

 As a result of changes in the law relating to indemnities given to directors and officers, we have revised the form of indemnity to take advantage of the
additional protections now available. This new indemnity is set out in the Schedule to this letter, and is in addition to the indemnity that you already hold. 

In
summary, you now have the following benefits, to the extent maintained by Prudential plc (Prudential) or its subsidiaries (within the meaning of the
Companies Act 1985) (the Group) from time to time: 

	(a)
	Directors'
and officers' liability insurance cover, subject to its terms and conditions;

	(b)
	An
indemnity from Prudential, which you already hold; and

	(c)
	A
new indemnity from Prudential, as set out in the Schedule to this letter. 

Any
amount payable to you under (a), (b) or (c) above shall not be offset against any amount payable by you which is contemplated under your employment contract or letter of appointment. 

The
indemnity in the Schedule will take effect as from 6 April 2005 and will supersede the indemnity you already hold only for the period from 6 April 2005 onwards. If you are an
employee within the Group, it will be deemed to be incorporated in, and constitute an agreed amendment of, the terms and conditions of your employment. 

You
will continue to be eligible under the discretionary payments policy adopted by Prudential (subject to regular review) as set out in the separate letter to you dated 10 June 2004 (or later
if you joined the Prudential after that date). The directors of Prudential and certain employees of the Group may rely on the existence of this policy to protect them from personal liability arising
out of the bona fide performance of their duties. 

Please
countersign and date the enclosed duplicate of this letter and return it to me under cover marked private and confidential. 

Yours
sincerely 

/s/
Peter Maynard 

.........................................................

Peter Maynard

Company Secretary

Acknowledged
and Agreed: 

/s/
Philip Broadley 

......................................................... 

Date:
13 April 2006 

Schedule

Indemnity  

1.     Indemnity  

Subject
to the following paragraphs of this Schedule, Prudential undertakes to indemnify each Beneficiary and hold each Beneficiary 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 Beneficiaries in any jurisdiction (each a
"Claim")) which the Beneficiaries may suffer or incur in any jurisdiction ("Losses") and which in any
such case arise out of the carrying out or performance, whether before or after the date of the letter to which this indemnity is scheduled, by the Executive of the Executive'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 1985 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 Executive, (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 Executive is convicted, (v) as a result of, or in connection with any act or omission by the Executive
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 Executive, (vi) in defending civil proceedings brought by any member of the Group in which judgment is given against the Executive or (vii) in connection with any
application under section 114(3) or (4) or 727 of the Companies Act 1985 in which the Court refuses to grant relief to the Executive. 

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 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 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 Executive shall be entitled to claim indemnity under paragraph 1 (for himself and/or on behalf of any Beneficiary) forthwith after the same becomes due and
payable by the Beneficiary, provided that if such Claim: 

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

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

	(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 Executive constitutes fraud,
dishonesty, bad faith or wilful default on the part of the Executive; or

	(d)
	relates
to any application under sections 144(3) or (4) or 727 of the Companies Act 1985 in which the Court refuses to grant the Executive 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 Executive pursuant to the indemnity contained in paragraph 1, such amounts shall be reimbursed to Prudential by the Executive not later than (i) in the
event of the Executive being convicted, the date on which such conviction has become final, (ii) in the event of judgment being given against the Executive, the date on which such judgment has
become final or (iii) in the event of the court refusing to grant the Executive relief on the application, the date on which such refusal for relief has become final. 

6.     Termination and survival  

The
provisions of this Schedule shall survive: 

	(a)
	the
Executive 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 Executive which is held at the request of any member of the Group, excluding:

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

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

7.     Notification of Prudential  

The
Executive 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 Executive has of the circumstances of the relevant matter, and shall thereafter notify Prudential of all developments in relation to such matter. The Executive 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. 

2

 

8.     Conduct of Claims  

	(a)
	The
Executive 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 Executive (such consent not to be unreasonably withheld or delayed), permitted to assume the conduct
of the Claim made against the Executive.

	(b)
	The
Executive shall conduct all Claims diligently and competently using the legal and other representatives mutually acceptable to the Executive and Prudential. The Executive 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 Executive 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 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 being prejudiced and to Prudential agreeing to indemnify the
Beneficiaries against all reasonable costs and expenses which might be incurred, Prudential may either: 

	(a)
	request
that the Executive take (or procure that any Dependant take) all reasonable steps to enforce such recovery. If Prudential so elects then the Executive 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 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 Beneficiaries' rights of recovery against third parties in respect of the payment. If Prudential so
elects then the Executive 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 Beneficiaries or in its own name, at Prudential's discretion. 

10.   Recovery under other indemnities and insurance  

	(a)
	Subject
to paragraph 10(c), the Executive 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 may have (irrespective of any wording to the contrary in any indemnity or insurance policy concerned), and no person other than the Executive 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 its own name or that of any Beneficiary. 

