28 Oct 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
Prudential plc
Investors/ Analysts
Clare Staley 020 7548 3719 Marina Lee-Steere 020 7548 3511/
Joanne Davidson 020 7548 3708 07967 497474
Jackson National Life Andrew Crossley 020 7548 3166
Tim Padot +1 517 702 2425

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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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).