Document:

Exhibit 4.6

 

Sir Winfried
Franz Wilhelm Bischoff

28 Bloomfield
Terrace

London

SW1W 8PQ

 

2 August 2007

 

Dear Win

 

PRUDENTIAL
PLC - LETTER OF APPOINTMENT

 

The Board of
Prudential plc (the ‘Company’) has agreed to appoint you as a non-executive
Director with effect from 2 August 2007. 
I am now writing to set out the terms of your appointment.  It is agreed that this is a contract for
services subject to the Company’s Articles of Association as amended from time
to time and does not constitute a contract of employment.

 

Appointment

 

Your
appointment is subject to election by shareholders at the AGM in 2008.  Continuation of your appointment will be
contingent on satisfactory performance and re-election at forthcoming AGMs. 
Non-executive Directors are typically expected to serve two three-year terms
from the date of election by shareholders, although the Board may invite you to
serve for an additional period.

 

The
appointment may be terminated by and at the discretion of either party upon six
months’ written notice.  Upon termination
you will not be entitled to any compensation, other than accrued pro-rata fees,
and you shall also cease to be a member of any committee or sub-committee of
the Board.  All records, documents,
accounts, letters and papers of every description (including in particular
Board and Committee agendas, minutes and papers) within your possession or
control relating to the affairs and business of the Group are and will remain
the property of the Company, and shall be returned to the Company forthwith on
termination.

 

Time
Commitment

 

We would anticipate a time commitment as a Board member of
approximately 20 days per year depending on the amount of time needed for
preparation and on whether there are any significant issues which require extra
time or meetings.  We currently schedule
a total of 8 Board meetings per year, one of which is followed by the AGM.  The Board usually holds two of these meetings
at one of the Business Units and this coincides with a detailed presentation on
that Business Unit by its senior management.

 

Whilst we acknowledge that you have other
commitments which may mean you will not be able to attend all meetings of the
Board and relevant committees, you
confirm by accepting this appointment that you believe that you are able to
allocate sufficient time to the Company’s affairs to meet the demands of the
role.  You should
discuss any additional commitments that might impact on the time you are able
to devote to your role as a non-executive Director of the Company with me prior
to accepting.

 

Role

 

Non-executive
Directors have the same general legal responsibilities to the Company as any
other Director.  The Board as a whole is
collectively responsible for the success of the Company.  The Board:

 

 

·                  Provides entrepreneurial leadership of the Company within a
framework of prudent and effective controls which enable risk to be assessed
and managed;

 

·                  Sets the Company’s strategic aims, ensures that the necessary
financial and human resources are in place for the Company to meet its
objectives, and reviews management performance; and

 

·                  Sets the Company’s values and standards and ensures that its
obligations to its shareholders and others are understood and met.

 

Directors of
any company must take decisions objectively in the interests of that
company.  A summary of responsibilities
of Directors under current legislation is enclosed.  We will update the Board on changes under the
Companies Act 2006 in due course.

 

In addition to
these general requirements of all Directors, the role of the non-executive
Director has the following key elements:

 

·                        Strategy.  Non-executive Directors should constructively
challenge and help develop proposals on strategy.

 

·                        Performance.  Non-executive Directors should scrutinise the
performance of management in meeting agreed goals and objectives and monitor
the reporting of performance.  This is
achieved both at the Board and on a more individual level through the
Remuneration Committee.

 

·                        Risk.  Non-executive Directors should satisfy
themselves of the integrity of financial information and that financial
controls and systems of risk management are robust and defensible.  This is achieved by escalating key issues to
the Board either directly or via the Audit Committee.  The Audit Committee itself reviews the
activities of the Group Risk Committee and the Disclosure Committee.

 

·                        People.  Non-executive Directors have a prime role in
appointing, and where necessary removing, executive Directors and in succession
planning.  In addition, they are
responsible for determining appropriate levels of remuneration for executive
Directors.  This business is mainly
conducted via the Remuneration Committee.

 

Fees,
committee membership and expenses

 

Non-executive members of the Board are required to serve on Committees
of the Board, as determined by the Board from time to time.  The three main Committees are Audit,
Remuneration and Nomination.

 

Non-executive Directors’ fees are subject to annual review by the Board
and are currently £60,000 per annum for Board membership, accruing on a daily
basis and payable quarterly in arrears. 
Fees for Committee membership will be advised as applicable.  All fees are payable net of any tax and
National Insurance contributions, which the Company is required to deduct, and
are reviewed by the Board from time to time.

 

The net proceeds after tax and National Insurance
deductions (if any) of £25,000 per annum of your gross fees will be deducted at
source, in equal quarterly instalments, and applied in the purchase of ordinary
shares in Prudential plc on your behalf. 
This transaction will take place on the last working day each Quarter.

 

As a non-executive Director you are not entitled to participate in any
of the Group’s executive remuneration programmes or pension arrangements.

 

Directors are
entitled to claim for all travelling, hotel and other expenses properly
incurred by them in connection with their attendance at meetings of the Board
or Committees of the Board, general meetings or separate meetings of the
holders of any class of shares or of debentures of the Company or otherwise in
connection with the discharge of their duties. 
We would normally expect to meet non-executive Directors’ expenses for
long-distance travel and hotels where an overnight stay is necessary.  Expenses incurred should be submitted to my
office for approval.

 

 

Shareholding and dealing

 

I draw your attention to Article 111 onwards of
the enclosed Articles of Association of the Company which deal with a number of
matters relating to Directors.  Article 120
requires you to be a beneficial owner of 2,500 Prudential shares and to retain
them during the tenure of your office. 
The Articles require that these shares be acquired within two months of
your appointment if you do not already have an interest in the required number
of shares.

 

Similarly, the shares purchased on your behalf each Quarter must also
be held whilst you are in office.

 

Further information relating to Directors’ interests in the Group’s
securities are contained in the supplemental letter, which deals with some of
the practical aspects of your appointment. 
During your term in office you will be subject to Prudential’s Share
Dealing Rules, full particulars of which can be found on our Directors’
website.  These are updated as required
to reflect changes in legislation and regulations, and will provide you with
the necessary guidance on the steps you need to take and other considerations
relating to share dealings.

 

If you have
any questions on this please consult with Group Secretariat.  The relevant announcement for the acquisition
of shares on your behalf at the end of each Quarter will be made
automatically.  Details of any other
dealings need to be notified to Group Secretariat on the day of dealing so that
the announcement can be made within the required time limit.

 

Conflicts of
interests and disclosure obligations

 

It is accepted
and acknowledged that you have business interests other than those of the
Company and we have discussed these and agreed that no conflicts of interest
currently exist.  In the event that you
become aware of any future potential conflicts of interest, these should be
disclosed to me and the Company Secretary as soon as apparent and also prior to
accepting appointments.  In particular we
would not wish our Directors to serve on the Boards of financial services
competitors.

 

The Company
has an obligation to record on its register of directors details of other
directorships which are or were held during the past five years by its
directors.  This information, together
with non-statutory offices, is also required to be disclosed to insurance
regulators in the US on an annual basis. 
Any changes in your external appointments, including non-statutory
offices, should be notified to the Company Secretary or Deputy Group Secretary
on an ongoing basis. In particular, any changes in your directorships of other
quoted companies worldwide need to be notified promptly, preferably the next
business day, as the Company is required to announce this to the London Stock
Exchange, the SEC and the New York Stock Exchange.