3

 

	(b)
	Provided
that the Executive complies with paragraph 10(a), Prudential will advance to the Executive the funds necessary to make a payment in respect of a Loss pending receipt
by the Beneficiaries 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 Beneficiaries' entitlement under the other indemnity and/or insurance policy and the Executive 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 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  

	(a)
	All
amounts payable by Prudential to, or on behalf of, any Beneficiary under this 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 an amount which will, after any deduction has been made, result in the Beneficiary receiving the same amount as the
Beneficiary 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 indemnity is subject to tax in the hands of the Beneficiary in any jurisdiction, the amount payable will be increased so that the net
amount received by the Executive after taking that tax into account is equal to the full amount which would have been received by the Beneficiary if that tax had not been payable.

	(c)
	To
the extent that any Beneficiary obtains any tax credit, allowance, repayment or relief as a result of Prudential paying any increased amount under this paragraph 12, the
Executive shall repay, or procure that the Dependant repays, to Prudential the amount necessary to reflect the principle that, after tax, the Beneficiary 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 Schedule, the Executive 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 or after the date of the letter to which this indemnity is scheduled, 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 Schedule: 

	(a)
	"Beneficiaries" mean the Executive and the Dependants;

	(b)
	"Claim" has the meaning ascribed to them in paragraph 1;

	(c)
	"Companies Act 1985" means the Companies Act 1985 as amended, modified, re-enacted or replaced from time to time; 

4

 

	(d)
	"Dependant" means:

	(i)
	the
Executive's spouse or civil partner;

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

	(iii)
	the
Executive's children or step-children;

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

	(v)
	the
Executive's parents;

	(e)
	"director" shall include without limitation shadow director;

	(f)
	"Executive" means you;

	(g)
	"Group" means Prudential or any subsidiary or holding company of Prudential or any subsidiary of a holding company of Prudential;

	(h)
	"Losses" have the meaning ascribed to them in paragraph 1;

	(i)
	"Prudential" means Prudential plc;

	(j)
	"holding company" and "subsidiary" shall have the meanings ascribed to them in the
Companies Act 1985;

	(k)
	references
to a "conviction", "judgment" or  "determination" is a reference to one that has become final. For these
purposes, a conviction, judgment or determination 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 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; and

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

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

14.   Claims and enforcement  

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

	(b)
	Only
the Executive 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 Schedule. In taking
any such step, the Executive 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 Executive may not enforce any of the provisions of this Schedule under the Contracts (Rights of Third
Parties) Act 1999. 

5

 

15.   Miscellaneous  

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

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

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

	(d)
	If
any provision of this Schedule 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 Executive acknowledge that any contract, agreement, commitment or undertaking in respect of the Executive'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.   Governing law  

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

17.   Arbitration  

	(a)
	Any
dispute, controversy or claim arising out of or in connection with this Schedule 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. 

6

 
 

CONFIDENTIAL  

Mr
Clark Manning

Executive Director,

Prudential plc 

11
April 2006 

Dear
Clark 

DIRECTORS' AND OFFICERS' PROTECTION—CHANGES TO YOUR BENEFITS  

 As a result of changes in the law relating to indemnities given to directors and officers, we have revised the form of indemnity to take advantage of the
additional protections now available. This new indemnity is set out in the Schedule to this letter, and is in addition to the indemnity that you already hold. 

In
summary, you now have the following benefits, to the extent maintained by Prudential plc (Prudential) or its subsidiaries (within the meaning of the
Companies Act 1985) (the Group) from time to time: 

	(a)
	Directors'
and officers' liability insurance cover, subject to its terms and conditions;

	(b)
	An
indemnity from Prudential, which you already hold; and

	(c)
	A
new indemnity from Prudential, as set out in the Schedule to this letter. 

Any
amount payable to you under (a), (b) or (c) above shall not be offset against any amount payable by you which is contemplated under your employment contract or letter of appointment. 

The
indemnity in the Schedule will take effect as from 6 April 2005 and will supersede the indemnity you already hold only for the period from 6 April 2005 onwards. If you are an
employee within the Group, it will be deemed to be incorporated in, and constitute an agreed amendment of, the terms and conditions of your employment. 

You
will continue to be eligible under the discretionary payments policy adopted by Prudential (subject to regular review) as set out in the separate letter to you dated 10 June 2004 (or later
if you joined the Prudential after that date). The directors of Prudential and certain employees of the Group may rely on the existence of this policy to protect them from personal liability arising
out of the bona fide performance of their duties. 

Please
countersign and date the enclosed duplicate of this letter and return it to me under cover marked private and confidential. 

Yours
sincerely 

/s/
Peter Maynard 

.........................................................

Peter Maynard

Company Secretary

Acknowledged
and Agreed: 

/s/
Clark Manning 

......................................................... 

