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McGrath will join the Board of Prudential plc as a non-executive director on 1 September 2008 and assume the position of Chairman on 1 January 2009, succeeding Sir David Clementi.

McGrath has a long and distinguished career in the international financial services industry and will bring considerable expertise to his new role at Prudential plc.

From 1980 to 2007 he worked for Man Group plc starting as Treasurer, then Finance Director, then President of Man Inc in New York, before being appointed as Chief Executive of Man Group in London in 1990, and then Chairman in 2000.

He left Man Group in 2007. He started his career at Chase Manhattan Bank in London and New York.

McGrath is also Chairman of the London Development Agency, which works for the Mayor of London, co-ordinating economic development and regeneration across the capital, and Vice Chairman of the London Skills and Employment Board, which is tasked with developing a strategy for adult skills in London.

He is the former Chairman of both London First and the East London Business Alliance, and a Member of the International Advisory Board of the School of Oriental and African Studies.

James Ross, Prudential's Senior Independent Director and chairing the Nomination Committee said: "I am delighted at the appointment of Harvey McGrath. He will bring considerable and continued financial and leadership expertise to the role and I very much look forward to working with him."

McGrath said, "I am excited at the prospect of joining Prudential. The Company has a rare combination of both a proud heritage and an extremely exciting future. The financial performance of the Company over the past three years has been strong and differentiated from its competitors by its broad geographic reach, particularly its exposure to Asia, product expertise and the strength of the leadership team built under Group Chief Executive, Mark Tucker.

Sir David Clementi has done an outstanding job of steering the Company through this significant progress over the past six years."

Commenting Sir David Clementi, Chairman of Prudential plc, said: "I am delighted that the Board has appointed Harvey McGrath to assume the Chair. His record of achievement in the international financial services arena is exceptional and his leadership skills are clear. I have served six years as Chairman of Prudential, a period of considerable change, real internationalisation of the business and rapid development of our management capability, and leave the Company in strong shape."

Commenting Mark Tucker Group Chief Executive of Prudential plc said: "I am very pleased that Harvey has accepted the position of Chairman of Prudential plc and very much look forward to working with him. He is an outstanding talent with proven leadership expertise in the complexities of the international financial services industry. He will bring great insight and experience to the Board of the Company as we pursue our increasingly international strategy. On behalf of the Board and all the employees of Prudential I want to thank Sir David Clementi for his leadership and strong support over the past six years."