 

Confidentiality

 

All
information acquired during your appointment is confidential to the Company and
should not be released, either during your appointment or following termination
(by whatever means), to third parties without prior clearance from me.  You accept that damages would not be a
sufficient remedy for unauthorised disclosure of information.

 

Your attention
is also drawn to the requirements under both legislation and regulation as to
the disclosure of price sensitive information. 
Consequently you should avoid making any statements that might risk a
breach of these requirements without prior clearance from me or the Company
Secretary.

 

Induction

 

Following your
appointment, the Company will provide an induction programme, details of which
are enclosed.  This will include meetings
with senior management and the Company’s auditor.

 

Board
evaluation

 

The
performance of individual Directors and the whole Board and its Committees is
evaluated annually.  If, in the interim,
there are any matters which cause you concern about your role you should discuss
 them with me as soon as is appropriate.

 

 

Professional development

 

As a Director
you will be invited to appropriate educational and/or professional development
programmes.  The Secretary will consult
each director annually to ascertain their specific professional development
needs.

 

Directors’
and officers’ protection

 

The Company
has directors’ and officers’ liability insurance and it is intended to maintain
such cover for the full term of your appointment.  A brief summary of the cover can be found in
Prudential’s Guidance Notes for Directors, which is updated on a regular basis.

 

The Company
has also resolved to provide you with indemnity cover for directors’
and officers’ liability within the limitations imposed by law.  In addition, the Company will provide you
with a limited
indemnity for certain personal liabilities you may suffer in the course of your
appointment, subject again to applicable statutory and other limitations,
pursuant to the Company’s constitutional documents or otherwise.

 

The Board has
also resolved to have a discretionary payments policy (subject to regular
review), the existence of which Directors (executive and non-executive) and
certain employees or members of the Prudential Group may rely on, to protect
them from personal liability arising out of the bona fide performance of their
duties on behalf of the Group.

 

Independent
professional advice

 

Occasions may
arise when you consider that you need professional advice in the furtherance of
your duties as a Director, and it may be appropriate for you to seek advice
from independent advisors at the Company’s expense.  This would normally be arranged through the
Company Secretary.  The Company will
reimburse the full cost of expenditure incurred in accordance with the policy.  Details of the agreed procedure under which
Directors may obtain such independent advice can be found in the Prudential
Guidance Notes for Directors.

 

	
  Yours
  sincerely

  	
   

  
	
   

  	
   

  
	
  /s/ David
  Clementi

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  Sir David
  Clementi

  	
   

  
	
  Chairman

  	
   

  
	
  Prudential
  plc

  	
   

  

 

Acknowledgement:

 

1.               I acknowledge that this
appointment letter does not constitute a contract of employment.

 

2.               I irrevocably instruct
Prudential plc to deduct all relevant amounts from each quarterly fee payment
due to me and to apply the appropriate amount in the purchase of shares on my
behalf as set out above.

 

3.               I confirm that by
having accepted this appointment, I am able to allocate sufficient time to meet
the demands of the role.

 

 

	
  Signed:

  	
  /s/ W F W
  Bischoff

  	
   

  

 

 

Ms Ann
Godbehere

Prudential plc

Laurence Pountney
Hill

London

EC4R 0HH

 

Effective form
2 August 2007

 

Dear Ann

 

PRUDENTIAL
PLC - LETTER OF APPOINTMENT

 

The Board of
Prudential plc (the ‘Company’) has agreed to appoint you as a non-executive
Director with effect from 2 August 2007. 
I am now writing to set out the terms of your appointment.  It is agreed that this is a contract for
services subject to the Company’s Articles of Association as amended from time
to time and does not constitute a contract of employment.

 

Appointment

 

Your
appointment is subject to election by shareholders at the AGM in 2008.  Continuation of your appointment will be
contingent on satisfactory performance and re-election at forthcoming AGMs. 
Non-executive Directors are typically expected to serve two three-year terms from
the date of election by shareholders, although the Board may invite you to
serve for an additional period.

 

The
appointment may be terminated by and at the discretion of either party upon six
months’ written notice.  Upon termination
you will not be entitled to any compensation, other than accrued pro-rata fees,
and you shall also cease to be a member of any committee or sub-committee of
the Board.  All records, documents,
accounts, letters and papers of every description (including in particular
Board and Committee agendas, minutes and papers) within your possession or
control relating to the affairs and business of the Group are and will remain
the property of the Company, and shall be returned to the Company forthwith on
termination.

 

Time
Commitment

 

We would anticipate a time commitment as a Board member of
approximately 20 days per year depending on the amount of time needed for
preparation and on whether there are any significant issues which require extra
time or meetings.  We currently schedule
a total of 8 Board meetings per year, one of which is followed by the AGM.  The Board usually holds two of these meetings
at one of the Business Units and this coincides with a detailed presentation on
that Business Unit by its senior management.

 

Whilst we acknowledge that you have other
commitments which may mean you will not be able to attend all meetings of the
Board and relevant committees, you
confirm by accepting this appointment that you believe that you are able to
allocate sufficient time to the Company’s affairs to meet the demands of the
role.  You should
discuss any additional commitments that might impact on the time you are able
to devote to your role as a non-executive Director of the Company with me prior
to accepting.

 

Role

 

Non-executive
Directors have the same general legal responsibilities to the Company as any
other Director.  The Board as a whole is
collectively responsible for the success of the Company.  The Board:

 

 

·                  Provides entrepreneurial leadership of the Company within a framework
of prudent and effective controls which enable risk to be assessed and managed;

 

·                  Sets the Company’s strategic aims, ensures that the necessary
financial and human resources are in place for the Company to meet its
objectives, and reviews management performance; and

 

·                  Sets the Company’s values and standards and ensures that its
obligations to its shareholders and others are understood and met.

 

Directors of
any company must take decisions objectively in the interests of that
company.  A summary of responsibilities
of Directors under current legislation is enclosed.  We will update the Board on changes under the
Companies Act 2006 in due course.

 

In addition to
these general requirements of all Directors, the role of the non-executive
Director has the following key elements:

 

·                        Strategy.  Non-executive Directors should constructively
challenge and help develop proposals on strategy.

 

·                        Performance.  Non-executive Directors should scrutinise the
performance of management in meeting agreed goals and objectives and monitor
the reporting of performance.  This is
achieved both at the Board and on a more individual level through the
Remuneration Committee.

 

·                        Risk.  Non-executive Directors should satisfy
themselves of the integrity of financial information and that financial
controls and systems of risk management are robust and defensible.  This is achieved by escalating key issues to
the Board either directly or via the Audit Committee.  The Audit Committee itself reviews the
activities of the Group Risk Committee and the Disclosure Committee.

 

·                        People.  Non-executive Directors have a prime role in
appointing, and where necessary removing, executive Directors and in succession
planning.  In addition, they are
responsible for determining appropriate levels of remuneration for executive
Directors.  This business is mainly
conducted via the Remuneration Committee.