Date:
4/14/06 

Schedule

Indemnity  

1.     Indemnity  

Subject
to the following paragraphs of this Schedule, Prudential undertakes to indemnify each Beneficiary and hold each Beneficiary 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 Beneficiaries in any jurisdiction (each a
"Claim")) which the Beneficiaries may suffer or incur in any jurisdiction ("Losses") and which in any
such case arise out of the carrying out or performance, whether before or after the date of the letter to which this indemnity is scheduled, by the Executive of the Executive'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 1985 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 Executive, (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 Executive is convicted, (v) as a result of, or in connection with any act or omission by the Executive
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 Executive, (vi) in defending civil proceedings brought by any member of the Group in which judgment is given against the Executive or (vii) in connection with any
application under section 114(3) or (4) or 727 of the Companies Act 1985 in which the Court refuses to grant relief to the Executive. 

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 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 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 Executive shall be entitled to claim indemnity under paragraph 1 (for himself and/or on behalf of any Beneficiary) forthwith after the same becomes due and
payable by the Beneficiary, provided that if such Claim: 

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

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

	(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 Executive constitutes fraud,
dishonesty, bad faith or wilful default on the part of the Executive; or

	(d)
	relates
to any application under sections 144(3) or (4) or 727 of the Companies Act 1985 in which the Court refuses to grant the Executive 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 Executive pursuant to the indemnity contained in paragraph 1, such amounts shall be reimbursed to Prudential by the Executive not later than (i) in the
event of the Executive being convicted, the date on which such conviction has become final, (ii) in the event of judgment being given against the Executive, the date on which such judgment has
become final or (iii) in the event of the court refusing to grant the Executive relief on the application, the date on which such refusal for relief has become final. 

6.     Termination and survival  

The
provisions of this Schedule shall survive: 

	(a)
	the
Executive 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 Executive which is held at the request of any member of the Group, excluding:

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

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

7.     Notification of Prudential  

The
Executive 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 Executive has of the circumstances of the relevant matter, and shall thereafter notify Prudential of all developments in relation to such matter. The Executive 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. 

2

 

8.     Conduct of Claims  

	(a)
	The
Executive 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 Executive (such consent not to be unreasonably withheld or delayed), permitted to assume the conduct
of the Claim made against the Executive.

	(b)
	The
Executive shall conduct all Claims diligently and competently using the legal and other representatives mutually acceptable to the Executive and Prudential. The Executive 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 Executive 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 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 being prejudiced and to Prudential agreeing to indemnify the
Beneficiaries against all reasonable costs and expenses which might be incurred, Prudential may either: 

	(a)
	request
that the Executive take (or procure that any Dependant take) all reasonable steps to enforce such recovery. If Prudential so elects then the Executive 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 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 Beneficiaries' rights of recovery against third parties in respect of the payment. If Prudential so
elects then the Executive 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 Beneficiaries or in its own name, at Prudential's discretion. 

10.   Recovery under other indemnities and insurance  

	(a)
	Subject
to paragraph 10(c), the Executive 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 may have (irrespective of any wording to the contrary in any indemnity or insurance policy concerned), and no person other than the Executive 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 its own name or that of any Beneficiary. 

3

 

	(b)
	Provided
that the Executive complies with paragraph 10(a), Prudential will advance to the Executive the funds necessary to make a payment in respect of a Loss pending receipt
by the Beneficiaries 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 Beneficiaries' entitlement under the other indemnity and/or insurance policy and the Executive 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 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  

	(a)
	All
amounts payable by Prudential to, or on behalf of, any Beneficiary under this 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 an amount which will, after any deduction has been made, result in the Beneficiary receiving the same amount as the
Beneficiary 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 indemnity is subject to tax in the hands of the Beneficiary in any jurisdiction, the amount payable will be increased so that the net
amount received by the Executive after taking that tax into account is equal to the full amount which would have been received by the Beneficiary if that tax had not been payable.

	(c)
	To
the extent that any Beneficiary obtains any tax credit, allowance, repayment or relief as a result of Prudential paying any increased amount under this paragraph 12, the
Executive shall repay, or procure that the Dependant repays, to Prudential the amount necessary to reflect the principle that, after tax, the Beneficiary 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 Schedule, the Executive 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 or after the date of the letter to which this indemnity is scheduled, 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 Schedule: 

	(a)
	"Beneficiaries" mean the Executive and the Dependants;

	(b)
	"Claim" has the meaning ascribed to them in paragraph 1;

	(c)
	"Companies Act 1985" means the Companies Act 1985 as amended, modified, re-enacted or replaced from time to time; 

4

 

	(d)
	"Dependant" means:

	(i)
	the
Executive's spouse or civil partner;

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

	(iii)
	the
Executive's children or step-children;

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

	(v)
	the
Executive's parents;

	(e)
	"director" shall include without limitation shadow director;

	(f)
	"Executive" means you;

	(g)
	"Group" means Prudential or any subsidiary or holding company of Prudential or any subsidiary of a holding company of Prudential;

	(h)
	"Losses" have the meaning ascribed to them in paragraph 1;

	(i)
	"Prudential" means Prudential plc;

	(j)
	"holding company" and "subsidiary" shall have the meanings ascribed to them in the
Companies Act 1985;

	(k)
	references
to a "conviction", "judgment" or  "determination" is a reference to one that has become final. For these
purposes, a conviction, judgment or determination 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 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; and

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

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

14.   Claims and enforcement  

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

	(b)
	Only
the Executive 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 Schedule. In taking
any such step, the Executive 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 Executive may not enforce any of the provisions of this Schedule under the Contracts (Rights of Third
Parties) Act 1999. 

