Analysts Presentation

Prudential PLC
27 November 2003

Embargo 08.15 hrs - Thursday 27 November 2003

Presentation to investors and analysts on M&G

Prudential plc ('Prudential') will hold a number of presentations today (27
November 2003) for investors and analysts covering the Group's UK and European
fund management business, M&G. These presentations will be hosted by Michael
McLintock, M&G's Chief Executive and a director of Prudential, with support from
senior members of the M&G management team.

The main objectives of the presentations are to:


  • Provide an overview of M&G's operations;

  • Summarise its business and financial performance;

  • Provide an insight into the performance and strategic positioning of M&G's
    major business lines; and

  • Answer questions about M&G's performance and strategy.

 In order to put the discussion in context, the presentation on financial
performance will include a projected profit for M&G for 2003 of £76 million (up
7 per cent from £71 million in 2002) and an underlying profit before
performance-related fees of £68 million (up 33 per cent from £51 million in
2002). These profit projections assume that the FTSE All-Share index remains
broadly in line with current levels.

In addition to strategic and financial overviews, there will be presentations
covering M&G's retail, equities, international, property and fixed income
businesses. These presentations will reinforce a number of key messages, in
particular M&G's:


  • Good track record of delivering strong profitable growth and investment
    performance;

  • Clear ambition to continue growing the business;

  • Strong management team which has a clear view of the future opportunities
    and challenges facing the business; and

  • Strategy that is designed to deliver sustained profitable growth.

An audiocast of the presentation and the presentation slides will be available
on the Group's website, www.prudential.co.uk, from 09.00am on Thursday 27
November 2003.

A pre-recorded interview with Michael McLintock (in video/audio/text) will be
available on www.prudential.co.uk and www.cantos.com from 08.15am on Thursday 27
November 2003.

                                     -ENDS-
Media Enquiries:                                       Investor/Analyst Enquiries:

Prudential

Steve Colton - 020 7548 3721                           Rebecca Burrows - 020 7548 3537

Clare Staley - 020 7548 3719                           Laura Presland - 020 7548 3511

M&G

Simon Anderson - 020 7548 3653



Notes to Editors:


 1. M&G

    M&G was acquired by Prudential in 1999 and is the Group's UK and European
    fund manager, responsible for managing over £105 billion of funds as at 30
    September 2003 (compared with £103 billion at the half-year). These funds
    are invested in a wide range of assets including UK and international
    equities, fixed interest, property and private equity.

    M&G provides investment management services to both institutional and retail
    clients across a wide variety of products including equities, fixed income,
    unit trusts, Open Ended Investment Companies, investment trusts and
    Individual Savings Accounts, as well as providing UK-based internal fund
    management services to the Prudential Group.

    Also part of the M&G group are Prudential Property Investment Managers,
    which is one of the largest institutional property investors in the UK, and
    PPM Ventures, which is a leading source of private equity finance.

 2. 2002 Financial Performance

    M&G reported a profit of £71 million for the full-year 2002. This included
    £20 million of performance-related fees earned on the management of
    Prudential's With-Profits Life Fund. The performance-related fee is based on
    the performance of the Life Fund over a rolling three-year period.

 3. 2003 Financial Performance

    Interim Results

    In the first half of 2003, M&G increased its operating profit by 12 per cent
    to £38 million and UK investment funds under management increased by 10 per
    cent from the 2002 year-end. This reflected M&G's effective cost control and
    the strengths of its diversified product range in retail fund management,
    institutional fixed income, pooled life and pension funds, property and
    private finance.

    Nine-month sales to 30 September

    M&G's gross fund inflows for the first nine months of 2003 were £3 billion,
    up 1 per cent on 2002. Gross fund inflows into M&G-branded retail products
    were £275 million in the third quarter, up 10 per cent on the same period
    last year. Net inflows rose in the quarter, up 8 per cent on the same period
    in 2002 to £64 million.

    In its institutional business, M&G continued to benefit from its position as
    a leading innovator in fixed income and private finance. Gross institutional
    fund inflows during the third quarter were £702 million, bringing inflows in
    the first nine months to £2.1 billion, 5 per cent higher than the same
    period last year.

    During the third quarter, M&G's segregated and pooled funds saw gross fund
    inflows of £317 million and the private finance division contributed a
    further £333 million as a result of its continuing success in winning
    project finance and securitised vehicle mandates.

    M&G's net institutional fund inflows for the third quarter of 2003 were £284
    million compared to £59 million in the same period in 2002.

 4. Presentation Timetable

The presentations will start at 9.00am and are scheduled to finish at
approximately 12.00pm. The running order of the presentations is as follows:

Introduction                        Jonathan Bloomer, Group Chief Executive, Prudential plc

Overview                            Michael McLintock, Chief Executive, M&G

Financial Overview                  Philip Johnson, Finance Director, M&G

UK Retail                           Gary Shaughnessy, Chief Executive, UK Retail, M&G

Equities and International          Michael McLintock, Chief Executive, M&G

Property                            Martin Moore, Managing Director,
                                    Prudential Property Investment Managers

Fixed Income                        Simon Pilcher, Chief Executive, Fixed Income, M&G

Summary                             Michael McLintock, Chief Executive, M&G



Forward-Looking Statements

This statement may contain certain 'forward-looking statements' with respect to
certain of Prudential's plans and its current goals and expectations relating to
its future financial condition, performance, results, strategy and objectives.
Statements containing the words 'believes', 'intends', 'expects', 'plans',
'seeks' and 'anticipates', and words of similar meaning, are forward-looking. By
their nature, all forward-looking statements involve risk and uncertainty
because they relate to future events and circumstances which are beyond
Prudential's control including among other things, UK domestic and global
economic and business conditions, market related risks such as fluctuations in
interest rates and exchange rates, and the performance of financial markets
generally; the policies and actions of regulatory authorities, the impact of
competition, inflation, and deflation; experience in particular with regard to
mortality and morbidity trends, lapse rates and policy renewal rates; the
timing, impact and other uncertainties of future acquisitions or combinations
within relevant industries; and the impact of changes in capital, solvency or
accounting standards, and tax and other legislation and regulations in the
jurisdictions in which Prudential and its affiliates operate. This may for
example result in changes to assumptions used for determining results of
operations or re-estimations of reserves for future policy benefits. As a
result, Prudential's actual future financial condition, performance and results
may differ materially from the plans, goals, and expectations set forth in
Prudential's forward-looking statements. Prudential undertakes no obligation to
update the forward-looking statements contained in this statement or any other
forward-looking statements it may make.




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