 

Fees,
committee membership and expenses

 

Non-executive members of the Board are required to serve on Committees
of the Board, as determined by the Board from time to time.  The three main Committees are Audit,
Remuneration and Nomination.

 

Non-executive Directors’ fees are subject to annual review by the Board
and are currently £60,000 per annum for Board membership, accruing on a daily
basis and payable quarterly in arrears. 
Fees for Committee membership will be advised as applicable.  All fees are payable net of any tax and
National Insurance contributions, which the Company is required to deduct, and
are reviewed by the Board from time to time.

 

The net proceeds after tax and National Insurance
deductions (if any) of £25,000 per annum of your gross fees will be deducted at
source, in equal quarterly instalments, and applied in the purchase of ordinary
shares in Prudential plc on your behalf. 
This transaction will take place on the last working day each Quarter.

 

As a non-executive Director you are not entitled to participate in any
of the Group’s executive remuneration programmes or pension arrangements.

 

Directors are
entitled to claim for all travelling, hotel and other expenses properly
incurred by them in connection with their attendance at meetings of the Board
or Committees of the Board, general meetings or separate meetings of the
holders of any class of shares or of debentures of the Company or otherwise in
connection with the discharge of their duties. 
We would normally expect to meet non-executive Directors’ expenses for
long-distance travel and hotels where an overnight stay is necessary.  Expenses incurred should be submitted to my
office for approval.

 

 

Shareholding and dealing

 

I draw your attention to Article 111 onwards of
the enclosed Articles of Association of the Company which deal with a number of
matters relating to Directors.  Article 120
requires you to be a beneficial owner of 2,500 Prudential shares and to retain
them during the tenure of your office. 
The Articles require that these shares be acquired within two months of
your appointment if you do not already have an interest in the required number
of shares.

 

Similarly, the shares purchased on your behalf each Quarter must also
be held whilst you are in office.

 

Further information relating to Directors’ interests in the Group’s
securities are contained in the supplemental letter, which deals with some of
the practical aspects of your appointment. 
During your term in office you will be subject to Prudential’s Share
Dealing Rules, full particulars of which can be found on our Directors’
website.  These are updated as required
to reflect changes in legislation and regulations, and will provide you with
the necessary guidance on the steps you need to take and other considerations
relating to share dealings.

 

If you have
any questions on this please consult with Group Secretariat.  The relevant announcement for the acquisition
of shares on your behalf at the end of each Quarter will be made
automatically.  Details of any other
dealings need to be notified to Group Secretariat on the day of dealing so that
the announcement can be made within the required time limit.

 

Conflicts of
interests and disclosure obligations

 

It is accepted
and acknowledged that you have business interests other than those of the
Company and we have discussed these and agreed that no conflicts of interest
currently exist.  In the event that you
become aware of any future potential conflicts of interest, these should be
disclosed to me and the Company Secretary as soon as apparent and also prior to
accepting appointments.  In particular we
would not wish our Directors to serve on the Boards of financial services
competitors.

 

The Company
has an obligation to record on its register of directors details of other
directorships which are or were held during the past five years by its
directors.  This information, together
with non-statutory offices, is also required to be disclosed to insurance
regulators in the US on an annual basis. 
Any changes in your external appointments, including non-statutory
offices, should be notified to the Company Secretary or Deputy Group Secretary
on an ongoing basis. In particular, any changes in your directorships of other
quoted companies worldwide need to be notified promptly, preferably the next
business day, as the Company is required to announce this to the London Stock
Exchange, the SEC and the New York Stock Exchange.

 

Confidentiality

 

All
information acquired during your appointment is confidential to the Company and
should not be released, either during your appointment or following termination
(by whatever means), to third parties without prior clearance from me.  You accept that damages would not be a
sufficient remedy for unauthorised disclosure of information.

 

Your attention
is also drawn to the requirements under both legislation and regulation as to
the disclosure of price sensitive information. 
Consequently you should avoid making any statements that might risk a
breach of these requirements without prior clearance from me or the Company
Secretary.

 

Induction

 

Following your
appointment, the Company will provide an induction programme, details of which
are enclosed.  This will include meetings
with senior management and the Company’s auditor.

 

Board
evaluation

 

The
performance of individual Directors and the whole Board and its Committees is
evaluated annually.  If, in the interim,
there are any matters which cause you concern about your role you should
discuss them with me as soon as is appropriate.

 

 

Professional development

 

As a Director
you will be invited to appropriate educational and/or professional development
programmes.  The Secretary will consult
each director annually to ascertain their specific professional development
needs.

 

Directors’
and officers’ protection

 

The Company
has directors’ and officers’ liability insurance and it is intended to maintain
such cover for the full term of your appointment.  A brief summary of the cover can be found in
Prudential’s Guidance Notes for Directors, which is updated on a regular basis.

 

The Company
has also resolved to provide you with indemnity cover for directors’
and officers’ liability within the limitations imposed by law.  In addition, the Company will provide you
with a limited
indemnity for certain personal liabilities you may suffer in the course of your
appointment, subject again to applicable statutory and other limitations,
pursuant to the Company’s constitutional documents or otherwise.

 

The Board has
also resolved to have a discretionary payments policy (subject to regular
review), the existence of which Directors (executive and non-executive) and
certain employees or members of the Prudential Group may rely on, to protect
them from personal liability arising out of the bona fide performance of their
duties on behalf of the Group.

 

Independent
professional advice

 

Occasions may
arise when you consider that you need professional advice in the furtherance of
your duties as a Director, and it may be appropriate for you to seek advice
from independent advisors at the Company’s expense.  This would normally be arranged through the
Company Secretary.  The Company will
reimburse the full cost of expenditure incurred in accordance with the
policy.  Details of the agreed procedure
under which Directors may obtain such independent advice can be found in the
Prudential Guidance Notes for Directors.

 

	
  Yours
  sincerely

  	
   

  
	
   

  	
   

  
	
  /s/ David
  Clementi

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  Sir David
  Clementi

  	
   

  
	
  Chairman

  	
   

  
	
  Prudential
  plc

  	
   

  

 

Acknowledgement:

 

1.               I acknowledge that this
appointment letter does not constitute a contract of employment.

 

2.               I irrevocably instruct
Prudential plc to deduct all relevant amounts from each quarterly fee payment
due to me and to apply the appropriate amount in the purchase of shares on my
behalf as set out above.

 

3.               I confirm that by
having accepted this appointment, I am able to allocate sufficient time to meet
the demands of the role.

 

 

	
  Signed:

  	
  /s/ A
  GodbehereExhibit
4.7

 

Sir Win Bischoff

Citigroup

Canada Square

Canary Wharf

London

E14 5LB

 

2 August 2007

 

Dear Win

 

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;

 

(b)           An indemnity from Prudential as set out in the attached schedule (and in
addition Prudential hereby indemnifies you against certain personal liabilities
you may incur, to the extent provided in the constitutional documents of
Prudential and subject to applicable law); and

 

(c)           Eligibility under the discretionary
payments policy adopted by Prudential (subject to regular review), the
existence of which directors and certain employees of the Group may rely on, to
protect them from personal liability arising out of the bona fide performance
of their duties,

 

This letter
will take effect from the date your acknowledgement is received by us and will
be incorporated in and constitute an agreed amendment of your terms of
appointment.  To acknowledge and agree
this letter, please countersign the enclosed duplicate of this letter and
return it to Peter Maynard under cover marked private and confidential.