5

 

15.   Miscellaneous  

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

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

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

	(d)
	If
any provision of this Schedule 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 Executive acknowledge that any contract, agreement, commitment or undertaking in respect of the Executive'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.   Governing law  

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

17.   Arbitration  

	(a)
	Any
dispute, controversy or claim arising out of or in connection with this Schedule 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. 

6

 
 

CONFIDENTIAL  

Mr
Michael McLintock

Executive Director,

Prudential plc 

11
April 2006 

Dear
Michael 

DIRECTORS' AND OFFICERS' PROTECTION—CHANGES TO YOUR BENEFITS  

 As a result of changes in the law relating to indemnities given to directors and officers, we have revised the form of indemnity to take advantage of the
additional protections now available. This new indemnity is set out in the Schedule to this letter, and is in addition to the indemnity that you already hold. 

In
summary, you now have the following benefits, to the extent maintained by Prudential plc (Prudential) or its subsidiaries (within the meaning of the
Companies Act 1985) (the Group) from time to time: 

	(a)
	Directors'
and officers' liability insurance cover, subject to its terms and conditions;

	(b)
	An
indemnity from Prudential, which you already hold; and

	(c)
	A
new indemnity from Prudential, as set out in the Schedule to this letter. 

Any
amount payable to you under (a), (b) or (c) above shall not be offset against any amount payable by you which is contemplated under your employment contract or letter of appointment. 

The
indemnity in the Schedule will take effect as from 6 April 2005 and will supersede the indemnity you already hold only for the period from 6 April 2005 onwards. If you are an
employee within the Group, it will be deemed to be incorporated in, and constitute an agreed amendment of, the terms and conditions of your employment. 

You
will continue to be eligible under the discretionary payments policy adopted by Prudential (subject to regular review) as set out in the separate letter to you dated 10 June 2004 (or later
if you joined the Prudential after that date). The directors of Prudential and certain employees of the Group may rely on the existence of this policy to protect them from personal liability arising
out of the bona fide performance of their duties. 

Please
countersign and date the enclosed duplicate of this letter and return it to me under cover marked private and confidential. 

Yours
sincerely 

/s/
Peter Maynard 

.........................................................

Peter Maynard

Company Secretary

Acknowledged
and Agreed: 

/s/
Michael McLintock 

......................................................... 

Date
3.5.06 

Schedule

Indemnity  

1.     Indemnity  

Subject
to the following paragraphs of this Schedule, Prudential undertakes to indemnify each Beneficiary and hold each Beneficiary 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 Beneficiaries in any jurisdiction (each a
"Claim")) which the Beneficiaries may suffer or incur in any jurisdiction ("Losses") and which in any
such case arise out of the carrying out or performance, whether before or after the date of the letter to which this indemnity is scheduled, by the Executive of the Executive'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 1985 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 Executive, (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 Executive is convicted, (v) as a result of, or in connection with any act or omission by the Executive
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 Executive, (vi) in defending civil proceedings brought by any member of the Group in which judgment is given against the Executive or (vii) in connection with any
application under section 114(3) or (4) or 727 of the Companies Act 1985 in which the Court refuses to grant relief to the Executive. 

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 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 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 Executive shall be entitled to claim indemnity under paragraph 1 (for himself and/or on behalf of any Beneficiary) forthwith after the same becomes due and
payable by the Beneficiary, provided that if such Claim: 

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

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

	(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 Executive constitutes fraud,
dishonesty, bad faith or wilful default on the part of the Executive; or

	(d)
	relates
to any application under sections 144(3) or (4) or 727 of the Companies Act 1985 in which the Court refuses to grant the Executive 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 Executive pursuant to the indemnity contained in paragraph 1, such amounts shall be reimbursed to Prudential by the Executive not later than (i) in the
event of the Executive being convicted, the date on which such conviction has become final, (ii) in the event of judgment being given against the Executive, the date on which such judgment has
become final or (iii) in the event of the court refusing to grant the Executive relief on the application, the date on which such refusal for relief has become final. 

6.     Termination and survival  

The
provisions of this Schedule shall survive: 

	(a)
	the
Executive 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 Executive which is held at the request of any member of the Group, excluding:

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

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

7.     Notification of Prudential  

The
Executive 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 Executive has of the circumstances of the relevant matter, and shall thereafter notify Prudential of all developments in relation to such matter. The Executive 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. 

