JNL completes sale of JFB

Prudential PLC
28 October 2004





Embargo: 14:00 hrs Thursday 28 October 2004



Jackson National Life Completes Sale of Jackson Federal Bank

Jackson National Life Insurance Company ('JNL') confirms that the disposal of
its subsidiary, Jackson Federal Bank, to Union Bank of California, N.A. ('UBOC')
announced on 2 July 2004 completed today. JNL has also completed the sale of
shares in UnionBanCal Corporation*, the parent company of UBOC, which it
received as part of the consideration.

                                     -ENDS-


Enquiries to:

Media                                                        Investors/ Analysts
Prudential plc
Clare Staley                   020 7548 3719                 Marina Lee-Steere             020 7548 3511/
                                                                                           07967 497474
Joanne Davidson                020 7548 3708                 Andrew Crossley               020 7548 3166
Jackson National Life
Tim Padot                      [phone]



Jackson National Life Insurance Company is a wholly-owned indirect subsidiary of
Prudential plc, a company incorporated and with its principal place of business
in the United Kingdom. Prudential plc and its affiliated companies constitute
one of the world's leading financial services groups. It provides insurance and
financial services directly and through its subsidiaries and affiliates
throughout the world. It has been in existence for over 150 years and has £170
billion in assets under management, as at 30 June 2004. Prudential plc is not
affiliated in any manner with Prudential Financial, Inc, a company whose
principal place of business is in the United States of America.

*This press release shall not constitute an offer to sell or the solicitation of
an offer to buy nor shall there be any sale of these shares in UnionBanCal
Corporation in any jurisdiction in which such offer, solicitation or sale would
be unlawful prior to registration or qualification under the securities laws of
any such jurisdiction. A registration statement relating to these securities has
been filed with and has been declared effective by the Securities and Exchange
Commission.






















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