 

	
  Yours
  sincerely

  	
   

  
	
   

  	
   

  
	
  /s/ Peter
  Maynard

  	
   

  
	
   

  	
   

  
	
  Peter
  Maynard

  	
   

  
	
  Group Legal
  Services Director

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  Acknowledged
  and Agreed:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  /s/ W F W
  Bischoff

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  Date

  	
  7
  August 2007

  	
   

  
			

 

 

SCHEDULE

 

INDEMNITY

 

In this schedule, the
capitalised term the “Non-executive” means you.

 

Certain important and extensive statutory
limitations applicable to the indemnity set out below, which are referred to in
paragraph 1(A).

 

1              Prudential undertakes to
indemnify the Non-executive and hold the Non-executive harmless against any and
all claims, actions, demands, proceedings, investigations, judgments or awards
(“Claims”) (in each case, save as set out
below, whether or not successful, compromised or settled) which may be
instituted, made, threatened or alleged against or otherwise involve the
Non-executive in any jurisdiction and against all losses, damages, costs,
liabilities, demands, charges, penalties, fines or expenses (including
reasonable legal fees) (“Losses”) in any
jurisdiction which the Non-executive may suffer or incur (including, but not
limited to, all such Losses suffered or incurred in investigating, responding
to, preparing for or disputing any Claim or Loss and any costs or expenses of
any other party to any Claim which the Non-executive may become liable to pay)
and which in any such case arise out of the carrying out or performance by the
Non-executive of his/her duties as a non-executive director of Prudential,

 

PROVIDED THAT:

 

(A)          if the
Non-executive is a director of Prudential, the Non-executive shall not be
entitled to any indemnity under this paragraph 1 to the extent that it
would be void by virtue of section 310 of the Companies Act 1985;

 

(B)           subject to sub-paragraph (D)(ii) below, the
Non-executive shall not be entitled to any indemnity under this
paragraph 1 if the relevant Claim or Loss arises as a result of, or in
connection with, any act or omission by the Non-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 or
wilful default on the part of the Non-executive;

 

(C)           the Non-executive shall not be entitled to be
indemnified under this paragraph 1 in respect of any penalty or fine imposed
for a criminal offence or by any relevant court,
tribunal or other legal or regulatory authority; and

 

(D)          where the Non-executive suffers or incurs legal
or other out-of-pocket advisory costs in investigating, responding to,
preparing for or disputing any Claim the Non-executive shall be entitled to be
indemnified under paragraph 1 forthwith after the same becomes due and payable
by the Non-executive, provided that if such Claim:

 

(i)            relates to a criminal offence in relation to
which the Non-executive is ultimately convicted; or

 

(ii)           is brought against the Non-executive by a
regulatory body in respect of which the relevant tribunal of that authority
ultimately determines that any act or omission by the Non-executive constitutes
fraud, dishonesty, bad faith or wilful default on the part of the Non-executive
for which a penalty or fine is imposed on the Non-executive by such body,

 

 

Prudential shall be entitled (a) to refuse any
indemnification (or, as the case may be, any further indemnification) to the
Non-executive under this paragraph 1 in relation to such costs (in whole or in
part) and (b) where Prudential has indemnified the Non-executive under
this paragraph 1 in relation to such costs, to be reimbursed by the
Non-executive in respect of all or any amounts so indemnified.

 

2              The Non-executive shall
notify Prudential in writing promptly upon becoming aware of any Claim or Loss
for which indemnity may be sought under paragraph 1 above, providing to
Prudential all such information as the Non-executive has of the circumstances
of the relevant matter.  The
Non-executive acknowledges that Prudential may provide such information to any
other member of the Group.

 

3              The Non-executive shall,
subject to paragraph 4, have conduct of the defence and settlement of any Claim
notified to Prudential under paragraph 2, but Prudential shall have the right
(but not the obligation) to associate itself with such proceedings.  Prudential shall not be required or, without
the consent of the Non-executive (such consent not to be unreasonably withheld
or delayed) permitted, to assume the conduct of the Claim against the
Non-executive.

 

4              The Non-executive shall
conduct all proceedings diligently and competently using legal representatives
mutually acceptable to the Non-executive and Prudential.  The Non-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 such proceedings.  The Non-executive shall not settle or
compromise any Claim without Prudential’s consent (such consent not to be unreasonably
withheld or delayed).

 

 

PRUDENTIAL
PLC DEED OF INDEMNITY

 

NAME:
Winfried Bischoff

 

Between

 

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

 

(2)           Winfried Franz Wilhelm Bischoff of 28 Bloomfield Terrace, London, SW1W 8PQ (the “Beneficiary “).

 

Background

 

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

 

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

 

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

 

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

 

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

 

Agreement

 

1.             Indemnity

 

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

 

 

2.             Indemnity to
take effect subject to law and regulation

 

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

 

3.             Proceedings for
which indemnity cannot be claimed

 

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

 

4.             Loss of
earnings and of other employment benefits

 

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

 

5.             Advances in
respect of proceedings

 

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

 

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

 

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

 

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

 

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

 

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

 

 

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

 

6.             Termination and
survival

 

The provisions
of this Deed shall survive:

 

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

 

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

 

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

 

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

 

7.             Notification of
Prudential

 

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

 

8.             Conduct of
Claims

 

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

 

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

 

9.             Recovery
against other persons

 

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

 

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

 

 

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

 

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

 

10.           Recovery under
other indemnities and insurance

 

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

 

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

 

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

 

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

 

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

 

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

 

 

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

 

12.           No double
recovery

 

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

 

13.           Interpretation

 

In this Deed:

 

(a)       “Application for Relief Sections” means,

 

when such provisions have come into force:

 

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

 

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

 

but until such provisions have come into force shall mean:

 

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

 

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

 

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

 

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

 

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

 

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

 

(f)        “Deed” means this deed;

 

(g)       “Dependant” means:

 

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

 

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

 

 

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

 

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

 

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

 

(v)           the
Beneficiary’s parents;

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

An appeal is disposed of:

 

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

 

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

 

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

 

14.           Claims and
enforcement

 

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

 

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

 

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

 

 

15.           Miscellaneous

 

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

 

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

 

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

 

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

 

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

 

16.           Employment
terms and conditions

 

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

 

17.           Effective date

 

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

 

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

 

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

 

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

 

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

 

 

18.           Governing law

 

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

 

19.           Arbitration

 

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

 

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

 

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

 

	
  Executed and
  delivered as a deed

  	
  )

  
	
  by affixing
  the common seal of

  	
  )

  
	
  Prudential
  plc in the presence of:

  	
  )

  

 

	
  /s/ Peter
  Maynard

  	
   

  
	
  Authorised
  signatory

  	
   

  

 

	
  Date: 

  	
  11/3/08

  	
   

  

 

Acknowledged
and agreed:

 

	
  Signed and
  delivered as a deed

  	
  )

  	
   

  	
   

  
	
  by Winfried Bischoff

  	
  )

  	
   

  	
   

  
	
  in the
  presence of:

  	
  )

  	
  /s/ W
  F W Bischoff

  	
    (Signature)

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  20
  March 2008

  	
    (Date)

  
					

 

	
  Witness
  signature:

  	
  /s/ Theresa
  Howarth

  	
   

  

 

	
  Witness
  name:

  	
  Theresa
  Howarth

  	
   

  

 

	
  Witness
  address:

  	
  21E
  Gloucester Avenue,

  	
   

  

 

	
   

  	
  London, NW1
  7AU

  	
   

  

 

 

PRUDENTIAL
PLC DEED OF INDEMNITY

 

NAME: Keki Dadiseth

 

Between

 

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

 

(2)                                  Keki Bomi Dadiseth of 8A Manek, LD Ruparel Marg,Malabar Hill, Mumbai 400 006, India (the
“Beneficiary “).