2

 

8.     Conduct of Claims  

	(a)
	The
Executive 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 Executive (such consent not to be unreasonably withheld or delayed), permitted to assume the conduct
of the Claim made against the Executive.

	(b)
	The
Executive shall conduct all Claims diligently and competently using the legal and other representatives mutually acceptable to the Executive and Prudential. The Executive 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 Executive 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 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 being prejudiced and to Prudential agreeing to indemnify the
Beneficiaries against all reasonable costs and expenses which might be incurred, Prudential may either: 

	(a)
	request
that the Executive take (or procure that any Dependant take) all reasonable steps to enforce such recovery. If Prudential so elects then the Executive 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 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 Beneficiaries' rights of recovery against third parties in respect of the payment. If Prudential so
elects then the Executive 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 Beneficiaries or in its own name, at Prudential's discretion. 

10.   Recovery under other indemnities and insurance  

	(a)
	Subject
to paragraph 10(c), the Executive 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 may have (irrespective of any wording to the contrary in any indemnity or insurance policy concerned), and no person other than the Executive 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 its own name or that of any Beneficiary. 

3

 

	(b)
	Provided
that the Executive complies with paragraph 10(a), Prudential will advance to the Executive the funds necessary to make a payment in respect of a Loss pending receipt
by the Beneficiaries 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 Beneficiaries' entitlement under the other indemnity and/or insurance policy and the Executive 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 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  

	(a)
	All
amounts payable by Prudential to, or on behalf of, any Beneficiary under this 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 an amount which will, after any deduction has been made, result in the Beneficiary receiving the same amount as the
Beneficiary 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 indemnity is subject to tax in the hands of the Beneficiary in any jurisdiction, the amount payable will be increased so that the net
amount received by the Executive after taking that tax into account is equal to the full amount which would have been received by the Beneficiary if that tax had not been payable.

	(c)
	To
the extent that any Beneficiary obtains any tax credit, allowance, repayment or relief as a result of Prudential paying any increased amount under this paragraph 12, the
Executive shall repay, or procure that the Dependant repays, to Prudential the amount necessary to reflect the principle that, after tax, the Beneficiary 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 Schedule, the Executive 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 or after the date of the letter to which this indemnity is scheduled, 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 Schedule: 

	(a)
	"Beneficiaries" mean the Executive and the Dependants;

	(b)
	"Claim" has the meaning ascribed to them in paragraph 1;

	(c)
	"Companies Act 1985" means the Companies Act 1985 as amended, modified, re-enacted or replaced from time to time; 

4

 

	(d)
	"Dependant" means:

	(i)
	the
Executive's spouse or civil partner;

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

	(iii)
	the
Executive's children or step-children;

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

	(v)
	the
Executive's parents;

	(e)
	"director" shall include without limitation shadow director;

	(f)
	"Executive" means you;

	(g)
	"Group" means Prudential or any subsidiary or holding company of Prudential or any subsidiary of a holding company of Prudential;

	(h)
	"Losses" have the meaning ascribed to them in paragraph 1;

	(i)
	"Prudential" means Prudential plc;

	(j)
	"holding company" and "subsidiary" shall have the meanings ascribed to them in the
Companies Act 1985;

	(k)
	references
to a "conviction", "judgment" or  "determination" is a reference to one that has become final. For these
purposes, a conviction, judgment or determination 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 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; and

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

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

14.   Claims and enforcement  

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

	(b)
	Only
the Executive 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 Schedule. In taking
any such step, the Executive 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 Executive may not enforce any of the provisions of this Schedule under the Contracts (Rights of Third
Parties) Act 1999. 

5

 

15.   Miscellaneous  

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

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

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

	(d)
	If
any provision of this Schedule 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 Executive acknowledge that any contract, agreement, commitment or undertaking in respect of the Executive'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.   Governing law  

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

17.   Arbitration  

	(a)
	Any
dispute, controversy or claim arising out of or in connection with this Schedule 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. 

6

 
 

CONFIDENTIAL  

Mr
Mark Norbom

Executive Director,

Prudential plc 

11
April 2006 

Dear
Mark 

DIRECTORS' AND OFFICERS' PROTECTION—CHANGES TO YOUR BENEFITS  

 As a result of changes in the law relating to indemnities given to directors and officers, we have revised the form of indemnity to take advantage of the
additional protections now available. This new indemnity is set out in the Schedule to this letter, and is in addition to the indemnity that you already hold. 

In
summary, you now have the following benefits, to the extent maintained by Prudential plc (Prudential) or its subsidiaries (within the meaning of the
Companies Act 1985) (the Group) from time to time: 

	(a)
	Directors'
and officers' liability insurance cover, subject to its terms and conditions;

	(b)
	An
indemnity from Prudential, which you already hold; and

	(c)
	A
new indemnity from Prudential, as set out in the Schedule to this letter. 

