16 Mar 2001

Prudential plc board announcement

Ms Macaskill is Chairman and Chief Executive Officer of OppenheimerFunds Inc, a subsidiary of MassMutual Financial Services Group. In the light of Prudential's announced intention to merge with American General Corporation and as AGC and MassMutual compete in the same markets, Ms Macaskill has regretfully concluded that she should resign her position as a non-executive director of Prudential to avoid any potential conflict of interest.

Sir Roger Hurn, Chairman of Prudential plc, said:

"We are very sad that Bridget Macaskill is leaving the Board. I would like to thank her for the tremendous contribution she has made to the Group. We will miss her and her wise counsel." Ms Macaskill commented:

"The unanimous decision of the Prudential board to recommend the merger with American General is clearly in the best interest of its shareholders and I wholeheartedly support it. I wish Prudential and the proposed merger every success."

Press Enquiries:
Geraldine Davies
020 7548 3911
Analyst Enquiries:
Rebecca Burrows
020 7548 3537

Prudential plc and American General Corporation will be filing a proxy statement/prospectus and other relevant documents concerning the proposed transaction with the SEC. INVESTORS ARE URGED TO READ THE PROXY STATEMENT/PROSPECTUS WHEN IT BECOMES AVAILABLE AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ON THE PROPOSED TRANSACTION. Investors will be able to obtain the document free of charge at the SEC's website (www.sec.gov). In addition, the proxy statement/prospectus and other relevant documents concerning the proposed transaction and filed with the SEC may be obtained free of charge by contacting Prudential plc, Laurence Pountney Hill, London, EC4R 0HH, England, Attention: Investor Relations (tel. (44 20) 7548 3537), and American General Corporation, 2929 Allen Parkway, Houston, Texas, 77019, Attention: Investor Relations (tel. (+1 713) 522-1111).

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Prudential plc is an international company incorporated in the United Kingdom, 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, and it has been in existence for over 170 years. 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, or the Prudential Assurance Company, a subsidiary of M&G plc (a company incorporated in the United Kingdom).

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Prudential plc is an international company incorporated in the United Kingdom, 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, and it has been in existence for over 170 years. 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, or the Prudential Assurance Company, a subsidiary of M&G plc (a company incorporated in the United Kingdom).