 

Background

 

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

 

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

 

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

 

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

 

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

 

Agreement

 

1.                                       Indemnity

 

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

 

 

2.                                       Indemnity to take effect subject
to law and regulation

 

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

 

3.                                       Proceedings for which indemnity
cannot be claimed

 

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

 

4.                                       Loss of earnings and of other
employment benefits

 

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

 

5.                                       Advances in respect of
proceedings

 

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

 

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

 

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

 

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

 

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

 

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

 

 

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

 

6.                                       Termination and survival

 

The provisions of this
Deed shall survive:

 

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

 

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

 

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

 

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

 

7.                                       Notification of Prudential

 

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

 

8.                                       Conduct of Claims

 

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

 

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

 

9.                                       Recovery against other persons

 

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

 

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

 

 

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

 

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

 

10.                                 Recovery under other indemnities
and insurance

 

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

 

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

 

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

 

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

 

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

 

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

 

 

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

 

12.                                 No double recovery

 

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

 

13.                                 Interpretation

 

In this Deed:

 

(a)                      “Application for Relief
Sections” means,

 

when
such provisions have come into force:

 

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

 

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

 

but
until such provisions have come into force shall mean:

 

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

 

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

 

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

 

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

 

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

 

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

 

(f)                        “Deed” means
this deed;

 

(g)                     “Dependant”
means:

 

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

 

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

 

 

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

 

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

 

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

 

(v)                                 the Beneficiary’s parents;

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

An
appeal is disposed of:

 

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

 

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

 

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

 

14.                                 Claims and enforcement

 

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

 

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

 

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

 

 

15.                                 Miscellaneous

 

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

 

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

 

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

 

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

 

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

 

16.                                 Employment terms and conditions

 

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

 

17.                                 Effective date

 

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

 

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

 

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

 

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

 

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

 

 

18.                                 Governing law

 

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

 

19.                                 Arbitration

 

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

 

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

 

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

 

	
  Executed and delivered
  as a deed

  	
  )

  
	
  by affixing the common
  seal of

  	
  )

  
	
  Prudential plc in the presence of:

  	
  )

  
	
   

  	
   

  
	
  /s/ Peter Maynard

  	
   

  
	
  Authorised signatory

  	
   

  
	
   

  	
   

  	
   

  
	
  Date: 

  	
  11/3/08

  	
   

  

 

 

Acknowledged and agreed:

 

	
  Signed and delivered as
  a deed

  	
  )

  	
   

  	
   

  
	
  by Keki Dadiseth

  	
  )

  	
   

  	
   

  
	
  in the presence of:

  	
  )

  	
  /s/ K. B.
  Dadiseth

  	
    (Signature)

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  12/03/08

  	
    (Date)

  
					

 

	
  Witness signature:

  	
  /s/ Susan M. Henderson

  	
   

  
	
   

  	
   

  	
   

  
	
  Witness name:

  	
  Susan Margaret
  Henderson

  	
   

  
	
   

  	
   

  	
   

  
	
  Witness address:

  	
  14 Lyndhurst Avenue,

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Pinner, Middlesex, HA5
  3XA

  	
   

  

 

 

PRUDENTIAL
PLC DEED OF INDEMNITY

 

NAME: Michael Garrett

 

Between

 

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

 

(2)                                  Michael William Oliver Garrett
of Nestle SA, CH-1800, Vevey, Switzerland
(the “Beneficiary”).

 

Background

 

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

 

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

 

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

 

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

 

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

 

Agreement

 

1.                                       Indemnity

 

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

 

 

2.                                       Indemnity to take effect subject
to law and regulation

 

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

 

3.                                       Proceedings for which indemnity
cannot be claimed

 

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

 

4.                                       Loss of earnings and of other
employment benefits

 

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

 

5.                                       Advances in respect of
proceedings

 

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

 

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

 

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

 

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

 

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

 

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

 

 

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

 

6.                                       Termination and survival

 

The provisions of this
Deed shall survive:

 

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

 

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

 

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

 

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

 

7.                                       Notification of Prudential

 

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

 

8.                                       Conduct of Claims

 

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

 

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

 

9.             Recovery against other
persons

 

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

 

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

 

 

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

 

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

 

10.                                 Recovery under other indemnities
and insurance

 

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

 

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

 

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

 

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

 

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

 

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

 

 

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

 

12.                                 No double recovery

 

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

 

13.                                 Interpretation

 

In this Deed:

 

(a)                      “Application for Relief
Sections” means,

 

when
such provisions have come into force:

 

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

 

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

 

but
until such provisions have come into force shall mean:

 

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

 

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

 

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

 

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

 

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

 

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

 

(f)                        “Deed” means
this deed;

 

(g)                     “Dependant”
means:

 

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

 

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

 

 

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

 

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

 

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

 

(v)                                 the Beneficiary’s parents;

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

An
appeal is disposed of:

 

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

 

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

 

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

 

14.                                 Claims and enforcement

 

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

 

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

 

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

 

 

15.                                 Miscellaneous

 

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

 

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

 

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

 

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

 

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

 

16.                                 Employment terms and conditions

 

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

 

17.                                 Effective date

 

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

 

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

 

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

 

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

 

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

 

 

18.                                 Governing law

 

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

 

19.                                 Arbitration

 

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

 

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

 

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

 

	
  Executed and delivered
  as a deed

  	
  )

  
	
  by affixing the common
  seal of

  	
  )

  
	
  Prudential plc in the presence of:

  	
  )

  

 

	
  /s/ Peter Maynard

  	
   

  
	
  Authorised signatory

  	
   

  

 

	
  Date: 

  	
  11/3/08

  	
   

  

 

Acknowledged and agreed:

 

	
  Signed and delivered as
  a deed

  	
  )

  	
   

  	
   

  
	
  by Michael Garrett

  	
  )

  	
   

  	
   

  
	
  in the presence of:

  	
  )

  	
  /s/ M Garrett

  	
    (Signature)

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  12/03/08

  	
    (Date)

  
					

 

	
  Witness signature:

  	
  /s/ Susan M Henderson

  	
   

  

 

	
  Witness name:

  	
  Susan Margaret
  Henderson

  	
   

  

 

	
  Witness address:

  	
  14 Lyndhurst Avenue,

  	
   

  

 

	
   

  	
  Pinner, Middlesex, HA5
  3XA

  	
   

  

 

 

Ms
Ann Godbehere

Non-Executive Director

Prudential plc

Laurence Pountney Hill

London

EC4R 0HH

 

Effective from 2 August 2007

 

Dear Ann

 

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;

 

(b)           An
indemnity from Prudential as set out in the attached schedule (and in addition
Prudential hereby indemnifies you against certain personal liabilities you may
incur, to the extent provided in the constitutional documents of Prudential and
subject to applicable law); and

 

(c)           Eligibility under the discretionary
payments policy adopted by Prudential (subject to regular review), the
existence of which directors and certain employees of the Group may rely on, to
protect them from personal liability arising out of the bona fide performance
of their duties,

 

This letter will take effect from the date your acknowledgement is
received by us and will be incorporated in and constitute an agreed amendment
of your terms of appointment.  To
acknowledge and agree this letter, please countersign the enclosed duplicate of
this letter and return it to Peter Maynard under cover marked private and
confidential.

 

Yours sincerely

 

	
  /s/ Peter Maynard

  	
   

  
	
   

  	
  8/8/07

  	
   

  
			

 

	
  Peter Maynard

  	
   

  

Group Legal Services Director

 

 

Acknowledged and Agreed:

 

 

	
  /s/ A Godbehere

  	
   

  
	
   

  	
   

  
	
  Date

  	
  3 August 2007

  	
   

  
			

 

 

SCHEDULE

 

INDEMNITY

 

In this schedule, the
capitalised term the “Non-executive” means you.

 

Certain important and extensive statutory limitations
applicable to the indemnity set out below, which are referred to in paragraph
1(A).

 

1              Prudential
undertakes to indemnify the Non-executive and hold the Non-executive harmless
against any and all claims, actions, demands, proceedings, investigations,
judgments or awards (“Claims”) (in
each case, save as set out below, whether or not successful, compromised or
settled) which may be instituted, made, threatened or alleged against or
otherwise involve the Non-executive in any jurisdiction and against all losses,
damages, costs, liabilities, demands, charges, penalties, fines or expenses
(including reasonable legal fees) (“Losses”) in any
jurisdiction which the Non-executive may suffer or incur (including, but not
limited to, all such Losses suffered or incurred in investigating, responding
to, preparing for or disputing any Claim or Loss and any costs or expenses of
any other party to any Claim which the Non-executive may become liable to pay)
and which in any such case arise out of the carrying out or performance by the
Non-executive of his/her duties as a non-executive director of Prudential,

 

PROVIDED
THAT:

 

(A)          if the Non-executive is a director of Prudential,
the Non-executive shall not be entitled to any indemnity under this
paragraph 1 to the extent that it would be void by virtue of
section 310 of the Companies Act 1985;

 

(B)           subject to sub-paragraph (D)(ii) below, the
Non-executive shall not be entitled to any indemnity under this
paragraph 1 if the relevant Claim or Loss arises as a result of, or in
connection with, any act or omission by the Non-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 or
wilful default on the part of the Non-executive;

 

(C)           the Non-executive shall not be entitled to be
indemnified under this paragraph 1 in respect of any penalty or fine imposed
for a criminal offence or by any relevant court,
tribunal or other legal or regulatory authority; and

 

(D)          where the Non-executive suffers or incurs legal
or other out-of-pocket advisory costs in investigating, responding to,
preparing for or disputing any Claim the Non-executive shall be entitled to be
indemnified under paragraph 1 forthwith after the same becomes due and payable
by the Non-executive, provided that if such Claim:

 

(i)            relates to a criminal offence in relation to
which the Non-executive is ultimately convicted; or

 

(ii)           is brought against the Non-executive by a
regulatory body in respect of which the relevant tribunal of that authority
ultimately determines that any act or omission by the Non-executive constitutes
fraud, dishonesty, bad faith or wilful default on the part of the Non-executive
for which a penalty or fine is imposed on the Non-executive by such body,

 

 

Prudential
shall be entitled (a) to refuse any indemnification (or, as the case may
be, any further indemnification) to the Non-executive under this paragraph 1 in
relation to such costs (in whole or in part) and (b) where Prudential has
indemnified the Non-executive under this paragraph 1 in relation to such costs,
to be reimbursed by the Non-executive in respect of all or any amounts so
indemnified.

 

2              The Non-executive
shall notify Prudential in writing promptly upon becoming aware of any Claim or
Loss for which indemnity may be sought under paragraph 1 above, providing to
Prudential all such information as the Non-executive has of the circumstances
of the relevant matter.  The Non-executive
acknowledges that Prudential may provide such information to any other member
of the Group.

 

3              The Non-executive
shall, subject to paragraph 4, have conduct of the defence and settlement of
any Claim notified to Prudential under paragraph 2, but Prudential shall have
the right (but not the obligation) to associate itself with such
proceedings.  Prudential shall not be
required or, without the consent of the Non-executive (such consent not to be
unreasonably withheld or delayed) permitted, to assume the conduct of the Claim
against the Non-executive.

 

4              The Non-executive
shall conduct all proceedings diligently and competently using legal
representatives mutually acceptable to the Non-executive and Prudential.  The Non-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 such proceedings.  The Non-executive shall not settle or
compromise any Claim without Prudential’s consent (such consent not to be
unreasonably withheld or delayed).

 

 

PRUDENTIAL PLC DEED OF INDEMNITY

 

NAME: Ann Godbehere

 

Between

 

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

 

(2)           Ann Frances Godbehere of Im Loorain 22, Rüschlikon, CH-8803, Switzerland (the “Beneficiary “).

 

Background

 

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

 

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

 

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

 

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

 

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

 

Agreement

 

1.             Indemnity

 

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

 

 

2.             Indemnity to
take effect subject to law and regulation

 

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

 

3.             Proceedings
for which indemnity cannot be claimed

 

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

 

4.             Loss of
earnings and of other employment benefits

 

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

 

5.             Advances in
respect of proceedings

 

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

 

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

 

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

 

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

 

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

 

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

 

 

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

 

6.             Termination
and survival

 

The provisions of this Deed shall survive:

 

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

 

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

 

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

 

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

 

7.             Notification
of Prudential

 

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

 

8.             Conduct of
Claims

 

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

 

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

 

9.             Recovery
against other persons

 

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

 

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

 

 

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

 

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

 

10.           Recovery
under other indemnities and insurance

 

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

 

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

 

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

 

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

 

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

 

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

 

 

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

 

12.           No double
recovery

 

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

 

13.           Interpretation

 

In this Deed:

 

(a)       “Application for Relief Sections” means,

 

when such provisions have come into force:

 

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

 

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

 

but until such provisions have come into
force shall mean:

 

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

 

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

 

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

 

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

 

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

 

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

 

(f)        “Deed” means this deed;

 

(g)       “Dependant” means:

 

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

 

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

 

 

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

 

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

 

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

 

(v)           the
Beneficiary’s parents;

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

An appeal is disposed of:

 

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

 

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

 

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

 

14.           Claims and enforcement

 

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

 