Any
amount payable to you under (a), (b) or (c) above shall not be offset against any amount payable by you which is contemplated under your employment contract or letter of appointment. 

The
indemnity in the Schedule will take effect as from 6 April 2005 and will supersede the indemnity you already hold only for the period from 6 April 2005 onwards. If you are an
employee within the Group, it will be deemed to be incorporated in, and constitute an agreed amendment of, the terms and conditions of your employment. 

You
will continue to be eligible under the discretionary payments policy adopted by Prudential (subject to regular review) as set out in the separate letter to you dated 10 June 2004 (or later
if you joined the Prudential after that date). The directors of Prudential and certain employees of the Group may rely on the existence of this policy to protect them from personal liability arising
out of the bona fide performance of their duties. 

Please
countersign and date the enclosed duplicate of this letter and return it to me under cover marked private and confidential. 

Yours
sincerely 

/s/
Peter Maynard 

.........................................................

Peter Maynard

Company Secretary

Acknowledged
and Agreed: 

/s/
M Norbom 

......................................................... 

Date:
April 22, 2006 

Schedule

Indemnity  

1.     Indemnity  

Subject
to the following paragraphs of this Schedule, Prudential undertakes to indemnify each Beneficiary and hold each Beneficiary 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 Beneficiaries in any jurisdiction (each a
"Claim")) which the Beneficiaries may suffer or incur in any jurisdiction ("Losses") and which in any
such case arise out of the carrying out or performance, whether before or after the date of the letter to which this indemnity is scheduled, by the Executive of the Executive'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 1985 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 Executive, (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 Executive is convicted, (v) as a result of, or in connection with any act or omission by the Executive
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 Executive, (vi) in defending civil proceedings brought by any member of the Group in which judgment is given against the Executive or (vii) in connection with any
application under section 114(3) or (4) or 727 of the Companies Act 1985 in which the Court refuses to grant relief to the Executive. 

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 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 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 Executive shall be entitled to claim indemnity under paragraph 1 (for himself and/or on behalf of any Beneficiary) forthwith after the same becomes due and
payable by the Beneficiary, provided that if such Claim: 

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

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

	(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 Executive constitutes fraud,
dishonesty, bad faith or wilful default on the part of the Executive; or

	(d)
	relates
to any application under sections 144(3) or (4) or 727 of the Companies Act 1985 in which the Court refuses to grant the Executive 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 Executive pursuant to the indemnity contained in paragraph 1, such amounts shall be reimbursed to Prudential by the Executive not later than (i) in the
event of the Executive being convicted, the date on which such conviction has become final, (ii) in the event of judgment being given against the Executive, the date on which such judgment has
become final or (iii) in the event of the court refusing to grant the Executive relief on the application, the date on which such refusal for relief has become final. 

6.     Termination and survival  

The
provisions of this Schedule shall survive: 

	(a)
	the
Executive 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 Executive which is held at the request of any member of the Group, excluding:

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

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

7.     Notification of Prudential  

The
Executive 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 Executive has of the circumstances of the relevant matter, and shall thereafter notify Prudential of all developments in relation to such matter. The Executive 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. 

2

 

8.     Conduct of Claims  

	(a)
	The
Executive 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 Executive (such consent not to be unreasonably withheld or delayed), permitted to assume the conduct
of the Claim made against the Executive.

	(b)
	The
Executive shall conduct all Claims diligently and competently using the legal and other representatives mutually acceptable to the Executive and Prudential. The Executive 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 Executive 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 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 being prejudiced and to Prudential agreeing to indemnify the
Beneficiaries against all reasonable costs and expenses which might be incurred, Prudential may either: 

	(a)
	request
that the Executive take (or procure that any Dependant take) all reasonable steps to enforce such recovery. If Prudential so elects then the Executive 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 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 Beneficiaries' rights of recovery against third parties in respect of the payment. If Prudential so
elects then the Executive 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 Beneficiaries or in its own name, at Prudential's discretion. 

10.   Recovery under other indemnities and insurance  

	(a)
	Subject
to paragraph 10(c), the Executive 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 may have (irrespective of any wording to the contrary in any indemnity or insurance policy concerned), and no person other than the Executive 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 its own name or that of any Beneficiary. 

3

 

	(b)
	Provided
that the Executive complies with paragraph 10(a), Prudential will advance to the Executive the funds necessary to make a payment in respect of a Loss pending receipt
by the Beneficiaries 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 Beneficiaries' entitlement under the other indemnity and/or insurance policy and the Executive 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 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  

	(a)
	All
amounts payable by Prudential to, or on behalf of, any Beneficiary under this 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 an amount which will, after any deduction has been made, result in the Beneficiary receiving the same amount as the
Beneficiary 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 indemnity is subject to tax in the hands of the Beneficiary in any jurisdiction, the amount payable will be increased so that the net
amount received by the Executive after taking that tax into account is equal to the full amount which would have been received by the Beneficiary if that tax had not been payable.

