Prudential PLC

RE: PRUDENTIAL BANKING PLC
    USD 10,700,000.00
    MATURING: 18-Jan-2005
    ISSUE DATE: 09-Nov-2001
    ISIN: XS0138492185

PLEASE BE ADVISED THAT THE INTEREST RATE FOR THE PERIOD 15-Oct-2003 to
15-Jan-2004 HAS BEEN FIXED AT 1.230000 PCT.

INTEREST PAYABLE VALUE 15-Jan-2004 WILL AMOUNT TO USD 3.14 PER USD
1,000.00 DENOMINATION.

IF YOU HAVE ANY QUERIES PLEASE CONTACT THE RATE FIX DESK ON TEL:
44 020 7508 3858/3855 OR FAX 44 020 7508 3881.