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

 

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

 

 

15.           Miscellaneous

 

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

 

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

 

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

 

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

 

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

 

16.           Employment
terms and conditions

 

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

 

17.           Effective
date

 

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

 

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

 

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

 

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

 

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

 

 

18.           Governing
law

 

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

 

19.           Arbitration

 

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

 

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

 

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

 

	
  Executed and delivered as a deed)

  	
  )

  
	
  by affixing the common seal of)

  	
  )

  
	
  Prudential plc in the presence of:)

  	
  )

  

 

	
  /s/ Peter Maynard

  	
   

  
	
  Authorised signatory

  
	
   

  
	
   

  
	
  Date:    11/3/08

  	
   

  

 

Acknowledged and agreed:

 

	
  Signed and delivered as a deed

  	
  )

  	
   

  	
   

  
	
  by Ann Godbehere

  	
  )

  
	
  in the presence of:

  	
  )

  	
  /s/ A Godbehere

  	
  (Signature)

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  12/03/08

  	
   (Date)

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
							

 

	
  Witness signature:

  	
  /s/ Susan M Henderson

  	
   

  
	
   

  	
   

  	
   

  
	
  Witness name:

  	
  Susan Margaret Henderson

  	
   

  
	
   

  	
   

  	
   

  
	
  Witness address:

  	
  14 Lyndhurst Avenue,

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Pinner, Middlesex, HA5 3XA

  	
   

  

 

 

PRUDENTIAL
PLC DEED OF INDEMNITY

 

NAME: Bridget Macaskill

 

Between

 

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

 

(2)           Bridget Ann Macaskill of 160 East 81st Street, New York, NY 10028, USA (the “Beneficiary”).

 

Background

 

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

 

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

 

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

 

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

 

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

 

Agreement

 

1.             Indemnity

 

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

 

 

2.             Indemnity to take effect subject
to law and regulation

 

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

 

3.             Proceedings for which indemnity
cannot be claimed

 

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

 

4.             Loss of earnings and of other
employment benefits

 

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

 

5.             Advances in respect of
proceedings

 

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

 

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

 

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

 

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

 

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

 

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

 

 

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

 

6.             Termination and survival

 

The provisions of this
Deed shall survive:

 

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

 

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

 

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

 

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

 

7.             Notification of Prudential

 

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

 

8.             Conduct of Claims

 

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

 

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

 

9.             Recovery against other persons

 

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

 

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

 

 

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

 

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

 

10.           Recovery under other indemnities
and insurance

 

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

 

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

 

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

 

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

 

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

 

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

 

 

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

 

12.           No double recovery

 

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

 

13.           Interpretation

 

In
this Deed:

 

(a)       “Application for Relief
Sections” means,

 

when
such provisions have come into force:

 

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

 

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

 

but
until such provisions have come into force shall mean:

 

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

 

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

 

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

 

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

 

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

 

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

 

(f)        “Deed” means
this deed;

 

(g)       “Dependant”
means:

 

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

 

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

 

 

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

 

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

 

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

 

(v)           the Beneficiary’s parents;

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

An
appeal is disposed of:

 

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

 

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

 

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

 

14.          Claims and enforcement

 

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

 

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

 

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

 

 

15.           Miscellaneous

 

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

 

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

 

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

 

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

 

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

 

16.           Employment terms and conditions

 

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

 

17.           Effective date

 

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

 

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

 

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

 

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

 

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

 

 

18.           Governing law

 

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

 

19.           Arbitration

 

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

 

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

 

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

 

	
  Executed and delivered
  as a deed

  	
  )

  	
   

  
	
  by affixing the common
  seal of

  	
  )

  	
   

  
	
  Prudential plc in the presence of:

  	
  )

  	
   

  

 

	
  /s/ Peter Maynard

  	
   

  
	
  Authorised signatory

  	
   

  	
   

  
			

 

	
  Date:

  	
  11/3/08

  	
   

  

 

Acknowledged and
agreed:

 

	
  Signed and delivered as
  a deed

  	
  )

  	
   

  
	
  by Bridget Macaskill

  	
  )

  	
   

  
	
  in the presence of:

  	
  )

  	
   

  	
  /s/
  B A Macaskill

  	
  (Signature)

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  12.3.08

  	
   (Date)

  
							

 

 

	
  Witness signature:

  	
  /s/
  Susan M. Henderson

  	
   

  

 

	
  Witness name:

  	
  Susan
  Margaret Henderson

  	
   

  

 

	
  Witness address:

  	
  14
  Lyndhurst Avenue,

  	
   

  
	
   

  	
  Pinner,
  Middlesex, HA5 3XA

  	
   

  

 

 

PRUDENTIAL
PLC DEED OF INDEMNITY

 

NAME: Kathleen O’Donovan

 

Between

 

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

 

(2)           Kathleen Anne O’Donovan of 3c Cintra Park, Upper Norwood, London, SE19 2LH (the “Beneficiary “).

 

Background

 

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

 

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

 

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

 

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

 

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

 

Agreement

 

1.             Indemnity

 

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

 

 

2.             Indemnity to take effect subject
to law and regulation

 

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

 

3.             Proceedings for which indemnity
cannot be claimed

 

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

 

4.             Loss of earnings and of other
employment benefits

 

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

 

5.             Advances in respect of
proceedings

 

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

 

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

 

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

 

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

 

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

 

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

 

 

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

 

6.             Termination and survival

 

The provisions of this
Deed shall survive:

 

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

 

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

 

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

 

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

 

7.             Notification of Prudential

 

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

 

8.             Conduct of Claims

 

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

 

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

 

9.             Recovery against other persons

 

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

 

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

 

 

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

 

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

 

10.           Recovery under other indemnities
and insurance

 

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

 

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

 

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

 

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

 

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

 

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

 

 

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

 

12.           No double recovery

 

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

 

13.           Interpretation

 

In this Deed:

 

(a)       “Application for Relief
Sections” means,

 

when
such provisions have come into force:

 

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

 

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

 

but
until such provisions have come into force shall mean:

 

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

 

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

 

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

 

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

 

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

 

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

 

(f)        “Deed” means
this deed;

 

(g)       “Dependant”
means:

 

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

 

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

 

 

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

 

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

 

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

 

(v)           the Beneficiary’s parents;

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

An
appeal is disposed of:

 

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

 

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

 

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

 

14.           Claims and enforcement

 

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

 

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

 

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

 

 

15.           Miscellaneous

 

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

 

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

 

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

 

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

 

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

 

16.           Employment terms and conditions

 

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

 

17.           Effective date

 

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

 

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

 

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

 

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

 

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

 

 

18.           Governing law

 

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

 

19.           Arbitration

 

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

 

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

 

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

 

	
  Executed and delivered
  as a deed

  	
  )

  	
   

  
	
  by affixing the common
  seal of

  	
  )

  	
   

  
	
  Prudential plc in the presence of:

  	
  )

  	
   

  

 

	
  /s/ Peter Maynard

  	
   

  
	
  Authorised signatory

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Date: 

  	
  11/3/08

  	
   

  
				

 

 

Acknowledged and
agreed:

 

	
  Signed and delivered as
  a deed

  	
  )

  	
   

  
	
  by Kathleen O’Donovan

  	
  )

  	
   

  	
   

  
	
  in the presence of:

  	
  )

  	
   

  	
  /s/
  K O’Donovan

  	
  (Signature)

  
	
   

  	
   

  	
   

  	
       12/03/08

  	
   (Date)

  

 

 

	
  Witness signature:

  	
  /s/
  Susan M Henderson

  	
   

  

 

	
  Witness name:

  	
  Susan
  Margaret Henderson

  	
   

  

 

	
  Witness address:

  	
  14
  Lyndhurst Avenue,

  	
   

  

 

	
   

  	
  Pinner,
  Middlesex, HA5 3XA

  	
   

  

 

 

PRUDENTIAL
PLC DEED OF INDEMNITY

 

NAME: James Ross

 

Between

 

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

 

(2)           James Hood Ross of Flat
4, 55 Onslow Square, London, SW7 3LR (the “Beneficiary “).