	(c)
	To
the extent that any Beneficiary obtains any tax credit, allowance, repayment or relief as a result of Prudential paying any increased amount under this paragraph 12, the
Executive shall repay, or procure that the Dependant repays, to Prudential the amount necessary to reflect the principle that, after tax, the Beneficiary 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 Schedule, the Executive 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 or after the date of the letter to which this indemnity is scheduled, 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 Schedule: 

	(a)
	"Beneficiaries" mean the Executive and the Dependants;

	(b)
	"Claim" has the meaning ascribed to them in paragraph 1;

	(c)
	"Companies Act 1985" means the Companies Act 1985 as amended, modified, re-enacted or replaced from time to time; 

4

 

	(d)
	"Dependant" means:

	(i)
	the
Executive's spouse or civil partner;

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

	(iii)
	the
Executive's children or step-children;

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

	(v)
	the
Executive's parents;

	(e)
	"director" shall include without limitation shadow director;

	(f)
	"Executive" means you;

	(g)
	"Group" means Prudential or any subsidiary or holding company of Prudential or any subsidiary of a holding company of Prudential;

	(h)
	"Losses" have the meaning ascribed to them in paragraph 1;

	(i)
	"Prudential" means Prudential plc;

	(j)
	"holding company" and "subsidiary" shall have the meanings ascribed to them in the
Companies Act 1985;

	(k)
	references
to a "conviction", "judgment" or  "determination" is a reference to one that has become final. For these
purposes, a conviction, judgment or determination 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 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; and

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

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

14.   Claims and enforcement  

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

	(b)
	Only
the Executive 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 Schedule. In taking
any such step, the Executive 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 Executive may not enforce any of the provisions of this Schedule under the Contracts (Rights of Third
Parties) Act 1999. 

5

 

15.   Miscellaneous  

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

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

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

	(d)
	If
any provision of this Schedule 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 Executive acknowledge that any contract, agreement, commitment or undertaking in respect of the Executive'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.   Governing law  

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

17.   Arbitration  

	(a)
	Any
dispute, controversy or claim arising out of or in connection with this Schedule 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. 

6

 
 

CONFIDENTIAL  

Mr
Nick Prettejohn

Executive Director

Prudential plc 

11
April 2006 

Dear
Nick 

DIRECTORS' AND OFFICERS' PROTECTION—YOUR BENEFITS  

 This letter is to confirm that you will be entitled to the following benefits relating to directors' and officers' protection against personal liability, to the
extent such benefits are maintained by Prudential plc (Prudential) or its subsidiaries (within the meaning of the Companies Act 1985) (the  Group) from time
to time: 

	(a)
	Directors'
and officers' liability insurance cover, subject to its terms and conditions; and

	(b)
	An
indemnity from Prudential, as set out in the Schedule to this letter. 

Any
amount payable to you under (a) or (b) above shall not be offset against any amount payable by you which is contemplated under your employment contract or letter of appointment. 

You
will be eligible under the discretionary payments policy adopted by Prudential (subject to regular review), as set out in a separate letter to you. The directors of Prudential and certain
employees of the Group may rely on the existence of this policy to protect them from personal liability arising out of the bona fide performance of their duties. 

Please
countersign and date the enclosed duplicate of this letter and return it to me under cover marked private and confidential. 

Yours
sincerely 

/s/
Peter Maynard 

.........................................................

Peter Maynard

Company Secretary 

Acknowledged
and Agreed: 

/s/
Nick Prettejohn 

......................................................... 

Date:
19/4/06 

Schedule

Indemnity  

1.     Indemnity  

Subject
to the following paragraphs of this Schedule, Prudential undertakes to indemnify each Beneficiary and hold each Beneficiary 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 Beneficiaries in any jurisdiction (each a
"Claim")) which the Beneficiaries may suffer or incur in any jurisdiction ("Losses") and which in any
such case arise out of the carrying out or performance, whether before or after the date of the letter to which this indemnity is scheduled, by the Executive of the Executive'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 1985 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 Executive, (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 Executive is convicted, (v) as a result of, or in connection with any act or omission by the Executive
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 Executive, (vi) in defending civil proceedings brought by any member of the Group in which judgment is given against the Executive or (vii) in connection with any
application under section 114(3) or (4) or 727 of the Companies Act 1985 in which the Court refuses to grant relief to the Executive. 

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 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 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 Executive shall be entitled to claim indemnity under paragraph 1 (for himself and/or on behalf of any Beneficiary) forthwith after the same becomes due and
payable by the Beneficiary, provided that if such Claim: 

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

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

	(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 Executive constitutes fraud,
dishonesty, bad faith or wilful default on the part of the Executive; or

	(d)
	relates
to any application under sections 144(3) or (4) or 727 of the Companies Act 1985 in which the Court refuses to grant the Executive 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 Executive pursuant to the indemnity contained in paragraph 1, such amounts shall be reimbursed to Prudential by the Executive not later than (i) in the
event of the Executive being convicted, the date on which such conviction has become final, (ii) in the event of judgment being given against the Executive, the date on which such judgment has
become final or (iii) in the event of the court refusing to grant the Executive relief on the application, the date on which such refusal for relief has become final. 