 

Background

 

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

 

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

 

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

 

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

 

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

 

Agreement

 

1.             Indemnity

 

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

 

 

2.             Indemnity to take effect subject
to law and regulation

 

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

 

3.             Proceedings for which indemnity
cannot be claimed

 

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

 

4.             Loss of earnings and of other
employment benefits

 

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

 

5.             Advances in respect of
proceedings

 

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

 

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

 

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

 

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

 

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

 

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

 

 

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

 

6.             Termination and survival

 

The provisions of this
Deed shall survive:

 

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

 

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

 

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

 

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

 

7.             Notification of Prudential

 

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

 

8.             Conduct of Claims

 

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

 

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

 

9.             Recovery against other persons

 

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

 

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

 

 

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

 

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

 

10.           Recovery under other indemnities
and insurance

 

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

 

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

 

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

 

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

 

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

 

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

 

 

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

 

12.           No double recovery

 

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

 

13.           Interpretation

 

In
this Deed:

 

(a)       “Application for Relief
Sections” means,

 

when
such provisions have come into force:

 

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

 

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

 

but
until such provisions have come into force shall mean:

 

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

 

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

 

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

 

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

 

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

 

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

 

(f)        “Deed” means
this deed;

 

(g)       “Dependant” means:

 

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

 

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

 

 

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

 

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

 

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

 

(v)           the Beneficiary’s parents;

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

An
appeal is disposed of:

 

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

 

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

 

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

 

14.           Claims and enforcement

 

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

 

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

 

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

 

 

15.           Miscellaneous

 

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

 

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

 

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

 

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

 

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

 

16.           Employment terms and conditions

 

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

 

17.           Effective date

 

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

 

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

 

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

 

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

 

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

 

 

18.           Governing law

 

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

 

19.           Arbitration

 

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

 

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

 

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

 

	
  Executed and delivered
  as a deed

  	
  )

  	
   

  
	
  by affixing the common
  seal of

  	
  )

  	
   

  
	
  Prudential plc in the presence of:

  	
  )

  	
   

  

 

	
  /s/ Peter Maynard

  	
   

  
	
  Authorised signatory

  	
   

  	
   

  
			

 

	
  Date: 

  	
  11/3/08

  	
   

  

 

	
  Acknowledged and
  agreed:

  	
   

  	
   

  

 

	
  Signed and delivered as
  a deed

  	
  )

  	
   

  
	
  by James Ross

  	
  )

  	
   

  	
   

  
	
  in the presence of:

  	
  )

  	
  /s/
  James H Ross

  	
  (Signature)

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  12th
  March 2008

  	
   (Date)

  
						

 

	
  Witness signature:

  	
  /s/
  Susan M. Henderson

  	
   

  	
   

  

 

	
  Witness name:

  	
  Susan
  Margaret Henderson

  	
   

  	
   

  

 

	
  Witness address:

  	
  14
  Lyndhurst Avenue,

  	
   

  	
   

  

 

	
   

  	
  Pinner,
  Middlesex, HA5 3XA

  	
   

  	
   

  

 

 

PRUDENTIAL PLC DEED OF INDEMNITY

 

NAME: Andrew Turnbull

 

Between

 

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

 

(2)                                  Andrew Turnbull
of 82 Idmiston Road, London, SE27 9HQ
(the “Beneficiary “).

 

Background

 

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

 

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

 

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

 

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

 

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

 

Agreement

 

1.             Indemnity

 

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

 

 

2.             Indemnity to take effect subject to law and regulation

 

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

 

3.             Proceedings for which indemnity cannot be claimed

 

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

 

4.             Loss of earnings and of other employment benefits

 

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

 

5.             Advances in respect of proceedings

 

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

 

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

 

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

 

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

 

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

 

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

 

 

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

 

6.             Termination and survival

 

                The provisions of this Deed shall survive:

 

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

 

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

 

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

 

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

 

7.             Notification of Prudential

 

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

 

8.             Conduct of Claims

 

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

 

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

 

9.             Recovery against other persons

 

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

 

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

 

 

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

 

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

 

10.           Recovery under other indemnities and insurance

 

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

 

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

 

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

 

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

 

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

 

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

 

 

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

 

12.           No double recovery

 

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

 

13.           Interpretation

 

In
this Deed:

 

(a)                      “Application for Relief Sections” means,

 

when such provisions have come into force:

 

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

 

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

 

but until such provisions have come into force shall
mean:

 

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

 

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

 

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

 

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

 

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

 

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

 

(f)                        “Deed” means this deed;

 

(g)                     “Dependant” means:

 

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

 

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

 

 

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

 

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

 

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

 

(v)                                 the Beneficiary’s parents;

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

An appeal is disposed of:

 

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

 

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

 

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

 

14.           Claims and enforcement

 

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

 

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

 

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

 

 

15.           Miscellaneous

 

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

 

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

 

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

 

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

 

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

 

16.           Employment terms and conditions

 

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

 

17.           Effective date

 

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

 

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

 

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

 

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

 

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

 

 

18.           Governing law

 

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

 

19.           Arbitration

 

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

 

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

 

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

 

	
  Executed
  and delivered as a deed

  	
  )

  
	
  by
  affixing the common seal of

  	
  )

  
	
  Prudential
  plc in the presence
  of:

  	
  )

  

 

	
  /s/
  Peter Maynard

  	
   

  
	
  Authorised
  signatory

  	
   

  

 

	
  Date:
  

  	
  11/3/08

  	
   

  

 

 

Acknowledged
and agreed:

 

	
  Signed
  and delivered as a deed

  	
  )

  	
   

  	
   

  
	
  by
  Andrew Turnbull

  	
  )

  	
   

  	
   

  
	
  in
  the presence of:

  	
  )

  	
  /s/ Andrew Turnbull

  	
    (Signature)

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  12 March 2008

  	
    (Date)

  
					

 

	
  Witness
  signature:

  	
  /s/
  Susan M. Henderson

  	
   

  

 

	
  Witness
  name:

  	
  Susan
  Margaret Henderson

  	
   

  

 

	
  Witness
  address:

  	
  14
  Lyndhurst Avenue,

  	
   

  

 

	
   

  	
  Pinner,
  Middlesex, HA5 3XA

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