6.     Termination and survival  

The
provisions of this Schedule shall survive: 

	(a)
	the
Executive 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 Executive which is held at the request of any member of the Group, excluding:

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

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

7.     Notification of Prudential  

The
Executive 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 Executive has of the circumstances of the relevant matter, and shall thereafter notify Prudential of all developments in relation to such matter. The Executive 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. 

2

 

8.     Conduct of Claims  

	(a)
	The
Executive 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 Executive (such consent not to be unreasonably withheld or delayed), permitted to assume the conduct
of the Claim made against the Executive.

	(b)
	The
Executive shall conduct all Claims diligently and competently using the legal and other representatives mutually acceptable to the Executive and Prudential. The Executive 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 Executive 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 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 being prejudiced and to Prudential agreeing to indemnify the
Beneficiaries against all reasonable costs and expenses which might be incurred, Prudential may either: 

	(a)
	request
that the Executive take (or procure that any Dependant take) all reasonable steps to enforce such recovery. If Prudential so elects then the Executive 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 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 Beneficiaries' rights of recovery against third parties in respect of the payment. If Prudential so
elects then the Executive 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 Beneficiaries or in its own name, at Prudential's discretion. 

10.   Recovery under other indemnities and insurance  

	(a)
	Subject
to paragraph 10(c), the Executive 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 may have (irrespective of any wording to the contrary in any indemnity or insurance policy concerned), and no person other than the Executive 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 its own name or that of any Beneficiary. 

3

 

	(b)
	Provided
that the Executive complies with paragraph 10(a), Prudential will advance to the Executive the funds necessary to make a payment in respect of a Loss pending receipt
by the Beneficiaries 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 Beneficiaries' entitlement under the other indemnity and/or insurance policy and the Executive 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 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  

	(a)
	All
amounts payable by Prudential to, or on behalf of, any Beneficiary under this 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 an amount which will, after any deduction has been made, result in the Beneficiary receiving the same amount as the
Beneficiary 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 indemnity is subject to tax in the hands of the Beneficiary in any jurisdiction, the amount payable will be increased so that the net
amount received by the Executive after taking that tax into account is equal to the full amount which would have been received by the Beneficiary if that tax had not been payable.

	(c)
	To
the extent that any Beneficiary obtains any tax credit, allowance, repayment or relief as a result of Prudential paying any increased amount under this paragraph 12, the
Executive shall repay, or procure that the Dependant repays, to Prudential the amount necessary to reflect the principle that, after tax, the Beneficiary 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 Schedule, the Executive 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 or after the date of the letter to which this indemnity is scheduled, 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 Schedule: 

	(a)
	"Beneficiaries" mean the Executive and the Dependants;

	(b)
	"Claim" has the meaning ascribed to them in paragraph 1;

	(c)
	"Companies Act 1985" means the Companies Act 1985 as amended, modified, re-enacted or replaced from time to time; 

4

 

	(d)
	"Dependant" means:

	(i)
	the
Executive's spouse or civil partner;

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

	(iii)
	the
Executive's children or step-children;

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

	(v)
	the
Executive's parents;

	(e)
	"director" shall include without limitation shadow director;

	(f)
	"Executive" means you;

	(g)
	"Group" means Prudential or any subsidiary or holding company of Prudential or any subsidiary of a holding company of Prudential;

	(h)
	"Losses" have the meaning ascribed to them in paragraph 1;

	(i)
	"Prudential" means Prudential plc;

	(j)
	"holding company" and "subsidiary" shall have the meanings ascribed to them in the
Companies Act 1985;

	(k)
	references
to a "conviction", "judgment" or  "determination" is a reference to one that has become final. For these
purposes, a conviction, judgment or determination 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 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; and

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

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

14.   Claims and enforcement  

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

	(b)
	Only
the Executive 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 Schedule. In taking
any such step, the Executive 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 Executive may not enforce any of the provisions of this Schedule under the Contracts (Rights of Third
Parties) Act 1999. 

5

 

15.   Miscellaneous  

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

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

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

	(d)
	If
any provision of this Schedule 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 Executive acknowledge that any contract, agreement, commitment or undertaking in respect of the Executive'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.   Governing law  

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

17.   Arbitration  

	(a)
	Any
dispute, controversy or claim arising out of or in connection with this Schedule 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. 

6

QuickLinks

Exhibit 4.3

Mr Mark Tucker

Mr Philip Broadley

Mr Clark Manning

Mr Michael McLintock

Mr Mark Norbom

Mr Nick Prettejohn

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